Dhaka, Sept. 24 -- The Bangladesh Bank (BB) has granted initial approval for the establishment of five digital banks in the country.

Under the decision, the central bank will issue Letters of Intent (LoIs) to the approved entities, enabling them to initiate operational procedures towards full launch.

The decision was taken at a meeting of the BB Board of Directors, presided over by central bank Governor Md Mostaqur Rahman, on Thursday, said Arief Hossain Khan, spokesperson for the central bank.

The five digital banks are bKash Digital Bank by mobile financial service (MFS) provider bKash, Nova Digital Bank by Banglalink, Boost Digital Bank by Robi Axiata, Digital Banking of Bhutan by Bhutan's DK Bank and Kori Digital Bank by Technohave...