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Bangladesh readies digital bank framework in push to go cashless

Country follows lead of India and Pakistan, but 2016 hack looms large

Bangladesh's central bank is expected to lay down guidelines for setting up digital banks. (Source photo by Getty Images) 

DHAKA -- Bangladesh's central bank is set to approve a framework for the establishment of digital banks, under the country's plan to transform into a cashless society.

Bangladesh wants at least 75% of local transactions to be conducted digitally by 2027, as part of the government's goal for a "Smart Bangladesh" by 2041. There are now 61 conventional banks operating in the country and some of these already offer apps and digital services.

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