Banks’ chairmen, MDs can’t change cars before 8yrs: Central bank
From now on, the chairmen and managing directors (MDs) of banks will not be able to change their cars before eight years, as per a central bank directive issued on Wednesday.
According to the circular, issued by the Banking Regulation and Policy Department of the Bangladesh Bank, the new directive will come into effect to avoid high expenditure on luxury vehicles, fancy decorations, and other areas to reduce banks' operating costs.
Until now, the chairmen of bank boards and their chief executives could change their cars only after five years.
Earlier instructions were given that all vehicles, including full-time vehicles for board chairmen and chief executives of banks, should be replaceable after at least five years of use.
