Digital banks also cannot provide any over-the-counter services and must provide round-the-clock service. To provide better services to the consumers, developed technology-based products including virtual cards, QR codes can be introduced but no plastic cards can be supplied. However, consumers can use ATM booths and agents of other banks to avail the services.
Apart from this, no digital bank can open LC. They cannot even give loans to large and medium industries. However, there are no restrictions on lending to small businesses.
As per the policy, a digital bank must issue an initial public offering (IPO) in the stock market within five years of receiving the license from the central bank, subject to a minimum amount of initial capital of the sponsor for the IPO.
Half of the entrepreneurs should have good knowledge and experience of IT-based banking, emerging technologies, cyber laws and regulations and the remaining half should have knowledge and experience of banking, e-commerce and various laws and regulations and banking acts. ,
A digital bank will also have to maintain a minimum cash reserve ratio (CRR) and statutory liquidity ratio (SLR) at the central bank like traditional banks.
*The report, which was originally published in the print and online editions of Prothom Alo, has been rewritten in English by Shamim Reza.