DHAKA: The government has given approval the draft of Grameen Bank Act-2013 which will bring the bank under the regulation of the Bangladesh Bank (BB).

The approval came from the cabinet meeting on Thursday with Prime Minister Sheikh Hasina in the chair.

After the meeting, cabinet secretary M Mosharraf Hossain Bhuiyan briefed journalists over the meeting.

He said the central would supervise the function of the GB. From now, GB will submit financial reports to the government as well as to the central bank.

The draft also included the provision that none could use the name of GB in advertisement or anywhere else without prior permission from GB authority.

The secretary also said that no decision was taken over the post of managing director of the bank.

BDST: 1720 HRS, OCT 03, 2013
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