Bangladesh Bank may approve formation of two to five digital banks

Bangladesh Bank may approve applications for the formation of two to five digital banks in line with its aim to accelerate ‘financial inclusion’.

During the 428th meeting of the board of directors in June this year, Bangladesh Bank approved digital bank guidelines for introducing virtual banking.

The deadline for submitting applications for licenses to set up digital banks was August 17. The central bank received 52 applications from individuals and groups of 500 companies.

A local newspaper said the central bank has prepared a shortlist from 52 applications.

A meeting of the central bank’s board of directors is expected to be held at its Motijheel headquarters in the capital on Sunday. The shortlisted applications will be placed in the meeting, where applications to set up two to five digital banks are likely to get approval.