52 Known Entrepreneurs Apply for Digital Bank

Digital Bank My News Bangladesh

52 applications have been made for a license for the digital bank for the first time in Bangladesh’s history. All have been submitted as joint venture applications. Additionally, some programs have alliances of ten banks. Therefore, more than 500 businesses are vying for a license to operate a digital bank.

These include financial organizations such as banks and mobile financial service providers, as well as new businesses like mobile carriers, gas station operators, pharmaceutical firms, and manufacturers of wave sheets. Additionally, applications from foreign financial technology businesses have been made. Four more institutions have also made deposits, but they were unable to complete their applications by the deadline.

The digital bank license application is made online by Bangladesh Bank. The submission window closed on Thursday at 11:59 PM. This data was collected from

The date and number of dg bank licenses to be granted have not yet been decided by Bangladesh Bank. According to Mejbaul Haque, the Central Bank’s executive director and spokesperson, “The applications will be presented to the Board of Directors after verification.” The choice will then be made. Examining the 52 applications will take some time.

It is well known that Bangladesh Bank sent an application invitation in the last week of June after finalizing the digital bank’s policy. Five lakh Tk must be provided as a non-refundable deposit at Bangladesh Bank as the application fee. To establish a digital bank, Tk 125 crore in minimum capital would be needed. It costs 500 crore rupees to start a traditional bank.

Every Digital Bank entrepreneur is required by policy to provide capital of at least 50 lakh rupees. A minimum of half of the business owners involved in establishing this bank should be educated, knowledgeable, and experienced in new technologies, technology-based banking, and cyber laws and regulations. In terms of banking, e-commerce, and banking rules and regulations, the other half should be adequately knowledgeable and experienced.

As required by the Companies Act, dg must maintain the Minimum Cash Deposit (CRR) and Statutory Deposit (SLR) as set out by Bangladesh Bank from time to time.

Elevate Finance: Where Luxury and Convenience Meet with Digital Bank.

There are now 61 conventional banks operating in the nation. In his speech to the Jatiya Sangsad on June 1, Finance Minister AHM Mustafa Kamal announced the opening of Digital Bank.

The applicant?
It is well known that Digital Bank has received funding from the group of ten banks known as “Digi Ten PLC.” The investment recorded by these ten banks totals Tk 127 crore, or 78 lahks. City Bank, Eastern Bank, Mercantile, Midland, Mutual Trust, NCC, Prime, Pubali, Trust, and Dutch-Bangla banks are members of this alliance.

In addition to this, the projected “Bikash Digital Bank” is being supported by BRAC Bank, an existing entrepreneur, Money in Motion LLC from the United States, the International Finance Corporation, the Bill and Melinda Gates Foundation, Ant Group, and the Softbank Vision Fund. Existing business owners in Nagad, as well as a few other individuals, have sought to create “Nagad Digital Bank Plc.”

In addition, Sonali, Rupali, and Agrani, three state-owned commercial banks, have submitted applications to join forces to create a digital bank. An application to establish a digital bank has been made by mobile phone provider Banglalink and its parent organization, Veon.

Awaya, a private coalition chaired by United Commercial Bank (UCB), has submitted an application. ‘Upay Digital Bank Plc’ is the official spelling of the company’s name. NRBC and Meghna, two private banks, are a part of this cooperation. In addition to this, there is UCB’s for-profit business Aramit, which mostly produces corrugated sheets. The cooperation also comprises Genex Infosys, a provider of IT services, and Navana Pharmaceuticals, an innovative business venture of UCB. Some of the NRBC business owners are the owners of Genex Infosys.

Additionally, Patha, a digital service provider, has expressed interest in offering digital banking. This bank will be known as “Pathao Digital Bank,” according to the business. According to the group, the acceptance of the digital bank will be advantageous to many young people.

The country’s banks are in poor health, according to Ahsan H. Mansoor, executive director of the private research organization Policy Research Institute, who spoke to Prothom Alo. The central banks are unable to function. People who make deposits at financial institutions don’t get their money back. It must be taken into account how timely it will be to provide a license to a digital bank. Whoever this bank’s license will bring calamity to.

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