remittances thru banking channel
Mobile banking affects inflow
BSS
Inflow of remittance through banking channel is falling as sending money home by migrant workers through informal channel like mobile banking is getting popular for quick delivery of money, according to a research report of BIBM. Hundi syndicate members are using mobile financial services such as bkash, Rocket, M cash and U Cash to control inflow of
remittance. A section of migrant workers choosing this informal channel for quick delivery of money to their relatives in the country, said the report released at a workshop in the capital yesterday, reports BSS.
Bangladesh Institute of Bank Management (BIMB) organised the workshop Increasing remittance flow through banking channel: Bangladesh perspective at its auditorium in Mirpur. Deputy Governor of Bangladesh Bank SK Sur Chowdhury attended it as chief guest while BIBM director general Towfique Ahmed Choudhury presided over it. A 6-member team led by Dr Shah Md Ahsan Habib presented the research report at the workshop.
The report said flow of remittances has witnessed a fall worldwide but in Bangladesh inward remittances has marked a significant fall due mainly to hundi syndicate who are using informal channels. It said migrant workers use informal channels such as hundi.
