DHAKA: The stakeholders of Bank and Financial Institutions Division have consented to the proposal for the new name of the division, official sources said.
Bank and Financial Institutions Division has been proposed to be named as Financial Institutions Division.
The stakeholders of the country’s financial sector yesterday gave their opinion in favour of the new name at an inter-ministerial meeting in finance division auditorium. Banking Division Secretary M Aslam Alam presided over the meeting.
Following the meeting, the banking secretary said: “It is a lengthy process of changing the name for the division that must have an approval of the secretariat-level committee and cabinet consent.”
He added that under the new name, Financial Institutions Division would also set up its jurisdictions.
In December 2009, the government formed Bank and Financial Institutions Division under the Ministry of Finance.
The cabinet division also mapped out the plan for the banking division and specified its role.
The division now oversees credit and interest rate policies of the commercial banks, issue guidelines and policy directives for insurance sector, monitor and regulate the share market and review the investment policies and programmes of the government.
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