Fifty-two applications have been filed by companies such as banks, fintec firms and mobile financial service providers to roll out digital banks, Bangladesh Bank Spokesperson Md Mezbaul Haque confirmed today.

The deadline for filing the applications ended on August 17.

The central bank invited applications for digital bank from the entrepreneurs from June 21 this year.

As per the Bangladesh Bank's rule, investors willing to set up a digital bank will have to have a minimum paid-up capital of Tk 125 crore and the capital will have to come from the sponsors.

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Digital bank’s application deadline extended until Aug 17

Any entity willing to set up a digital bank must be a public limited company. The minimum shareholding stake of each sponsor shall be Tk 50 lakh, according to the Bangladesh Bank.

Earlier, the BB said the sponsors or directors must qualify for the Fit and Proper Test (FPT) criteria applicable to the proposed directors of digital banks.

In its guideline issued earlier, BB said digital banks will not be allowed to provide any service to clients directly through physical counters and cannot issue any physical instruments.

Likewise, digital banks would not be permitted to give out loans to carry out foreign trade and term loans to medium and large industries.