The Bangladesh Bank today instructed non-bank financial institutions (NBFIs) to put in place a clear human resources policy to ensure hiring of honest and efficient persons in transparent manner and establish good governance in the sector.

There must be a clear policy on overall human resource management approved by the board of directors, said the central bank in a directive issued to chief executives all the NBFIs.

The central bank said in view of the importance, NBFIs also must have a board approved policy on the eligibility and qualifications regarding the hiring of the chief of the internal control and compliance, the head of credit risk management, the chief of financial officer and company secretary.

There shall also be a board-approved evaluation process for assessing the applications for these posts, it said.

"No person can hold more than one of the above positions simultaneously," the BB said, making it mandatory for the NBFIs to furnish detail biodata of the top officials with the central bank within 15 working days of such appointment.