Digital bank to be set up for financial inclusion

Finance Minister AHM Mustafa Kamal today in his budget speech said that a digital bank would be set up within the next fiscal year to broaden and accelerate financial inclusion efforts. 

A Bangladesh Bank (BB) committee is working to work out strategies to this end, he said.

"The committee's work on formulating the outline for setting up the digital bank is now completed. We hope to be able to launch a digital bank in the next fiscal year."

BB Governor Abdur Rouf Talukder recently said in a programme that the central bank is now working to launch the digital bank.

Currently, 61 banks are now running their operation in Bangladesh, and many of them are now facing a business slowdown.

Economists think that the number of banks in the country is much higher than its economic volume, which is why lenders are struggling to manage their desired profit.