State-owned Dhaka Electric Supply Company (DESCO) has sought Bangladesh Bank’s intervention to recover nearly Tk 250 crore in government revenue and employee provident and gratuity funds stuck with six financially troubled banks.

In a letter sent to Bangladesh Bank Governor Mostaqur Rahman on August 11, DESCO Managing Director Brigadier General Shamim Ahmed urged the central bank to take measures to facilitate the recovery of the funds.

According to the letter, DESCO has Tk 47.94 crore in Global Islami Bank, Tk 55.27 crore in Union Bank, Tk 59.96 crore in Social Islami Bank and Tk 46.27 crore in First Security Islami Bank. It also has Tk 22.53 crore in Padma Bank and Tk 17.36 crore in Bangladesh Commerce Bank.

The deposits total around Tk 226.80 crore. DESCO said the banks have failed to return the funds even after the deposits matured, despite repeated written and verbal requests.

DESCO said the funds are urgently needed to ensure uninterrupted electricity supply, protect government revenue and meet its financial obligations on time.

Five of the six banks excluding Padma Bank were previously controlled by controversial businessman Saiful Alam, commonly known as S Alam.

Five banks Exim Bank, First Security Islami Bank, Global Islami Bank, Social Islami Bank and Union Bank have been brought under the Bank Resolution Scheme 2025 and merged to form Sammilito Islami Bank.

A senior Bangladesh Bank official said deposits trapped in the merged banks would be repaid under the framework set for customers of Sammilito Islami Bank. However, Padma Bank and Bangladesh Commerce Bank currently lack the capacity to repay large amounts quickly, meaning DESCO may have to wait for recovery.

Bangladesh Bank data shows Padma Bank is facing severe financial stress, with around 90% of its loans classified as non-performing. Bangladesh Commerce Bank also had a classified loan ratio of 66% as of March 31, along with a significant provisioning shortfall.

Under the Deposit Protection Act 2026, deposits of up to Tk 2 lakh are protected. The government has also introduced measures to safeguard depositors’ claims under the bank resolution framework.

However, there is currently no clear provision specifying how large institutional deposits such as DESCO’s will be repaid, raising concerns over the recovery of the company’s funds.