Bangladesh Bank gives more time to ICB Islamic Bank for repaying Oriental Bank's debt

Depositors of the defunct Oriental Bank have to wait longer to get back their money.

Published : 4 Nov 2014, 07:42 AM
Updated : 4 Nov 2014, 08:11 AM
The central bank has extended the timeline by three and half years to repay the money it owes to its clients.

In 2006, Bangladesh Bank took over the bank and appointed an administrator following a financial scam involving Tk 6.5 billion.

The bank was rechristened ‘ICB Islamic Bank’ in 2007 and a scheme was initiated to pay back the money to its depositors within six and half years.

In a circular issued on Sunday, Bangladesh Bank extended the tenure of the scheme by 42 months on a request from the ICB Islamic Bank.

According to central bank's figures, former Oriental Bank's financial liabilities towards it depositors stand at Tk 7.5 billion.

Toufique Imrose Khalidi
Editor-in-Chief and Publisher