Dhaka, Bangladesh (BBN) - The proposed commercial banks have started submitting applications to the central bank to obtain licences for running their business after complying with the letter of intent (LoI) requirements, officials said.
Two proposed commercial banks - South Bangla Agriculture and Commerce Bank Limited and NRB Commercial Bank Limited - have submitted their necessary documents to the Bangladesh Bank (BB) in compliance with LoI, issued by the central bank on April 17 this year.
"We're taking preparations to launch the operations of our bank within mid-November," a senior banker, close to the proposed NRB Commercial Bank Limited, told BBN.
He also said they submitted their necessary documents to the central bank on Thursday.
"All nine approved commercial banks will have to submit their documents to the central bank by October 16 to comply with the LoI's requirements to obtain licences," a BB senior official said, adding that the central bank will issue licences to the proposed banks after scrutinizing their submitted documents.
Only one bank has so far applied to extend the deadline for submission of documents, the central banker said.
"We'll refer the issue to our board of directors for taking final decision in this connection," another BB official said.
The central bank has started scrutinizing the documents before issuing licences to the proposed banks.
On April 8, the central bank approved six private commercial banks (PCBs) to strengthen financial inclusion process through bringing un-banked people under banking network.
The BB earlier also approved three new commercial banks, sponsored by NRBs, to help boost the country's foreign exchange inflow.
Currently, a total of 47 commercial banks are in operation in Bangladesh.
BBN/SSR/AD-05Oct12-7:50 pm (BST)
