Shrikanta Nandi, manager of Natun Bazar branch in Chandpur town of Pubali Bank PLC, has gone missing with more than Tk 2.5 crores. Shrikanta Nandi, 40, is son of Nani Gopal Nandi and a resident of  Ghagra village in Kachua upazila. The new manager of the bank and a customer filed two General Diaries (GD) separately at Chandpur Sadar Model Police Station in this regard. Narsingdi UP member shot dead in broad daylight According to the sources, Shrikanta Nandi swindled Tk 2. 51 crore from the customers. On Monday (April 15) afternoon, the new manager of the branch  Humayun Kabir and  Chandpur Model Police Station Sub-Inspector (Investigative Officer) Nazrul Islam, came to know the matter after talking to customers. Akbar Hossain Liton, one of the victims, said Shrikant Nandi wanted to borrow money from him before Eid. A few days later, when he went to the bank for a pay order, he took Tk  1.76 crore from him. "But he disappeared without depositing the money in the bank," Liton claimed. On April 13, Liton lodged a GD at Chandpur Model Police Station. The accused bank manager also swindled Tk 75 lakh from another customer named Maruf of the Asrafpur area offering more profit. Padma Bridge: Record Tk 4.90 crore toll collected in 24 hrs The matter is being investigated through the higher authority, said the current bank manager, adding that there is no problem with internal customers' transactions. Chandpur Model Police Station Sub-Inspector Nazrul Islam said that they are investigating the issue following the GDs. "We will take legal action if there is any complaint regarding the transaction," he added. Read more: BRAC Bank promotes three senior officials to SEVP

In a significant move to stabilize its power sector, the Bangladesh government has secured Tk 2,062 crore through the issuance of special bonds. This initiative, aimed at clearing outstanding liabilities to private power plants, involves a collaboration with two prominent private banks: City Bank and Pubali Bank. A comprehensive agreement was inked on Wednesday at the Secretariat, marking a critical step in addressing the financial challenges faced by the power sector. As per this agreement, the government will issue bonds worth Tk 1,985 crore to City Bank and Tk 77.50 crore to Pubali Bank, as confirmed by the Ministry of Finance. Sources reveal that the government’s inability to disburse subsidy funds had left private power plants struggling to meet their financial obligations, leading some to the brink of insolvency. Read: Bangladesh's imports drop over 18% in first half of FY2023-24  To counter this crisis, the government’s issuance of special bonds comes with an 8 percent coupon rate, mirroring the repo rate set by Bangladesh Bank. Notably, any future fluctuations in the repo rate will correspondingly adjust the bond interest rate. At the term’s end, the government will settle the bank dues along with interest, subsequently reclaiming these bonds. Unlike typical 15–20 year bonds, these special bonds have a maximum tenure of 10 years, a move tailored to the urgent needs of the power sector. Key players in the power sector, including Summit Power, United Power, Confidence Power, Baraka, Kushiara, Doreen, and Akron Power, are among the beneficiaries of this initiative. The Finance Division also disclosed plans for phased agreements with other banks, including BRAC Bank and Bank Asia, to further address the sector’s liabilities. Read: To ensure good governance in banks, chairman should be from independent directors: Dr Atiur  Reflecting on the agreement’s significance, managing directors of several banks expressed optimism. While banks can leverage these bonds with Bangladesh Bank, it provides the government with crucial financial breathing space. This strategic financial maneuver stands as a testament to the government’s commitment to ensuring the stability and sustainability of Bangladesh’s power sector.

The High Court (HC) on Thursday declared the 37th annual general meeting of Pubali Bank illegal.