The central bank took a significant step forward in its bid to propel Bangladesh towards a cashless society through digital banking by unveiling a web portal to facilitate applications to join the initiative. Mobile financial service giants bKash and Nagad have shown interest in participating in the digital banking revolution. However, the firms have been treading cautiously as they continue to analyse the policies and requirements set forth by the Bangladesh Bank before finalising their applications. The Bangladesh Bank has imposed a requirement of Tk 1.25 billion as paid-up capital to ensure that only financially stable companies can acquire a digital banking licence. Moreover, the central bank has made it clear that loan defaulters will be excluded from the pioneering initiative.

Source: bd News24 July 01, 2023 20:20 UTC