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COVID-19 implications for banks: evidence from an emerging economy

Affiliations.

  • 1 Department of Banking and Insurance, University of Dhaka, Dhaka, 1000 Bangladesh.
  • 2 Department of International Business, University of Dhaka, Dhaka, 1000 Bangladesh.
  • PMID: 34778814
  • PMCID: PMC7702686
  • DOI: 10.1007/s43546-020-00013-w

The COVID-19 pandemic is damaging economies across the world, including financial markets and institutions in all possible dimensions. For banks in particular, the pandemic generates multifaceted crises, mostly through increases in default rates. This is likely to be worse in developing economies with poor financial market architecture. This paper utilizes Bangladesh as a case study of an emerging economy and examines the possible impacts of the pandemic on the country's banking sector. Bangladesh's banking sector already has a high level of non-performing loans (NPLs) and the pandemic is likely to worsen the situation. Using a state-designed stress testing model, the paper estimates the impacts of the COVID-19 pandemic on three particular dimensions-firm value, capital adequacy, and interest income-under different NPL shock scenarios. Findings suggest that all banks are likely to see a fall in risk-weighted asset values, capital adequacy ratios, and interest income at the individual bank and sectoral levels. However, estimates show that larger banks are relatively more vulnerable. The decline in all three dimensions will increase disproportionately if NPL shocks become larger. Findings further show that a 10% NPL shock could force capital adequacy of all banks to go below the minimum BASEL-III requirement, while a shock of 13% or more could turn it to zero or negative at the sectoral level. Findings call for immediate and innovative policy measures to prevent a large-scale and contagious banking crisis in Bangladesh. The paper offers lessons for other developing and emerging economies similar to Bangladesh.

Keywords: Banking; COVID-19; Credit risk; Developing countries; Emerging economy.

© Springer Nature Switzerland AG 2020.

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Conflict of interest statement

Conflict of interestThey have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.

Mapping the impacts of the…

Mapping the impacts of the COVID-19 pandemic for banks. Source: authors developed

Pre-pandemic levels of 2018 total…

Pre-pandemic levels of 2018 total loan outstanding and NPL ratio by bank. Source:…

Pre-pandemic levels of 2018 risk-weighted…

Pre-pandemic levels of 2018 risk-weighted asset and capital adequacy by bank. Source: Author’s…

Bank-wise shock to RWA values…

Bank-wise shock to RWA values due to NPL increases. Source: Author’s estimate

Overall simple average RWA shock…

Overall simple average RWA shock by bank size category. Source: Author’s estimates

Bank-wise capital adequacy ratio under…

Bank-wise capital adequacy ratio under different NPL shock scenario. Source: Author’s estimates

Sectoral CAR and changes in…

Sectoral CAR and changes in CAR under different NPL shock scenario. Source: Author’s…

CAR and changes in CAR…

CAR and changes in CAR by size category of banks under different NPL…

Key stats of CAR and…

Key stats of CAR and changes in CAR by size category of banks…

Number of banks with less…

Number of banks with less than minimum CAR requirement due to NPL shocks.…

Fall in interest income by…

Fall in interest income by bank under different NPL scenario. Source: Author’s estimates

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Psychological Impact of COVID-19 Among People from the Banking Sector in Bangladesh: a Cross-Sectional Study

  • Original Article
  • Published: 20 January 2021
  • Volume 20 , pages 1485–1499, ( 2022 )

Cite this article

research paper on impact of covid 19 on banking sector in bangladesh

  • Sabina Yasmin   ORCID: orcid.org/0000-0002-1917-2692 1 ,
  • Muhammad Khairul Alam 1 ,
  • Ferdous Bin Ali 1 ,
  • Rajon Banik   ORCID: orcid.org/0000-0003-3411-0470 2 &
  • Nahid Salma 1  

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Despite the pandemic, the Government of Bangladesh decided to keep the banks open to a limited extent to keep the country’s economy afloat. The aim of this study is to assess the psychological impact of COVID-19 among the bankers who are usually more exposed to random people that put them at great risk to be affected. A total of 248 bankers willingly answered our questionnaire consisting of DASS-21 and relevant questions. Cronbach’s reliability coefficient for the DASS-21 scale ranges from 0.84 to 0.90 which advocates that DASS-21 scales are highly reliable measures for this study. Results show that among participants, 11.1% were severe to extremely stressed, 10.6% of bankers were severe to extremely anxious, and 12.1% of them were severe to extremely depressed. The study illustrated, among the Bankers whose colleagues were infected ( B =2.251, 95% CI: − 1.473, 3.029), who smoking more ( B = 1.505, 95% CI: 0.411, 2.599), who wake up from sleep having a bad dreams ( B  = 1.018, 95% CI: 0.057, 1.979), their fear of getting infected ( B  = 1.717, 95% CI: 0.392, 3.04), who use public transportation ( B  = 1.378, 95% CI: 0.430, 2.236), who misbehave with family members ( B  = 1.033, 95% CI: 0.071, 1.995) and who beaten children ( B  = 1.210, 95% CI: 0.141, 2.279) were responsible for higher stress, depression and anxiety scores respectively. Whereas, taking nutritious food ( B  = −0.229, 95% CI: −0.30, 1.763), doing physical exercises ( B  = −0.325, 95% CI: −1.158, 0.508) reduced depression, stress and anxiety scores. The authors believed that the result of the study will be beneficial for the government and its policymakers to take psychological intervention strategies and to make certain sufficient corporal settlement of the banking professionals.

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In December 2019, a new coronavirus disease (COVID-19) (initially named 2019-nCoV) outbreaks as a cluster of severe pneumonia cases of unrevealed cause among adults in Wuhan, Hubei province, China (Huang et al. 2020 ; Zhu et al. 2020 ). The COVID-19 was considered a new public health crisis intimidating the world with the emergence, and on March 11, 2020, it has been declared as a global pandemic by the World Health Organization (WHO) (Cucinotta and Vanelli 2020 ). The first confirmed cases of COVID-19 in Bangladesh was identified on March 8, 2020 (Banik et al. 2020 ), and since then the total number of confirmed case spiked swiftly and already crossed 100,000 landmarks with a death toll of 1343 on the 100th day following the advent of COVID-19 transmission in Bangladesh (Sakib 2020 ). In responding to this pandemic, the Government of Bangladesh has taken unprecedented control and preventative measures, along with the shutdown and suspension of all international and domestic flights, prayer at mosques, the closure of all workplaces and academic institutions, as well as lockdown and social distancing measures (WHO 2020 ). Furthermore, it is also evident that unpredictability, unreliability, the extremity of the COVID-19 pandemic along with the deception, and social isolation measures contribute to widespread stress apart from the escalation in human welfare (Zandifar and Badrfam 2020 ). This pandemic further triggers a significant global economic recession (Thunström et al. 2020 ) that adversely impacts psychological health and induces a wide variety of emotional depression and mental problems such as stress, depressive symptoms, and anxiety (Bao et al. 2020 ; Brooks et al. 2020 ; Rajkumar 2020 ).

The shutdown and social distancing steps are effective in grappling with infectious disease outbreaks, like COVID-19, which have a debilitating impact on businesses across the country, and the economy has almost come to a standstill, and remittance inflow, export profits, industrial development, and services sector, in particular, have worsening implications (Global Times 2020 ). The Bangladeshi government has eased the lockdown mechanism to hold the economic situation viable from May 31, 2020, thereby restarting workplaces, industries, and transport after suspending it for more than 2 months (Shahidul 2020 ). It is found that 98% of transactions of the state-owned banks are not digital where 99% of the country’s banking is branch-based (Hossain 2020 ). So banks are kept open in this lockdown period. Nearly 110,000 people are employed at 41 commercial banks in the country (Hasan 2020 ). To support the bankers, the central bank announced that the officers and employees who are working in this pandemic situation will get special incentives. It was assured to some professionals to some extent (bdnews24.com 2020 ). But recently, the authority has declared that this incentive offer was valid until May 29 (The Business Standard 2020a ). So this type of rapid policy changing is making thebankers’ psychological state vulnerable. Meanwhile, new cases and deaths of COVID-19 are increasing day by day in Bangladesh, which magnifies fear and stress among people from different governmental and private officials bound to compulsory office tasks particularly people from banking sectors due to direct exposure with the public and not being able to maintain proper social distance. Furthermore, a recent report also indicates a significant number of positive cases of COVID-19 related to people from Bangladesh’s banking sector (Central Banking 2020 ). Bangladesh Association of Banks (BAB), a form of bank directors, decided to cut down the salary of staff as high as 15% for the next year from July 2020 (Hasan 2020 ). As a consequence, people in the banking sector are in extreme stress due to fear of becoming infected with COVID-19 and spreading this virus to their family members as well as financial insecurity which may contribute to detrimental psychological effects. Earlier research has shown that a certain degree of workplace stress among people in the banking sector contributing to psychological disorders (Akther and Akter 2017 ; Manjunatha and Renukamurthy 2017 ; Ukil and Ullah 2016 ) and pandemics such as COVID-19 inevitably aggravates this circumstance by rising the psychological stress severity within this population.

While being in such a precarious condition, there is no research assessing the effect of the COVID-19 pandemic on the psychological distress of people in Bangladesh’s banking sector. The study is therefore the first attempt to explore the effect of this COVID-19 pandemic on the psychological health of people from Bangladesh’s banking sectors. This study would investigate the socio-demographic and health-related association of psychological consequences such as depression, anxiety, and stress among bankers during the COVID-19 pandemic, and the analysis results would visualize the significance of research in the field of mental health.

Participants

To consider the psychological health appraisal in the COVID-19 pandemic, a cross-sectional study was conducted among the Bankers of Bangladesh from June 17, 2020, to June 25, 2020. Considering the 5% level of significance and 6% acceptable margin of error ( d = 0.06 ), the desired sample size has been estimated using the following Cochran’s formula:

The sample proportion was assumed as 0.5 since this value provides the maximum sample size. Hence, the required sample size was 248. A total of 248 respondents that completed the questionnaires were included in the final analysis.

Study Design and Procedure

A purposive sampling technique was adopted for selecting the sample from our target population. Thereby, the questionnaires were administered to bankers belonging to different public and private banks. Prior to the survey, bankers were informed about the purpose of the research and assured about the confidentiality of their feedback. The form starts up with two options (Yes/No) agreement questions to take the verbal consent of the bankers; however, a couple of bankers declined to complete the survey by selecting the No option and were allowed to drop out. For the purpose of the survey, a self-administered questionnaire was utilized and shared with the respondents by using email and social media especially (Facebook).

Instruments

The instrument had three parts consisting of demographic Information, information related to COVID-19, and psychological health assessment.

Demographic Information

Demographic information of the respondents was obtained by some questions involving their age, gender, marital status, living status, monthly income, type of bank, the position of job, working area, working place, get salary regularly, have a child at home, have an elder person at home, and any pregnant woman at home.

Information Related to COVID-19

This section provides the following question about banker’s information related to COVID-19: knowledge level about COVID-19, family member or relatives affected by COVID-19, colleague affected by COVID-19, fear of getting infected, reason behind fear, smoking habit, smoke more in this epidemic, sleeping activity, and taking nutritious food to boost immunity. This section also contains the activity of banker’s such as washing hand, using a mask or hand gloves, maintaining social distance, wake up from sleep to see bad dreams, misbehave with family, beaten children, participating in household chores, involvement in religious activities, and physical exercise during this pandemic situation categorized as scales 0–2 (0 = always, 1 = sometimes, 2 = never).

Psychological Health Assessment

The depression, anxiety, and stress scale (DASS- 21) was used to reflect the mental health of the Banker. Each of the three DASS-21 scales contains 7 items, divided into subscales of similar content. The score of DASS-21 scale was measured by a 4-point scale (0 = never, 1 = sometimes, 2 = often, and 3 = almost always), where total scores represented as 0–9 = normal, 10–13 = mild, 14–20 = moderate, 21–27 = severe, and 28 + = extremely severe (Lovibond and Lovibond 1995 ).

Statistical Analysis

To analyze the data, a set of statistical tools have been applied. Descriptive statistics consisting of frequencies and percentages of categorical data have been used to obtain the characteristics of the participants. For checking the reliability and consistency of study variables, scores of Cronbach’s alpha coefficient (range 0 to 1) have been determined. Statistically significant variables were used in ordinal logistic regression analyses. The estimates of the strength of associations were illustrated by beta coefficients with a 95% confidence interval (CI). The level of significance was set at p  < 0.01. Statistically significant variables were showed graphically using relatives weighted scores. Data analysis was conducted using IBM SPSS (Statistical package for social science) for Windows (Version 26.0).

Reliability of Study Variables

The reliability of the study questionnaire was measured using Cronbach’s alpha. It demonstrated the individual differences concerning the amount of assent or dissent of the study variables. The reliability coefficient for factors related to COVID-19 variables and preventive practices and activities during COVID-19 variables were 0.47, 0.49 respectively. Depression scale questionnaire depicts Cronbach’s alpha of 0.897 which was more than the standard recommended value of more than 0.60 for the scale to be reliable (Malhotra 2002 ). The reliability of the anxiety scale with Cronbach’s alpha was 0.844. The reliability of the stress scale with Cronbach‘s alpha was 0.843. Hence, the statistics of reliability analysis recommended that the DASS-21 scales are highly reliable measures for this study.

Association among Depression, Anxiety, and Stress Scales

There is a significant positive correlation between depression and anxiety scale with ( r  = 0.687, p  < 0.01). Anxiety shows a significant positive correlation with stress scale ( r  = 0.678, p  < 0.01). Also, a significant positive correlation between stress and depression exists ( r  = 0.729, p  < 0.01) (Table 1 ).

Demographic Variables and Mental Health Impact

Most of the participants were male (73.5%) and aged 31 to 35 (46.5%), unmarried (71.8%), and living with family (80.8%). About 74.3% of those living in urban areas with children (59.6%), elder people (67.3%), and pregnant women (20.0%). Details of all demographic variables are illustrated in Table 2 . Multivariate ordinal logistic regression analysis was done to find the significant factors, and it was found that bankers who were male were significantly associated with low anxiety than the female ( B  = − 0.764, 95% CI: 1.342, − 0.186). On the other hand, participants who were unmarried compared to divorced were significantly associated with higher stress scores ( B  = 19.970, 95% CI: 19.206, 20.735). Participants living with relatives in contrast to living alone had a significantly higher score for both anxiety and depression ( B  = 2.191, 95% CI: 0.619, 3.763, and B  = 1.552, 95% CI: 0.037, 3.067). Working in rural areas with respect to urban areas was significantly associated with lower depression scores ( B  = −.751, 95% CI: − 1.427, − 0.076). Having an elder person and a pregnant woman at home was a significantly high score for depression ( B  = 0.600, 95% CI: 0.020, 1.180) and stress ( B  = 0.839, 95% CI: 0.166, 1.511) among bankers respectively. Other demographic variables such as age and children at home had no significant relationship with higher or lower DASS subscale scores (Table 2 ).

Factors Related to COVID-19 and Mental Health Impact

Table 3 shows the relationship between factors related to COVID-19 and mental health among bankers. Only a few (7.7%) bankers had excellent knowledge about COVID-19. About 40% of bankers had a family member or relatives, and 55.6% had a colleague affected by COVID-19. The majority of the bankers (88.3%) were in the fear of getting infected by COVID-19 due to the rapid spread of the virus (60.5%). Around 37% of participants were involved in regular smoking, and surprisingly 75.4% of participants smoked more frequently during this pandemic. Furthermore, 93.1% were concerned about eating nutritious food to boost their immunity to fight against COVID-19. Results of ordinal logistic regression analysis illustrated that bankers having a fair knowledge about COVID-19 had significantly high-stress scores ( B  = 2.460, 95% CI: 0.371, 4.548), although no significant factor was found between COVID-19 knowledge for anxiety and depression scales. Bankers whose colleagues were infected with COVID-19 were significantly associated with higher stress scores ( B  = 2.251, 95% CI: − 1.473, 3.029). Fear of getting infected by COVID-19 was significantly associated with higher depression scores ( B  = 1.717, 95% CI: 0.392, 3.04). The reason behind fear who use public transportation ( B  = 2.18, 95% CI: 1.060, 3.309) and whose colleague infected ( B  = 2.897, 95% CI: 1.855, 3.940) in distinction with the rapid spread of the virus was significantly associated with higher anxiety scores. Those who were smoking more frequently had a significantly high score for stress ( B  = 1.505, 95% CI: 0.411, 2.599) and depression ( B  = 0.873, 95% CI: − 0.041, 1.787). Bankers who were taking nutritious food were also significantly associated with lower scores for stress ( B  = − 0.229, 95% CI: − 0.30, 1.763) and depression ( B  = − 0.380, 95% CI: − 0.43, 1.673) in contrast to not taking nutritious food, although factors related to COVID-19 including family members or relatives affected and smoking habit had no significant effect on DASS-21 subscale scores.

Preventive Practices and Activities During COVID-19 Outbreak and Mental Health Impact

The association between preventive practices and activities during the COVID-19 outbreak and mental health among bankers is shown in Table 4 . Only 86.3% of bankers always wash their hands with soap or sanitizer after reaching home where only 2% never use masks or hand gloves. In the case of maintaining social distance, a majority of them (58.9%) do so. Only 12.9% of bankers wake up from sleep seeing bad dreams, and 17.3% misbehave with family members where a large portion (63.7%) of them never beat up their children. In daily activities, 37.1% of bankers always participated in household chores; only 9% of them are never involved in religious activities where about 19.4% always do physical exercise. Results from ordinal logistic regression analysis found that bankers using masks or gloves had a significant low scores for stress ( B  = − 0.540, 95% CI: − 1.202, 1.784) and depression ( B  = − 0.679, 95% CI: − 1.138, 1.782), and those who wake up from sleep due to seeing bad dreams had significantly higher score for stress ( B  = 1.018, 95% CI: 0.057, 1.979), anxiety ( B  = 1.261, 95% CI: 0.283, 2.239), and depression ( B  = 1.378, 95% CI: 0.430, 2.236). Meanwhile, bankers who sometimes had a bad dream had significantly higher scores for anxiety and depression respectively ( B  = 0.725, 95% CI: 0.84, 1.366, and B  = 0.806, 95% CI: 0.176, 1.437). Respondents always misbehave with family members in contrast to who never misbehave were significantly associated with high anxiety scores ( B  = 1.033, 95% CI: 0.071, 1.995). Beating children always in contrast to never beaten was significantly associated with high anxiety scores ( B  = 1.210, 95% CI: 0.141, 2.279). Those who sometimes participated in household chores in contrast who never involved significantly high scores for depression ( B  = 0.961, 95% CI: 0.62, 1.859). However, the bankers who had always been involved in physical exercise in contrast to those never involved in the physical exercise were significantly associated with lower scores for stress and anxiety ( B  = − 0.325, 95% CI: − 1.158, 0.508, and B  = − 0.11, 95% CI: − 0.844, 0.823) respectively. Despite this, factors including washing hands regularly, maintaining social distance, and involved in religious activities had no significant association among stress, anxiety, and depression among bankers.

Ranking of relatively important scores allowed an ordering of the significant factors in terms of their efficiency to predict the outcome. We calculated the importance score to help us to identify the significant predictor variables which most likely to influence the outcome. Waking up seeing bad dreams, beaten children, fear of getting infected, smoking more in this pandemic, colleagues being infected, elder people at house, pregnant women at house and using masks, eat nutritious food, and doing physical activities were always important significant variables in predicting anxiety, depression, or stress (see Figs. 1 , 2 , and 3 ).

As a part of protective actions against the extent of the COVID-19 pandemic, the Bangladesh government had stated a general holiday in Bangladesh for almost 2 months from March 26 to May 30, although most of the banks had continued their work on a limited scale in this crisis situation (Shawon 2020 ). When people around the country were locked down and viruses spread more rapidly all over the country caused fear, anxiety, depression among bankers (Khaled Hossain and Akhter 2020 ). We, therefore, decided to assess the mental health condition of bankers by DASS-21.

The result of the study indicated that almost all bankers are suffering from stress, anxiety, and depression where 11.1% of bankers were severely stressed to extremely stressed which can cause serious mental health problems. Besides, 11.4% of bankers were severely anxious to extremely anxious, and 12.1% of them were severely depressed to extremely depressed (Fig.  4 ). The United Nations addressed governments, civil society, and health authorities to come together to reduce the mental health extent of the COVID-19 pandemic. Although the spread of viruses is under control, anxiety and depression will affect most people and communities (UN 2020 ). The significant effects on stress, anxiety, and depression on gender, living status, marital status, using public transportation, the rapid spread of the virus, fear of getting infected, taking nutritious food, using masks, doing physical activities observed in this study ( p  < 0.01).

figure 1

Significant predictor variables in terms of mild to severe depression

figure 2

Significant predictor variables in terms of mild to severe anxiety

figure 3

Significant predictor variables in terms of mild to severe stress

figure 4

Prevalence of stress, anxiety, and depression related to COVID-19 among bankers

In our study, most of the respondents were aged 31–35 (46.5%), unmarried (71.8%), and working in the urban area (74.3%). The result of multivariate ordinal logistic regression indicated that bankers were working in urban areas and significantly associated with lower DASS depression subscale scores. The situation is even inferior for bankers who are working outside of Dhaka, according to some officials (Masum 2020 ). About 80.8% of bankers are living with family members, besides 3.7% of them living with relatives with high anxiety and depression scores. Only 59.6% of respondents had children, 67.3% had elder people, and 20% had pregnant women at home. Having an elder person and pregnant women had higher depression and stress scores respectively and had a significant association with both stress and depression scales. These factors caused fear among bankers. Fears of being getting infected by the COVID-19 are in a row present among bankers in Dhaka on the condition of a recent wave in the number of infections (The Financial Express 2020 ).

Results of banker’s information about COVID-19 suggested that most of the bankers had good knowledge (45.2%) about COVID-19, and this knowledge about COVID-19 had higher stress value. Besides, 55.6% of banker colleagues were affected which had a negative impact, significantly associated with stress score. Bankers also stated that many banks do not have enough security actions to protect their workers and clientele from coronavirus (The Business Standard 2020b ). Most of the bankers were fearful of getting infected (88.3%), which results in a higher depression score. The rapid spread of the virus (60.5%) had mostly been feared about this virus, but no significant effects among DASS-21 scales with that. Fear of getting infected being burrowed at residence to sluggish the increase of virus can make it hard for families to remain sagacity of composed and manage robust all the time (Healthy Children.org 2020 ). Although using public transportation (17.3%) and whose colleagues were affected (20.6%) had a significant association with lower anxiety scores. As a result, bankers smoked more (75.4%) in this pandemic with a high anxiety and depression score. Most of the bankers were worried about going to the office during this pandemic situation (Saif and Hossain 2020 ). Additionally, those who took nutritious food had a significant relationship with both anxiety and depression.COVID-19 can result in a negligible infection, providing hearty protection by taking nourishment food (Narayan Health 2020 ). Significant effects among types of banks, age, gender, and education were observed in a previous study (Lopes and Kachalia 2016 ).

In this study, the results of daily activities of bankers indicated that 69% of bankers used masks and gloves that had a significant association with depression and stress. In the early stage of the pandemic, Singapore distributed safety material such as a thermometer, surgical masks, hand sanitizer, and vitamin C for employers (Avery 2020 ). Waking up from sleep due to bad dreams (12.9%) indicated higher anxiety and depression scale, and there was a significant relationship among them. Almost 46% of bankers (45.2%) misbehaved with family members, but there was no significant relationship among DASS-21 subscales. A group of people in lockdown ensuing from the COVID-19 outbreak have unavoidably distorted the method family members act together (Leon 2020 ). Only 12.1% of bankers who beaten up their children had a higher depression score and significant relationship with depression scale. Only 37.1% of bankers always participated in household chores, and 51.2% of them sometimes involved in household activities, and those involved in rational activities had a significant relationship with DASS-21 depression subscale. Besides, 19.4% of bankers always did physical activities and had lower scores in both stress and anxiety scales. Doing physical activities was a protective factor against stress, anxiety, and depression. It reduces the mental health problem of the respondent. Studies found that physical activity and exercise can be practical cure strategies for symptoms of both depression and anxiety (Michigan Medicine 2020 ).

Several international banks have proclaimed mental health consciousness programmers and preparation. Besides, banks provided tips regarding staying healthy at home as well as seminars for better sleeping, meditation, yoga, and breathing breaks provided online (Avery 2020 ). The psychological health condition of Bangladeshi bankers caused a gigantic collision in their regular activities, and there is a need to better appreciate mental health. However, the study suggested several factors responsible for the mental health problems of bankers which should be considered for the betterment of them. The government should take the necessary steps to avoid the barriers which cause mental health problems for bankers. The government should consider several programs or seminars online to provide mental health related tips for workers that might release their stress, anxiety, and depression. The government and its strategy makers might bring into play the outcomes of this investigation so as to make certain sufficient fiscal and corporal settlement to the banking professionals. Researchers have extensive potential to kick off additional make inquiries on job-related stress in a mixture of fields of employment to make possible human resources as well as the organization in Bangladesh.

The research findings reveal that the COVID-19 pandemic has a significant influence on psychological distress among the people of banking sectors in Bangladesh. The analysis indicated that some study variables had increased the level of stress, anxiety, and depression among bankers: whose colleagues were infected, who had used public transportation and smoked more during the pandemic, woke up from sleep seeing bad dreams, and beaten up children. The study found the importance of having sound knowledge about the outbreak. Being involved in physical exercises and taking nutritious food to boost immunity, bankers can improve psychological conditions to endure this COVID-19 pandemic.

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Acknowledgments

We would delight to express appreciation to all the respondents who eagerly offered their priceless time, cautiously accredited, and provided uncomplicated and dutiful responses all from the beginning to the end in this COVID-19 pandemic.

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Sabina Yasmin, Muhammad Khairul Alam, Ferdous Bin Ali & Nahid Salma

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Yasmin, S., Alam, M.K., Ali, F.B. et al. Psychological Impact of COVID-19 Among People from the Banking Sector in Bangladesh: a Cross-Sectional Study. Int J Ment Health Addiction 20 , 1485–1499 (2022). https://doi.org/10.1007/s11469-020-00456-0

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Psychological Impact of COVID-19 Among People from the Banking Sector in Bangladesh: a Cross-Sectional Study

Sabina yasmin.

1 Department of Statistics, Jahangirnagar University, Savar, Dhaka, 1342 Bangladesh

Muhammad Khairul Alam

Ferdous bin ali, rajon banik.

2 Department of Public Health and Informatics, Jahangirnagar University, Savar, Dhaka, 1342 Bangladesh

Nahid Salma

Despite the pandemic, the Government of Bangladesh decided to keep the banks open to a limited extent to keep the country’s economy afloat. The aim of this study is to assess the psychological impact of COVID-19 among the bankers who are usually more exposed to random people that put them at great risk to be affected. A total of 248 bankers willingly answered our questionnaire consisting of DASS-21 and relevant questions. Cronbach’s reliability coefficient for the DASS-21 scale ranges from 0.84 to 0.90 which advocates that DASS-21 scales are highly reliable measures for this study. Results show that among participants, 11.1% were severe to extremely stressed, 10.6% of bankers were severe to extremely anxious, and 12.1% of them were severe to extremely depressed. The study illustrated, among the Bankers whose colleagues were infected ( B =2.251, 95% CI: − 1.473, 3.029), who smoking more ( B = 1.505, 95% CI: 0.411, 2.599), who wake up from sleep having a bad dreams ( B  = 1.018, 95% CI: 0.057, 1.979), their fear of getting infected ( B  = 1.717, 95% CI: 0.392, 3.04), who use public transportation ( B  = 1.378, 95% CI: 0.430, 2.236), who misbehave with family members ( B  = 1.033, 95% CI: 0.071, 1.995) and who beaten children ( B  = 1.210, 95% CI: 0.141, 2.279) were responsible for higher stress, depression and anxiety scores respectively. Whereas, taking nutritious food ( B  = −0.229, 95% CI: −0.30, 1.763), doing physical exercises ( B  = −0.325, 95% CI: −1.158, 0.508) reduced depression, stress and anxiety scores. The authors believed that the result of the study will be beneficial for the government and its policymakers to take psychological intervention strategies and to make certain sufficient corporal settlement of the banking professionals.

In December 2019, a new coronavirus disease (COVID-19) (initially named 2019-nCoV) outbreaks as a cluster of severe pneumonia cases of unrevealed cause among adults in Wuhan, Hubei province, China (Huang et al. 2020 ; Zhu et al. 2020 ). The COVID-19 was considered a new public health crisis intimidating the world with the emergence, and on March 11, 2020, it has been declared as a global pandemic by the World Health Organization (WHO) (Cucinotta and Vanelli 2020 ). The first confirmed cases of COVID-19 in Bangladesh was identified on March 8, 2020 (Banik et al. 2020 ), and since then the total number of confirmed case spiked swiftly and already crossed 100,000 landmarks with a death toll of 1343 on the 100th day following the advent of COVID-19 transmission in Bangladesh (Sakib 2020 ). In responding to this pandemic, the Government of Bangladesh has taken unprecedented control and preventative measures, along with the shutdown and suspension of all international and domestic flights, prayer at mosques, the closure of all workplaces and academic institutions, as well as lockdown and social distancing measures (WHO 2020 ). Furthermore, it is also evident that unpredictability, unreliability, the extremity of the COVID-19 pandemic along with the deception, and social isolation measures contribute to widespread stress apart from the escalation in human welfare (Zandifar and Badrfam 2020 ). This pandemic further triggers a significant global economic recession (Thunström et al. 2020 ) that adversely impacts psychological health and induces a wide variety of emotional depression and mental problems such as stress, depressive symptoms, and anxiety (Bao et al. 2020 ; Brooks et al. 2020 ; Rajkumar 2020 ).

The shutdown and social distancing steps are effective in grappling with infectious disease outbreaks, like COVID-19, which have a debilitating impact on businesses across the country, and the economy has almost come to a standstill, and remittance inflow, export profits, industrial development, and services sector, in particular, have worsening implications (Global Times 2020 ). The Bangladeshi government has eased the lockdown mechanism to hold the economic situation viable from May 31, 2020, thereby restarting workplaces, industries, and transport after suspending it for more than 2 months (Shahidul 2020 ). It is found that 98% of transactions of the state-owned banks are not digital where 99% of the country’s banking is branch-based (Hossain 2020 ). So banks are kept open in this lockdown period. Nearly 110,000 people are employed at 41 commercial banks in the country (Hasan 2020 ). To support the bankers, the central bank announced that the officers and employees who are working in this pandemic situation will get special incentives. It was assured to some professionals to some extent (bdnews24.com 2020 ). But recently, the authority has declared that this incentive offer was valid until May 29 (The Business Standard 2020a ). So this type of rapid policy changing is making thebankers’ psychological state vulnerable. Meanwhile, new cases and deaths of COVID-19 are increasing day by day in Bangladesh, which magnifies fear and stress among people from different governmental and private officials bound to compulsory office tasks particularly people from banking sectors due to direct exposure with the public and not being able to maintain proper social distance. Furthermore, a recent report also indicates a significant number of positive cases of COVID-19 related to people from Bangladesh’s banking sector (Central Banking 2020 ). Bangladesh Association of Banks (BAB), a form of bank directors, decided to cut down the salary of staff as high as 15% for the next year from July 2020 (Hasan 2020 ). As a consequence, people in the banking sector are in extreme stress due to fear of becoming infected with COVID-19 and spreading this virus to their family members as well as financial insecurity which may contribute to detrimental psychological effects. Earlier research has shown that a certain degree of workplace stress among people in the banking sector contributing to psychological disorders (Akther and Akter 2017 ; Manjunatha and Renukamurthy 2017 ; Ukil and Ullah 2016 ) and pandemics such as COVID-19 inevitably aggravates this circumstance by rising the psychological stress severity within this population.

While being in such a precarious condition, there is no research assessing the effect of the COVID-19 pandemic on the psychological distress of people in Bangladesh’s banking sector. The study is therefore the first attempt to explore the effect of this COVID-19 pandemic on the psychological health of people from Bangladesh’s banking sectors. This study would investigate the socio-demographic and health-related association of psychological consequences such as depression, anxiety, and stress among bankers during the COVID-19 pandemic, and the analysis results would visualize the significance of research in the field of mental health.

Participants

To consider the psychological health appraisal in the COVID-19 pandemic, a cross-sectional study was conducted among the Bankers of Bangladesh from June 17, 2020, to June 25, 2020. Considering the 5% level of significance and 6% acceptable margin of error ( d = 0.06 ), the desired sample size has been estimated using the following Cochran’s formula:

The sample proportion was assumed as 0.5 since this value provides the maximum sample size. Hence, the required sample size was 248. A total of 248 respondents that completed the questionnaires were included in the final analysis.

Study Design and Procedure

A purposive sampling technique was adopted for selecting the sample from our target population. Thereby, the questionnaires were administered to bankers belonging to different public and private banks. Prior to the survey, bankers were informed about the purpose of the research and assured about the confidentiality of their feedback. The form starts up with two options (Yes/No) agreement questions to take the verbal consent of the bankers; however, a couple of bankers declined to complete the survey by selecting the No option and were allowed to drop out. For the purpose of the survey, a self-administered questionnaire was utilized and shared with the respondents by using email and social media especially (Facebook).

Instruments

The instrument had three parts consisting of demographic Information, information related to COVID-19, and psychological health assessment.

Demographic Information

Demographic information of the respondents was obtained by some questions involving their age, gender, marital status, living status, monthly income, type of bank, the position of job, working area, working place, get salary regularly, have a child at home, have an elder person at home, and any pregnant woman at home.

Information Related to COVID-19

This section provides the following question about banker’s information related to COVID-19: knowledge level about COVID-19, family member or relatives affected by COVID-19, colleague affected by COVID-19, fear of getting infected, reason behind fear, smoking habit, smoke more in this epidemic, sleeping activity, and taking nutritious food to boost immunity. This section also contains the activity of banker’s such as washing hand, using a mask or hand gloves, maintaining social distance, wake up from sleep to see bad dreams, misbehave with family, beaten children, participating in household chores, involvement in religious activities, and physical exercise during this pandemic situation categorized as scales 0–2 (0 = always, 1 = sometimes, 2 = never).

Psychological Health Assessment

The depression, anxiety, and stress scale (DASS- 21) was used to reflect the mental health of the Banker. Each of the three DASS-21 scales contains 7 items, divided into subscales of similar content. The score of DASS-21 scale was measured by a 4-point scale (0 = never, 1 = sometimes, 2 = often, and 3 = almost always), where total scores represented as 0–9 = normal, 10–13 = mild, 14–20 = moderate, 21–27 = severe, and 28 + = extremely severe (Lovibond and Lovibond 1995 ).

Statistical Analysis

To analyze the data, a set of statistical tools have been applied. Descriptive statistics consisting of frequencies and percentages of categorical data have been used to obtain the characteristics of the participants. For checking the reliability and consistency of study variables, scores of Cronbach’s alpha coefficient (range 0 to 1) have been determined. Statistically significant variables were used in ordinal logistic regression analyses. The estimates of the strength of associations were illustrated by beta coefficients with a 95% confidence interval (CI). The level of significance was set at p  < 0.01. Statistically significant variables were showed graphically using relatives weighted scores. Data analysis was conducted using IBM SPSS (Statistical package for social science) for Windows (Version 26.0).

Reliability of Study Variables

The reliability of the study questionnaire was measured using Cronbach’s alpha. It demonstrated the individual differences concerning the amount of assent or dissent of the study variables. The reliability coefficient for factors related to COVID-19 variables and preventive practices and activities during COVID-19 variables were 0.47, 0.49 respectively. Depression scale questionnaire depicts Cronbach’s alpha of 0.897 which was more than the standard recommended value of more than 0.60 for the scale to be reliable (Malhotra 2002 ). The reliability of the anxiety scale with Cronbach’s alpha was 0.844. The reliability of the stress scale with Cronbach‘s alpha was 0.843. Hence, the statistics of reliability analysis recommended that the DASS-21 scales are highly reliable measures for this study.

Association among Depression, Anxiety, and Stress Scales

There is a significant positive correlation between depression and anxiety scale with ( r  = 0.687, p  < 0.01). Anxiety shows a significant positive correlation with stress scale ( r  = 0.678, p  < 0.01). Also, a significant positive correlation between stress and depression exists ( r  = 0.729, p  < 0.01) (Table ​ (Table1 1 ).

Correlation matrix between different scales (depression, anxiety, and stress)

ScalesDepressionAnxietyStress
Depression1
Anxiety0.687 1
Stress0.678 0.729 1

** p < 0.01

Demographic Variables and Mental Health Impact

Most of the participants were male (73.5%) and aged 31 to 35 (46.5%), unmarried (71.8%), and living with family (80.8%). About 74.3% of those living in urban areas with children (59.6%), elder people (67.3%), and pregnant women (20.0%). Details of all demographic variables are illustrated in Table ​ Table2. 2 . Multivariate ordinal logistic regression analysis was done to find the significant factors, and it was found that bankers who were male were significantly associated with low anxiety than the female ( B  = − 0.764, 95% CI: 1.342, − 0.186). On the other hand, participants who were unmarried compared to divorced were significantly associated with higher stress scores ( B  = 19.970, 95% CI: 19.206, 20.735). Participants living with relatives in contrast to living alone had a significantly higher score for both anxiety and depression ( B  = 2.191, 95% CI: 0.619, 3.763, and B  = 1.552, 95% CI: 0.037, 3.067). Working in rural areas with respect to urban areas was significantly associated with lower depression scores ( B  = −.751, 95% CI: − 1.427, − 0.076). Having an elder person and a pregnant woman at home was a significantly high score for depression ( B  = 0.600, 95% CI: 0.020, 1.180) and stress ( B  = 0.839, 95% CI: 0.166, 1.511) among bankers respectively. Other demographic variables such as age and children at home had no significant relationship with higher or lower DASS subscale scores (Table ​ (Table2 2 ).

Association among demographics information and mental health impact among bankers

Factors (%)StressAnxietyDepression
(95% CI) (95% CI) (95% CI)
Age
  26–3087 (35.5%)− 0.441 (− 1.974, 1.091).774 (− 0.741, 2.290)− .226 (− 1.795, 1.343)
  31–35114 (46.5%)0.307 (− 1.144, 1.759)1.137 (− 0.319, 2.593).526 (− 0.977, 2.028)
  36–4035 (14.4%)− 0.030 (− 1.562, 1.502)1.057 (− 0.471, 2.585).369 (− 1.195, 1.934)
  More than 409(3.7%)
Gender (ref: female)
  Male180 (73.5%)− 0.299 (− 0.879, 0.280)  0.764 (− 1.342, − 186)− .322 (− 0.880, 0.236)
  Female65 (26.5%)
Marital status (ref: divorced)
  Unmarried176 (71.8%)19.970 (19.206, 20.735)1.175 (− 1.972, 4.32)−.677 (− 3.548, 2.195)
  Married67 (27.3%)19.819 (19.765, 21.525)1.630 (− 1.556, 4.815).209 (− 2.691, 3.109)
  Divorced2 (0.8%)
Living status (ref: alone)
  With family198 (80.8%)− 0.497 (− 1.310, 0.317)0.610 (− 0.200, 1.419).532 (− 0.257, 1.322)
  With relatives9 (3.7%)0.485 (− 1.075, 2.046)2.191 (0.619, 3.763)1.552 (0.037, 3.067)
  Alone38 (15.5%)
Working area (ref: urban)
  Rural63 (25.7%)0.080 (− 0.598, 0.758)− 0.982 (− 1.675, − 0.289)  0.751 (− 1.427, − 0.076)
  Urban182 (74.3%)
Children at home (ref: no)
  Yes146 (59.6%)− 0.093 (− 0.659, 0.47)0.344 (− 0.210, 0.898)0.019 (− 0.518, 0.556)
  No99 (40.4%)
Elder person at home (ref: no)
  Yes165 (67.3%)− 0.249 (− 0.839, 0.341)0.327 (− 0.263, 0.917)0.600 (0.020, 1.180)
  No80 (32.7%)
Pregnant women at home (ref: no)
  Yes49 (20.0%))0.839 (0.166, 1.511)0.421 (−0.242, 1.083)0.539 (− 0.101, 1.179)
  No196 (80.0%)

* p Value < 0.01, B beta

Factors Related to COVID-19 and Mental Health Impact

Table ​ Table3 3 shows the relationship between factors related to COVID-19 and mental health among bankers. Only a few (7.7%) bankers had excellent knowledge about COVID-19. About 40% of bankers had a family member or relatives, and 55.6% had a colleague affected by COVID-19. The majority of the bankers (88.3%) were in the fear of getting infected by COVID-19 due to the rapid spread of the virus (60.5%). Around 37% of participants were involved in regular smoking, and surprisingly 75.4% of participants smoked more frequently during this pandemic. Furthermore, 93.1% were concerned about eating nutritious food to boost their immunity to fight against COVID-19. Results of ordinal logistic regression analysis illustrated that bankers having a fair knowledge about COVID-19 had significantly high-stress scores ( B  = 2.460, 95% CI: 0.371, 4.548), although no significant factor was found between COVID-19 knowledge for anxiety and depression scales. Bankers whose colleagues were infected with COVID-19 were significantly associated with higher stress scores ( B  = 2.251, 95% CI: − 1.473, 3.029). Fear of getting infected by COVID-19 was significantly associated with higher depression scores ( B  = 1.717, 95% CI: 0.392, 3.04). The reason behind fear who use public transportation ( B  = 2.18, 95% CI: 1.060, 3.309) and whose colleague infected ( B  = 2.897, 95% CI: 1.855, 3.940) in distinction with the rapid spread of the virus was significantly associated with higher anxiety scores. Those who were smoking more frequently had a significantly high score for stress ( B  = 1.505, 95% CI: 0.411, 2.599) and depression ( B  = 0.873, 95% CI: − 0.041, 1.787). Bankers who were taking nutritious food were also significantly associated with lower scores for stress ( B  = − 0.229, 95% CI: − 0.30, 1.763) and depression ( B  = − 0.380, 95% CI: − 0.43, 1.673) in contrast to not taking nutritious food, although factors related to COVID-19 including family members or relatives affected and smoking habit had no significant effect on DASS-21 subscale scores.

Association among information related to COVID-19 and mental health impact among bankers

Factors (%)StressAnxietyDepression
(95% CI) (95% CI) (95% CI)
Knowledge about COVID-19 (ref: excellent)
  Fair29 (11.7)2.460 (0.371, 4.548)0.073 (− 3.317, 0.145)0.021 (− 1.831, 1.673)
  Good112 (45.2)1.178 (0.684, 3.039)− 0.995 (− 2.437, 0.446)0.010 (− 1.366, 1.386)
  Very good88 (35.5)1.362 (− 0.534, 3.259)− 1.095 (− 2.580, 0.389)4.48 (0.960, 1.957)
  Excellent19(7.7)
Family member affected (ref: no)
  Yes98 (39.5)0.121 (0.827, 1.069)0.624 (− 0.260, 1.507)0.507 (− 0.331, 1.345)
  No150 (60.5)
Colleague is affected (ref: no)
  Yes138 (55.6)2.251 (− 1.473, 3.029)− 0.509 (− 1.702, 0.682)−.025(− 1.368, 0.867)
  No110(44.4)
Fear of infected (ref: no)
  Yes219 (88.3)0.944 (− 0.419, 2.307)1.742 (0.483, 3.002)1.717*(0.392, 3.04)
  No29(11.7)
Reason behind fear (ref: rapid spread of virus)
  Using public transportation43 (17.3)0.112 (− 0.973, 1.197)2.185 (1.060, 3.309)0.807 (− 0.201, 1.82)
  Colleague is affected51 (20.6)0.303 (− 0.681, 1.267)2.897 (1.855, 3.940)1.027 (0.141, 1.91)
  Rapid spread of virus150 (60.5)
Smoking habit (ref: no)
  Yes90 (36.3)− 0.881 (− 2.019, 0.257)− 0.218 (− 1.218, 0.782)− 0.652 (− 1.59, 0.290)
  No158 (63 .7)
Smoking more in pandemic (ref: no)
  Yes187 (75.4)1.505 (0.411, 2.599)0.020 (− 0.952, 0.991)0.873* (− 0.041, 1.787)
  No61 (24.6)
Nutritious food to boost immunity (ref: no)
  Yes231 (93.1)  0.229 (− 0.30, 1.763)− 0.872 (− 2.212, 0.467)  0.380 (− 0.43, 1.673)
  No17 (6.9)`

Preventive Practices and Activities During COVID-19 Outbreak and Mental Health Impact

The association between preventive practices and activities during the COVID-19 outbreak and mental health among bankers is shown in Table ​ Table4. 4 . Only 86.3% of bankers always wash their hands with soap or sanitizer after reaching home where only 2% never use masks or hand gloves. In the case of maintaining social distance, a majority of them (58.9%) do so. Only 12.9% of bankers wake up from sleep seeing bad dreams, and 17.3% misbehave with family members where a large portion (63.7%) of them never beat up their children. In daily activities, 37.1% of bankers always participated in household chores; only 9% of them are never involved in religious activities where about 19.4% always do physical exercise. Results from ordinal logistic regression analysis found that bankers using masks or gloves had a significant low scores for stress ( B  = − 0.540, 95% CI: − 1.202, 1.784) and depression ( B  = − 0.679, 95% CI: − 1.138, 1.782), and those who wake up from sleep due to seeing bad dreams had significantly higher score for stress ( B  = 1.018, 95% CI: 0.057, 1.979), anxiety ( B  = 1.261, 95% CI: 0.283, 2.239), and depression ( B  = 1.378, 95% CI: 0.430, 2.236). Meanwhile, bankers who sometimes had a bad dream had significantly higher scores for anxiety and depression respectively ( B  = 0.725, 95% CI: 0.84, 1.366, and B  = 0.806, 95% CI: 0.176, 1.437). Respondents always misbehave with family members in contrast to who never misbehave were significantly associated with high anxiety scores ( B  = 1.033, 95% CI: 0.071, 1.995). Beating children always in contrast to never beaten was significantly associated with high anxiety scores ( B  = 1.210, 95% CI: 0.141, 2.279). Those who sometimes participated in household chores in contrast who never involved significantly high scores for depression ( B  = 0.961, 95% CI: 0.62, 1.859). However, the bankers who had always been involved in physical exercise in contrast to those never involved in the physical exercise were significantly associated with lower scores for stress and anxiety ( B  = − 0.325, 95% CI: − 1.158, 0.508, and B  = − 0.11, 95% CI: − 0.844, 0.823) respectively. Despite this, factors including washing hands regularly, maintaining social distance, and involved in religious activities had no significant association among stress, anxiety, and depression among bankers.

Association among daily activities and mental health impact among bankers

Factors (%)StressAnxietyDepression
(95% CI) (95% CI) (95% CI)
Washing hands after reaching home (ref : never)
  Always214 (86.3%)1.251 (− 1.591, 4.092)0.902 (− 1.682, 3.487)1.957 (− 0.926, 4.840)
  Sometimes30 (12.1%)1.823 (− 1.140, 4.787)1.534 (− 1.182, 4.251)1.783 (− 1.205, 4.771)
  Never4 (1.6%)
Use masks or gloves (ref: never)
  Always171 (69%)  0.540 (− 1.202, 1.784)0.413 (− 1.514, 2.341)  0.679 (− 1.138, 1.782)
  Sometimes72 (29%)0.966 (− 1.297, 3.229)1.017 (− 0.932, 2.966)0.924 (− 1.184, 3.032)
  Never*5(2%)
Maintain social distance (ref: never)
  Always146 (58.9%)−.325 (− 1.773, 1.123)1.135 (− 0.336, 2.605)0.209 (− 1.235, 1.652)
  Sometimes89 (35.9%)−.391 (− 1.888, 1.105)0.453 (− 1.063, 1.970)− 0.232 (− 1.724, 1.260)
  Never13 (5.2%)
Wake up seeing bad dreams (ref: never)
  Always32 (12.9%)1.018 (0.057, 1.979)1.261* (0.283, 2.239)1.378 (0.430, 2.326)
  Sometimes144 (58.1%)0.44 (− 0.209, 1.086)0.725 (0.084, 1.366)0.806 (0.176, 1.437)
  Never*72(29%)
Misbehave with family members (ref: never)
  Always43 (17.3%)0.563 (− 0.404, 1.531)1.033 (0.071, 1.995)0.912 (− 0.021, 1.845)
  Sometimes112 (45.2%)− 0.059 (− 0.664, 0.546)0.265 (− 0.334, 0.864)0.670 (0.081, 1.259)
  Never*93 (37.5%)
Beaten your children (ref: never)
  Always25 (10.1%)0.246 (− 0.813, 1.306)1.210 (0.141, 2.279)0.832 (− 0.195, 1.858)
  Sometimes65 (12.1%)− 0.199 (− 0.959, 0.56)0.724 (− 0.017, 1.465)1.1 (0.390, 1.810)
  Never158 (63.7%)
Participation in household chores (ref: never)
  Always92 (37.1%)0.135 (− 0.777, 1.048)0.264 (− 0.66, 1.187)0.769 (− 0.173, 1.710)
  Sometimes127 (51.2%)− 0.240 (− 1.106, .627)0.375 (− 0.495, 1.246)0.961 (0.062, 1.859)
  Never29 (11.7%)
Involved religious activities (ref: never)
  Always115 (46.4%)0.639 (− 0.406, 1.684)− 0.100 (− 1.113, 0.913)− 0.565 (− 1.571, 0.441)
  Sometimes111 (44.8%)0.77 (− 0.950, 1.105)− 0.050 (− 1.041, 0.941)− 0.011 (− 0.982, 0.959)
  Never*22 (8.9%)
Doing physical activities (ref: never)
  Always48 (19.4%)  0.325 (− 1.158, .508)  0.011 (− 0.844, 0.823)− 0.371 (− 1.191, 0.449)
  Sometimes138 (55.6%)− 0.463 (− 1.132, 0.206)− 0.071 (− 0.735, 0.593)− 0.340 (− 0.989, 0.308)
  Never*62 (25%)

Ranking of relatively important scores allowed an ordering of the significant factors in terms of their efficiency to predict the outcome. We calculated the importance score to help us to identify the significant predictor variables which most likely to influence the outcome. Waking up seeing bad dreams, beaten children, fear of getting infected, smoking more in this pandemic, colleagues being infected, elder people at house, pregnant women at house and using masks, eat nutritious food, and doing physical activities were always important significant variables in predicting anxiety, depression, or stress (see Figs. ​ Figs.1, 1 , ​ ,2, 2 , and ​ and3 3 ).

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Significant predictor variables in terms of mild to severe depression

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Significant predictor variables in terms of mild to severe anxiety

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Significant predictor variables in terms of mild to severe stress

As a part of protective actions against the extent of the COVID-19 pandemic, the Bangladesh government had stated a general holiday in Bangladesh for almost 2 months from March 26 to May 30, although most of the banks had continued their work on a limited scale in this crisis situation (Shawon 2020 ). When people around the country were locked down and viruses spread more rapidly all over the country caused fear, anxiety, depression among bankers (Khaled Hossain and Akhter 2020 ). We, therefore, decided to assess the mental health condition of bankers by DASS-21.

The result of the study indicated that almost all bankers are suffering from stress, anxiety, and depression where 11.1% of bankers were severely stressed to extremely stressed which can cause serious mental health problems. Besides, 11.4% of bankers were severely anxious to extremely anxious, and 12.1% of them were severely depressed to extremely depressed (Fig.  4 ). The United Nations addressed governments, civil society, and health authorities to come together to reduce the mental health extent of the COVID-19 pandemic. Although the spread of viruses is under control, anxiety and depression will affect most people and communities (UN 2020 ). The significant effects on stress, anxiety, and depression on gender, living status, marital status, using public transportation, the rapid spread of the virus, fear of getting infected, taking nutritious food, using masks, doing physical activities observed in this study ( p  < 0.01).

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Prevalence of stress, anxiety, and depression related to COVID-19 among bankers

In our study, most of the respondents were aged 31–35 (46.5%), unmarried (71.8%), and working in the urban area (74.3%). The result of multivariate ordinal logistic regression indicated that bankers were working in urban areas and significantly associated with lower DASS depression subscale scores. The situation is even inferior for bankers who are working outside of Dhaka, according to some officials (Masum 2020 ). About 80.8% of bankers are living with family members, besides 3.7% of them living with relatives with high anxiety and depression scores. Only 59.6% of respondents had children, 67.3% had elder people, and 20% had pregnant women at home. Having an elder person and pregnant women had higher depression and stress scores respectively and had a significant association with both stress and depression scales. These factors caused fear among bankers. Fears of being getting infected by the COVID-19 are in a row present among bankers in Dhaka on the condition of a recent wave in the number of infections (The Financial Express 2020 ).

Results of banker’s information about COVID-19 suggested that most of the bankers had good knowledge (45.2%) about COVID-19, and this knowledge about COVID-19 had higher stress value. Besides, 55.6% of banker colleagues were affected which had a negative impact, significantly associated with stress score. Bankers also stated that many banks do not have enough security actions to protect their workers and clientele from coronavirus (The Business Standard 2020b ). Most of the bankers were fearful of getting infected (88.3%), which results in a higher depression score. The rapid spread of the virus (60.5%) had mostly been feared about this virus, but no significant effects among DASS-21 scales with that. Fear of getting infected being burrowed at residence to sluggish the increase of virus can make it hard for families to remain sagacity of composed and manage robust all the time (Healthy Children.org 2020 ). Although using public transportation (17.3%) and whose colleagues were affected (20.6%) had a significant association with lower anxiety scores. As a result, bankers smoked more (75.4%) in this pandemic with a high anxiety and depression score. Most of the bankers were worried about going to the office during this pandemic situation (Saif and Hossain 2020 ). Additionally, those who took nutritious food had a significant relationship with both anxiety and depression.COVID-19 can result in a negligible infection, providing hearty protection by taking nourishment food (Narayan Health 2020 ). Significant effects among types of banks, age, gender, and education were observed in a previous study (Lopes and Kachalia 2016 ).

In this study, the results of daily activities of bankers indicated that 69% of bankers used masks and gloves that had a significant association with depression and stress. In the early stage of the pandemic, Singapore distributed safety material such as a thermometer, surgical masks, hand sanitizer, and vitamin C for employers (Avery 2020 ). Waking up from sleep due to bad dreams (12.9%) indicated higher anxiety and depression scale, and there was a significant relationship among them. Almost 46% of bankers (45.2%) misbehaved with family members, but there was no significant relationship among DASS-21 subscales. A group of people in lockdown ensuing from the COVID-19 outbreak have unavoidably distorted the method family members act together (Leon 2020 ). Only 12.1% of bankers who beaten up their children had a higher depression score and significant relationship with depression scale. Only 37.1% of bankers always participated in household chores, and 51.2% of them sometimes involved in household activities, and those involved in rational activities had a significant relationship with DASS-21 depression subscale. Besides, 19.4% of bankers always did physical activities and had lower scores in both stress and anxiety scales. Doing physical activities was a protective factor against stress, anxiety, and depression. It reduces the mental health problem of the respondent. Studies found that physical activity and exercise can be practical cure strategies for symptoms of both depression and anxiety (Michigan Medicine 2020 ).

Several international banks have proclaimed mental health consciousness programmers and preparation. Besides, banks provided tips regarding staying healthy at home as well as seminars for better sleeping, meditation, yoga, and breathing breaks provided online (Avery 2020 ). The psychological health condition of Bangladeshi bankers caused a gigantic collision in their regular activities, and there is a need to better appreciate mental health. However, the study suggested several factors responsible for the mental health problems of bankers which should be considered for the betterment of them. The government should take the necessary steps to avoid the barriers which cause mental health problems for bankers. The government should consider several programs or seminars online to provide mental health related tips for workers that might release their stress, anxiety, and depression. The government and its strategy makers might bring into play the outcomes of this investigation so as to make certain sufficient fiscal and corporal settlement to the banking professionals. Researchers have extensive potential to kick off additional make inquiries on job-related stress in a mixture of fields of employment to make possible human resources as well as the organization in Bangladesh.

The research findings reveal that the COVID-19 pandemic has a significant influence on psychological distress among the people of banking sectors in Bangladesh. The analysis indicated that some study variables had increased the level of stress, anxiety, and depression among bankers: whose colleagues were infected, who had used public transportation and smoked more during the pandemic, woke up from sleep seeing bad dreams, and beaten up children. The study found the importance of having sound knowledge about the outbreak. Being involved in physical exercises and taking nutritious food to boost immunity, bankers can improve psychological conditions to endure this COVID-19 pandemic.

Acknowledgments

We would delight to express appreciation to all the respondents who eagerly offered their priceless time, cautiously accredited, and provided uncomplicated and dutiful responses all from the beginning to the end in this COVID-19 pandemic.

Authors’ Contributions

Sabina Yasmin: Conceptualization, Formal analysis, Writing—original draft

Muhammad Khairul Alam: Conceptualization, Formal analysis, Writing—original draft

Ferdous Bin Ali: Conceptualization, Writing—original draft

Rajon Banik: Conceptualization, Writing—original draft

Nahid Salma: Conceptualization, Supervision, Writing—review and editing

Compliance with Ethical Standards

The authors declare that they have no conflict of interest.

Participants were informed about the aim of research and information on the safeguarding of confidentiality and privacy before the survey. The participants were assured about the anonymity of their names and any other identifying information. It was also notified that at any time, participants could withdraw from the survey without giving any justification. All the participants willingly participated by giving their consent. This study was carried out online in full conformity with the provisions of the Helsinki Declaration on human participant research.

Publisher’s Note

Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

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  • Thunström L, Newbold SC, Finnoff D, Ashworth M, Shogren JF. The benefits and costs of using social distancing to flatten the curve for COVID-19. Journal of Benefit-Cost Analysis. 2020; 11 :1–17. doi: 10.1017/bca.2020.12. [ CrossRef ] [ Google Scholar ]
  • Ukil, M. I., & Ullah, M. S. (2016). Effect of occupational stress on personal and professional life of bank employees in Bangladesh: do coping strategies matter. Journal of Psychological and Educational Research, 24 (2).
  • United Nations (UN). (2020). Mental health services are an essential part of all government responses to COVID-19. https://www.un.org/en/coronavirus/mental-health-services-are-essential-part-all-government-responses-covid-19 . Accessed 11 July 2020.
  • World Health Organization. (2020). Coronavirus disease (COVID-2019): situation report, 6. WHO, Bangladesh. (Issue April).
  • Zandifar A, Badrfam R. Iranian mental health during the COVID-19 epidemic. Asian Journal of Psychiatry. 2020; 51 (February):101990. doi: 10.1016/j.ajp.2020.101990. [ PMC free article ] [ PubMed ] [ CrossRef ] [ Google Scholar ]
  • Zhu N, Zhang D, Wang W, Li X, Yang B, Song J, Zhao X, Huang B, Shi W, Lu R, Niu P, Zhan F, Ma X, Wang D, Xu W, Wu G, Gao GF, Tan W. A novel coronavirus from patients with pneumonia in China, 2019. The New Engl and Journal of Medicine. 2020; 382 :727–733. doi: 10.1056/NEJMoa2001017. [ PMC free article ] [ PubMed ] [ CrossRef ] [ Google Scholar ]

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  • Publications
Publications
Impact Assessment of Interest Rate Caps and Potential Policy Options: Bangladesh Perspective  
Policy Measures of Bangladesh Bank in Response to the COVID-19 Pandemic_Second Edition  
Economic and Financial Stability Implications of Covid-19 Bangladesh Bank and Governments policy Responses (Full Book)  
Recent Practices of Forecasting Real Gross Domestic Product (GDP) and Inflation in Bangladesh Bank  
COVID-19 Pandemic: Policy Responses and its Impact on the SAARC Countries  
Covid-19 Pandemic in Bangladesh: Policy Responses and its Impact  
Economic and Financial Stability Implications of COVID-19:Bangladesh Bank and Government's Policy Responses  
History of Bangladesh Bank.  
Policy Measures of Bangladesh Bank in Response to the COVID-19 Pandemic  
Green Bonds Development in Bangladesh: A Market Landscape  
Comprehensive Framework on the Development of the Bond Market in Bangladesh  
Role of Bangladesh Bank in the Govt. success for last 10 years  
An Impact Study on Mobile Financial Services (MFSs) in Bangladesh  
Utilisation of Workers' Remittances in Bangladesh - A Report Based on the Survey Conducted in 2014  
Impact Assessment of Agricultural Credit Program for the Sharecroppers in FY2015 Implemented by BRAC under Refinancing Scheme of Bangladesh Bank  
A Survey Report on an Enquiry into the Causes of High Increase in Loans to the Small and Medium Enterprises (SME) and Its Economic Impact  
Vibrant Bangladesh: Economy of Stability and Possibility     
Coordinated Supervision Framwork for Bangladesh Financial System  
Rhyme Book on Integrity  
Designing a Sustainable Financial System in Bangladesh, October 2015  
Finalcial Inclusion  
BB Recognition Award 2013  
A Primary Survey on Banks in Promoting Women Entrepreneurship in Bangladesh  
National Strategy for Preventing Money Laundering and Combating Financing of Terrorism 2015-2017  
Bangladesh: A Stable and Vibrant Economy  
New Initiatives of Department of Off-Site Supervision :     
An enquiry into the causes of growth of SME loans and its economic impact  
The Role of Banks in Promoting Women Entrepreneurship in Bangladesh  
Of Changes and Transformations -Bangladesh Bank (July 2009-June 2013)     
The mutually-supportive relationship between financial inclusion and financial stability  
Art Collection of Bangladesh Bank-Paintings, Murals, Sculpture  
Building Poverty free Digital Bangladesh Initiatives taken by Bangladesh Bank in brief  
Four decades of Bangladesh: A new beginning of our Economy  
Sample survey on socio-economic characteristics of buyers of saving instrument in Bangladesh  
Coins and Bank Notes Book  
Comparative Scenarios of Financial Inclusion and Other Changes (2002-05 vs. 2009-12)  
Code lists for reporting of external sector transactions by the authorised dealers  
Developmental Central Banking in Bangladesh  
Green Banking in Bangladesh  
2nd Anniversary Celebration of Bangladesh Automated Clearing House (BACH), October, 2012  
Estimating growth-inflation tradeoff threshold in Bangladesh  
Mobile Financial Services in Bangladesh: An Overview of Market Development, July 2012  
Position of Refinance Scheme for Agro product Processing Industry July, 2011-June, 2012  
National Strategy for Preventing Money Laundering and Combating Financing of Terrorism 2011-2013  
Bangladesh Bank: Recent Reform Initiatives, June, 2012  
Banks beside destitute people in winter, 2010-2011  

The World Bank

The World Bank In Bangladesh

Bangladesh has an inspiring story of growth and development, aspiring to be an upper middle-income country by 2031. Since 1972, the World Bank has committed more than US$39.5 billion to support Bangladesh’s development journey.

COVID-19 (Coronavirus) Response

Learn more about our support.

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World Bank Provides Bangladesh Over $1 billion to Create Quality Jobs and Respond to COVID 19 Pandemic

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Preparing for the Unpredictable - Lessons for the COVID-19 Response from Bangladesh

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Bangladesh’s unlikely inventor creates face shields to tackle coronavirus

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Bangladesh’s microenterprises embraced green growth and thrived–then COVID-19 hit

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A case for building a stronger health care system in Bangladesh

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COVID-19 boosts digitization of higher education in Bangladesh

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Digital technology ensures food supply in rural Bangladesh during COVID-19

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Cox's Bazar Panel Survey Briefs

The Bangladesh government responded fast with the onset of the COVID 19 pandemic. To curb the spread of the novel coronavirus, the government declared a 10-day general holiday from March 26, 2020, which was later extended till May 30, and economic activities resumed on a limited scale. In addition to taking public health measures, the government announced a package of support programs to help the poor and vulnerable households with cash transfer and food programs and finally the government provided stimulus package to firms to sustain employment in key sectors. Movement measures continued till early August 2020. Since the start of the pandemic, the World Bank has provided about $3 billion to Bangladesh to support the emergency health response and COVID-19 recovery, which includes support for reforms and effective investments which will leverage the private sector, create jobs, boost human capital development, and strengthen protections for the vulnerable people.  

Supporting the health sector

Within three weeks of the detection of the first COVID-19 case in Bangladesh, the World Bank approved $100 million to help Bangladesh deal with the emergency as well as strengthen the public health system. In March 2021, the World Bank approved additional $500 million to support the national vaccination program.  The  COVID-19 Emergency Response and Pandemic Preparedness Project   helped to support:

  • Liquid medical oxygen system at 30 public hospitals across the country, which is vital for treating COVID-19 cases
  • 300 ventilators installed at public hospitals
  • 220 beds set-up for the intensive care unit at the Dhaka North City Corporation COVID-19 Dedicated Hospital. 
  • The financing also made available large quantities of personal protective equipment for the frontline workers and COVID-19 testing machines and kits used by laboratories dealing with COVID-19 samples. 
  • The World Bank was the first development partner in Bangladesh to support the national vaccination program by mobilizing $500 million in additional financing. It helped to administer 15 million doses of Astra Zeneca vaccines and procure 110 million syringes that are being used for administering vaccines.  

Quality Jobs and Recovery

Since June, the World Bank approved 5 projects totaling over $1.7 billion to help create quality jobs, improve water and sanitation services,  and accelerate economic recovery from the pandemic as well as build resilience to future crises.

-   The $500 million  Private Investment and Digital Entrepreneurship (PRIDE) Project will promote and attract about $2 billion direct private investments, create 150,000 jobs, and develop economic zones and software technology parks. By attracting domestic and foreign private investment, including in the IT and ITES sectors, the project will help the economy to rebound from the impacts of COVID 19.

-  The $250 million Second Programmatic Jobs Development Policy Credit will create fiscal space to support the government’s   response to the COVID-19 crisis, while helping recovery and building resiliency of the economy, of workers and of vulnerable populations to future shocks.

-  The $295 million Enhancing Digital Government and Economy (EDGE) Project will establish an integrated, cloud-computing digital platform for all government agencies and improve cyber-security. It will build resiliency during future crises, whereby the platform will enable the government to operate virtually and deliver critical public services to citizens and businesses.

-  The $500 million Western Economic Corridor and Regional Enhancement (WeCARE) Phase I project will improve road connectivity along the Jashore-Jhenaidah corridor in four western districts. The project will also install fiber optic cables along the highway to provide reliable and affordable internet access, which will be critical for emergency responses and business continuities in crises similar to the COVID-19 pandemic. To help recover from the economic impacts of COVID 19, it will provide immediate social protection and livelihoods support to the rural poor by engaging them in labor-intensive civil works , and in the post-COVID period, the project will create jobs for the local communities through civil works for the national highway and support transport agencies by preparing them for future crises.

-  The $200 million Bangladesh Rural Water, Sanitation and Hygiene for Human Capital Development Project will help Bangladesh improve access to safe water and sanitation services in rural areas and thus help prevent diseases and protect from infectious disease outbreaks, including the COVID-19 pandemic. Further, it will address urgent WASH needs during the COVID 19 pandemic in a quick and timely way. The project will also will facilitate loans for households to improve their water and sanitation facilities and for the local WASH entrepreneurs. In crowded public spaces,  the project will set up about 2,514 handwashing stations.

Going Digital

During COVID-19, the World Bank has partnered with the Bangladesh government to bring innovative tools and continue its engagement.

Agriculture: The World Bank is helping to increase the storage capacity of Bangladesh’s national strategic grain reserves by 535,500 tons for 4.5 million households. During the pandemic, ‘virtual call centers’ in rural Bangladesh are helping farming communities sell produce and order supplies through mobile phones.

Education: Digitization has been mainstreamed with support from University Grants Commission of Bangladesh with an average of around 3,800 classes held online daily with more than 220,000 students in attendance.

Public Procurement: In FY20, $ 17.5 billion worth of procurement contracts representing about 62% of public procurement expenditure in the country were processed through the electronic government procurement (e-GP) system. During the COVID pandemic, the e-GP system worked as the backbone to continue day to day development operations in the country. It enabled about 1300+ public organizations to process all procurement activities online. Now, a citizen’s portal can now monitor public spending in Bangladesh through innovative digital dashboards and feedback loops to ensure transparency and accountability.

Water:   Handwashing stations with soap dispensers have been placed in strategic locations such as entrance of markets in 30 municipalities . By instituting geographic information system (GIS) and IT-enabled systems, the World Bank support is providing coordination and assistance to all municipalities. Around 100,000 participants had already attended project consultation meetings – and many community leaders had previously helped in sensitizing households on the benefits of piped water connection and subsequent enrollment. Hence, they have a stake in maintaining infrastructure such as pipes, taps and soap dispensers even once the worst of the pandemic has passed.

Last Updated: Apr 11, 2022

of children receive Vitamin A supplements, thanks to World Bank support for health programs

  • COVID-19 Monitoring Survey in Poor and Slum Areas
  • COVID-19 Monitoring Survey in Poor and Slum Areas of Dhaka and Chittagong : Bangladesh Labor Market Situation as of Second Round
  • COVID-19 Monitoring Survey in Poor and Slum Areas of Dhaka and Chittagong (Vol. 2) : Bangladesh Food Security and Coping Strategies as of Second Round

Bangladesh: Commitments by Fiscal Year (in millions of dollars)*

Around the bank group, stay connected, additional resources, country office contacts.

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Banking Performance During the Global Financial Crisis: Empirical Evidence from Bangladesh

  • Mosa. Banu , Anima Karmakar , +2 authors Tasnia Afrin
  • Published in International Journal of… 13 June 2024
  • Economics, Business

10 References

Impact of covid-19 on financial performance and profitability of banking sector in special reference to private commercial banks: empirical evidence from bangladesh, does the financial performance of islamic banks are higher than the traditional banks in bangladesh panel data analysis, market concentration and income diversification: do they always promote the financial stability of banking industry, evaluation of financial performance of commercial banks in bangladesh: comparative study based on camel approach, evaluation of the financial performance between traditional private commercial banks and islamic banks in bangladesh, financial inclusion for rural community in bangladesh through agent banking, measuring financial performance based on camel: a study on selected islamic banks in bangladesh, thematic analysis of financial technology (fintech) influence on the banking industry, socio-economic factors affecting the perception of women entrepreneurs towards bank loan: a study on rajshahi city, an empirical analysis on liquidity management of commercial banks in bangladesh: a comparative study between state-owned and private commercial banks, related papers.

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Covid-19 Response

Global Education Coalition

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  • COVID-19 Impact on education
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  • Open access to facilitate research and information on COVID-19
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Education: From COVID-19 school closures to recovery

After the historic disruption of the COVID-19 pandemic, most schools are back open worldwide but education is still in recovery assessing the damage done and lessons learned. Education: The pandemic affected more than 1.6 billion students and youth globally, with the most vulnerable learners being hit hardest. Some gains already made towards the goals of the 2030 Education Agenda were lost. 

From the outset UNESCO's Education Sector worked with ministries of education, public and private partners and civil society to ensure continued learning for all children and youth. The Sector's work is now focused on prioritizing education as a public good for everyone in order to avoid a generational catastrophe and drive sustainable recovery. 

  • Read more on UNESCO's initiatives during and after the pandemic

Children washing hands before class

A multi-sector Coalition to protect the right to education during unprecedented disruption from response to recovery #LearningNeverStops

Monitoring of school closures

Throughout the pandemic, in close cooperation with ministers of education, UNESCO monitored the evolution of school closures around the world. Data presented in the interactive map show the evolution from February 2020 to June 2022. Download the data here .

Global monitoring of school closures

UNESCO's campaigns

Everyone can play a role in supporting girls’ education

Two years into the COVID-19 crisis: Students and teachers share their stories

Evidence of good practices, practical tips and references to mitigate the impact of school closures

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COMMENTS

  1. Impact of COVID-19 on the banking sectors of Bangladesh

    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 ...

  2. PDF Effect of Covid-19 on the Banking Sector of Bangladesh

    In this paper, at first, I have presented the origin of covid-19 and the role of banking sector in the economy of Bangladesh. Then I have discussed other banks current situation and policy and rules changes for this virus. In recent years Bangladesh's banking sector is possibly going through the worst situation in its history.

  3. PDF Impact of Covid-19 Pandemic on the Financial Performance of the Banking

    To the best of our knowledge until now no research has attempted to gauge the impact of Covid-19 pandemic on banking sector of Bangladesh. Further, no paper is got that has used ratio analysis ...

  4. COVID-19 implications for banks: evidence from an emerging economy

    Bangladesh's banking sector already has a high level of non-performing loans (NPLs) and the pandemic is likely to worsen the situation. Using a state-designed stress testing model, the paper estimates the impacts of the COVID-19 pandemic on three particular dimensions-firm value, capital adequacy, and interest income-under different NPL shock ...

  5. Impact of COVID-19 on Financial Performance and Profitability of

    The current crisis caused by the COVID-19 pandemic has hit the global economy hard, causing significant damage to every aspect of the global banking system, and Bangladesh is no exception.

  6. The impact of COVID-19 on the banking sector's efficiency ...

    The COVID-19 pandemic has had an unimaginable effect on global economies and threatens the efficiency and growth trajectory of the banking sector. The pandemic has disrupted the primary operations of the banking sector, as banks were compelled to close physical branches to adhere to social distancing guidelines. Given the importance of the banking sector to economic development, understanding ...

  7. PDF Working Paper

    As the banks in Bangladesh heavily depend on the business brought by the RMGs, COVID-19 has also seriously affected the banking sector. Similarly, remittance sent by the Bangladeshi diaspora, around 10 million workers, is another important pillar of the country's economy. This sector has already been hit by COVID-19 and recovered smoothly.

  8. Impact of COVID-19 on the banking sectors of Bangladesh

    Show simple item record. Impact of COVID-19 on the banking sectors of Bangladesh

  9. PDF Responses and its Impact"

    18 billion on June 7, 2021. Given the positive outlook in advanced economies in 2021 and rapid vaccination at home as well as by the counter-part countries, Bangladesh economy is prepared to reap the. ividend of rising optimism. Hence the external sector indicators mig.

  10. PDF Psychological Impact of COVID-19 Among People from the Banking Sector

    While being in such a precarious condition, there is no research assessing the effect of the COVID-19 pandemic on the psychological distress of people in Bangladesh's banking sector. Thestudyis thereforethe first attempt toexplore theeffect ofthisCOVID-19pandemiconthe psychological health of people from Bangladesh's banking sectors.

  11. Psychological Impact of COVID-19 Among People from the Banking Sector

    Despite the pandemic, the Government of Bangladesh decided to keep the banks open to a limited extent to keep the country's economy afloat. The aim of this study is to assess the psychological impact of COVID-19 among the bankers who are usually more exposed to random people that put them at great risk to be affected. A total of 248 bankers willingly answered our questionnaire consisting of ...

  12. COVID-19 pandemic impact on banking sector: A cross-country analysis

    To analyze the impact of COVID-19 on the banking sector, we obtained quarterly balance sheet data of 2073 listed and unlisted banks in 106 different countries from the Bankscope database for 2016Q1 to 2021Q2. 1 Quarterly frequency data is preferred for the following basis: (a) The most important reason is that daily and monthly data is not ...

  13. Psychological Impact of COVID-19 Among People from the Banking Sector

    Furthermore, a recent report also indicates a significant number of positive cases of COVID-19 related to people from Bangladesh's banking sector (Central Banking 2020). Bangladesh Association of Banks (BAB), a form of bank directors, decided to cut down the salary of staff as high as 15% for the next year from July 2020 (Hasan 2020). As a ...

  14. Banking Sector Performance During the COVID-19 Crisis

    Abstract. This paper analyzes bank stock prices around the world to assess the impact of the COVID-19 pandemic on the banking sector. Using a global database of policy responses during the crisis, the paper also examines the role of finan-cial sector policy announcements on the performance of bank stocks.

  15. The impact of technology service quality on Bangladeshi banking

    As of June 2020, 132.4 million people had deposit accounts in different banks in Bangladesh. In addition, 114.051 million users also used green banking services (Khan, Rana, & Hosen, 2022; The Business Standard, 2022).Due to the large sample, appropriate statistical information from good sources, and the pandemic circumstances, 500 participants were targeted using purposive sample techniques ...

  16. Banking Sector Performance During the COVID-19 Crisis

    Daily Updates of the Latest Projects & Documents. This paper analyzes bank stock prices around the world to assess the impact of the COVID-19 pandemic on the banking sector. Using a global database of policy responses .

  17. Bangladesh Bank

    Publications: Impact Assessment of Interest Rate Caps and Potential Policy Options: Bangladesh Perspective. detail..: Policy Measures of Bangladesh Bank in Response to the COVID-19 Pandemic_Second Edition. detail..: Economic and Financial Stability Implications of Covid-19 Bangladesh Bank and Governments policy Responses (Full Book). detail.. Recent Practices of Forecasting Real Gross Domestic ...

  18. Open Knowledge Repository

    This paper analyzes bank stock prices around the world to assess the impact of the COVID-19 pandemic on the banking sector. Using a global database of policy responses during the crisis, the paper also examines the role of financial sector policy announcements on the performance of bank stocks. Overall, the results suggest that the crisis and ...

  19. What Covid-19 has taught the banking industry in Bangladesh

    A digital revolution for banks in Bangladesh is long overdue. Photo: Reuters. There is no point in repeating how Covid-19 has been wreaking havoc around the world over the last couple of months ...

  20. Bangladesh: Development news, research, data

    Supporting the health sector. Within three weeks of the detection of the first COVID-19 case in Bangladesh, the World Bank approved $100 million to help Bangladesh deal with the emergency as well as strengthen the public health system. In March 2021, the World Bank approved additional $500 million to support the national vaccination program.

  21. The Effects of Covid-19 Pandemic on The Economy of Bangladesh ...

    The main purpose of this paper is to make evaluations of the potential impact of the COVID-19 pandemic on the economy of Bangladesh. This study is based on an empirical review of the recent study works, reports, working papers of home, and abroad regarding economic crisis. The review findings of the paper revealed that the COVID-19 pandemic ...

  22. PDF Service Quality and Customer Satisfaction of Mobile Banking during

    of Mobile Banking during COVID-19 Lockdown; Evidence from Rural Area of Bangladesh ... It is a great challenge for the financial industry in Bangladesh during the COVID-19 How to cite this paper: Bala, T.,Jahan, I., ... the research arena, the dimensions of service quality were found in two ways (Ananda & Davesh, 2019). ...

  23. PDF Mobile Financial Services and Impact of Covid-19 on Its Growth:

    Chapter 8 [Conclusion and Policy Recommendations] This thesis examines the Bangladesh's current state of mobile financial services, the regulatory. ment, top mobile financial service providers, customer's point of view in adopti. MFSan. his paper evaluates the changes of MFS's usage in Banglade.

  24. Service quality, customer satisfaction and loyalty: a case study in

    Research conducted by Maswadeh (Citation 2015), Qadeer (Citation 2014), Raza et al. (Citation 2020), Shanmugam (Citation 2022), and Zhou et al. (Citation 2021) has revealed the impact of service quality on customer satisfaction within the global banking sector.

  25. Banking Performance During the Global Financial Crisis: Empirical

    Purpose-The Russia-Ukraine conflict and 19 pandemics have severely damaged the world economy. Banking institutions are crucial to the functioning of any economy, and their financial standing is a vital indicator of the economy's stability. Any major development, be it political or economic, has an impact on the banking industry. The dollar rate's volatility and other issues hurt the GDP ...

  26. UNESCO

    This question is for testing whether you are a human visitor and to prevent automated spam submission. Audio is not supported in your browser.

  27. News at 7pm || 12th July 2024

    News at 7pm || 12th July 2024