Dhaka, Bangladesh (BBN) - The central bank of Bangladesh has asked the commercial banks to open accounts for readymade garment (RMG) workers for payment of their wages through the banking channel, officials said.
“We’ve taken the latest move to bring the garment workers under the banking network to speed up the ongoing financial inclusion in Bangladesh,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
The BB in a circular issued on the day said interested RMG workers would able to open their own accounts with banks by depositing only Tk 100 along with submission national identification (ID) cards and the ID cards, issued by their respective organisations.
The central bank also asked the chief executive officers and managing directors of all commercial banks to take immediate action in this connection.
“Keeping minimum balance will not be applicable for this account and no charges will be imposed,” the circular said, adding that the banks would also be allowed to make transactions in such accounts with vouchers in case of any shortage of chaques.
“We’ve asked the banks to submit reports on opening of accounts for RMG workers on a quarterly basis in prescribed forms to the Green Banking and CSR Department of the BB within 15 days of the end of a quarter,” the central banker noted.
So the banks had been advised to submit reports, accordingly. For example the report for the December 31, 2013 quarter would be submitted by January 15, 2014, he added.
The garment industry is considered the country's largest foreign currency earner, constituting more than 16% of the gross domestic product (GDP), more than 79 per cent total export receipts, and providing direct employment to around 4.0 million people, of which 80 per cent are women.
BBN/SSR/AD-17Sept13-9:25 pm (BST)
