Bangladesh received a total of USD 2,751.91 million in remittances from its overseas workforce. However, seven banks failed to register any remittance inflows during this period, according to the latest report released by Bangladesh Bank on Sunday (28 December).
The report specifies that these seven banks include one specialised bank, two private banks, and four foreign banks. The banks in question are:
Specialised Bank: Rajshahi Krishi Unnayan Bank (RAKUB)
Private Banks: Padma Bank PLC, ICB Islamic Bank
Foreign Banks: Al Baraka Bank, Habib Bank, National Bank of Pakistan, State Bank of India
An analysis of total remittance inflows by bank category reveals the following:
| Bank Type | Remittance Received (Million USD) | Share of Total (%) |
|---|---|---|
| State-Owned Banks | 463.59 | 16.8 |
| Specialised Banks | 290.16 | 10.5 |
| Private Banks | 1,992.50 | 72.4 |
| Foreign Banks | 5.92 | 0.2 |
| Total | 2,751.91 | 100 |
The statistics indicate that private banks dominate the remittance sector, accounting for more than 72% of total inflows. State-owned banks also play a significant role, contributing nearly 17%, whereas specialised and foreign banks maintain relatively modest shares.
Banking experts attribute the zero remittance record of these seven institutions to operational inefficiencies, technological limitations, and complex procedural requirements. They recommend that these banks enhance their transaction systems, international remittance networks, and digital capabilities to better serve customers.
Economists emphasise that remittances are a vital source of foreign currency for Bangladesh. Streamlining the receipt and distribution processes to make them faster, safer, and more efficient is therefore crucial. Expanding international-standard remittance services in zero-record banks is seen as a timely challenge that requires immediate attention.
According to Bangladesh Bank, improving banks’ capacity to receive remittances will significantly strengthen the country’s foreign exchange reserves, investment potential, and economic stability. Coordinated efforts between government and private banks can ensure that remittances flow swiftly and securely into the domestic economy. Experts stress that leveraging technology to simplify transactions and enhance customer services is essential for transforming underperforming banks and boosting Bangladesh’s overall economic dynamism.