A bill has been placed in parliament to repeal the controversial Section 18(A) of the Bank Resolution Act. The current government had added the provision to allow former and controversial directors of the merged Sammilito Islami Bank to return. Following widespread criticism, the provision is now set to be removed.

Finance Minister Amir Khasru Mahmud Chowdhury placed the bill in parliament on Thursday. The House later sent it to the Parliamentary Standing Committee on the Ministry of Finance, chaired by Deputy Speaker Kaiser Kamal, for scrutiny and submission of a report within two working days.

The bill proposes repealing Section 18(A) of the Bank Resolution Act. The provision states that individuals who were shareholders of a bank before it came under resolution could subsequently apply to Bangladesh Bank to reacquire shares, assets and liabilities of the bank. Bangladesh Bank could also extend the opportunity to another suitable person if it deemed appropriate.