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Banking for all

  • Published at 11:00 pm January 13th, 2020
Photo: Mahmud Hossain Opu/Dhaka Tribune

For too long, integral services such as banking have remained entirely centralized

It is encouraging to see the impact sub-branches of banks -- which was approved by Bangladesh Bank in 2018 -- is having on the lives of the rural population.

For all of Bangladesh’s achievements in recent times, what cannot be denied is that when it comes to providing financial services to all the people of the country, Bangladesh has been lagging behind.

To that end, sub-branch banking has been a revelation for addressing this problem, bringing banking services to previously unbanked, underprivileged sections of the population under the banking network.

What is cause for further encouragement is that, while offering most of the services that could be availed at any of the larger branches of the banks, the fees, charges, and commission of banking services will be less here.

A very good move while keeping in mind the rural population’s income disparity.

Additionally, with banking reaching more people now through these services, banks have found another avenue to generate liquidity, and the Tk300 crore that have been deposited at these sub-branches is proof of its success.

Our country’s lofty ambitions and aspirations of steady double-digit economic growth will mean very little if its people are not experiencing a higher quality of life by enjoying the benefits that come with a nation’s development.

For too long, integral services such as banking have remained entirely centralized.

With sub-branch banking, this can prove to be a crucial first step in showing the benefits that come from decentralizing certain services and encourage other sectors to follow the example.