Thursday, 16 September, 2021

NBFI MDs to need BB’s permission for going abroad

  • Staff Correspondent
  • 27 July, 2021 12:00 AM
  • Print news

Managing directors of non-bank financial institutions (NBFIs) will have to take permission from Bangladesh Bank for travelling abroad like the MDs of the scheduled banks.

The central bank on Monday in a directive said the MDs will be required to submit detailed information in a prescribed form along with the approval of the management committee to the central bank before 15 days of travel for permission.

“If the MDs or CEOs of the financial institutions stay abroad for a long period during official visit or on leave for personal reason, it creates an official stagnation,” the central bank said.

It also said such longer stay also increases risks in the financial management and overseeing all the other matters, which is not expected at all.

Bangladesh Bank advised the MDs of the NBFIs to avoid long-time stay abroad, and if unavoidable, to take permission from the central bank earlier.

The MD will have to inform about name, designation, contact details of the responsible official during his or her absence.

The information should be submitted to the governor secretariat of the central bank.