Deposits with agent banking increase by 28pc

Deposit collection through the agent banking increased by 28 percent or Taka 546.72 crore in July to September quarter compared to the previous quarter of April to June in 2018, reports BSS.

According to the quarterly data of July to September, 2018 of Bangladesh Bank (BB), deposit collection through the agent banking was Taka 2,577.49 crore, which was Taka 2,012.77 crore in the April-June period.

In the July to September quarter, the number of agent banking accounts across the country also increased by 14.15 percent or 2.51 lakh compared to the previous quarter.

The number of accounts with agents increased to 20,28,864 from 17,77,400 in the July-September period of 2018.

In the July-September period, the number of agents increased to 3,902 from 3,588 in the April to June quarter and the number of bank agent outlets also increased to 5,791 from 5,351 in the same quarter.

During the July-September period, official data show, Bangladeshi expatriates sent Taka 4,463.94 crore through the agent banking channel, which was Taka 3,514.22 crore in the April to June quarter.

Talking to BSS, Islami Bank Bangladesh Limited (IBBL) Deputy Managing Director Abu Reza Mohd Yeahia said agent banking is moving fast across the country since the banks are providing all sorts of efforts to bring the grassroots people under the banking services.

“Agent banking is providing banking services by engaging representatives under a valid agency agreement,” he added.

Terming the agent banking a great initiative of the central bank, he said generally a bank needs a number of staff and huge expenditure to operate a branch. “If one bank can run its activities through agents, it will be helpful for both the bank and the customers,” he added.

He said IBBL has also started agent banking as it is playing a role to take banking services to the doorsteps of the common people.

“We have already received permission for 200 outlets. We have started services in 112 outlets,” he added.

The central bank launched agent banking in 2013 by giving license to Bank Asia. A total of 20 commercial banks have already taken licenses from Bangladesh Bank while 18 banks are running their activities across the country.

The commercial 18 banks, which are currently running agent banking activities, are Dutch Bangla Bank, Bank Asia, Al-Arafah Islami Bank, Social Islami Bank, Modhumoti Bank, Mutual Trust Bank, NRB Commercial Bank, Standard Bank, Agrani Bank, First Security Islami Bank, Mid Land Bank, The City Bank, Islami Bank Bangladesh Limited, The Premier Bank, United Commercial Bank Limited, AB Bank, NRB Bank and Brac Bank.