FID Circular Letter No. 01: Enhancing Student Engagement in Financial Inclusion under School Banking Policy

20119

Bangladesh Bank
(Central Bank of Bangladesh)
Head Office
Motijheel, Dhaka-1000
Bangladesh.

Managing Director / Chief Executive Officer
All Scheduled Banks Operating in Bangladesh

Date: March 16, 2025
02 Chaitra, 1431

FID Circular Letter No.: 01

Dear Sir,

Regarding enhancing student engagement in financial inclusion activities under the School Banking Policy.

We draw your attention to the GBCSRD Circular No.-07 dated October 28, 2013, and the FID Circular Letter No.-02 dated November 04, 2015, concerning school banking.

To familiarize students with various financial services and ensure greater student participation in financially inclusive activities, Bangladesh Bank has adopted a policy requiring each scheduled bank to bring nearby educational institutions under the scope of school banking services.

In this continuity, instructions are hereby issued to all scheduled banks operating in Bangladesh to conduct school banking service-related activities at least one educational institution near each of their branches.

Under this policy, the following instructions must be followed:

1. Each scheduled bank branch must select at least one educational institution at the district/upazela/union level and conduct school banking activities through its nearby branch. This will provide students with the opportunity to receive all types of banking services directly from that bank branch. Banks will decide themselves to eliminate overlapping (overlapping) in the selection of educational institutions.

2. Initiatives must be taken for account opening and management, financial literacy, raising awareness among students regarding this matter, and increasing technological skills. Furthermore, directives issued by Bangladesh Bank from time to time must be duly complied with.

3. Bank branches must inform and submit reports to the relevant office of Bangladesh Bank on a quarterly basis regarding school banking activities in each district/upazela.

4. Reports on the progress of school banking activities (including the number of bank branches and educational institutions, number of student accounts, volume of transactions, and details of financial literacy activities) shall be submitted to the Financial Inclusion Department in accordance with FID Circular Letter No.-01 dated January 28, 2018. Other instructions related to school banking shall remain unchanged.

5. This directive will take effect immediately.

Yours faithfully,

(Signature)
Md. Iqbal Mahsin
Director
Financial Inclusion Department
Phone: 9530343

Phone: 88-02-9550448, 9554896, IP: 88-02-55685001-6, Fax: 88-02-9530479, Web: www.bb.org.bd