The central bank issued a notice on Wednesday warning the customers of rumours spread on social media that they will not get back more than Tk 100,000 if their bank goes bust. Serajul Islam, a spokesman for the Bangladesh Bank, also briefed the media. In 2000, the government passed the Bank Deposit Insurance Act fixing the amount of money a depositor will get back if a bank is closed. But the Bank Company Act of 1991 stipulates refunding of deposits to all customers of a closed bank from its liquidation, the Bangladesh Bank pointed out in the notice. The customers with more than Tk 100,000 deposited in a bank will get Tk 100,000 within 180 days if it gets closed, Serajul explained in the briefing.

Source: bd News24 February 26, 2020 16:41 UTC