The banking sector has set a new milestone as the number of bank branches across the country crossed the 10,000 mark.
The number of bank branches both in the private and public sectors stood at 10,143 by the end of August, according to the central bank of Bangladesh.
Of them, 4,909 branches are operating in rural areas and 5,234 in urban areas, according to the data available with the Bangladesh Bank (BB).
State-owned commercial banks (SoCBs) opened some 3,741 branches while specialised banks (SBs) 1,412, private commercial banks (PCBs) 4,922 and foreign commercial banks 68 branches across the country during the same period.
The number of branches was 9,040 at the end of December 2014. The figure was 8,685 as of December 2013.
"The central bank is sincerely trying to provide banking services to rural areas and increase financial inclusion for the sake of poverty alleviation," a senior banker said.
He said the banks have continued to enhance their penetration of rural areas in line with a BB guideline.
The central bank earlier introduced the guideline for bringing unbanked people under the banking network.
As per the policy, 50 per cent of the bank branches opened in a calendar year must be in rural areas.
"The authorities have put the banking sector on a sound footing. This has been possible because of the efforts made by the BB," a private banker said.
Rural banks have traditionally supported local economic development by supplying funds to local businesses.
Commercial banks' willingness to deliver agricultural and rural loans efficiently will play a pivotal role in maintaining and expanding rural economy.
An official said the banking sector is contributing to the rapid growth of the rural economy, which eventually boosts the overall national economy.
Innovations in mobile banking in addition to the commercial banks' presence have revolutionised financial transactions in rural areas, he added.
Currently, more than 80 per cent of people are receiving banking services, a BB official said.
Of the total, fifty-eight banks are now in operation in Bangladesh, including six SoCBs, three SBs, 40 PCBs and nine foreign commercial banks (FCBs), according to the BB.
