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BB seeks applications for new banks

Rejaul Karim Byron
Bangladesh Bank (BB) has invited applications from interested sponsors to set up new banks in the private sector with stringent conditions.
The entrepreneurs have been asked to submit applications by November 30 along with a non-refundable fund of Tk 10 lakh to the central bank.
The BB also posted a final guideline on its website what the applicants should follow in sub-mittingtheir proposals.
Though many quarters, including the International Monetary Fund (IMF), opposed the move to allow new banks in the private sector, BB has finally sought applications for the proposals.
Sponsors for a proposed bank will have to provide an initial mini-
mum capital ofTk400 crore, which must come from net worth declared to the tax authorities.
According to the guideline, if any individual or any member of his family is or had been a loan defaulter with a bank or financial institution at any time during the first five years shall not be eligible to apply as a sponsor of the proposed bank.
The guideline said an individual who is awaiting verdict of any undisposed lawsuit in any court or tribunal against his loan default status shall be disqualified.
It said if anybody has an unpaid undisputed arrear of income tax assessed for the current year or any past year will not also be eligible.
If any sponsor who is penalised or awaiting verdict on any suit in any court or tribunal or has not
submitted overdue tax return for the current year or has undisposed tax prosecution reopened will not be eligible.
The guideline also said, any body having unpaid liability for any undisputed customs duty, value-added tax, supplementary duty, excise duty or is awaiting verdict on any prosecution in any court or tribunal shall not be eligible to be a sponsor of the proposed bank.
The guideline said BB will evaluate proposed sponsors on expertise and integrity and any potential for conflicts of interest. The proposed sponsor will have no record of criminal activities or adverse regulatory judgments that make the person unfit to uphold important position in abank.
Though the number of banks in Bangladesh is the highest in the
countries of the sub-continent, but the finance ministry requested the central bank to allow some new banks as per the government's political decision.
However, the central bank is the sole authority regarding giving permission to set up new banks. The central bank board recently approved a proposal to allow some new banks with some stringent conditions attached so that good entrepreneurs come to the sector.
Last week, the visiting IMF mission led by David Cowen in a report sent to the government said the government should defer lifting the cap on new banking licences until the central bank's supervisory capacity is strengthened, the commercial banks' liquidity pressure eases and new governance standards are in place.