BB asks banks to follow BCA duly

Dhaka,  Wed,  20 September 2017
Published : 20 Apr 2017, 00:16:42
Repaying nominees' money

BB asks banks to follow BCA duly

FE Report

The central bank has instructed the commercial banks to follow the Banking Companies Act (BCA) 1991 (amended up to 2013) duly for repaying deposited money to the nominees after death of the depositors.

Bangladesh Bank (BB) issued a notification in this connection on Wednesday, and asked the managing directors and chief executive officers of all scheduled banks to follow Section 103 of the existing Banking Companies Act properly.

The central bank issued the notification after receiving allegations that some banks are collecting undertakings from the nominees of the depositors.

The undertakings state that the nominees might not be considered eligible receivers of the deposit in case of the depositors' death, which is a violation of the instruction as mentioned in Section 103 of the Act.

"We've clarified our position regarding the matter through issuing the notification," a BB senior official told the FE.

He also said the depositors are now allowed to include the names of more than one nominee while opening their accounts.
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