Bank accounts over Tk1cr surge by 1,621

The number of bank accounts in Bangladesh holding taka one crore or more has reached 1,03,597 in the January-march period of this year, signifying an increase of 1,621 when compared to the last quarter of 2021.

This increase in the number of such accounts came as the lion’s share of Bangladeshi people continue to grapple with a multitude of economic issues, especially the ongoing rise in inflation and recovery from the Covid-19 pandemic.

Data from a quarterly report titled “Scheduled Banks Statistics,” published by the Bangladesh Bank on Tuesday, shows that at the end of March this year, the total amount of deposits in multimillionaire accounts stood at Tk 6,63,505 crore.

In December last year, this figure was Tk 6,53,858 crore. So, the amount of deposits rose by Tk 9,647 crore during the January-March period compared to the last quarter of 2021.

Commenting on the matter, a number of experts say the increase in the number of such accounts in Bangladesh is a great indicator of the country’s development and income growth, but this is also evidence of increasing inequality.

AB Mirza Azizul Islam, former advisor to the caretaker government, told The Business Post that, “The economy is growing. New factories are being set up. Imports, exports and profits of businesses are increasing.

“So the number of such accounts is also increasing. But on the other hand, the number of poor people is going up as well. It proves that inequality is increasing in our country.”

According to the central bank report, the number of such accounts is not even 1 per cent of Bangladesh’s total bank accounts. However, these accounts hold nearly 44 per cent of the total amount of deposits in the country’s banking system.

Addressing the issue, Executive Director of Transparency International Bangladesh (TIB) Dr Iftekharuzzaman said, “These numbers prove that inequality is increasing in the country as resources are being squandered by a certain group.

“In addition, some global reports say Bangladesh is at the forefront of the list of the richest people in the world, these accounts justify those reports.”

From 2010 to 2019, the number of such accounts in Bangladesh has increased at an average rate of 14.3 per cent, which was highest in the world at that period. This information came from a report by Wealth X, a multinational financial advisory firm.

According to bankers, not all such bank accounts are personal accounts. There are also accounts which belong to various private and government institutions and organisations.

Anis A Khan, former president of Association of Bankers, Bangladesh (ABB), said, “Although the central bank report contains data about different types of accounts, we can get an idea about the number of such accounts in our county.

“I believe that the number of these accounts is increasing due to the growth of the country’s economy and businesses.”

At the end of March this year, the total number of bank accounts stood at 12.73 crore, and the total deposits in these accounts were Tk 15,14,895 crore, according to the central bank data.