• Tuesday, Sep 27, 2022
  • Last Update : 10:24 am

Bank-Company (Amendment) Bill 2021 draft gets the nod

  • Published at 12:21 pm May 17th, 2021
Bank account details
Bigstock

The proposed lawwill oversee banking business operation, control default loans, and ensure good governance and stability in the financial sector

The Cabinet on Monday approved in principle the draft of Bank-Company (Amendment) Bill 2021 to control default loans and ensure good governance and stability in the financial sector.

The approval came from a virtual meeting held with Prime Minister Sheikh Hasina in the chair.

Hasina virtually joined the meeting from her official residence Ganobhaban, while other cabinet members took part from the Bangladesh Secretariat.

The proposed law is required for overseeing banking business operation, controlling default loans, and ensuring good governance and stability in the financial sector, Cabinet Secretary Khandker Anwarul Islam told reporters after the meeting.

Since the number of banks, their assets, loans, deposits, leases, investment and many other things have increased, the Bank Company Act 1991 does not cover all, he noted.

The draft law was framed revising the related banking laws of different countries, the cabinet secretary also said.

The definition of the deliberate loan defaulters and actions against them are not much clear in the existing law as the Bank Company Act 1991 was framed following the then context. But the issues have precisely been mentioned in article 27 (Kha and Ga) of the proposed law, he said.

Besides, some new provisions were incorporated in the draft law focusing on various issues like good management and recovery of the weak bank companies, actions against the responsible behind the critical conditions of the vulnerable banks, and reform and merging of banks.

If any director of a bank or any other man gets engaged in irregularities, the person will have to count a huge amount as fine alongside facing criminal charges, the cabinet secretary added.

50
Facebook 50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail