Tk1cr bank accounts grew by 2,894 in June quarter

Infographic: TBS

The number of bank accounts — holding Tk1 crore or more — increased by 2,894 in the April-June quarter which is the last full quarter under the ousted Sheikh Hasina government.

According to data from the central bank, the number of accounts with more than Tk1 crore stood at 1.19 lakh at the end of June, up from 1.16 lakh at the end of the March quarter.

As of June, total deposits in Bangladeshi banks amounted to Tk18.39 lakh crore, with Tk7.73 lakh crore—accounting for 42%—held in accounts with deposits exceeding Tk1 crore. Notably, government ministries and agencies hold approximately 40,289 of these accounts, while individual account holders number around 34,481, holding more than Tk1 crore. Additionally, nearly 44,000 accounts are associated with private institutions and businesses.

Fahmida Khatun, executive director of Center for Policy Dialogue (CPD), told The Business Standard that individuals with fixed incomes are less likely to see their accounts grow into crores of taka. Additionally, due to high inflation, both small and large businesses are struggling, which has deterred them from making significant new investments. Consequently, there have been fewer opportunities for account balances to reach crore taka during this inflationary period.

The economist urged the central bank to investigate anonymous bank deposits. While the rise in bank deposits is positive, recent cases, including Matiur's corruption case, raise concerns. Additionally, there are reports of anonymous deposits related to corruption. With an increasing number of accounts holding crore taka, it is necessary to verify whether the accounts are fake accounts.

Fahmida Khatun noted that the rise in the number of accounts holding Tk1 crore or more can be attributed, in part, to the growing inequality in society.

The central bank's data indicates that deposits in the banking sector grew by Tk76,534 crore in the June quarter, with deposits in crore taka accounts rising by approximately Tk43,625 crore.

A managing director of a private bank said the number of accounts with over Tk1 crore has steadily increased in the past 4-5 years, primarily among institutions and businesses. Although many entrepreneurs struggle with inflation, large traders have seen rising profits, contributing to the growth in deposits in these accounts.

However, the overall picture remains concerning. According to data from the Bangladesh Bank, out of the total 15.85 crore bank accounts, 72%, or 11.43 crore, have deposits less than Tk5,000. An average of Tk590 is deposited in these accounts. In other words, the amount of bank deposits of a large part of the people in the country is at its lowest level.

This statistic underscores the stark economic inequality present in the nation, highlighting that a significant portion of the population maintains minimal savings in the banking system.