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Bangladesh gives NOC to Five New Commercial Banks

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By A Pro-Bangladeshi
Five new commercial banks have achieved the ‘go’ sign from the Bangladesh Bank by complying with the preconditions. This decision was taken at the Central Bank during the meeting of board of directors with the governor Mr.  Atiur Rahman.

The issuance of the license is going to take place soon as per the statement of deputy governor of Bangladesh Bank. BB checked business plans of the applicant banks, after which they achieved the No-Objection certificates (NOC). The Banks that gained the NOCs are NRB Commercial Bank, Union Bank LTD, South Bangle Agriculture and Commerce Bank, Meghna Bank LTD and NRB Bank LTD.  Midland Bank LTD also presented their business plan, the board however asked the applicant bank to review and clarify their plans further before representing their business strategies in their next meeting.

The five banks will be receiving their NOCs by the Bank Regulation and Policy dept. (BRPD) of the Central Bank, in order for them to be able to register with the Registrar of Joint Stock Companies and Firms (RJSCF).

According to an official of Bangladesh Bank, the NOCs will be provided to the banks for documentation purposes as well as for better understanding. The license for the five banks might be issued by one week however their business plans would be relooked into before any question rises about the issuing of branch opening license. Banks must usually form bank companies before gaining any kind of license that allows opening of several branches. BB would transfer the capital money to the bank for the maintenance of the accounts.

According to the current rule, this paid-up capital of any new bank cannot be below the amount of 4 billion taka, and the NRB banks must pay in foreign currency. The new banks can initiate their business once they have gained the license for branches. Several other banks have been known to have proposed their business plans as per LoI, of which only NRB Global Bank LTD has been allowed to complete their formalities by end of March.
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