One more proposed bank applies to BB for licence
Monday, 31 December 2012
FE Report
One more proposed commercial bank -Modhumoti Bank Limited -has applied to the central bank for licence to start their business after complying with the requirements as per the letter of intent (LoI), officials said Sunday.
"We've received documents from the bank Sunday, a day before the deadline," a senior official of the Bangladesh Bank (BB) told the FE, adding that the BB board has allowed the bank to submit documents as per requirements of the letter of intent (LoI) by December 31.
He also said another proposed bank, NRB Global Bank Limited, has been allowed to meet the requirements of the LoI within March 31, 2013.
A total of eight proposed banks have, so far, applied to the BB for licences to start their business after complying with the requirements as per the LoI, according to the BB officials.
Seven proposed banks, which earlier 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.
"We're now checking tax-related issues with the National Board of Revenue (NBR) in case of local sponsors to ensure whether the blocked money for maintaining paid up capital is taxed or not," another BB official said.
The paid-up capital of a new bank will be not less than Tk 4.0 billion, and sponsors of the non-resident Bangladeshi (NRB) banks will deposit their paid-up capital in foreign currency.
The central bank is also checking loan status of the sponsors of proposed banks through its Credit Information Bureau (CIB), the BB official said, adding that it may submit their report to the authorities concerned of the BB by the end of this week.
On April 8 last, 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.
One more proposed commercial bank -Modhumoti Bank Limited -has applied to the central bank for licence to start their business after complying with the requirements as per the letter of intent (LoI), officials said Sunday.
"We've received documents from the bank Sunday, a day before the deadline," a senior official of the Bangladesh Bank (BB) told the FE, adding that the BB board has allowed the bank to submit documents as per requirements of the letter of intent (LoI) by December 31.
He also said another proposed bank, NRB Global Bank Limited, has been allowed to meet the requirements of the LoI within March 31, 2013.
A total of eight proposed banks have, so far, applied to the BB for licences to start their business after complying with the requirements as per the LoI, according to the BB officials.
Seven proposed banks, which earlier 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.
"We're now checking tax-related issues with the National Board of Revenue (NBR) in case of local sponsors to ensure whether the blocked money for maintaining paid up capital is taxed or not," another BB official said.
The paid-up capital of a new bank will be not less than Tk 4.0 billion, and sponsors of the non-resident Bangladeshi (NRB) banks will deposit their paid-up capital in foreign currency.
The central bank is also checking loan status of the sponsors of proposed banks through its Credit Information Bureau (CIB), the BB official said, adding that it may submit their report to the authorities concerned of the BB by the end of this week.
On April 8 last, 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.