Owing to an extreme liquidity crisis, Padma Bank, then Farmers Bank, was unable to maintain the two, said a high official of the central bank seeking anonymity. On November 4 last year, Padma Bank applied to the BB to pardon the entire amount. Ehsan Khasru, managing director and chief executive officer of Padma Bank, said: “We are not responsible for the large sum of fines imposed when the Farmers Bank was involved in various problems, including liquidity crisis.”“We are now Padma Bank. With the view to sweeping the gross irregularities and loan scams under the carpet and getting an image makeover, Farmers Bank was renamed Padma Bank in February last year. The state-owned financial institution Investment Corporation of Bangladesh, Sonali Bank, Janata Bank, Agrani Bank and Rupali Bank bought 60 per cent stakes in the bank for Tk 715 crore.

Source: Dhaka Tribune December 08, 2020 18:45 UTC