"The death toll from the building collapse has climbed to 194," Wali Ashraf, a police official at a control room set up to provide information about the disaster fatalities, told Xinhua Thursday.
The building, "Rana Plaza", collapsed around 8:45 a.m. Wednesday.
Fire servicemen and army personnel worked frantically through the night to rescue people who are still believed to be trapped inside.
Fire Services director Mahbubur Rahman said 1,600 people have so far been rescued after the eight-storeyed building in Savar collapsed Wednesday morning. Most of the rescued people were injured and were rushed to the hospitals, he said.
Doctors Wednesday night said the toll could rise as some of those injured are in critical condition.
Officials say rescue operation in the building which housed four garment factories, a bank's branch and hundreds of shops has been continuing without any break since Wednesday morning.
But they say it's not still clear how many people remain trapped in the wreckage and rescuers fear the death toll may rise significantly.
The authorities ordered the closure of the building after it developed cracks Tuesday, but the factory owners reportedly defied the restriction.
At least 110 people were killed in a garment factory fire in Ashulia on the outskirts of Dhaka in November 2012.