Hinder bank operations: Coddled bureaucrats impede DMD promotions

Anisur Rahman Khan :
The effective functioning of several commercial banks is severely impaired as the positions of Deputy Managing Directors (DMDs) remain unfilled for an extended period-owing to bureaucratic inefficiencies causing stagnation in administrative processes.

A total of 32 senior officials from various banks underwent interviews between December 17 and 19 last year in pursuit of promotion to fill 14 vacant DMD positions.

Despite this, as per multiple sources, the promotion file has been languishing with the Financial Institutions Division for the past two months without any discernible reason.

Interviewed bankers vying for DMD positions are growing increasingly frustrated, particularly considering that many of them are nearing retirement in accordance with government regulations.

Speaking on condition of anonymity, some senior bankers lamented that the banking sector’s decline is partly attributable to incompetent personnel.

These officials stressed the urgent need for the concerned department to expedite the appointment of DMDs to revitalize banking operations.

“We’ve been eagerly anticipating our promotions for the past two months. However, the delays from the relevant ministry are inexplicable,” one interviewee revealed anonymously to this correspondent on Sunday.

He further noted that DMD positions have been vacant since March of last year, significantly impacting the smooth functioning of banking activities.

It’s no secret that several banks have been operating with just one DMD overseeing four positions for nearly a year. For instance, banks like Agrani, Janata, and others are managing their affairs with a single DMD instead of the approved four.

Consequently, top management in these banks is struggling to effectively oversee crucial functions such as loans, administration, and strategic planning. Nevertheless, for many bankers, the aspiration of securing a promotion to DMD before retirement remains a cherished dream.

According to sources, the prolonged delay in decision-making by the Financial Institutions Division under the Ministry of Finance is causing several interviewees to face the prospect of retiring without receiving their promotions.

When reached for comment, Badre Munir Firdaus, Joint Secretary (Banking Wing) of the Financial Institutions Division under the Ministry of Finance, told The New Nation acknowledging that the DMD promotion file was indeed under their purview.

However, he expressed uncertainty regarding when a meeting would be convened to address the matter.

“I have no knowledge when the meeting will be held regarding the DMD promotion,” he said in reply to a query.

Nevertheless, insider sources suggest that a straightforward meeting involving the Finance Minister, Secretary of the concerned ministry, and Bangladesh Bank Governor could swiftly resolve the issue of DMD promotions.