From now onwards, the chairmen and the managing directors (MDs) of banks will not be able to change their cars before 8 years, as per a central bank directive issued on Wednesday (7 December).
According to the circular, issued by the Banking Regulation and Policy Department of the Bangladesh Bank, the new directive will come into effect to avoid high expenditure on luxury vehicles, fancy decorations, and other areas to reduce banks’ operating costs.
Until now, the chairmen of bank boards and their chief executives could change their cars only after 5 years.
Prior instructions were given that all vehicles, including full-time vehicles for board chairmen and chief executives of banks, should be replaceable after at least five years of use.
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