Dhaka: Finance Minister AHM Mustafa Kamal on Monday said three new banks were approved after a complete study and considering their necessity, reports the UNB.

‘The central bank governor yesterday said they would not have done it if there wasn’t any definite need. They may have felt that there was a necessity and gave the nod based on it,’ Kamal told the media at the secretariat.

He said he believed the approval came after a complete study by the central bank and other stakeholders.

On Sunday, Bangladesh Bank’s Board of Directors approved three new commercial banks – Bengal Commercial Bank, The Citizen Bank and People’s Bank.

Replying to a query about the former finance minster’s statement that there was no need for new banks, Kamal said: ‘It doesn’t matter how many banks are there in the country ... If they can provide quality services to customers following rules and regulations, then in that case, I think I’m not worried about the number [of banks].’