Digital bank licence requires Tk125cr capital

The Bangladesh Bank has set the minimum capital requirement for a digital bank at Tk125 crore, a new banking concept in the country, when a conventional bank requires Tk500 crore to get the licence. A digital bank will be governed by the Banking Company Act, according to a guideline the Bangladesh Bank has finalised for placing in the next board meeting scheduled next week. The minimum shareholding of each sponsor will be Tk50 lakh (maximum 10% or Tk12.5 crore). A sponsor of a conventional bank needs to invest a minimum of Tk10 crore to hold a minimum 2% shareholding, according to the bank company act. The central bank is going to introduce digital banks in Bangladesh at a time when new generation banks across the globe are turning away from traditional brick-and-mortar banks in favour of digital banking. Among the South Asian countries, India and Pakistan introduced digital banks in 2022. At present, the banking sector is oversaturated with 61 conventional banks in Bangladesh.

Source: https://www.tbsnews.net/economy/banking/digital-bank-licence-requires-tk125cr-capital-645230

Fuel crunch upsets most EZ investors

A majority of the surveyed stakeholders, including investors in economic zones (EZs), have cited fuel crunch as one of the key economic challenges, according to a new study. It also identified high energy tariff, inadequate logistic infrastructure, hike in staff wages and complicated administrative procedure as major macroeconomic challenges. The findings of the survey were revealed at a workshop styled ‘Finalisation of the market assessment for the national master plan of economic zones’ hosted by the Bangladesh Economic Zones Authority (BEZA) at its headquarters in Dhaka city on Tuesday. Management consulting firms Deloitte and DDC jointly did the study on market assessment and presented the findings to seek stakeholders’ opinion at the event. BEZA executive member Mohammed Erfan Sharif, Bangabandhu Sheikh Mujib Shilpa Nagar Development project director Abdullah Al Mahmud Faruk, BEZA officials and representatives from different public and private organisations attended it. Highlighting the market assessment study, Mr Faruk said it analysed stakeholder preferences, investment trends, sector-wise investment opportunities and benefits, future investment plans, utility requirements and long-term business impact scenarios.

Source: https://today.thefinancialexpress.com.bd/first-page/beza-study-fuel-crunch-upsets-most-ez-investors-1686075915

Mr. Monzurur Rahman re-elected chairman of Pubali Bank

Eminent business person and social worker Monzurur Rahman has been re-elected as chairman of the board of directors of Pubali Bank Limited. He has been unanimously re-elected as chairman of the bank in its 1388th board meeting, said a statement. Mr Rahman is the chairman of Rema Tea Company Ltd. He has 56 years’ experience in banking, insurance and tea business. He was an independent director of Lafarge Holcim Bangladesh Ltd. He was an elected member of the executive committee of Bangladesh Association of Publicly Listed Companies (BAPLC). Mr Rahman is a graduate from Calcutta University.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/monzurur-rahman-re-elected-chairman-of-pubali-bank-1686074712