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In a rare move, Padma Bank PLC is going to convert institutional deposits into preference shares and provide them to customers seeking to withdraw funds, exposing how deeper its liquidity crisis is.
Embezzling thousands of crores of taka in the name of taking loans from banks is a regular occurrence in Bangladesh. Sometimes behind the front of business and industrial loans, sometimes through direct fraud and deception, such embezzlement takes place.
Dozen banks hold about 60pc default loans thedailystar.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thedailystar.net Daily Mail and Mail on Sunday newspapers.
Padma Bank wants to merge with state bank thedailystar.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thedailystar.net Daily Mail and Mail on Sunday newspapers.
The Bangladesh Climate Trust Fund (BCTF) has warned Padma Bank of legal action over its failure to pay back the fixed deposit receipt (FDR) worth Tk 29.1 crore upon maturity. The FDR had matured on May 25, and despite sending a letter to the troubled bank on May 20 of legal action if the amount was not returned on its date of maturity, no pay order came through. "We will go