Affected depositors of the five merged banks under the Sammilito Islami Bank staged demonstrations in the capital on Tuesday, demanding the immediate issuance of an official gazette notification cancelling the "haircut" mechanism on their deposits and a clear roadmap to return full funds, including accrued profits.

The depositors gathered in front of the Bangladesh Bank headquarters and then marched towards the Jatiya Press Club. From there, a five-member delegation went to the Secretariat and submitted a memorandum to Finance and Planning Minister Amir Khosru Mahmud Chowdhury.

BB indecisive over withdrawing ‘haircut’ on Sammilito Islami Bank profits, depositors in limbo

According to the depositors, though the cancellation of the "haircut" scheme was announced in Parliament during the budget discussion on July 8, an official gazette notification has not yet been issued.

They demanded the immediate publication and implementation of the notification.

In their memorandum, the depositors urged the authorities to announce a clear roadmap for returning all types of matured deposits, including Fixed Deposit Receipts (FDR), Deposit Pension Schemes (DPS), and Monthly Term Deposit Receipts (MTDR), along with accrued profits.

They also called for scrapping the proposal to recalculate deposit profits and demanded the restoration of regular banking operations similar to other scheduled banks.

The depositors expressed deep frustration, stating that they have been unable to withdraw their own money for nearly two years.

This has plunged thousands of families into severe financial distress, leaving them unable to cover essential daily expenses, medical treatments, and educational costs for their children, they said.

The depositors urged the government to issue immediate directives to the BB governor, as well as the chairman and newly appointed managing director of Sammilito Islami Bank, to facilitate the prompt return of deposits and refund the money provisioned under the "haircut."

Highlighting the scale of the crisis, they said the situation directly affects around 76 lakh account holders and their nearly 3 crore family members.

The depositors asserted that fulfilling these demands will restore customer confidence in Sammilito Islami Bank and allow normal transactions to resume.

They warned that if the government and Bangladesh Bank fail to take swift and effective action, they will be forced to announce tougher protest programmes.