Impact of COVID-19 on the banking sectors of Bangladesh

Abstract

The preparation of this Case Study Report was done to pass the MBA program of BRAC University. The case study has been done to see how Covid-19 impacted the Banking Sectors particularly in Bangladesh. I have talked to many employees of different banks as respondents and got advice, gathered information about the change & solutions. Those banks are- Trust Bank Ltd, UCB Bank Ltd., Mutual Trust Bank Limited, Sonali Bank Limited, Eastern Bank Ltd., City Bank Ltd, Islami Bank Bangladesh Ltd, BRAC Bank Limited etc. Covid-19 is an invisible disease that has spread around 188 countries of the globe and is affecting individuals physically, economically and psychologically. The COVID 19 not only creates panic in China, but also in developing countries like Bangladesh. Corona virus pandemic situation puts the world financial system at danger. Individual, monetary and community life has fallen upon a widespread risky situation for COVID 19 pandemic. There are many obstacles facing Bangladesh to control the spread of the virus. As a result, corona virus pandemic problems have hindered the development, left people jobless in many sectors and caused a major global economic crisis. The case study found, Covid19 has numerous effects on banking sectors in Bangladesh & the economy. Bangladesh's banking sector is facing huge tax shortfalls, rising bad loans, individual investments and falling operating profits, while at the same time risky closings for lockdown. Bank employees are severely affected by the performance of their daily basis activities. Since the disease can spread through the air, workers’ daily life is being hampered & spends their daily routine activities with enormous fear. The case study report first presents the general effects of the pandemic on various banking sectors and therefore analyzes how it affects our economic progress.