BTCL gets back Tk 35cr deposit from Farmers Bank

Bangladesh Telecommunication Company Ltd (BTCL) has finally got back its deposit of Tk 35.44 crore from the troubled Farmers Bank’s Gulshan corporate branch.

BTCL has deposited the money with Sonali Bank’s Hotel Sheraton branch after getting refused twice by the Farmers Bank in honouring the cheque.

Mallik Abdullah Al Mamun, manager of Sheraton branch of Sonali Bank confirmed The Daily Star today that they have received the deposit of BTCL.

Earlier, on November 13, Farmers Bank issued a pay order against a matured deposit of BTCL worth Tk 35.44 crore.

The state-owned telecom company placed the payment order twice on November 14 and 15 through its account with Sonali Bank. But the Farmers Bank did not honour the cheque citing a reason “item requires revalidation”.

In this perspective, BTCL wrote to the manager of Farmers Bank’s Gulshan branch on Thursday last week to immediately take steps to release the funds.

It has also forwarded the letter to the BB governor.

The new generation bank has been going through severe liquidity crisis due to irregularities.

The bank recently sought a fund of Tk 300 crore from the central bank to overcome its ongoing liquidity crisis. Bangladesh Bank has denied the bank to provide the support until it dissolves the existing board, according to a central bank official.