Clients complained difficulties in withdrawing funds from both bank counters and ATMs amid after-closure cash crunch as bankers refrained from refilling money on security grounds during power transition, sources said.
Commercial banks reopened Tuesday after a general holiday declared during the student-mass uprising ended following the exit of immediate-past Prime Minister Sheikh Hasina and her government.
Officials and bankers said the contractual security companies assigned to carry cash to the bank branches and ATMs or automated teller machines refrained from operating their money-transmitting vehicles on security grounds as uneasy calm prevails across the country preceding takeover by an interim regime.
As a matter of fact, the banks were unable to replenish cash in the vaults of the branches and ATMs, creating the crunch.
In fear of vandalism, several bank outlets were seen shutting down the main entrance and operating banking operations on a limited scale through the backdoor.
Md Zunayed Hamim, a shopkeeper, said he approached several ATMs of various banks in Rampura to withdraw credits but failed having found all of them out of cash.
"I came to withdraw money getting the news that the banks will resume operation from today (Tuesday) but did not get the transaction facility because of fund crisis," he said.
Contacted, managing director and chief executive officer of Mutual Trust Bank (MTB) PLC Syed Mahbubur Rahman said some of bank branches and ATMs came under attack in the last couple of days, which triggered a wave of panic among the bankers.
"Amid such chaotic situation," he says, "the money-replenishment activities by the security companies become extremely difficult and challenging."
When asked why the banks on their own initiative did not transmit money to ensure smooth transaction of funds in this critical period of time, he noted that if the bank-arranged special vehicles came under attack by miscreants, they wouldn't be entitled to insurance coverage.
"So, it will not be a wise decision to take the risk," the experienced banker says.
Managing director and chief executive officer of BRAC Bank Selim R. F. Hussain says the contractual security firms are not interested in operating the cash-transit vehicles for the banks on security concerns, severely hampering cash-refilling activities.
As a result, most of the banks reduce the withdrawal limits to serve more customers. "That doesn't mean the banks face liquidity crisis. It is the security reason. But we're hopeful things will improve very soon," says Mr Hussain, also chairman of the Association of Bankers Bangladesh Limited (ABB).
Seeking anonymity, an official of Bangladesh Bank (BB), the country's central bank, said the demand for liquidity supports from the banks was not so high on Tuesday. It indicates that the banks have enough money in their vaults.
According to the central banker, the banks altogether took cash supports from the BB worth Tk 140 billion on Tuesday while around Tk 110 billion matured on the day. "So, the net volume of cash supports was Tk 25.0 billion," the official said about the monetary arithmetic.
jubairfe1980@gmail.com