Diploma now mandatory for promotion in NBFIs: BB

Bangladesh Bank on Wednesday issued a circular making a banking diploma degree mandatory for promotions of all the officers or equivalent posts working in non-bank financial institutions (NBFIs).

The circular signed by the central bank’s Director of Financial Institutions and Markets Division Md. Amir Uddin was sent to the chief executives of all the country’s financial institutions on Wednesday.

The directive will be effective from January 1, 2024, it said.

One of the criteria for knowledge and experience of bank and financial institution officers in the field of law and regulatory practice is the acquisition of a two-phase banking diploma degree conducted by the Institute of Bankers, Bangladesh (IBB), according to the circular.

“In order to enhance the skills, abilities, and capabilities of bank officers, passing both phases of the Banking Diploma have been made mandatory for inclusion in the eligibility list for promotion to senior officers or equivalent posts,” reads the central bank circular.

However, the directive will not be applicable to those not directly involved in banking activities, such as– doctors, engineers (officials associated with civil engineering, mechanical, electrical and IT professions), and officers employed in publicity and publication posts, the release added. Earlier, the Bangladesh Bank made it mandatory to pass both phases of the Banking Diploma, for inclusion in the eligibility list for promotion to senior officers or equivalent posts in banking service.

Currently, there are 34 financial institutes operating across the country.