Dhaka, Bangladesh (BBN)- Eight proposed banks have submitted documents to the central bank in compliance with the letters of intent (LOIs) and sought licences for starting their operations.
The banks are Union Bank Limited, Farmers Bank Limited, Meghna Bank Limited, Midland Bank Limited, South Bangla Agriculture and Commerce Bank Limited, Modhumoti Bank Limited, NRB Commercial Bank Limited and NRB Bank Limited.
Another proposed bank -NRB Global Bank Limited -has been allowed to fulfil the requirements as per the LoI within March 31 this year.
The Bangladesh Bank (BB) is now doing the necessary scrutiny of the relevant documents.
“We’ve received most of the files from the NBR after checking tax-related issues in case of local sponsors to ensure whether the blocked money for maintaining paid-up capital is tax-paid or not,” a BB official said. 
Under the existing rules, the paid-up capital of a new bank will not be less than BDT 4.0 billion, and sponsors of the non-resident Bangladeshi (NRB) banks will deposit their paid-up capital in foreign currency.
“We expect that we will receive all tax-related files from the NBR by the end of this month,” the central banker said, adding that checking of loan status of the sponsors of proposed banks has almost been done. 
The central bank is checking loan status of the sponsors of the proposed banks using its Credit Information Bureau (CIB), the BB official said, adding that it may submit their report to the authorities concerned of the BB shortly. 
“We’ll place a file relating to NRB Commercial Bank Limited to the BB board of directors today (Sunday), meeting for its consideration,” another BB official said. He added that proposed management of the NRB Commercial Bank will get no-objection certificate from the central bank if the board approves the file. 
On April 8 last year, the central bank approved launching of six new private commercial banks (PCBs) to help ‘strengthen’ financial inclusion process by bringing un-banked people under banking network.
The BB earlier approved three new commercial banks, sponsored by NRBs, to help boost the country’s foreign exchange inflow.
 
BBN/SSR/AD-20Jan13-12:55 pm (BST)