Depositors of five merged banks hold sit-in protest in N’ganj
Members of the Bangladesh Bank Victimised Depositors Association, Narayanganj District Branch gathered in front of the Narayanganj Club on Bangabandhu Road to hold a sit-in demonstration on Tuesday.
Protesters demanded the cancellation of the “haircut policy”, normalization of banking transactions, and immediate access to their deposited money.
Protesters alleged that despite months of demonstrations, neither the elected government nor Bangladesh Bank had taken any effective action to resolve the crisis. According to them, Bangladesh Bank has set the profit rate on deposits for 2024 and 2025 at only 4 percent, a decision they say will severely harm millions of depositors financially.
They also complained that their funds have remained stuck in the banks for a long time, leaving many unable to meet family expenses or continue business operations.
Participants included Md. Shahidullah, Nazim Uddin, Yusuf, Rana, Duke, Tapu Saha, Bithi, Al Amin, and many other depositors. During the protest, demonstrators chanted slogans such as “We want our money back,” “We reject the haircut policy,” and “Stop delaying deposit repayments.”
After the sit-in in front of Narayanganj Club, the protesters marched along Bangabandhu Road and visited branches of First Security Islami Bank near Alam Cabin, Union Bank in Ukilpara, and EXIM Bank in Tanbazar. They submitted appeals to bank managers demanding immediate solutions to their problems and warned that bank authorities would be held responsible for any untoward incidents if the crisis continued unresolved.
The five banks includes EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank. Union Bank. These banks reportedly hold deposits totaling approximately Tk 131,000 crore from around 7.5 million depositors. Customers have been protesting for a long time against the haircut policy and restrictions on banking transactions.
Many protesters said they have been unable to withdraw their savings according to their needs for months. Some are struggling to pay medical expenses, while others are facing severe difficulties in running their businesses. Several depositors also claimed they were unable to receive full payment even after the maturity of their deposits, pushing them into serious financial hardship.
According to the protesters, the “haircut” decision announced by Bangladesh Bank unfairly cuts into their legitimate profits. They argued that ordinary depositors should not bear the consequences of corruption and irregularities in bank management.
Several participants said they had deposited their life savings, retirement benefits, or business capital in these banks and are now living under extreme financial pressure because they cannot access their money. Some also claimed that daily withdrawal limits are so restrictive that their businesses are on the verge of collapse.
The protesters warned that if the issue is not resolved quickly, they will announce tougher nationwide programs, including a siege of Bangladesh Bank, human chains, and coordinated demonstrations across the country.
Banking sector experts say the situation is a major warning sign for the country’s financial system. They believe immediate and effective action is necessary to restore public confidence; otherwise, the crisis could deepen further. There are growing concerns that widespread panic among depositors may create fresh instability in the banking sector.
The banking sector in the industrial city of Narayanganj has become increasingly tense as customers of five merged Islamic banks staged protests over their inability to withdraw deposited funds, limited cash withdrawal facilities, and the controversial “haircut” policy that reduces profits on deposits. Thousands of depositors and customers took to the streets demanding the return of their savings.
