Transactions through agent banking more than doubled to Tk 393,932 crore in the last fiscal year as the new window has taken financial services to the doorsteps of people.
Pandemic proves a boon for IT freelancers thedailystar.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thedailystar.net Daily Mail and Mail on Sunday newspapers.
The number of these accounts also rose to 71,346 last year from 62,710 in 2019.
The Daily Star talked to a number of bankers, tax officials and analysts, who pointed out that there is a strong link between the deposit growth and the opportunity given to whiten black money.
They also referred to the reduced scope for laundering money abroad amid the Covid-19 pandemic and also cap on investment in national savings certificates.
In the current fiscal year, the government gave the opportunity to whiten black money by declaring undisclosed wealth and income in tax returns upon payment of only 10 percent tax on the undisclosed amount without any questions about the sources of income.
MFS industry swells riding on low-income groups
Cash-out charge unchanged since 2011
Mobile financial services have gained immense popularity in Bangladesh, particularly among lower-income groups, but the charge to withdraw funds has remained almost unchanged since the inception of the digital platform in 2011.
As a result, most clients have to fork out Tk 18.50 to withdraw Tk 1,000 from their accounts. It was the same when the service was rolled out.
Although some MFS providers have recently slashed the charge to Tk 14, users and analysts say the rate is still higher, and a further reduction will benefit the poor, who avail the money withdrawal service through mobile phones most.
Janata casts a pall on banking sector’s profit
The state-run lender logs a staggering Tk 5,054cr loss in 2020; StanChart posts highest net profit of Tk 1,225cr
Net profit in the banking industry plunged 44 per cent year-on-year to Tk 5,279 crore last year because of the massive loss incurred by state-run Janata Bank.
The state lender made a net loss of Tk 5,054 crore in 2020 as it had to keep aside a vast amount as provisions against bad debts, provisional data from the central bank showed.
Standard Chartered Bangladesh posted a net profit of Tk 1,225 crore, the highest among all lenders, in contrast to Tk 1,163 crore a year ago.