Bangladesh Jiban Bima Company has reached out to the Ministry of Finance, inquiring for assistance in convalescing Tk126.95 crore tied up in eight expired FDRs at Padma Financial institution.
In a letter to the Financial Institutions Division, the corporation’s Managing Director Md Muhibuzzaman outlined the continued strive in opposition to to reclaim the funds. This plea follows the bank’s failure to pay dues even after its rebranding from Farmers Financial institution to Padma Financial institution Exiguous in September 2018.
In keeping with the letter, Jibon Bima had invested Tk115.Fifty three crore in eight one-365 days duration of time deposits at some level of seven branches of Padma Financial institution between 2015 and 2016. Nonetheless, when the corporation attempted to cash out the deposit at the Imamganj division in December 2017, the bank changed into once unable to originate any funds.
Despite repeated reminders and quite loads of rounds of correspondence, Padma Financial institution did now not come the cash, the letter mentioned.
The corporation at the origin reached out to the authorities for abet in April 2018, when the unpaid amount, alongside side curiosity, had already ballooned to Tk122.93 crore. Despite these efforts, the funds dwell unrecovered.
By the tip of August, the total amount owed by Padma Financial institution had grown to Tk126.95 crore. More than one be conscious-up letters had been despatched to the bank, but to this level, Jibon Bima Company has got no response.
