The interim government has undertaken a programme of massive reforms of the nationalised commercial banks to infuse them with dynamism and make them more attractive to local and foreign buyers. Under the planned programme, the finance ministry decided last week to appoint managing directors at Sonali, Janata and Agrani banks from the private sector soon with attractive salaries following a pressure from the World Bank.

The decision to men the top posts of the NCBs from private sector has been taken to modernise the ailing banks as well as to get the $200 million fourth tranche of the World Banks Development Support Credit disbursed by May. The service rules of the banks concerned and their appointment regulations will be amended to make rooms for appointing the new MDs from the private sector.

The salaries of the chief executives of the banks may range between Tk four lakh and Tk six lakh a month and the contract between two and three years. At present an MD of an NCB receives a monthly salary of Tk 30,000 at the highest.

Meanwhile, the ministry has initiated a process to increase the number of directors of each of the banks concerned as the company law requires every company to have a minimum of seven directors excluding its MD. Under the current regulations, each of the NCBs has seven directors on its board including its MD.