The central bank is contemplating preparation of a list of 100 professionals from where it plans to elect two directors to represent depositors at boardlevel in all private commercial banks.

This move is in line with an amendment to the Bank Companies Act 2003 passed in the parliament on March 9, 2003. Sources said the panel will be comprised of chartered accountants, lawyers and economists who are nonpolitical persons.

Bangladesh Bank officials mentioned this list will also serve a secondary purpose. There is a pressure from donor agencies to restructure the boards of the nationalised commercial banks (NCBs).

"And if the government opts for such change, then this panel will help elect board members for NCBs as well," one Bangladesh Bank official said.

The Bank Company (Amendment) Bill 2003 had been passed to strengthen activities in the banking sector and enhance supervisory authority of the Bangladesh Bank over commercial banks.

According to the changes, private commercial banks will also have to raise their paid-up capital balances from Tk 20 crore to Tk 100 crore.