Banking industry in Bangladesh started its journey with 6 Nationalized commercialized banks, 2 State owned Specialized banks and 3 Foreign Banks after achieving the independence in 1971. In the 1980’s banking industry achieved significant expansion with the entrance of private banks in Bangladesh. Now, banks in Bangladesh are primarily of two types:
Scheduled Banks: The bank which gets license to operate under Bank Company Act, 1991 (Amended in 2003) are termed as Scheduled Banks. State-owned commercial banks, private commercial banks, Islamic commercial banks, foreign commercial banks and some specialized banks are Scheduled Banks in Bangladesh. There are 53 scheduled banks in Bangladesh who operate under full control and supervision of Bangladesh Bank which is empowered to do so through Bangladesh Bank Order, 1972 and Bank Company Act, 1991. Scheduled Banks are classified into following types:
Non-Scheduled Banks: The banks which are established for special and definite objective and operate under the acts that are enacted for meeting up those objectives, are termed as Non-Scheduled Banks. These banks cannot perform all functions of scheduled banks. Ansar VDP Unnayan Bank, Karmashangosthan Bank, Probashi Kollyan Bank and Jubilee Bank are the only 4 Non-Scheduled Banks in Bangladesh.
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