BASIC Bank gets new MD
The government has selected the managing director of Karmasangsthan Bank as the new head of BASIC Bank, officials said.
The Banking Division of the finance ministry chose Khondoker Md Iqbal from three candidates as the next MD of the scandal-hit BASIC Bank, said an official of the ministry.
"The next MD will be appointed upon approval from the central bank," the official told The Daily Star yesterday.
The post of the chief executive of BASIC Bank fell vacant in May this year after the central bank fired Kazi Faqurul Islam for presiding over a period of serious irregularities at the state-run scheduled bank that cost the taxpayers Tk 4,500 crore in the last four years.
In another development, the government has decided to appoint a retired judge to oversee the election of nine women directors of the Grameen Bank board.
The finance ministry has taken opinion from the law ministry on the issue, said another official.
The ministry has also decided to extend the time for holding the election of the nine directors by a year, as the deadline for holding the polls expires in the first week of October.
The Grameen Bank (Election of Directors) Rules 2014 will soon be amended to this effect, said the second official.
The rules were introduced in April to transfer the power of appointing members of Grameen Bank board from the microcredit organisation itself to the central bank, a move that brought the micro-lender in the grip of the government.
The new rules gave six months to the central bank to form a commission to elect the nine directors of the 12-member board.
But the central bank informed the finance ministry that it would not be able to hold the elections, as it is not involved in any election either for private or public banks.
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