Depositors of five banks currently undergoing a merger staged a protest in front of the Bangladesh Bank main gate today, demanding the return of their full deposits along with accrued interest.

The demonstration escalated when protesters blocked the main road at Shapla Chattar, prompting law enforcement agencies to use water cannons to disperse the crowd and clear the traffic.

The protest centers on the formation of the Sammilito Islami Bank PLC, a new entity being created through the merger of five Shariah-based banks.

The merged banks are-Union Bank, First Security Islami Bank, Global Islami Bank, Social Islami Bank and Exim Bank.

The primary grievance involves a controversial decision—often referred to as a "haircut"—to cap the interest (profit) on deposits for the years 2024 and 2025 at just 4 percent.

During the human chain and sit-in program that began, speakers condemned the decision made under the former Governor’s tenure, labeling it "inhumane and unjust."

Many depositors shared stories of financial hardship, noting that they are currently unable to withdraw either their principal amount or their earned profits.

"Cutting our hard-earned profits to a mere 4 percent under the guise of 'government compassion' is a betrayal of trust," one protester stated. "We demand the immediate cancellation of the haircut decision and the restoration of normal banking operations," Rabiul Hasan, a victim client of merged banks, told reporters.