BM Desk: Bangladesh Petroleum Corporation (BPC) is not able to monetize about 1 thousand 700 crore taka accumulated in seven private banks. As a result, the development project of the government institution is getting delayed and regular activities are being hampered, officials said.

There has been a major reshuffle in the banks’ board of directors after the political changes last August. Then in the last four months, BPC has sent several letters to the banks for encashment of deposits. But the banks did not reply to the letter and did not return the money of BPC in Chittagong branch.

Among the seven private banks are First Security Islami Bank, Bangladesh Commerce Bank, Global Islami Bank, Social Islami Bank, Union Bank, ICB Islami Bank and Islami Bank Bangladesh.

Some banks told the media that they were unable to repay the BPC money due to cash crunch. After the political changes, the boards of directors of these banks were reorganized and they were accused of loan irregularities and mismanagement.

According to BPC data, these banks have a total of over tk 1,677 crore in deposits, which are held as fixed deposits (FDRs) and short notice deposits. BPC expects to get interest or profit through this investment, but is currently not getting it.

BPC Chairman MD Amin Ul Ahsan told the media about this, ‘We are trying to monetize the deposits kept in banks. Our total balance in banks can exceed several thousand crores of Taka.

He also said, “Letters have been sent to the banks for monetization in October and November.” BPC conducts various activities using interest or profit money earned from bank deposits. Currently many development projects are being delayed due to lack of funds.’

According to BPC data, First Security Islami Bank has Tk 701 crore 9 lakh, Union Bank Tk 206 crore 50 lakh, Global Islami Bank Tk 195 crore 72 lakh and Islami Bank has Tk 207 crore of deposits.