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Bangladesh Bank has made the Business Identification Number (BIN) mandatory for businesses seeking seven types of services, including opening bank accounts and obtaining loans, following amendments to the VAT and Supplementary Duty Act, 2012.
The central bank issued a circular on Sunday, October 11, directing all scheduled banks to comply with the new provisions introduced through the Finance Act, 2026.
The circular was issued by the Banking Regulation and Policy Department-1 and sent to managing directors and chief executive officers of all scheduled banks. The instructions take immediate effect under Section 45 of the Bank Company Act, 1991.
Under the amended law, businesses must provide their BIN or proof of enlistment to obtain the specified services.
The seven services are opening and maintaining current or short-term deposit (STD) accounts with banks, non-bank financial institutions (NBFIs) or other financial institutions; obtaining loans from such institutions; renewing trade licences; opening merchant accounts with mobile financial services (MFS) providers; obtaining or renewing membership of trade bodies; securing electricity and gas connections in a business’s name; and registering vehicles with the Bangladesh Road Transport Authority (BRTA) in a business’s name.
The Bangladesh Bank circular instructed banks to ensure proper implementation of the new legal provisions. Consequently, businesses must meet the BIN-related requirements to access banking services for commercial purposes, including opening accounts and obtaining loans.
The Finance Act, 2026, incorporating amendments to the VAT and Supplementary Duty Act, 2012, was published in the official gazette on June 30. The central bank has now issued the directive to banks to implement the amended provisions.