BB steps in after depositors’ protest
Bangladesh Bank (BB) on Tuesday assured depositors of the five banks merged into Sammilito Islamic Bank that their funds will be returned in phases under a structured repayment plan.
The clarification came during a press briefing held at the central bank’s Sena Kalyan Bhaban office, following a protest by depositors of the merged banks in front of Bangladesh Bank headquarters earlier in the day.
“A specific scheme has been developed to return depositors’ money, and the process is already underway in stages,” Bangladesh Bank Assistant Spokesperson Shahriar Siddique said at the briefing.
Under the scheme, depositors will be able to withdraw up to Tk 2 lakh immediately, after which they will be allowed to withdraw Tk 1 lakh every three months.
According to the central bank, this arrangement will enable depositors to recover their full balances within a maximum period of 21 months.
For Fixed Deposit Receipts (FDR) and Deposit Pension Schemes (DPS), customers will be permitted to withdraw up to Tk 1 lakh upon maturity.
The remaining balance will be renewed under a revised schedule, allowing depositors to withdraw profits at each renewal while the principal remains temporarily locked, Siddique explained.
Bangladesh Bank said the special measures have been introduced on humanitarian grounds to ease the financial distress of depositors.
The central bank also announced that depositors suffering from severe or life-threatening illnesses, including kidney disease, will be allowed to withdraw the required amount upon submission of valid medical documents.
In addition, the bank’s administrator may approve withdrawals of up to Tk 10 lakh, while requests exceeding this amount will require approval from Bangladesh Bank.
The central bank said efforts are underway to establish a permanent management structure for the newly formed Sammilito Islamic Bank.
Recruitment for the Managing Director is currently in progress, and a chairman will be appointed with government approval.
Officials said the ongoing merger of the five Islamic banks is primarily focused on technical and operational integration.
Overlapping branches will be consolidated to reduce operational costs, rented head offices are being closed to centralise activities, and specialists are working to integrate five separate core banking systems into a unified platform.
“The government and Bangladesh Bank are committed to protecting depositors’ interests and transforming the merged bank into a stable and profitable institution,” Siddique said, urging customers to remain patient during the transition period.
