Online banking growing faster in rural areas
In 2019 to 2023, online banking branches grew by 39% in rural areas, 15% in urban. The adoption of online banking in rural Bangladesh has soared thanks to the rise in the number of internet users. At present, out of the 11,233 fully online banking branches in Bangladesh, 47 percent are in rural areas and 53 percent urban. As of September of 2023, some 5,300 fully online banking branches were in rural areas where as 5,933 in urban. However, the scenario was quite different in 2019 when there were only 3,809 fully online banking branches in rural areas against 5,145 in urban. In a period between 2019 and 2023, online banking branches in urban areas grew by 15.31 percent whereas the growth was 39.11 percent in case of rural areas. From 2019 to 2023, the fully online banking branches witnessed a whopping 6.8 percent compound annual growth in rural areas while the rate was 2.9 percent in urban areas, according to the Bangladesh Bank data.
Bangladesh’s apparel exports increase 5.95% worldwide
Bangladesh apparel export worldwide has increased by 5.95% to $14.78 billion in July-October of FY2023-24 compared to the $13.95 billion in the same time period one year earlier. Meanwhile, the export to the European Union reached $7.06 billion, with 3.99% growth during July-October, of FY 2023-24, compared to the same period of previous fiscal year, according to the latest statistics Export Promotion Bureau (EPB). The RMG export to Spain, France, Netherlands, and Italy showed 18.07%, 2.56%, 12.73% and 9.88% growth respectively. On the other hand, Germany the largest export market in the EU declined by 11.49% with an amount of $1.81 billion compared to the $2.04 billion in July-October period of FY2022-23. Also, the RMG export to the US stood $2.57 billion in July-October 2023-24 with declined 3.05% Y-O-Y growth. At the same time, exports to UK and Canada reached $1.8 billion and $462.86 million, with positive 14.63% and negative 1.53% growth respectively.
Zakia Rouf elected vice chairman of Bank Asia
Zakia Rouf Chowdhury was elected as vice chairman of Bank Asia Limited at the 508th meeting of the board of directors of the bank. She has a business career of more than 35 years in the private sector of Bangladesh. Since the inception of Rangs Group, she has been holding leadership positions at several concerns of the group — one of the largest business houses in Bangladesh. Currently, Zakia Rouf Chowdhury serves as the chairman of Sea Resources Group, Rangs Pharmaceuticals Limited, Ranks Construction Limited, Ranks-Agro Industries Limited, and Zhen Natural Limited. She is also the managing director of Ranks Real Estate Limited and Ranks Food & Beverage Limited. She is one of the directors of Rangs Limited, Rangs Motors Limited, Rangs Properties Limited, Rancon Autos Limited, Ranks Interior Limited, Ranks Appliance Limited and a few other Rangs concerns.