The number of individual bank accounts holding at least Tk 1 crore rose by more than 7,000 during the one‑and‑a‑half‑year tenure of the interim government led by Dr. Muhammad Yunus, according to the latest data released by Bangladesh Bank.
Banking sector update shows sharp rise in high‑value accounts
Bangladesh Bank’s recent “Banking Sector Update” indicates that crore‑taka accounts increased from 33,629 in September 2024 to 40,645 by the end of March 2026. That addition of 7,016 accounts translates to a growth rate of nearly 21 percent. Total deposits in these accounts grew from Tk 87,200 crore to Tk 91,400 crore over the same period.
Cash held outside banks also climbed, rising from Tk 283,553 crore to Tk 303,018 crore. The parallel increase suggests that the surge in large deposits is not solely a result of people moving cash from homes into banks.
Experts weigh in on possible drivers
Economists and banking analysts have noted that the rapid expansion of crore‑taka accounts comes amid high inflation, stagnant growth, and historically low private‑sector credit expansion. One senior Bangladesh Bank official, who asked to remain anonymous, said new influential groups emerged after the political transition, and some of the funds may have originated from illegal activities such as extortion and land grabbing.
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Former finance adviser and ex‑governor Dr. Salehuddin Ahmed offered a broader view. He pointed to the reconstitution of boards at several weak banks, which prompted depositors to shift fixed‑deposit receipts to stronger institutions. He also mentioned a burgeoning business class that prefers to keep liquid cash in banks, especially when private‑sector investment is sluggish.
He added that when control over business and economic activities moves to new groups after political changes, it naturally reflects in bank account figures. This observation aligns with the broader pattern of leadership changes at 16 private banks and major shifts at other institutions during the interim government’s tenure.
Bangladesh Bank Executive Director and spokesperson Arif Hossain Khan said the central bank has tightened oversight to enforce good governance. He noted that while the prevailing economic climate could explain part of the growth, the bank will act if evidence of illicit or undisclosed money emerges.
Dr. Toufic Ahmad Choudhury, former director general of the Bangladesh Institute of Bank Management, emphasized that the combination of deposit transfers from weaker banks and the rise of new business elites, together with weak private‑sector investment, has encouraged wealthy individuals to park large sums in fixed deposits.
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During the same period, private‑sector credit growth fell to historic lows, prompting commercial banks to allocate more assets to government Treasury bills and bonds. This shift may have made bank deposits a more attractive safe‑haven option for high‑net‑worth individuals.
The data also raise questions about the broader economic implications. A sudden increase in high‑value accounts could signal concentration of wealth, which may affect consumption patterns and tax revenues. However, the simultaneous rise in cash holdings suggests that many still prefer keeping a portion of their wealth outside the formal banking system, perhaps due to lingering mistrust or a desire for liquidity.
While the figures paint a picture of growing wealth among a small segment of the population, they also highlight the need for continued monitoring. The central bank’s ongoing efforts to strengthen governance and transparency will be essential in ensuring that the banking sector remains stable and that any illicit financial flows are identified and addressed.
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