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The 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, instructing 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 the managing directors and chief executive officers of all scheduled banks.
According to the circular, new provisions have been added to Section 4(3) of the VAT and Supplementary Duty Act, 2012, through the Finance Act, 2026. Banks have been instructed to ensure proper implementation of the amended provisions.
The Bangladesh Bank issued the directive under the authority granted by Section 45 of the Bank Company Act, 1991. The instructions took effect immediately.
Under the amended law, businesses must provide a BIN or proof of registration to obtain the specified services.
The seven services covered by the requirement 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 banks, NBFIs or other financial institutions.
Renewing trade licences.
Opening merchant accounts with mobile financial services (MFS) providers.
Obtaining or renewing membership of trade organisations.
Securing electricity and gas connections in a business’s name.
Registering vehicles in a business’s name with the Bangladesh Road Transport Authority (BRTA).
The central bank instructed banks to comply fully with the newly introduced legal requirements. As a result, businesses seeking banking services such as opening accounts or obtaining loans will have to meet the relevant BIN-related conditions.
The Finance Act, 2026, which amended the VAT and Supplementary Duty Act, 2012, was published in the official gazette on June 30. The Bangladesh Bank has now issued the directive to banks to implement the amended provisions.