A Brief Note On Internet And Banking System Essay example

772 Words Jun 25th, 2016 4 Pages
According to World Bank (2014), there are around 410 depositors per 1000 population in Bangladesh in 2013. Here, depositors include persons who have savings, current, time deposits and loan account in a bank. In another report Bangladesh Bank (2011) revealed ratio between depositors to people stands at 330 per 1000 population in the year 2010. In case of internet users, this ratio is 63 to 1000 (World Bank, 2013). Installation of fiber optic cable in 2006 has Licensed under Creative Common unfolded a new horizon in expanding internet based banking system in Bangladesh. Total number of internet users in the country increased from 186,000 in 2006 to 5.5 million in 2012 according to a study conducted by International Telecommunication Union. In 2010 Bangladesh Bank (BB) introduced electronic system which provides a platform for all the scheduled banks under Bangladesh Bank to conduct inter-bank clearing activity in an accurate and faster way which was not possible under traditional system.
As the access to internet is becoming easier day by day in Bangladesh, online services by banks are now growing faster than ever. Moreover, strong banking base coupled with online technology can help a country to integrate with the world economy very effectively and in this regard Bangladesh has become a prime example among all least developed countries. This initiative by BB encouraged number of commercial banks to adopt online banking system in the country. Increasingly it is becoming…

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