The council of advisers to the caretaker government on February, 3 approved the draft by laws required to turn the nationalised commercial banks (NCBs)Sonali, Janata and Agraniinto public limited companies. An advisory council meeting at the Chief Advisers Office gave the seal of approval to the draft Memorandum and Articles of Association, meaning autonomous boards of directors instead of the finance ministry would run the three banks.

According to the approved draft, the government or the finance ministry would not be able to interfere in the banks decisions on disbursement of loans, recruitment, and promotions including those to the vital posts like general managers, managing director, and deputy managing directors. A maximum of 13 members to be appointed by the government would comprise the board of directors. They would be accountable to the Bangladesh Bank (BB) the way private commercial banks (PCBs) are.

The central bank will monitor the NCBs to create a level playing field for all banks in the country.