BB allows Bank Asia, NRBCB for agent banking

Bangladesh Bank Thursday gave permission to two private commercial banks---Bank Asia and NRB Commercial Bank-- to provide agent-banking services which will help strengthen the financial inclusion. Bank Asia can appoint 30 agents and NRB Commercial Bank 20 agents to extend modern banking services to clients, according to the central bank decision. If the initiative to provide services through agent banking is implemented successfully, many small and medium enterprises will feel encouraged to start businesses in rural areas, It will spur employment generation and the tendency of the rural population to move to urban areas will decrease.On behalf of the banks, the agents can transact cash, distribute remittance, gather information for bank accounts, accept loan applications, transact and recover loans and receive applications for credit and debit cards. Bank agents can also receive utility bills and passport fees and distribute government assistance under social safety net programmes, according to a statement of Bangladesh Bank.