Agrani Bank MD removed

From the position of director of the state-owned Agrani Bank, government has removed Faraz Ali. Biswajit Bhattacharya, Additional Secretary, Ministry of Finance, has been appointed in his place. The decision was taken last week by the Finance Ministry’s Financial Institutions Division. The appointment of a new director is awaiting approval from Bangladesh Bank.

Before becoming a director of Agrani Bank, Farz Ali was the Deputy Managing Director (DMD) of Janata Bank. He was aware of the rules and regulations of the bank due to his long tenure in the bank. It is learned that he was vocal in the interest of the bank in the board. An influential party of the bank took a stand against him. In such a situation, the government removed him. His term as director was due to end on August 21 next year.

When asked, Sheikh Mohammad Saleem Ullah, secretary of the financial institutions department of the finance ministry, told last evening, “The government thinks he is not needed, so he has been removed.” He did not want to talk about the reasons for the removal.

This is not the first such incident at Agrani Bank. Earlier, the central bank’s inspection found evidence that Leela Rashid, an observer of Bangladesh Bank, was not allowed to perform her duties properly. The bank’s chairman Zayed Bakht stopped Leela Rashid while she was speaking at a board meeting as an observer. As well as being aggressive with him. Leela Rashid complained to the governor in writing. Later, when Zayed Bakht was re-appointed as the chairman of Agrani Bank, Leela Rashid resigned from the post of observer.

It is learned that Farz Ali was appointed as the director of Agrani Bank on August 22, 2019 at the end of his term as DMD of Janata Bank. The government appointed him director for three years. However, his role on the board as a director of Agrani Bank angered some of the bank’s directors and a section of the management.

According to a source in the bank, Farz Ali recently disagreed at a board meeting about giving a loan to a garment factory. An influential customer of the bank played a strong role in arranging loans for the company. The customer was angry at the role of Faraz Ali. He later lodged a complaint against Farz Ali with the Finance Ministry. In view of this, the government decided to remove Farz Ali from the post of director last Wednesday.

When asked, Mohammad Shams-ul Islam, managing director of Agrani Bank, confirmed the matter. However, I have heard that no DMD will be appointed as a director of the bank. ‘

Earlier, when Basic Bank’s irregularities and corruption started in 2013, two directors of the bank, AKM Kamrul Islam and AKM Rezaur Rahman, were vocal about it. So they were removed from Basic Bank and made directors of Janata and Sonali Bank.

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3 thoughts on “Agrani Bank MD removed”

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