Dhaka, May 16 -- Embattled digital-finance upstart Nagad is now under Bangladesh Postal Department's care with a guardian body keeping oversight on its operations.

The postal department has officially assumed responsibility of the country's one of leading mobile financial-service providers, following a stay order from the Supreme Court's Appellate Division that halted the central bank's appointment of an administrator.

In a formal office order issued Thursday, the postal department announced the formation of an eight-member oversight committee led by its Director Abu Taleb.

"The committee will supervise Nagad's operations, monitor activities at its head office and associated locations, and submit periodic reports," says an official pre...