The Bangladesh Bank has rejected NRBC Bank's application to appoint Md Rabiul Islam as its managing director (MD) due to his alleged involvement in irregularities.

In a letter sent to NRBC Bank's chairman on Sunday, the central bank stated: "The appointment of Md Rabiul Islam as the managing director of your bank cannot be reconsidered."

The private bank applied to the central bank on December 2, 2024, seeking approval for Islam's appointment as the new MD.

According to central bank officials, Islam's name was included in a chargesheet filed by the Anti-Corruption Commission (ACC), leading to the rejection of the application.

The central bank has instructed NRBC Bank to immediately nominate a suitable candidate for the MD position and submit an application for approval.

Islam, currently the bank's deputy managing director, has been serving as the acting managing director for an extended period.

Islam joined NRBC Bank in 2020 after previously working at NCC Bank, Mercantile Bank, and Prime Bank.