SBP to issue digital bank licenses

• The license will be issued on Wednesday.
• Only five will have the opportunity to get a digital license.
• Almost fifteen banks show interest in the license.

The State Bank of Pakistan (SBP) issued its first digital banking license on Wednesday.

Added to that, the license will be issued to five banks only.

On the other hand, around fifteen banks have submitted expressions of interest for digital licenses.

However, only five banks were shortlisted for the license by the State Bank of Pakistan. Unfortunately, none of the commercial banks could get the digital license.

Additionally, except for Telenor Microfinance Bank, all the banks have emerged as digital banks.

Moreover, the minimum capital requirement for the digital bank is one and a half billion rupees. Further, at the end of three years, the capital is to be taken up to 4 billion rupees.

In addition, like commonbanks,s there will be no branches of digital banks as well.

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