A Bangladesh Bank circular also said the age of a bank's CEO should not be over 65 years and the banks will not be allowed to give any dividend and commission to the CEOs.

While fixing salary and allowance of a bank CEO, the bank's financial conditions such as business volume and earnings should be taken into consideration, the BB said.

Besides, salaries and allowances offered by similar other banks should also be considered before fixing remuneration and perks, the BB added.

Banks will have to report to the Bangladesh Bank about the salaries that include basic salaries and house rents as well as other benefits such as utility bills, car, fuel and driver facilities in terms of cash.

"All the salaries, allowances and facilities will have to be shown in terms of money," said the BB circular.

The salaries and allowances fixed in the service contract cannot be changed within the period. However, in case of extending one's service, a new pay structure can be proposed.

Besides the mentioned pay and allowances, the CEO will not be entitled for any other direct or indirect benefits.

Banks will not be allowed to pay income taxes on behalf of the CEOs.

Khandkar Ibrahim Khaled, managing director of Pubali Bank, said the logic behind imposing such restrictions on fixing salaries and allowances of the CEOs is not clear to him.

He also questioned the logic behind the age bar for the CEOs when the service age of the chief justice and executives of many government offices has been raised to 67 years.

The salaries and allowances and income tax payment issue should be settled by the employer and the employee, Khaled opined.

A BB official said some of the banks are paying hefty salaries, which in some cases hit Tk 10 lakh. As a bank is run by public deposits, the BB, the custodian, has taken this initiative to ensure that the banks' money is not wasted, he added.