The Bangladesh Central Bank has granted initial approval to eight digital banks to expand banking services digitally and reach the unbanked population. These digital banks will operate solely online through websites or mobile apps, eliminating the need for physical branches. Nagad Digital Bank PLC and ‘Kori’ Digital Bank PLC have received letters of intent (LoI) from the central bank, and their performance will be monitored over the next six months.
After this period, Smart Digital Bank PLC, North East Digital Bank PLC, and Japan-Bangladesh Digital Bank PLC will also receive LoIs. Additionally, three existing banks – BRAC Bank with bKash, DG-10 (a group of 10 private commercial banks), and Digital Bank PLC led by Bank Asia – have received approval to provide digital banking services. These initiatives aim to enhance financial inclusion and expand access to banking services in Bangladesh.
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