BB sets age limits for NBFI independent directors

Bangladesh Bank (BB) has set minimum age range for non-bank financial institutions (NBFI).
 
From now on, no one below the age of 45 or above 75 can be appointed as an independent director of a NBFI, said a BB circular on Wednesday (March 13).
 Besides, the salary against the post cannot be more than Tk 50,000.
 
This directive will come into effect immediately, stated the circular.
 
Besides, according to the circular, for someone to be eligible to be an independent director, he or she must have completed higher education in specific subjects like economics, banking, finance, business administration, law, or accounting from a recognised university.
 
Furthermore, anyone who has or had the possibility of a conflict of interest with an NBFI cannot be an independent director.
 
These directors will be hired for three years at a time and can be rehired after their term ends.