BB governor orders strict compliance in banking sector
Mostaqur also instructed officials to keep him regularly informed about the latest developments in the banking sector and the actions taken against irregularities through periodic meetings.
Bangladesh Bank Governor Mohammad Mustakur Rahman has directed the central bank's supervision departments to adopt a zero-tolerance policy towards banks that violate laws or regulations, instructing officials to impose the maximum permissible penalty in all such cases.
The directive came at an internal meeting on Thursday attended by the governor, both deputy governors, and the directors and executive directors of the bank supervision departments.
Meeting sources said the governor stressed the need for the strictest possible approach to bank supervision, stating that Bangladesh Bank would no longer show any leniency towards regulatory or legal violations by banks. Where applicable laws prescribe a range of penalties – from minimum to maximum – officials have been instructed to apply the maximum in every instance.
Keep updated, follow The Business Standard's Google news channel
The governor also placed the highest priority on ensuring that banks are fully complying with all applicable rules and regulations, directing supervision officials to monitor compliance rigorously.
Additionally, he instructed that the directors and executive directors of the bank supervision departments, along with the deputy governors, brief him at regular intervals on the latest developments in bank operations and on actions taken in response to any violations.
