Bangladesh Bank has introduced a school banking policy in an attempt to bring in financial inclusion across the country and encourage students to develop the habit of saving money. The central bank intends to target school going students and their parents by facilitating lower depository obligation, free from operating charges, higher rate of interest on deposit with advanced form of banking transactions. Some of the country’s banks, including Muslim Bank, had a history of similar banking facilities prior to the liberation of Bangladesh, but it did not take off subsequently. The core objective of school banking is development of banking sector as a model of financial inclusion by introducing banking operation and advanced technology among school going students as well as participating students into economic development by the mode of savings. More than 900,000 accounts by school children are already in existence, with total approximate deposits amounting to $90 million by 2015 under school banking scheme.
