3 new banks get LoI for final approval

Bangladesh Bank’s Board of Directors today approved to issue Letter of Intent (LoI) in favour of three new banks - Bengal Commercial Bank, The Citizen Bank and People’s Bank, reports BSS. 

“Through the approval, the central bank will issue LoI in favour of the three banks. After fulfilling all requirements as per the LoI, the three new banks will get final license,” said BB executive director Abu Farah M Naser.

BB Governor Fazle Kabir presided over the meeting while other directors of the board were present. 

Naser Said the meeting also decided that all commercial banks will have to keep Taka 500 crore from the existing Taka 400 crore as paid-up capital.