Some depositors of five banks that are undergoing a merger have staged a sit-in in front of the main gate of Bangladesh Bank, demanding the return of their full deposits with interest.
During the protest, they were seen chanting various slogans. At one stage, when they blocked the main road at Shapla Chattar, law enforcement officers dispersed them using water cannons.
The five banks being merged are union Bank, First Security Islami Bank, Global Islami Bank, Social Islami Bank, and EXIM Bank.
A new institution named Combined Islami Bank is being formed by integrating these five banks.
Depositors of these banks have been carrying out various protest programmes for a long time.
A decision has been made to pay 4 per cent interest on deposits for 2024 and 2025, a move widely referred to as a “haircut.”
According to a prior announcement, a human chain and sit-in programme began in front of Bangladesh Bank at 11:00am today, Thursday.
Speakers at the human chain alleged that, under a decision taken by the former governor, depositors would receive only 4 per cent profit on their deposits for each of the past two years—an arrangement they described as inhumane and unjust.
Many depositors, they said, have been unable to withdraw either their principal or profits from these banks, leaving some to struggle financially.
They demanded the cancellation of the “haircut” decision and the return of their entire deposits along with profits. They also called for the resumption of normal banking transactions.
Speakers at the human chain further alleged that the former governor of Bangladesh Bank decided to cut the profits on deposits of the five Shariah-based banks for the past two years and provide only a 4 per cent government concession, which they said is inhumane and unfair to depositors. The protesters warned that if their demands are not met, they will stage a siege of Bangladesh Bank on 12 March.