On Thursday, depositors of five merged banks gathered outside the main gate of the central bank to protest, demanding the full repayment of their deposits along with accrued interest. The demonstration began at approximately 11 a.m., and the participants briefly obstructed the main road at Shapla Square. Police intervened and used water cannons to disperse the crowd, restoring normal traffic flow.
The protestors claimed that government-mandated haircuts on their deposits over the past two years have drastically reduced returns. The interest rate for 2024 and 2025 has been set at only four percent, a level they argue is insufficient to maintain daily living expenses. Many depositors described the policy as unfair and inhumane, placing undue financial strain on households dependent on these savings.
The banks involved in the consolidation are Union Bank, First Security Islami Bank, Global Bank, Social Islami Bank, and Exim Bank, which are being combined to form the United Islami Bank. Protesters demanded that the government return the full principal and accrued profits and immediately resume standard banking operations for all depositors.
Speakers at the rally highlighted that the decision to cap interest rates at four percent over the last two years followed a directive by the former governor of the central bank. They emphasised that this reduction has left many families struggling to cover basic expenses, including household costs and loan repayments. Protestors warned that if the government fails to address their demands, a larger demonstration and encirclement of the central bank is planned for 12 March.
A summary of the banks involved and depositors’ primary demands is provided in the table below:
| Bank Name | Merger Status | 2024–2025 Interest Rate | Main Demands |
|---|---|---|---|
| Union Bank | Part of United Islami Bank | 4% | Full return of principal and profits; resume normal banking |
| First Security Islami Bank | Part of United Islami Bank | 4% | Full return of principal and profits; resume normal banking |
| Global Bank | Part of United Islami Bank | 4% | Full return of principal and profits; resume normal banking |
| Social Islami Bank | Part of United Islami Bank | 4% | Full return of principal and profits; resume normal banking |
| Exim Bank | Part of United Islami Bank | 4% | Full return of principal and profits; resume normal banking |
The demonstrators stressed that without government intervention, the financial predicament cannot be resolved. They urged immediate action from the central bank and other authorities to safeguard depositors’ rights and prevent further economic distress.
Concluding the protest, organisers warned that a larger mobilisation and a central bank sit-in would follow if their concerns are not addressed promptly. They described swift and decisive intervention as the only way to resolve the ongoing crisis and protect depositors’ interests.