Dhaka, Bangladesh (BBN) – The central bank of Bangladesh is going to start its work for preliminary scrutiny of the applications for setting up of new private commercial banks (PCBs) from Sunday, officials said on Thursday.

“The central bank will  first examine all applications thoroughly to check whether all relevant papers and documents have been furnished or not,” a senior official of the Bangladesh Bank (BB), the country’s central bank, told BBN, adding that an application will be considered cancelled if the relevant papers and documents were found to be not having been given.

During the preliminary scrutiny, the BB officials will check whether feasibility study report, business plan, draft memorandum and articles of association of the proposed banks have been enclosed or not with their applications.

A total of 37 applications have been submitted with the central bank for setting up new PCBs. Among them, 29 applications were submitted alone on Wednesday, the last day for their filing up.

The central bank started receiving the applications from October 01 this year after announcement of its revised guidelines about establishment of new commercial banks.

Senior lawmakers, business leaders and top executives of non-government organizations (NGOs) are among the chairmen of the proposed banks, officials and entrepreneurs said.

On June 29 last, Finance Minister AMA Muhith told Parliament that the government would invite applications from the interested sponsors who would be willing to set up new banks and life insurance companies.

Currently, 47 commercial banks are now operating their business across Bangladesh.

BBN/SSR/AD-02Dec11-1:19 am (BST)