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In a major move to help troubled National Bank overcome its acute liquidity crunch, state-owned Sonali Bank is set to provide Tk 10,000 crore in loans, backed by a sovereign guarantee from Bangladesh Bank. The bailout funds will be disbursed in multiple tranches, with a primary focus on clearing depositors' pending withdrawals.
Central bank sources confirmed the arrangement on Monday (October 12).
According to informed officials, National Bank had initially approached Bangladesh Bank seeking Tk 20,000 crore in emergency liquidity assistance. However, monetary authorities settled on a Tk 10,000 crore package. Rather than injecting cash directly, Bangladesh Bank will act as the institutional guarantor for the credit line extended by Sonali Bank.
Insiders noted that the central bank intends to offer the distressed lender a realistic pathway to recovery following years of financial irregularities and balance sheet strain. Recently, National Bank Chairman Professor Melita Mehjabeen and the acting managing director met Bangladesh Bank Governor Md. Mostakur Rahman. During the meeting, directives were issued to commence repaying depositors starting October 15.
National Bank has already begun operational preparations to disburse funds. The bank began accepting withdrawal requisition applications on Sunday (October 11), a process scheduled to run through Wednesday (October 14). Depositors are set to receive payouts starting Thursday (October 15).
Professor Melita Mehjabeen stated that all branches and ATM booths of the bank will be operational from October 15. She noted that branches are currently recording withdrawal demands and assured that starting October 20, all depositors will be able to access funds without prior requisitions.
Mehjabeen added that many depositors are choosing not to pull their savings out immediately, resulting in lower-than-anticipated withdrawal applications as the institution moves to restore normal operations. She clarified that if customer demands can be covered through internal resources, drawing on central bank-backed facilities may not be required, though Bangladesh Bank has guaranteed liquidity support if shortfalls arise.
https://thedailyexpress.news/news/business/Sonali-Bank-extends-car-loans-of-up-to-Tk-10000.