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JS body favours amendment to banking law

FE Report | November 22, 2017 00:00:00

A parliamentary watchdog has favoured allowing four members of a family in the banks' board of directors amid widespread criticism about the government move.

The parliamentary standing committee on finance ministry also backed another proposal for increasing the tenure of directorship to nine years from existing six years.

The green signals were given by the 22nd meeting of the committee at the national parliament building on Tuesday, presided over by the committee chairman Abdur Razzak.

On September 12 last, Finance Minister AMA Muhith placed in parliament a 'Bank Company (Amendment) Bill, 2017' that included the proposals on the directorship and the tenure.

The draft bill was approved by the cabinet on May 08 last.

The committee gave its nod to the provisions without any change, Mr Razzak said, after the meeting. Its report will be placed before the parliament tomorrow (Wednesday), he added.

The amendment bill is expected to be passed in the current session of parliament.

Earlier, the JS body held a discussion on the bill on October 29, raising voice against the amendment proposals. It also viewed that it will be a dynasty, creating scopes for looting.

According to the minutes of the 21st meeting, the committee chairman had stressed that the provisions should be re-considered.

Referring to the four main pillars of the country like socialism, democracy, non-communalism and nationalism, he said the discussion on such an important bill should have been in front of the finance minister. Committee member Farhad Hossain said that if this bill is passed, the banking sector will become more family-centric.

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