Padma Bank will be closed for 5 days due to software migration
Padma Bank Limited- a private bank of Bangladesh will be temporarily closed for migration to new core banking software. There will be no banking transactions from Tuesday midnight 12:00 PM (December 21) to 11:55 PM on December 25.
Earlier, the bank applied to Bangladesh Bank to temporarily stop banking activities for these five days.
On Tuesday (December 20), Bangladesh Bank agreed to Padma Bank's application. This information has been communicated by the central bank to all the commercial banks of the country.
It may be noted that, the Padma Bank was established on June 3, 2013. In 2016, Bangladesh Bank placed an observer on Farmers Bank after finding irregularities of hundreds of crores taka. In 2017, the Chairman of the bank Mohiuddin Khan Alamgir was forced to leave his post due to various irregularities including the loan scam and the bank's MD AKM Shamim was removed by Bangladesh Bank. After changing the name of Farmers Bank, the bank debuted as 'Padma Bank'.
