Padma Bank, formerly known as Farmers Bank, is going to get over two years, until April 2028, to clear a Tk 55 crore penalty for its failure to maintain the regulator-stipulated cash reserve ratio (CRR) from 2017 to 2019.
Several big loan scams in the banking and financial sectors came to the fore in the last decade and the Anti-Corruption Commission (ACC) has done its job by filing cases. But, no progress is apparent.
The High Court today refused to grant bail to Sohel Rana, suspended manager of Farmers Bank's Tangail branch, in a case filed on charges of misappropriating and laundering Tk 9.28 crore from the bank.
The High Court rejects a bail petition of Mahbubul Haque Chisty, former chairman of Farmers Bank audit committee, in a corruption case filed for misappropriating Tk nine lakh of the bank funds for his personal travelling.
With Farmers Bank, no-one knows when the woos will end. And as days go by, more and more depressing statistics are coming out.
The Anti-Corruption Commission has found the involvement of several people in the forgery of two loans acquired from Farmers Bank, ACC Chairman Iqbal Mahmood yesterday said.
A Dhaka court yesterday ordered the Anti-Corruption Commission to confiscate the moveable and immoveable properties of former Farmers Bank director Mahabubul Haque Chisty and his wife Ruzi Chisty in connection with a case over laundering Tk 160 crore.
It defies rationale that the central bank would relax its own rules of business to allow for four state-owned banks and one government financial institution to inject Tk 715 cores into the troubled Farmers Bank. BB's investigations into the bank found that its top brass is complicit in the financial meltdown that involved the former chairman and ex-chairman of the executive committee. Yet, we find that instead of ordering structural changes in the way the bank is managed, the central bank is more interested in replenishing the bank's fortunes.
In yet another compromise with directors of private commercial banks, the government yesterday decided to slash the cash reserve requirement or CRR of banks by one percentage point to 5.5 percent for their benefit.