Banks in bangladesh ( listed)

Banks list of Bangladesh : The definition of a bank differs from one country to another. Simply, a bank is a financial institution that borrows and lends money. According to the Indian Company Law 1936 “a banking company which receives deposits through current account or any other forms and allows withdrawal through cheques or promisory notes.” It takes credits from the people and generates a demand deposit while making loans. Lending functions can be enacted directly or indirectly. Direct activities can be performed by the bank and indirect activities can be performed by the capital markets.

History of Banking in Bangladesh

After independence, Bangladesh reform the banking sector under the Banking Nationalization Ordinance of 1972. Bangladesh Banking Sector started its journey in 1972 by merging 12 pre-independence banks into 6 government banks.These are –

  • Sonali Bank – Sonali Bank was created by merging National Bank of Pakistan and Bank of Bhawalpur and Premier Bank
  • Agrani Bank – Agrani Bank was established by a combination of Habib Bank Limited and Commerce Bank Limited.
  • Rupali Bank – Rupali bank started its operations by merging Muslim Commercial Bank Limited, Standard Bank Limited and Australasia Bank
  • Pubali Bank – The journey of Pubali bank started its activities by changing the name of Eastern Mercantile Bank
  • Janata Bank – Janata Bank started It’s activities with the merger of United Bank Limited and Union Bank Limited.
  • Uttara Bank – The journey of Uttara bank started by changing the name of Eastern Banking Corporation.

In addition to these 6 state-owned banks, 5 foreign banks were allowed to continue their activities. The authorized capital of each bank was Tk 5 crore but the paid up capital of 5 other banks were Tk 2 crore without Sonali bank. The banks are –

  • American Express Bank Ltd. ;
  • ANZ Greenlage Bank Ltd. ;
  •  Standard Chartered Bank Ltd.;
  • State Bank of India and
  • Habib Bank Ltd.

State Bank of Pakistan had two branch offices in East Pakistan before independence. Among them, the ‘East Pakistan’ branch of the State Bank of Pakistan emerged as the central bank of Bangladesh under the name ‘Bangladesh Bank’.

Banks of Bangladesh

There are many types of banks in Bangladesh. According to the banking act of 1972, the Government of Bangladesh reformed the Dhaka Branch of the State Bank of Pakistan as the central bank of Bangladesh, and named it Bangladesh Bank. The banks of Bangladesh are primarily divided into two types. Such as

  • Scheduled banks and
  • Non Scheduled banks.

There are 61 scheduled banks and 5 non scheduled banks in Bangladesh. Scheduled banks are licensed under the Bank Company Act, 1991 (Amended up to 2013) and Non-scheduled banks are licensed only for specific functions and objectives, and it can not grant the similar services like scheduled banks.

The name of non scheduled banks are –

  1. Ansar VDP Unnayan Bank ;
  2. Karmasangsthan Bank ;
  3. Grameen Bank ;
  4. Jubilee Bank and
  5. Palli Sanchay Bank.

Scheduled banks are regulated by central bank (Bangladesh Bank) of Bangladesh.

According to the Bangladesh Bank act 1972 and Bank company act 1991(Amended up to 2013) Scheduled banks are divided into four types.

  1. State Owned Scheduled Banks : At present, there are 6 state owned commercial banks in Bangladesh. These are
    • Sonali Bank ;
    • Rupali Bank ;
    • Janata Bank ;
    • Agrani Bank ;
    • BASIC Bank Ltd and
    • Bangladesh Development Bank (BDB).

Private Commercial Scheduled banks

There are 43 Private Commercial Scheduled Banks in Bangladesh. Private Commercial Scheduled Banks are classified into two types.

1. Conventional Private Commercial Banks – There are 33 Conventional Private Commercial Banks in Bangladesh. These are –

  • BRAC Bank Limited
  • Dutch-Bangla Bank LimitedDutch-Bangla Bank Limited
  • City Bank Limited
  • Bank Asia Limited
  • AB Bank Limited
  • Bengal Commercial Bank Ltd
  • Dhaka Bank Limited
  • Eastern Bank Limited
  • IFIC Bank Limited
  • Bangladesh Commerce Bank Limited
  • Citizens Bank PLC
  • Community Bank Bangladesh Limited
  • Jamuna Bank Limited
  • Mercantile Bank Limited
  • Meghna Bank Limited
  • Midland Bank Limited
  • Mutual Trust Bank Limited
  • Modumoti Bank Limited
  • National Bank Limited
  • National Credit and Commerce Bank Limited
  • NRB Bank Limited
  • NRB Commercial Bank Limited
  • One Bank Limited
  • Padma Bank Limited
  • Premier Bank Limited
  • Prime Bank Limited
  • Pubali Bank Limited
  • Shimato Bank Ltd
  • Southest Bank Limited
  • South Bangla Agriculture and Commerce Bank Limited
  •  Trust Bank Limited
  • United Commercial Bank Ltd and
  • Uttara Bank Limited

 

 Islami Shariah Based Private Commercial Banks –

There are 10 banks in Bangladesh under this type. These are –

  • Al-Arafah Islami Bank Limited
  • Exim Bank Limited
  • First Security Islami Bank Limited
  • ICB Islami Bank Limited
  • Islami Bank Bangladesh Limited
  • Shahjalal Islami Bank Limited
  • Social Islami Bank Limited
  • Union Bank Limited
  • Standard Bank Limited and
  • Global Islami Bank Ltd

 

3. Specialized Banks

There are 3 specialized banks in Bangladesh. These are –

  • Bangladesh Krishi Bank
  • Rajshahi Krishi Unnayan Bank and
  • Probashi Kollayan bank.

 

4. Foreign Commercial Banks (FCBs)

 

There are 9 foreign commercial banks in Bangladesh. The banks that are Operated in Bangladesh as the branches of the banks which are joined in abroad. These are –

  1. Bank Al-Falah Limited (United Arab Emirates – UAE)
  2. Citibank N.A (United States of America – USA)
  3. Commercial Bank of Ceylon PLC (Sri Lanka)
  4. Habib Bank Limited (Pakistan)
  5. HSBC (Hong Kong)
  6. National Bank of Pakistan (Pakistan)
  7. Standard Chartered Bank (United Kingdon – UK)
  8. State Bank of India (India)
  9. Woori Bank (South Korea)

 

Central Bank of Bangladesh

Bangladesh Bank is called the “Central Bank” of Bangladesh. It is the head of all banks in Bangladesh and all the banks of Bangladesh are controlled by it. Besides managing the country’s monetary policy, Bangladesh Bank also maintains the country’s foreign exchange reserves.

According to the Banking Ordinance of 1972, Bangladesh started it’s journey on 16 December 1971. It is owned by the government of Bangladesh. The bank rate of Bangladesh bank is 4%. As a central bank of a country Bangladesh bank has some major functions. The functions of Bangladesh bank are –

  • Regulate and supervise the banks and the non-bank financial institutions, develop and expand the domestic financial markets.
  • Act as a banker to the government
  • Implement the monetary and credit policies of the country.
  • Control the country’s international reserves.
  • Publish the currency notes of the country.
  • Oversee and manage the payment system.
  • Stop money laundering
  • Accumulate and supply the credit information.
  • Implement the Foreign Exchange Regulation Act.

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