The latest report by Bangladesh Bank shows that while the number of accounts with deposits exceeding 100 million taka in the country’s banking sector is increasing, the total deposits of large amounts have actually decreased. At the end of September, banks registered accounts worth more than 128 thousand crore taka, which is a slight increase compared to three months ago.
According to economists, the pressure of rising inflation is forcing the lower and middle classes to break their savings, resulting in a decline in small-value deposits. On the other hand, a segment of society is retaining the flow of income and wealth, a large part of which is reflected in high bank accounts.
Bangladesh Bank said that accounts worth crores of taka do not necessarily mean millionaires; multiple accounts from multiple institutions are also included in this list. This includes large deposits from government agencies, corporate institutions, and commercial groups.
Data shows that the number of crore-taka accounts increased by 734 in the September quarter compared to June, but the total deposits in these accounts decreased by about Tk 59,209 crore during the same period.
Meanwhile, the total number of depositors in the banking sector has also increased by about 5.6 million in three months. But analysts say this numerical increase is not proportional to the actual savings in the banking sector.
According to them, the country’s income inequality is becoming more pronounced—while the savings of the lower and middle classes are eroding, the financial power of the wealthy group remains unshaken.