United News of Bangladesh

An alliance representing more than 12,000 depositors of six non-banking financial institutions (NBFIs) currently under liquidation on Wednesday demanded immediate action by the Bangladesh Bank to recover funds that have remained trapped in the troubled institutions for nearly seven years. The demand was made from a silent human formed in front of the central bank headquarters in the capital under the banner of “Alliance of Six NBFIs Depositors for Recovery.” During the protests, the demonstrators wore black clothes over their mouths in protest against what they described as the authorities’ prolonged silence and as a symbol of their grievances. The institutions are People's Leasing and Financial Services Ltd, International Leasing and Financial Services Ltd, FAS Finance & Investment Limited, First Finance Limited, Bangladesh Industrial Finance Company Limited and Premier Leasing & Investment Limited. In a written statement issued during the protest, the victims highlighted the severe financial uncertainty and mental distress they have faced. They noted that many depositors are currently battling many deadly diseases, including cancer, kidney disease and heart conditions, but are unable to afford life-saving medical treatment because their funds are inaccessible. "We are living through a humanitarian crisis," the statement reads. "Several depositors have already passed away without treatment due to a lack of funds. Our hard-earned savings are being held while we face absolute ruin." The protesters emphasised that as the primary regulator of all scheduled banks and NBFIs, the central bank bears the ultimate responsibility for protecting public deposits. Their core demands include the immediate announcement of a realistic and effective roadmap for the return of funds, aligned with the Bangladesh bank Governor's previously mentioned July 2026 deadline, implementing a system that prioritises individual retail depositors over institutional investors during the refund process, and urgent and humane intervention by the central bank to mitigate the ongoing crisis. The depositors expressed their deep disappointment over the slow pace of the liquidation process. While the Bangladesh Bank has previously acknowledged the systemic issues within these six NBFIs, the victims argue that without a concrete plan, the July 2026 timeline remains an empty promise. "We firmly believe that the state's highest financial regulator must play a swift and effective role in safeguarding the public's money," the protesters stated, calling for the BB Governor’s direct intervention to resolve the deadlock.