MTFE Ponzi App Collapses

No-frill account (NFA) deposits fell by 4.01% to Tk 45.32 billion in Q3 2024, raising concerns about reduced credit access for low-income groups and small businesses. NFAs, with initial deposits as low as Tk 10/50/100, are key to promoting financial inclusion, enabling savings, credit, and remittances for marginalized communities. At the end of September, 32.33 million NFAs held over Tk 67.66 billion, with Tk 10 accounts under social safety net programs comprising 37.3%.

Energypac Power Generation PLC posted a Tk 35.17 crore loss in the July-September quarter of FY 2024-25, driven by rising finance charges and interest rates. This marks a sharp decline from the Tk 99.65 lakh profit recorded in the same period last year.

EXIM Bank has decided to abandon its proposed merger with Padma Bank, reversing its earlier plan from March 2024. The decision, made during a December 23 board meeting, was disclosed on the Dhaka Stock Exchange.

First Security Islami Bank (FSIB) has terminated Deputy Managing Director Md Akmal Hossain due to alleged irregularities during his tenure at Social Islami Bank Limited (SIBL). The dismissal letter, signed by FSIB's Managing Director Syed Waseque Md Ali, cited official communication from SIBL confirming Hossain's discharge on December 19.

Islami Bank Bangladesh's Managing Director, Mohammed Monirul Moula, has been absent from his workplace since December 19 after being forced to leave by a group of officials. According to an unnamed additional managing director, Moula has been working from home due to "internal issues."