The Cabinet on Monday authorised in precept the draft of Bank-Company (Amendment) Bill 2021 to regulate the default loans and guarantee good governance and stability within the monetary sector.
The nod got here from a digital assembly held with Prime Minister Sheikh Hasina within the chair. Hasina just about joined the assembly from her official residence Ganobhaban, whereas different Cabinet members took half from the Bangladesh Secretariat.
“The proposed law is required for overseeing banking business operation, controlling default loans, and ensuring good governance and stability in the financial sector,” Cabinet Secretary Khandker Anwarul Islam advised reporters after the assembly.
Since the variety of banks, their belongings, loans, deposits, leases, funding and lots of different issues have elevated, the Bank Company Act 1991 doesn’t cowl all, he famous.
The draft legislation was framed revising the associated banking legal guidelines of various international locations, the Cabinet Secretary mentioned.
“The definition of the deliberate loan defaulters and actions against them are not much clear in the existing law as the Bank Company Act 1991 was framed following the then context. But the issues have precisely been mentioned in article 27 (Kha and Ga) of the proposed law,” he mentioned.
Besides, some new provisions had been included within the draft legislation specializing in numerous points like good administration and restoration of the weak financial institution corporations, actions in opposition to the accountable behind the essential situations of the weak banks, and reform and merging of banks.
If any director of a financial institution or some other man gets engaged in irregularities, the individual should rely an enormous quantity as fantastic alongside going through legal expenses, the Cabinet Secretary mentioned.
Special Security Force Bill, 2021 draft cleared
The Cabinet additionally authorised in precept the draft of Special Security Force Bill, 2021 incorporating the problem of offering safety to the members of the family of Father of the Nation Bangabandhu Sheikh Mujibur Rahman, and crucial individuals.
The proposed legislation was introduced up as the present legislation “the Special Security Force Ordinance, 1986” was void following a verdict of the upper court docket.
“The new law was drafted revising the existing one. Only one thing was included here, which is providing security to the family members of Father of the Nation Bangabandhu Sheikh Mujibur Rahman, and very important persons,” mentioned Cabinet Secretary Islam.
He mentioned the Bangabandhu’s members of the family means his two daughters, grandchildren, and in some circumstances, spouses or problems with the grandchildren.
The crucial individuals outlined by the federal government by way of gazettes, heads of the overseas states or governments will probably be given safety underneath the draft legislation.
In case of offering safety to the Bangabandhu’s members of the family, the Special Security Force Bill, 2021 will probably be given precedence irrespective of no matter is there within the Father of the Nation Bangabandhu Sheikh Mujibur Rahman’s Family Members Security Act, 2009.