The finance sector of Bangladesh is rapidly growing. Day by day, this sector is becoming more and more efficient and developed. This is extremely important because the economy of a nation cannot grow without a strong financial foundation.
Classification of Financial Institutes
The financial sector is divided into the following sectors:
- The central bank AKA Bangladesh Bank
- Scheduled banks
- Non-bank financial institutes
- Micro finance institutes
- Insurance companies
- Co-operative banks
- Credit rating agencies
- Stock exchanges
Number of Banks and Its Branches
There are four state owned banks with more than 3,404 branches. There are also four specialized banks with over 1,382 branches. The number of private banks is currently 30, which have more than 2,816 branches all over the country.
The foreign banks, which used to operate in East Pakistan before the Liberation War, were given permission to continue their operation in Bangladesh after 1971. Currently, there are 6 foreign banks with 62 branches all over Bangladesh.