NRB Bank

NRB Bank known as Migrants' Sponsored Banking [MSB] system, is a newly invented banking structure in which initial capital are funded by non-resident nationals [NNs] Non resident nationals provide most of the deposits and these deposits are subsequently lent to the home country.

NRB Bank
TypePrivate
IndustryBanking
Founded2013
FounderIqbal Ahmed (OBE)
HeadquartersDhaka, Bangladesh
Area served
Bangladesh
Key people
[1]
ServicesBanking, Financial Services
Websitewww.nrbbankbd.com

The bank has multiple objectives within its single structure and typical deposit-lending functions. The first objective is to be a platform of NNs for their better investment into the home economy and long term objective is to reduce dependency on international financial institutes [IFIs] for external financing in home economy.

Migrants Bangladeshis (Sylheti diaspora) were demanding such type of bank since 1990s. However, Md. Bayazid Sarker an economist and Central Bank official of Bangladesh first develop a theoretical structure of the bank and officially floats the idea in his research paper titled "Alternative Resource of World Bank for External Financing in Bangladesh: A Foreign Remittance Approach" on 15 December 2007 in Dhaka.[2] Government makes believe by the continuous pressure from Bangladeshi Sylheti diaspora around the world. Afterward Central Bank of Bangladesh [Bangladesh Bank] call for NRB bank applications in 2011 and finally issued three NRB Bank (Non-resident Bangladeshis Bank) licenses in 2013 though newly born banks need much effort to come into its basic and broad objective. Newly born NRB Banks are NRB Commercial Bank Limited, NRB Bank Limited and NRB Global Bank Limited. Therefore, Bangladesh is the pioneer in introducing migrants sponsored banking system.

Products and services

Like other private commercial bank in Bangladesh, NRB Bank Ltd offers vast category of products and services for Corporate, Retail and SME. Bank introduced fully online any-branch banking from day one with state of art internet banking both for consumer and corporate account holders. NRB Bank is the first bank to introduce secure VISA EMV card among 4th generation banks in Bangladesh .

References
  • "NRB Bank idea to help 'reduce dependence on foreign assistance'". Financial Express. Dhaka. 11 April 2013. Archived from the original on 24 August 2014. Retrieved 29 December 2014.
  1. "Mahtabur Rahman new chairman of NRB Bank". The Independent. Dhaka. Retrieved 29 March 2017.
  2. Sarker, M.B. (2010). Bangladesh Economic Association Samoiki 2010. pp 689–701. thesteps.org
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