Digital bank applicants get until Nov 2

FE REPORT

The Bangladesh Bank has extended the deadline for submitting applications seeking to establish digital banks by more than a month.

Aspiring individuals and institutions will now be able to submit applications until November 02, 2025 (Sunday upto 6:00 pm), according to a press release.

Applicants must also send soft copies of all relevant documents to the email address: apply.db@bb.org.bd.

The regulator said the extension would provide applicants with adequate time to prepare quality submission and gather the necessary documents and papers.

Earlier on 26 August, the Bangladesh Bank invited fresh applications through four national dailies for digital bank licences during the period from 01 to 30 September, revising its digital bank guidelines to prevent shell companies from sponsoring proposed digital banks.

The revised guidelines, issued on 25 August, also tighten the fit-and-proper test for sponsors, raising the paid-up capital requirement from Tk 1.25 billion to Tk 3.0 billion.

Besides, if an individual sponsor or the nominated representative of an institutional sponsor holds citizenship in more than one country, full details of all citizenships and related information must be provided.

Enterprises, companies, or individuals awaiting verdicts in any ongoing lawsuits related to loan default status will be ineligible to apply as sponsors. Banks or finance companies operating in Bangladesh are also barred from sponsoring.

Previously, in October 2023, the Bangladesh Bank granted digital banking licences to two applicants - Nagad and Kori Digital Bank - out of 52 submissions.

jasimharoon@yahoo.com