Bangladesh Jibon Bima Corporation has reached out to the Ministry of Finance, requesting assistance in recovering Tk 126.95 crore tied up in eight expired FDRs at Padma Bank.
In a letter to the Financial Institutions Division, the corporation’s Managing Director Md Muhibuzzaman outlined the ongoing struggle to reclaim the funds. This plea follows the bank's failure to pay dues even after its rebranding from Farmers Bank to Padma Bank Limited in September 2018, reports UNB.
According to the letter, Jibon Bima had invested Tk 115.53 crore in eight one-year term deposits across seven branches of Padma Bank between 2015 and 2016. However, when the corporation attempted to cash out the deposit at the Imamganj branch in December 2017, the bank was unable to release any funds.
Despite repeated reminders and several rounds of correspondence, Padma Bank failed to return the money, the letter said.
The corporation initially reached out to the government for support in April 2018, when the unpaid amount, including interest, had already ballooned to Tk 122.93 crore. Despite these efforts, the funds remain unrecovered.
By the end of August, the total amount owed by Padma Bank had grown to Tk 126.95 crore. Multiple follow-up letters have been sent to the bank, but so far, Jibon Bima Corporation has received no response.
