Eight Banks Miss Out on Remittances Despite Record Inflows from Bangladeshi Expats

Despite Bangladesh experiencing a surge in remittance inflows, reaching record levels in recent weeks, eight banks failed to secure any share of the funds sent by expatriates.

These banks include two state-owned entities — Bangladesh Development Bank (BDBL) and Rajshahi Krishi Unnayan Bank (RAKUB); three private banks — Citizen Bank, ICB Islamic Bank, and Padma Bank; and three foreign banks — Habib Bank, National Bank of Pakistan, State Bank of India, and Woori Bank.

Bangladesh recorded a historic US$3.29 billion in remittances ahead of Eid, with the strong inflow trend continuing even after the holiday.

Between April 1 and April 19 alone, remittances totaled US$1.78 billion, averaging more than US$90 million (around Tk 1,104 crore) per day.

However, none of the aforementioned banks managed to attract any portion of this substantial inflow.