The process of corporatisation of three nationalised commercial banks (NCBs) is in progress to make them public limited companies (Plc) by May 31 next, the date set earlier by the finance ministry. The Registrar of Joint Stock Companies & Firms has already issued registration letters to two NCBs- Agrani and Janata – with approval for starting business operation as limited companies.

“We will apply to the BB for licence after receiving the registration letter from the Registrar of Joint Stock Companies & Firms,” a senior official of the Janata Bank said. The finance ministry earlier ordered the banks to apply to the Registrar of Joint Stock Companies & Firms by April 22 after finalisation of the prescribed Memorandum and Articles of Association for their registration as public limited company. Following the registration and issuance of licences by the central bank, the government will issue a gazette notification by May 31 in this connection.