The proposed ‘Nagad Finance PLC’ has obtained primary approval from the Bangladesh Bank for running its business as a non-bank financial institution (NBFI).

The central bank board of directors at its 424th meeting gave the approval on Tuesday.

Bangladesh Bank Executive Director and spokesperson Md Serajul Islam said that the board of directors of BB decided to provide a letter of intent (LOI) for the proposed NBFI with some conditions.

He, however, refused to disclose the conditions.