Business owners are facing snags while withdrawing cash. Although the flow of cash has slightly improved recently, the crisis is far from over.
Small and Medium Enterprises (SMEs) and individuals traveling abroad are particularly affected. Many have complained that they cannot withdraw large sums of their own deposited funds despite repeated attempts.
Businessmen said that account holders in struggling banks are unable to access funds as needed, leaving them in sufferings. The inability to withdraw adequate cash has made it difficult to cover operational expenses. Additionally, issues related to Letters of Credit (LCs) have arisen, with foreign banks refusing guarantees due to the crisis.
When asked about the situation, Rathindra Nath Paul, Managing Director of Pran-RFL Group, stated: “Some of our distributors have funds stuck in these banks, which has created challenges for them. However, those who don’t keep large deposits are less affected and continue to purchase, sell, and remit payments regularly.”
He added that the main issue lies with defaulting banks, where account holders are unable to withdraw their money.
A visit to a private bank branch in Dhaka’s Panthapath revealed customers withdrawing small amounts of cash. However, other branches of the same bank failed to meet withdrawal requests, citing system issues. Customers were informed at the counter that cash could not be disbursed due to the unavailability of online services.
One such account holder, Md. Jewel, who owns a jewellery business, shared his frustrations: “I usually keep Tk14-15 lakh in this bank. After the fall of Sheikh Hasina’s government on August 5, I withdrew Tk12 lakh in phases. I couldn’t get it all at once and had to visit multiple times with cheques, which wasted a lot of time. I’ve now withdrawn most of it and keep the cash with me. Around Tk2 lakh is still stuck, which I am withdrawing gradually.”
He further added, “Given the circumstances, who would keep money here? I now conduct fewer transactions with this bank. If cheques get stuck, it disrupts business. However, the bank has assured me that any new deposits will be available for withdrawal.”
A Senior Principal Officer (SPO) of the bank admitted, “We are still facing a cash shortage. We’re disbursing cash daily but advising customers to withdraw only twice a week. People are gradually regaining trust in banks. The panic that once gripped customers is subsiding, and confidence is being restored.”
Md Salauddin Mahamud, proprietor of Kohinoor Agro Chemicals, expressed his frustration: "For the past year, I’ve faced continuous issues with this bank. After the previous government fell, the situation worsened. Several times I visited the bank to withdraw money, but I couldn’t get it."
Source: Kaler Kantho
Bd-Pratidin English/ Afsar Munna
