Modhumati Bank may get final nod from BB tomorrow

Modhumati Bank may get final nod from BB tomorrow

Bangladesh Bank in its tomorrow’s board meeting may give final approval to proposed Modhumati Bank, said officials of the central bank.


A BB official told New Age on Monday that the central bank is almost done with the scrutiny of Modhumati Bank’s proposal and the issue would be placed in the BB board meeting on Wednesday. 


Prime minister Sheikh Hasina’s nephew Fazle Noor Taposh is the key sponsor of the bank while its chairman and managing director are Humayon Kobir and Mizanur Rahman respectively.


‘The managing director of the proposed Modhumati Bank will present their future business plan before the central bank board. The board may give their no objection certificate to the proposed bank if the central bank’s directors are satisfied with the plan,’ he said.


The proposed Modhumati Bank and NRB Global Bank failed to submit the application and bank draft worth Tk 400 crore as paid-up capital to the BB in time although the other proposed seven banks submitted them within October 16, 2012.


Under the circumstances,the BB board extended the time for the sponsors of two proposed banks to submit related documents and bank drafts.

The new deadline for Modhumati Bank was set on December 31, 2012 while it was March 31, 2013 for NRB Global Bank.


The two proposed banks were able to submit applications and paid-up capital within the new deadline set by the BB, the central bank official said.


‘The BB has already started the scrutiny of the NRB Global Bank proposal. The procedure will be completed as early as possible,’ he said.


The BB had earlier gave its final approval to seven banks for getting licences to launch their banking operation and four among them — South Bangla Agriculture and Commerce Bank, NRB Commercial Bank,

Union Bank and Meghna Bank — have already been enlisted as scheduled banks by the central bank.


The central bank in April 2012 issued letters of intent to the sponsors of nine proposed banks, including three banks to be set up by non-resident Bangladeshis.


The sponsors of the proposed banks are either from ruling party-led alliance or businessmen backed by the ruling party.

Source : New Age Bangladesh/9-Apr-2013