Agent banking of Bank Asia Limited

Abstract

A banking institution is indispensable in a modern society. It plays a pivotal role in the economic development of a country and forms the core of the money market in an advanced country. In recent times the banking sector over the world has been undergoing a lot of changes due to deregulation, technological innovation, globalization etc. Bangladesh banking sector is lagging far behind in adopting these changes. Bank plays an important role in the business sectors and in the industrialization of a country. Bank Asia limited a 3rd Generation Commercial Bank established by renowned businessman and dedicated experience Bankers with a vision to provide state of art banking service for mass people. They have successfully acquired the business of 2(two) foreign Banks, The Muslim Commercial Bank and Scotia Bank. Bank Asia has expanded its Branch network all over Bangladesh and have foreign correspondent network all over the world including own Exchange House abroad. Till now all Banks are operating their business in Urban and semi urban area leaving large numbers of un-banked rural people. To connect the geographically dispersed population to banking net has started Agent Banking recently through Bank’s authorized agent. Bank Asia is the pioneer have successfully introduced Agent Banking in 6(six) Upazila under Munshiganj District as a pilot Project. This success has given the confidence to expand the project all over Bangladesh. The study is to know about the process of Agent banking and how it works in our economy. How can this make impact towards financial inclusion. There must be a barrier in conventional banking that leads to the idea of this special kind of banking.