MICROCAPITAL BRIEF: Bangladesh Bank Asks Commercial Banks to Provide Services to Readymade Garment (RMG) Workers

The Bangladesh Bank (BB), the country’s central bank, recently asked commercial banks to provide readymade garment (RMG) workers with bank accounts so they can receive wages through direct deposit. BB requested commercial banks not to require a minimum balance or charge for banking services. To open a bank account, RMG workers need to make a deposit TK 100 (USD 1.29) and submit their national and employment identification cards. Banks will be required to submit reports on accounts opened by RMG workers each quarter [1].

As of November 2012, BB operates ten branches and has a staff of 4,950. The bank’s total reserves stand at USD 12.7 billion as of December 2012.

By Megan McGowan, Research Associate

Sources and Additional Resources

[1] The Financial Express: “BB Asks Banks to Open Accounts for RMG Workers,” September 18, 2013, http://www.thefinancialexpress-bd.com/index.php?ref=MjBfMDlfMThfMTNfMV85MF8xODM5MDA=

MicroCapital.org Story: “MICROCAPITAL BRIEF: Gemalto Provides Biometric Smart Cards for “Prime Cash” Branchless Banking in Bangladesh,” June 11, 2013, https://www.microcapital.org/microcapital-brief-gemalto-provides-biometric-smart-cards-for-prime-cash-branchless-banking-in-bangladesh/

MicroCapital.org Story: “MICROCAPITAL BRIEF: Bangladeshi Microfinance Institutions Boost All-Time Microcredit Disbursals to $2.7b,” May 16, 2013, https://www.microcapital.org/microcapital-brief-bangladeshi-microfinance-institutions-boost-all-time-microcredit-disbursals-to-2-7b/

MicroCapital Universe: Bangladesh Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bangladesh+Bank+%28BB%29

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