Number of Digital Banks will be increased to make transactions paperless

The government plans to increase the number of digital banks to build a smart Bangladesh. Finance Minister Abul Hasan Mahmud Ali gave this information while presenting the budget for the financial year 2024-25 in the National Parliament on Thursday in the afternoon.

The finance minister said that letters of intent have been given in favor of two digital banks on October 25, 2023 in order to strengthen the foundation of Smart Bangladesh in the financial sector. There are plans to increase the number of digital banks.

He said that the work of digitization is going on. Already the transaction has a modern touch. Transactions now have a touch of technology. People are transacting at home. Following this, the government wants to make 70 percent of transactions paperless by 2027. The finance minister also said that there is a target of 100% paperless transactions by 2041.

Letters of intent have been given to Nagad Digital Bank PLC and Kori Digital Bank. Among them, Nagad has recently received the final license as the country's first digital bank. Bangladesh Bank has listed 'Nagad Digital Bank PLC' as a Scheduled Bank with special exemption under the law. On the other hand, Kori has asked for another six months to get the final license.

The Finance Minister presented the budget in the presence of Prime Minister and Parliament Leader Sheikh Hasina chaired by Speaker Dr. Shirin Sharmin Chowdhury. This is the 54th budget of independent Bangladesh. Besides, this is the first budget of the fourth consecutive term of the current government, the 16th consecutive budget and the 21st budget of the Awami League government.