Dhaka, Bangladesh (BBN) – Seven proposed commercial banks have applied to the central bank for licences to start their business after complying with the requirements as per the letter of intent (LoI), officials said.
“The central bank has received documents from seven proposed banks out of total nine until Tuesday, the last day for submitting the documents,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka, adding that the central bank has started scrutiny in line with the existing guidelines for setting up new commercial; bank.
The proposed banks, which have submitted documents to the BB, are Union Bank Limited, Farmers Bank Limited, Meghna Bank Limited, Midland Bank Limited, South Bangla Agriculture and Commerce Bank Limited, NRB Commercial Bank Limited and NRB Bank Limited.
The BB official also said two proposed banks – Modhumoti Bank Limited and NRB Global Bank Limited – have sought time extension for complying with the requirements of the LoI, issued by the central bank on April 17.
“Our board will take final decision in this connection,” the central banker said, adding that Banking Regulation and Policy Department (BRPD) of the central bank will submit an update, mentioning the latest development of the proposed banks to the board.
The paid-up capital of a new bank will be no less than BDT 4.0 billion, and sponsors of the non-resident Bangladeshi (NRB) banks will deposit their paid-up capital in foreign currency.
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 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-16 Oct12-9:30 pm (BST)
