Central Bank gives big good news to customers of 5 banks

Bangla Press Desk:   The process of transferring the accounts of the depositors of the five merged banks to the newly formed 'Sammilit Islami Bank' is in its final stage. In addition, the depositors will have the opportunity to withdraw money through the check books of their respective banks in their names.

Bangladesh Bank spokesperson Arif Hossain Khan gave this information on Saturday (December 27).

The country's banks are facing a liquidity crisis due to irregularities and loan defaults. Bangladesh Bank has allowed the formation of Sammilit Islami Bank PLC by merging the five banks that are most in crisis. The banks are Exim Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank and Union Bank.

Stating that the process of transferring the deposits of the five banks to the newly formed Sammilit Islami Bank is in its final stage, Arif Hossain Khan said that the work could be completed within the next week. After completion, the deposits of the bank accounts of the customers of the five banks in question will be automatically transferred to the newly formed Sammilit Islami Bank. As a result, the depositors will have the opportunity to withdraw up to two lakh taka through their existing check books. The remaining deposits will be protected as their bank accounts.

Stating that profit will be given at the prevailing rate on the remaining deposits, Arif Hossain Khan said that since it is a state-owned bank, people's confidence in this newly formed bank will be created. He also said that the demand for depositors to withdraw money will be reduced to a large extent.

An official of Bangladesh Bank said that the process of returning the deposits of the customers of the merged five banks is being started by removing all the complications. In line with this, the process of transferring the customers of those five banks to Sammilit Islami Bank will start from next Monday. After the transfer process, the depositors of the five banks will get the opportunity to withdraw money through the check books of their respective banks in their names. Due to the transfer, the account numbers of the depositors of the five banks will be automatically transferred to the new bank. In continuation of this, the new bank will also have an account in their names. As a result, they will get all the banking facilities including check issuance in their names.

Arif Hossain Khan said that initially, the customers will not be able to withdraw more than two lakh taka. However, the amount of this money will be increased step by step. He also said that the customers who have less than two lakh taka in their accounts will be able to withdraw all the money at once. Those with more than two lakh taka in their accounts can withdraw one lakh taka every three months for up to two years. This withdrawal limit has been relaxed for customers over 60 years of age or depositors suffering from critical illnesses. They can withdraw any amount they need.

The head office of Sammilit Islami Bank has been set up in the Sena Kalyan Bhaban in the capital. The paid-up capital of Sammilit Islami Bank has been set at 35 thousand crore taka. Of this, the government is providing 20 thousand crore and 15 thousand crore taka will come from the shares of depositors. The authorized capital has been kept at 40 thousand crore taka. The five banks in question currently have 1 lakh 42 thousand crore taka deposits from 7.5 lakh depositors. There is a loan of one lakh 93 thousand crore taka, a large part of which has become defaulted. These banks have 760 branches, 698 sub-branches, 511 agent banking outlets and 975 ATM booths across the country.

BP/TD