Deposits in agent banking decreased by Tk 968 crore

Reza Mahmud :
Deposits in agent banking has been decreased by Tk 968 crore in the November, 2022 due to financial crisis, inflation and trustless, sources said.
The depositors has deposited Tk 30 thousands and 626 crore to the agent banking in the October. While it was deposited Tk 29,658 crore on November.
As per the revealed data, the agent banking sector has lost Tk 968 crore within one month. This information has been emerged in the latest updated report of the Bangladesh Bank.
When contacted, Bangladesh Bank Executive Director and spokesperson Mezbaul Haque told The New Nation on Wednesday, “The remaining inflation played a role behind decreasing deposits in the agent banking sector. On the other hand, the depositors had withdrawn their money due to different year end necessities.”
The central bank spokesperson expressed optimism that the agent banking may be overcame the situation in the New Year.
Sources of the sector said, numbers of entrepreneurs specially educated youths have involved with agent banking as a new profitable and expandable business in recent years.
They have brought the banking services to the edged people across the country.
It has maintained bridges between the people living remote areas and the banks.
The marginalized population across the country has got an easy access in financial services through these agent banking systems.
Small traders and lower income group people have got the facilities of opening a bank account in their door steps, depositing their money, taking bank loan and repay of those in a easy system through this agent banking service.
The agent banking outlets also are facilitating bringing remittances from the migrant workers abroad.
It also distributes bank loans among the people like farmers and small businesses.
It also opens school banking activities for students and involved with distributing allowances of government’s social safety nets programmes.
Experts said that the agent banking activities contributed enough on progressing to the national economy.
The data of the Bangladesh Bank showed that the village areas agents banking outlets have collected more deposits comparing with the urban ones.
It said that the marginal group depositors from the
village areas have deposited Tk 23,747 crore which was less by Tk 972 crore than the previous month’s (October) deposit. This data showed, the village outlets of the agent banking services have deposited Tk 24,719 crore on October.
Apart from these, the clients of the agent banking services from the urban areas have deposited Tk 5,911 crore in November.
This data showed the differences of the amount of deposits between village and urban clients.
Meanwhile, loan distributions were increased in November than the October in the agent banking services.
In November the outlets have distributed Tk 787 crore to the clients which was more Tk 112 crore than the previous month.
Of these, Tk 269 crore has been distributed to the urban areas and Tk 518 crore among the village people.
The services had distributed Tk 674 crore in the previous month, October.
Besides, the agent banking services attained increase number of clients on repaying of electricity and gas bills through these outlets.
In November, clients have repaid Tk 256 crore in these bills which was Tk 228 crore in the previous month.
Apart from these, the remittance inflow also increased in agent banking branches in November.
It has brought Tk 2823 crore remittance in the month which was more Tk 216 crore than the previous month.