Ex-NRBC Bank chairman Farasath Ali banned for 2yrs

The central bank has banned Farasath Ali, ousted former chairman of NRB Commercial Bank Ltd, from director post of any bank or other financial institutions for two years.

Md Sirajul Islam, executive director of Bangladesh Bank and its spokesman, confirmed on Sunday.

He said, "Bangladesh Bank found true the allegations made against NRB Commercial Bank's founder chairman after scrutinizing."

"That is why it took decision to ban him from director post of any bank or other financial institutions for two years," Sirajul said, adding that the prohibitory order will come into effect from June 21 this year.

Farasath Ali was involved with anonymously providing loan to a former director of Mercantile Bank Ltd. 

Eevn, the latter took part in the meeting of NRBC Bank's board of directors with help of Farasath Ali.

Earlier, founder chairman of NRB Commercial Bank was sacked in 2017 in connection with irregularities and corruptions.