People’s Bank gets 3 more months to obtain final licence
Unable to complete the necessary preparations within deadline, People’s Bank had applied to the central bank for an extension of time
The Bangladesh Bank has allowed People's Bank three more months to obtain the final licence after completing its necessary preparations.
Unable to complete the necessary preparations within deadline, People's Bank had applied to the central bank for an extension of time.
The central bank on Thursday accepted the bank's request.
In February 2019, the central bank issued licences to three banks, including People's Bank.
Meanwhile, Bengal Bank has started its activities formally and Citizen Bank is taking its programme forward.
The main initiator of People's Bank is MA Kashem, an expatriate Awami League leader from the United States.
People's Bank had applied for an extension of the consent letter as some more preparations that include increasing the amount of capital were incomplete.
These three banks have to maintain the capital of Tk500 crore. The amount was Tk400 crore for nine fourth-generation banks that have received the licences earlier.