Bangladesh Bank (BB) has formed a management board to determine the future action plan and strategic management of mobile financial services provider Nagad.

The central bank sent a letter in this regard to the Director General of the Department of Posts on Tuesday.

KAS Murshid, former Director General of Bangladesh Institute of Development Research (BIDS) has been made the chairman of this board.

Other members of the management board are BRAC University's BRAC Institute of Governance and Development (BIGD) Visiting Research Fellow Khandaker Sakhawat Ali, Policy Research Institute (PRI) research director Bazlul Haque Khandaker, former executive director of Bangladesh Bank Anwar Hossain and Postmaster General of Bangladesh Postal Department. Farid Ahmed.

According to the central bank, Bangladesh Postal Department's Digital Financial Service has been entrusted with section 18(4) of the 'Payment and Settlement System Act, 2024' to determine the future operational plan and strategic management of cash and to provide necessary guidance to the administrator and his support team appointed by Bangladesh Bank. The management board was formed in the public interest.

After the fall of the Awami League government, Bangladesh Bank decided to appoint an administrator to manage Nagad on August 21.

Besides, six officers were appointed as 'assistant officers' in the management of Nagad. The next day Bangladesh Bank and postal department officials went to the Nagad office and took control of the entire institution.

The BB Director Muhammad Badiuzzaman Didar is currently serving as the Nagad Administrator.