Financially excluded people, specially the farmers, have started getting benefits from ‘Taka 10’ bank accounts which are not only helping them to get government’s financial assistance easily but also creating saving tendency among them.

“Farmers are now depositing their money in banks and one of the major achievements of it is that such practice is gradually creating saving habit among them,” said economist Abul Barakat.

Besides, such accounts help farmers save money and time as they are now receiving government’s financial assistance such as diesel subsidy through banking cannel without harassment and paying any kickback, Barakat, President of Bangladesh Economic Association (BEA), told BSS.

Saving accounts of more than one crore financially excluded people have so far been opened in different state-owned-commercial banks (SCBs) and specialized banks after Bangladesh Bank (BB) ordered banks to allow farmers to open saving accounts at Tk 10 in 2010.

More than 96 lakh farmers have opened savings accounts in SCBs and specialized banks till September 2012. The central bank took this decision as part of its “people-centric” approach to provide economically deprived people with financial services to ensure overall economic development. “Opening of 96 lakh new accounts means these people were out of banking network and bringing them under the umbrella of banking transactions is certainly a great success,” said Abul Barakat who is also the Chairman of Janata Bank.

According to BB, during the period, accounts of around seven lakh people who receive allowances under government’s social safety net programme and around one lakh accounts of freedom fighters have been opened.

Economists and bankers said transparency has been ensured in distribution of various agricultural assistances by the government, including diesel subsidy, among the farmers.

News: The Daily Sun/Bangladesh/18th-Oct-12