BB asks financial institutions to make clear policies

The Bangladesh Bank (BB) has asked financial institutions to formulate clear policies approved by their boards for recruitment, promotion and overall human resource management.

This will ensure good governance of financial institutions and the appointment of honest and skilled staffers, the central bank said in a circular issued on Tuesday.

According to the circular, the head of the Internal Control and Compliance (ICC), head of Customer Relationship Management (CRM), chief financial officer (CFO), and company secretary positions should have policies approved by the board of directors.

The circular also stated that a single person cannot hold more than one post in the above-mentioned posts.

At the same time, in case of appointment to these posts, the central bank should be informed within 15 working days along with the curriculum vitae of the appointee.

In addition, the banking regulator should be informed one month in advance if any official is to be dismissed.

Educational qualification certificates and national identity cards of all appointed officials must be verified and stored in documents.

Besides, educational qualification certificates and national identity cards of all the officials and employees who are already working in the organisation must be verified within the next six months.

Financial institutions shall convene a meeting of the board of directors to comply with this directive and shall inform of the progress of compliance within two months.