TDS Desk:

In the first two days of operations-Thursday and Sunday-customers of the newly formed Sammilito Islami Bank PLC withdrew a total of Tk 107.77 crore, while new deposits amounted to Tk 44 crore. As a result, the bank had to cover an additional Tk 63.77 crore from its own deposits.

Bangladesh Bank Governor Dr. Ahsan H. Mansur made this disclosure at a press conference organized by Bangladesh Bank on Monday.

Sammilito Islami Bank Chairman Dr. Mohammad Ayub Mia; senior officials of Bangladesh Bank and administrators of the five merged banks were present.

Dr. Ahsan H. Mansur said, “We were concerned. If customers withdrew money one after another, could we have managed it? But that did not happen. Customers’ confidence in the bank has returned.”

He added that in the first two days, 13,314 customers withdrew Tk 107.77 crore, while 6,265 customers deposited Tk 44 crore-a positive sign for the bank.

Dr. Mansur explained that if a customer has Tk 100 crore deposited, they can withdraw Tk 20 crore immediately as an instant loan from that deposit. He noted that 95 percent of customers have around Tk 200,000 or slightly more in their accounts. For these customers, the bank allowed an immediate withdrawal of Tk 200,000.

For the remaining 5 percent of customers with large balances, instant loans were provided for convenience. After withdrawing Tk 200,000, customers can withdraw Tk 100,000 every three months for two years, with no problem in withdrawing the remaining money after two years. However, 5 percent of customers with very large deposits can access their funds after five years.

In response to a question, he said that as the chairman of the bank’s board of directors, former Senior Secretary Dr. Mohammad Ayub Mia has been appointed. Six government directors have been appointed. The process of appointing three private directors, including a ‘lawyer’ and a chartered accountant, has begun. They will be appointed immediately. In addition, the bank’s managing director will be appointed within the next week. The application for the managing director has already been sought.

He said that initially, Sammilito Islami Bank will start its operations as a government bank, but it will be released to the private sector after three years. He also said that those working in Sammilito Bank will not receive salaries on the government scale or on the private scale. Their salaries will be determined on a separate scale.

Along with this, emphasis is being placed on increasing the bank’s income and reducing expenses. Emphasis has been placed on import and export activities. In addition, more emphasis has been placed on collecting remittances. All aspects of normal banking activities will be resumed as soon as possible. The governor said that from now on, everyone who has money deposited in the bank and those who will deposit new money will receive interest on their deposits as per the prevailing interest rate.

He said that the bank resolution played a helpful role in merging the five banks. He also said that no officials and employees of the five banks will be laid off. However, if it is identified that those who were involved in laundering money from the banks will not be given exemption. Those who have done wrong must face punishment. Because criminals will not get exemption under any circumstances. Moreover, if there is no cooperation from within the bank, no one can withdraw money from the bank.

He said that time should be worked less and faster. The bank should be turned into a profitable institution as soon as possible.

It is worth noting that the authorized capital of the Sammilito Islami Bank has been set at Tk 40,000 crore. Its paid-up capital is Tk 35,000 crore. The government has provided capital of Tk 20,000 crore.