Repayment Of Depositors’ Money
BB gives ICB Islamic Bank another time extension
Bangladesh Bank on Sunday has again extended the deadline for one year more for repayment of the depositors’ money under the Oriental Bank (reconstruction) Scheme as the ICB Islamic Bank failed to repay the money in due time, said officials of the central bank.
The central bank in April extended the deadline for six months to repay the depositors’ money as ICB Islamic Bank, the successor of Oriental Bank, failed to repay the money in stipulated five years.
The BB issued a circular to managing directors and chief executive officers of all scheduled banks saying that the central bank had given ICB Islamic Bank one year more to repay the depositors’ money of Oriental Bank.
A BB official told New Age on Sunday that the central bank had extended the deadline to repay the depositors’ money in response to a request by ICB Islamic Bank.
The BB reconstructed Oriental Bank in 2007 after which it was converted to ICB Islamic Bank as severe types of irregularities were found in the bank (Oriental Bank), the BB official said.
In 2007, the BB asked ICB Islamic Bank to repay all depositors’ money of Oriental Bank by five years. The time limit ended on May 5 this year.
ICB Islamic Bank requested the central bank in May to give it five years more to repay the money, the official said.
‘The BB rejected the ICB Islamic Bank’s application. It (BB), however, gave six months more to repay the depositors’ money, but ICB Islamic Bank failed again to make repayment by October’, he said.
Under the circumstances, the central bank extended the deadline for one year more, he said.
-With New Age input
