Bangladesh Bank has issued instructions to all scheduled banks, directing them to carry out school banking activities through their nearest branches. This move aims to ensure that students have direct access to essential banking services.
The central bank issued a notification on Sunday, mandating that every scheduled bank branch must provide school banking services to educational institutions within its vicinity. This approach will enable students to access a full range of banking services from their designated branches, making it more convenient for them to manage their finances.
To prevent overlap, banks will determine the educational institutions to be served by each branch. The directive also stipulates that banks must actively raise students’ awareness about the importance of opening and managing accounts, as well as promoting financial literacy and technological skills.
Additionally, all banks are required to comply with Bangladesh Bank’s guidelines on school banking. Bank branches have been instructed to report their school banking activities to the relevant central bank office on a quarterly basis, ensuring transparency and accountability in the process.
This directive has been implemented with immediate effect.
Key Points:
- Purpose: The initiative is designed to enhance financial inclusion among students and familiarise them with various banking services.
- Scope: Banks are expected to offer a wide range of banking services, including account management and financial education.
- Monitoring: Bank branches must report school banking activities to Bangladesh Bank quarterly to ensure compliance.
Related Information:
This policy is part of Bangladesh Bank’s broader efforts to increase financial inclusion across the country. School banking plays a crucial role in introducing young people to financial management and preparing them for future economic independence. By offering services at nearby branches, Bangladesh Bank hopes to ensure easy access for students while also fostering a more financially literate generation.
As part of its initiative, Bangladesh Bank also plans to organise workshops and awareness campaigns in schools to educate students about the benefits of banking services and the importance of financial planning.