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Agent banking is becoming popular

It usually takes a lot of manpower and a lot of money to run a bank branch. When a bank manages its operations through an agent, it is helpful for both the bank and the customer.
Agent banking is becoming popular in the country. About 29 lakh accounts have been opened in this banking system. In the last six years till March 2019, the amount of deposits in this banking system has stood at more than Tk 3,634 crore.
According to the January-March, 2019 quarterly report of Bangladesh Bank (BB), the amount of deposits in agent banking stood at Tk 3,634.50 crore during this period, which is 20 percent more than the October-December quarter of 2017. At that time the amount of deposits in this banking was 3 thousand 112.41 crore.
By the end of the January-March quarter, the number of accounts opened in agent banking across the country had also increased by 16 per cent or about 4.50 lakh as compared to the previous quarter.
In the January-March quarter of 2019, the number of agent banking accounts has increased from 24 lakh 57 thousand 982 to 29 lakh 8 thousand 855.
By the end of the January-March quarter, the number of agents had increased from 4,493 in the previous quarter to 4,006.
During this period, the number of bank agent outlets has also increased from 6,933 in the previous quarter to 6,636.
Statistics show that Bangladeshi expatriates sent Tk 8,162.75 crore through agent banking this quarter. In the October-December quarter of 2017, remittances sent through this banking were Rs 5,556.42 crore.
In this regard, the Deputy Managing Director of Islami Bank Bangladesh Limited (IBBL) Abu Reza. Yahya said, “Agent banking is spreading rapidly in different parts of the country through all sorts of efforts to deliver services to grassroots customers. Agent banking services are being provided through the appointment of representatives under a valid agency agreement. ”
Referring to Agent Banking as an excellent initiative of the Central Bank, he said, “It usually takes a lot of manpower and a lot of money to run a branch of a bank. When a bank manages its operations through an agent, it is helpful for both the bank and the customer. IBBLO is playing a role in bringing banking services to the doorsteps of the common man through the introduction of agent banking. ”
He added, "We have already received approval for 503 outlets. We have started providing services in about 500 outlets. ”
The central bank started agent banking in 2013 by licensing Bank Asia.
So far, a total of 21 commercial banks have received agent banking licenses from Bangladesh Bank. At present, 19 banks across the country are conducting their banking activities.
The 19 commercial banks conducting agent banking activities are: Dutch Bangla Bank, Bank Asia, Al-Arafah Islami Bank, Social Islami Bank, Madhumati Bank, Mutual Trust Bank, NRB Commercial Bank, Sandard Bank, Agrani Bank, First Security Islami Bank , Midland Bank, City Bank, Islami Bank Bangladesh Limited, Premier Bank, United Commercial Bank Limited, AB Bank, NRB Bank, BRAC Bank and Eastern Bank.