3,362 new ‘crorepati’ in Bangladesh

Some 3,362 people deposited at least Tk one crore each in banks recently withdrawing their investments from the capital market due to its volatility.

Legal money holders opted to keep their money in  banks which recently increased interest on deposits.

According to a Bangladesh Bank (BB) statement released recently, 3,362 citizens made it to the elite club of the rich during April-June by depositing Tk 1 crore each.
As of March 31, the number of accounts with over Tk1 crore in deposits was 1,10,192, which increased to 1,13,554 at the end of June.

Rich people had Tk 7,31,332 crore in 113,554 bank accounts at the end of June, which was Tk 6,90,877 crore in 110,192 bank accounts at the end of March, according to the BB.

Now, rich people have at least 43 per cent of total deposits in banks, up from 32.28 per cent three months ago.

The increase in the number of new rich people indicates widening disparity between the wealthy and the low-income groups .

Besides rich people, many institutions also have deposits in excess of Tk one crore with banks.

Regarding increase of people with over Tk one crore in deposits in bank accounts, Dr AB Mirza Azizul Islam, economist and former Finance Adviser to the caretaker government, told the Daily Observer that most of them withdrew their investment from the capital market due to volatile situation prevailing in the sector.

Withdrawing from the capital market, they deposited their money in banks, he said.

"As it is risky to keep the money at hand,  those who have legal money, have been depositing in the banks paying higher interest," he said.

"But, those who have illegal money are not going to banks. None having illegal money will take the risk of depositing their money in banks," he said.