Smart moves by the Bangladesh Bank to avoid economic catastrophe

The youth community is one of the most important genres of any society and youth employment is absolutely necessary for the socio-economic development of any nation. Recently, it has been noticed in the western countries that they are facing an economic crisis due to unproductive youth community. That is why Bangladesh has marked youth development as one of the most important aspects.

Whether it is a First World or a Third World country, the respective governments are trying to create more and more job opportunities to increase the national productivity. Whether it is a big corporate, investing their money or a small industry, creating self employment opportunities, the government is doing everything within its capacity to encourage them to be more active towards creating more job sectors.

It has been marked recently that the Bangladeshi entrepreneurs has been lacking motivation to create root level jobs. The Bangladesh bank has taken initiative to vanish the demoralizing situation.

Due to the global economic crisis, liquid flow of cash in Bangladesh has been hindered. Central bank can help the nation to come out from this situation. Bangladesh Bank is doing it part effectively. For example, it has passed rules for commercial banks and financial institutes to press them on doing responsible banking. The banks can simply consider the new rules as a part of their Corporate Social Responsibility. Because of this smart move by the Bangladesh Bank, during the global economic crisis, Bangladesh has remained financially solvent than even most developed countries.

The new campaigns initiated in Bangladesh started putting more priority towards the root level which has been neglected in the times of industrialization. These sectors include agriculture, small and medium home industries etc. Establishing more micro finance institutes is being encouraged. It has been made possible to pay bills using digital methods such as mobile phones to increase the efficiency and cutting the delivery cost. Easy scheme plans have been made for the people who want to borrow money for these sectors. Overall, creating self employment opportunities is being made easy by the government.

So far, this plan of socially responsible banking in Bangladesh has been accepted in a very enthusiastic manner by both the financial institutes and ordinary people. It is a win-win situation for both the parties; the financial institutes are getting more new customers and people are getting jumpstart money for their own small business. The number of bank accounts in the financial institutes has skyrocketed over the last couple of years.