During the one-and-a-half-year tenure of the interim government led by Muhammad Yunus, individual bank accounts holding Tk1 crore (Tk10 million) or more in deposits have increased significantly.
According to Bangladesh Bank data, the number of such accounts rose from 33,629 to 40,645 during this period.
This means 7,016 new million-taka accounts were added over 1.5 years—a growth rate of nearly 21%.
Bangladesh Bank’s latest "Banking Sector Update" report reveals that total deposits in individual million-taka accounts stood at Tk87,200 crore at the end of September 2024.
By the end of March 2026, that figure grew to Tk91,400 crore.
According to economists and banking sector insiders, a 21% surge in million-taka accounts within such a short frame—amid high inflation, stagnant investment, sluggish private sector credit growth, and rising poverty pressure—is not fully consistent with normal economic trends.
Therefore, the drivers behind this growth warrant deeper analysis and investigation.
A senior Bangladesh Bank official, speaking on condition of anonymity, noted that new influential groups emerged in various sectors following the political transition.
A portion of the funds generated through illegal activities, including extortion and land grabbing, may have been deposited into banks, contributing to the rise in these accounts.
However, former finance adviser and former Bangladesh Bank governor Dr Salehuddin Ahmed believes multiple factors could be at play.
He stated that after board restructurings in weak banks, many depositors broke their fixed deposits (FDRs) and transferred them to relatively stronger banks. At the same time, a preference for holding money in banks and the emergence of a new business class may have also contributed to the rise.
Asked whether individuals connected to the new centers of power accumulated wealth rapidly following the political transition, he remarked that control over trade, commerce, and various economic activities shifted from long-time operators to a new group after the changeover.
This shift could also be reflected in the rise of bank accounts.
On the other hand, Bangladesh Bank data offers little support to the theory that cash previously held at home flowed back into bank accounts.
In September 2024, currency outside the banking system stood at Tk283,553 crore.
By the end of March 2026, it rose to Tk303,018 crore—meaning unbanked cash grew over the same timeframe as well.
Toufic Ahmad Choudhury, former director general of the Bangladesh Institute of Bank Management (BIBM), suggested that the rise of new business leaders and influential elites post-transition, alongside deposit transfers out of troubled banks, are major factors.
He added that due to falling private sector investment, large sums of money were likely locked into fixed deposits instead.
During the interim government's term, the boards of directors of 16 private banks were restructured, and changes in chairmanship and management occurred in several others.
Concurrently, private sector credit growth dropped to historical lows, prompt banks to favor investments in government treasury bills and bonds.
Addressing the matter, Bangladesh Bank executive director and spokesperson Arief Hossain Khan said the central bank has stepped up strict monitoring and supervision to ensure good governance in the banking sector.
While broader economic conditions can drive the growth of million-taka accounts, necessary actions will be taken if any connection to illegal or undisclosed funds is uncovered.