For retired diplomat and Freedom Fighter Raziul Hasan, what was meant to be financial security became a prolonged struggle for survival.
He had deposited his life savings in a non-banking financial institution (NBFI) as part of his retirement planning. But as funds were increasingly diverted into non-performing loans, the institution became unable to return depositors’ money, leaving him and many others in financial distress.
Raziul spent years moving between offices in a desperate attempt to recover his deposits. He died of a stroke shortly before this year’s Eid-ul-Fitr, according to Zaffrullah Khan, spokesperson of the Alliance for Six NBFIs Depositors Recovery Committee.
The alliance estimates that around 12,000 depositors are still unable to access their savings, with many living under severe financial stress, illness and uncertainty.
Khan said depositors’ demands have been overshadowed by government spending priorities, including electoral social protection programmes such as farmer cards and family cards, leaving little fiscal space for repayment.
Last week, Bangladesh Bank spokesperson Arief Hossain Khan said the interim government had earlier committed Tk5,000 crore for the liquidation of six distressed NBFIs, and a repayment plan had already been prepared based on that commitment. However, he said fiscal pressure from ongoing welfare programmes has delayed implementation.
He added that repayment of depositors would proceed if funds are released, after which the liquidation process could move forward.
The central bank had initially planned to begin liquidation of six NBFIs only after returning principal amounts to individual depositors.
The six institutions under liquidation are Peoples Leasing and Financial Services, International Leasing and Financial Services, Aviva Finance, First Finance, Fareast Finance and Premier Leasing. Three others—GSP Finance, Prime Finance and Bangladesh Industrial Finance Company—were given additional time to stabilise.
The depositors’ alliance says total claims for individual savers stand at around Tk5,600 crore, including principal and interest. It has demanded full repayment of principal with interest and prioritisation of humanitarian cases in the recovery roadmap.
On 6 May, the alliance submitted a formal letter to Bangladesh Bank requesting a meeting with the governor, involving five representatives, to review the recovery plan and present technical recommendations.
Khan said restoring stability in the financial sector must remain a top priority to safeguard long-term economic trust.
The alliance, however, said it cannot wait indefinitely despite assurances from authorities, arguing that no specific allocation has been made in the national budget for deposit repayment. It warned that without public pressure, commitments risk remaining unimplemented.
While acknowledging government welfare initiatives, the group said returning depositors’ money is essential to restoring confidence in the financial system, as thousands of households remain locked in prolonged financial distress.
