THE number of bank accounts having more than Tk 1 crore in deposit has increased almost three times along with a five times rise in the deposited money in those accounts over the last 10 years. Economists said that such rise in high net-worth population indicated that the rich are becoming richer and the poor poorer, raising concern over possible social grievance. The soap development saga coverts the income inequality and middle class people also fall in under the poverty line.
According to Bangladesh Bank data, the number of accounts with Tk 1 crore in deposit has increased by 288.5 per cent to 56,650-76,286 at the end of March this year. The number of such accounts was 19,636 in March, 2009. Furthermore, the deposit in those bank accounts has increased 500.89 per cent or to Tk 4 lakh crore at the end of March this year. The deposit in the accounts was Tk 79,865.95 crore at the end of March, 2009.
The relatively high rate of economic growth combined with rising inequality in income distribution is the major reason behind such trend in the bank deposit by a segment of people. The Central Bank and National Board of Revenue should dig the sources of fund of the depositors to know whether the money was earned legally. The number of such accounts was only five in 1972 and 47 in 1975.
Experts said the situation emerged as the government runs economic policy that goes opposite to the country’s constitutional prescription of socialism. The government follows the crony capitalism that results in high economic growth without checking legality of the source of income. In contrast, the World Bank’s ‘Bangladesh Poverty Assessment’ report released on Monday estimated that more than half of the population is now vulnerable to poverty since the value of their consumption stood close to the poverty.
We have a technocratic unelected government it is that the technocrats must be knowing the wrongs in the banking sector. As specialist they must prove their worth for redressing the income inequality which is damaging for our economy.
