Rupali Bank PLC. (Bengali ：রূপালী ব্যাংক পিএলসি。 Is A State-owned Commercial Bank In Bangladesh. Its Headquarters Is Located At 34 Dilkusha, Dhaka. Nazmul Huda Is The Chairperson Of The Bank. Mohammad Jahangir Is The Managing Director Of The Bank.
History
Rupali Bank Limited Was Formed From The Merger Of 3 Former Commercial Banks, Namely Muslim Commercial Bank Limited, Australasia Bank Limited And Standard Bank, Which Operated In What Was Then East Pakistan On 26 March 1972 Under The Bangladesh Bank (Nationalization) Order 1972.
Rupali Bank Was A Nationalized Commercial Bank Until 13 December 1986. When The Bank Went Public, But Most Of The Shares Were Still Retained By The Government. Rupali Bank Limited Became The Largest Public Limited Company Banking Company In The Country On 14 December 1986.
Rupali Bank Achieved Automation Of Foreign Exchange Services In January 1999.
Hafiz Ibrahim, MP From Bhola, Served As A Director Of Rupali Bank Limited From 1994 To 2003. Rupali Bank Was Re-elected To The Board In 2003 Despite A Request For An Explanation As To Why A Director Had Violated The Bank's Rules By Serving For More Than Six Consecutive Years. [7] Rupali Bank Argued That As A State-owned Bank, The Rule Did Not Apply To Them. Bangladesh Bank Removed Him In 2005. Syed Muhammad Yunus, A Tube Well Businessperson, Admitted To The Anti-Corruption Commission That He Had Misappropriated 240 Million Taka From The Bank With Ibrahim's Help.
Rupali Bank Signed An Agreement With Arif Habib Securities Limited In 2004 To Explore Options For Opening A Joint Venture In Pakistan. The Bank's Branch In Pakistan Became A Joint Venture With Arif Habib Securities Limited In 2005. It Received The Award For Best Use Of IT In Bangladesh, Sponsored By Dutch Bank Of Bangladesh Limited And Presented By The Bangladesh Software And Information Services Association. Commerce Minister Altaf Hossain Choudhury Has Handed Over The Award To The Bank.
In June 2008, Bangladesh Bank Refused To Handle The Privatization Of Rupali Bank Due To Its Large Size. In 2006, A Saudi-backed Group Had Expressed Interest In Taking Over The Bank. More Than 20 Companies Have Expressed Interest In Acquiring Rupali Bank, Including Abu Dhabi United Group, United Bank Malaysia Limited, Bank Of Malaysia, Habib Bank Limited, ICICI Bank, State Bank Of India, Melewar Industrial Group Berhad And United Bank Limited.
The Bank Established Rupali Investment Limited As A Wholly Owned Subsidiary In 2010.
In September 2015, A Court In Dhaka Ordered The Bank To Pay Taka 600,000 To A Man Who Was Killed By A Bus Of Bank Employees In 1996.
In 2016, Rupali Bank's Biggest Loan Defaulter Was AHZ Agro. The Bank's 10 Branches Lost Money In 2016. Rupali Bank Has Distributed 137.71 Billion Takas, Of Which 15.49 Billion Takas Are Non-performing Loans, Defaults, And 10.19 Billion Takas Are Loans. Its Capital Shortfall Is 1.45 Billion Takas.
In November 2017, Bangladesh Industrial Finance Corporation Was Unable To Refund 317.30 Million Takas To Rupali Bank Due To A Shortage Of Funds. It Became A Shareholder In Padma Bank After The Government Used Rupali Bank And Three Other State-owned Banks To Inject Capital Into Padma Bank.
In January 2018, The High Court Bench Consisting Of Justices Moyeenul Islam Chowdhury And J.B.M. Hassan Suspended The Recruitment Examinations Of Rupali, Sonali Bank Limited And Janata Bank Limited.
In January 2019, High Court Chamber Justices Md Nazrul Islam Takukder And KM Hafizul Alam Summoned The Bank's Managing Director SM Atiqur Rahman, Deputy General Manager Mohammad Ali And Chief Officer Md Abdus Samad Sarkar As Their Names Were Exonerated From The Corruption Case In 150 Million. The Order Was Issued In Response To An Appeal Lodged By AHM Bahauddin, Managing Director Of Everest Holding And Technologies Limited, Who Was Sentenced To Life Imprisonment In The Embezzlement Case. In August, Md Obayed Ullah Al Masud Was Appointed Managing Director Of Rupali Bank From Sonali Bank, And Md. Ataur Rahman Prodhan, Managing Director Of Rupali Bank, Was Appointed Managing Director Of Sonali Bank. The Bank Offered To Reschedule Its 11.68 Billion Taka Loan To Mother Textile, A Subsidiary Of Euroasia Mattress, Which Defaulted In 1993. The Daily Star Described The Proposal As "outrageous". Kazi Sanaul Haque Has Been Appointed As The Chairperson Of The Bank.
Rupali Bank Violated The Bank's Rules By Providing Loans To 11 Companies Including Beacon Pharmaceuticals, Bashundhara Paper Mills, Mother Textile.
In 2021, State-owned Banks Agrani Bank, Rupali, Sonali Bank Limited And Janata Bank Limited Paid Their Employees The Highest Bonuses Despite Poor Performance And Against The Advice Of Bangladesh Bank. The Dhaka Stock Exchange Disclosed That Rupali Bank Did Not Have Sufficient Funds To Manage Its Risks In 2022. This Is Part Of A 5.20 Billion Taka Syndicated Loan Organised By Dhaka Bank Limited For Doreen Group's Chandpur Power Generations Limited. On August 22, Mohammad Jahangir Was Appointed As The Managing Director Of The Bank. The Anti-Corruption Commission Indicted M Farid Uddin, Former Managing Director Of The Bank, Nine Officials Of The Bank And HR Spinning Mills Limited For Misappropriating 1.48 Billion From The Bank. The Bangladeshi Government Has Restricted Access To Bank Information By Using It As A Critical Information Infrastructure Under The Digital Security Act. It Is One Of The Banks Providing Funds For Bashundhara Group's Gold Refining Venture
