Bangladesh Bank (BB) has extended the deadline for submitting applications to establish digital banks. Originally set for September 30, the new deadline for applications is now November 2.
This extension follows the central bank’s earlier notice on August 26, where it initially invited applications from interested investors for digital bank licences. The central bank had set a window from September 1 to 30 for receiving proposals from investors, aiming to expand access to digital-first financial services and drive innovation within the country’s banking sector.
In that initial notice, Bangladesh Bank confirmed its in-principal decision to issue licences for digital banks under the Bank Company Act, 1991, based on suitable proposals. The central bank also highlighted the importance of embracing technological innovation, which is rapidly transforming the global financial ecosystem. The central bank emphasised its role in improving the efficiency of financial services and widening the outreach of the country’s financial system.
With this new deadline, investors now have more time to submit their proposals for digital banking ventures, which are expected to play a crucial role in supporting inclusive economic growth, improving access to credit, and fostering financial inclusion, particularly for cottage, micro, and small enterprises.
This move is part of Bangladesh Bank’s efforts to capitalise on the transformative potential of the Fourth Industrial Revolution and to contribute to achieving sustainable development goals by offering accessible financial services that can benefit marginalised groups, create jobs, and enhance food security in the long run.
