Janata Bank

Following the independence of Bangladesh from Pakistan at the Bangladesh Liberation War of 1971, Janata Bank PLC was formed combining the then United Bank Limited and Union Bank Limited under the Bank Nationalization Ordinance of 1972 (President's Order 26).{{Cite web |title=Janata Bank History |url=https://www.jb.com.bd/about_us/history |access-date=2022-10-21 |website=Janata Bank}}

In March 2004, managing director of the bank, Murshid Kuli Khan, visited Greece to study the feasibility of remittance from the country.{{Cite news |title=The Daily Star Web Edition Vol. 4 Num 283 |url=https://archive.thedailystar.net/2004/03/15/d40315051061.htm |access-date=2022-10-21 |work=The Daily Star }}

The management of Janata Bank was changed under the Enterprise Growth and Bank Modernization Project' (EGBMP) which has been taken in 2004–05 in order to reform the nationalized commercial banks. Janata Bank became a public limited companies on 15 November 2007 led by chairman Sohel Ahmed Chowdhury.{{Cite news |date=2007-11-16 |title=Sonali, Janata, Agrani banks become PLCs |url=https://www.thedailystar.net/news-detail-11812 |access-date=2022-10-21 |work=The Daily Star |agency=UNB |language=en}}

After Awami League came to power in 2008, they provided 145.05 billion taka in recapitalization funds to state banks including Janata Bank.{{Cite news |last1=Ahmed |first1=Inam |last2=Liton |first2=Shakhawat |date=2018-02-18 |title=State Banks: Plundering made easy |url=https://www.thedailystar.net/business/banking/state-banks-plundering-made-easy-1536274 |access-date=2022-10-21 |work=The Daily Star |language=en}} In January 2008, SM Aminur Rahman, was appointed managing director of Janata Bank.{{Cite news |title=Janata Bank gets CEO |url=https://archive.thedailystar.net/newDesign/cache/cached-news-details-21064.html |access-date=2022-10-21 |work=The Daily Star}} Fahmida Khatun was appointed a director of the bank in August.{{Cite news |date=2008-08-26 |title=Janata Bank gets new director |url=https://www.thedailystar.net/news-detail-51883 |access-date=2022-10-21 |work=The Daily Star |language=en}}

In 2012, Janata Bank recalled their CEO of operations in the United Arab Emirates, Shafiqul Islam, following the embezzlement of US$1.3 million.{{Cite news |last=Rahman |first=Sajjadur |date=2012-08-27 |title=Janata Bank recalls UAE chief |url=https://www.thedailystar.net/news-detail-247168 |access-date=2022-10-21 |work=The Daily Star |language=en}} The Anti Corruption Commission questioned seven officials of the bank over the Hallmark-Sonali Bank Loan Scam.{{Cite news |date=2012-11-20 |title=ACC grills 7 more Janata Bank officials |url=https://www.thedailystar.net/news-detail-258162 |access-date=2022-10-21 |work=The Daily Star|language=en}} Bismillah Group had embezzled 12 billion taka from Janata Bank and four others.{{Cite news |date=2022-10-18 |title=How to restore public confidence in banking |url=https://www.tbsnews.net/thoughts/how-restore-public-confidence-banking-515446 |access-date=2022-10-21 |work=The Business Standard |language=en}}

In December 2017, Md Abdus Salam Azad was promoted to managing director of Janata Bank from deputy managing director.{{Cite news |date=2017-12-07 |title=Azad new Janata Bank CEO |url=https://www.thedailystar.net/business/azad-new-janata-bank-ceo-1501417 |access-date=2022-10-21 |work=The Daily Star |language=en}}

Janata Bank provided loans worth 55.04 billion taka loan to AnonTex Group, led by chairperson Md Younus Badal, from 2007 to 2015 which defaulted.{{Cite news |date=2020-02-10 |title=BB seeks explanation from Janata MD |url=https://www.thedailystar.net/business/bangladesh-bank-seeks-explanation-janata-md-1865815 |access-date=2022-10-21 |work=The Daily Star |language=en}}{{Cite news |date=2018-02-07 |title=Janata Bank Loan Scam: Whole bank was in it |url=https://www.thedailystar.net/frontpage/janata-bank-loan-scam-whole-bank-was-it-1531045 |access-date=2022-10-21 |work=The Daily Star |language=en}} The loans were more than 25 percent of the capital base of Janata Bank in violation of banking rules. The loans were provided from the Janata Bhaban corporate branch under manager Md Abdus Salam Azad, who would later become the managing director of the bank. The loans were approved by the board of directors led by chairperson Abul Barkat and managing director SM Aminur Rahman. Shaikh Md Wahid-Uz-Zaman, who was the chairman from December 2014 to 2017, blamed the board of directors and management of the bank for the loans to AnonTex Group. AnonTex Group restructured their loan with a 1-2 percent payment rather than the customary 10-15 percent payment needed for restructuring. Bangladesh Bank had provided Janata Bank permission ignore overexposure rules for providing loans to Galaxy Sweaters and Yarn Dyeing, a subsidiary of AnonTex Group.

Bangladesh Bank sought an explanation of the loans to AnonTex Group from managing director of the bank, Md Abdus Salam Azad. The group had laundered the money outside of Bangladesh using false invoicing of capital machinery. The loans were provided following an approval letter by Mizanur Rahman Akon, deputy general manager of Bangladesh Bank, without approval of Financial Integrity and Customer Services Department.{{Cite news |last=Alo |first=Jebun Nesa |date=2018-10-28 |title=AnonTex riding on BB favours |url=https://www.thedailystar.net/frontpage/news/anontex-riding-bb-favours-1652755 |access-date=2022-10-21 |work=The Daily Star |language=en}} Janata Bank tried to delay the loans to AnonTex Group from being declared defaulted by Bangladesh Bank which allowed the group to borrow more money from the bank.{{Cite news |last=Alo |first=Jebun Nesa |date=2018-09-09 |title=Ghosts within Janata Bank |url=https://www.thedailystar.net/frontpage/news/ghosts-within-janata-bank-1631230 |access-date=2022-10-21 |work=The Daily Star |language=en}} The Minister of Finance AMA Muhith spoke in favor of AnonTex Group after meeting it's chairperson.

The Bank had also loaned 12.3 billion taka to Thermax Group which also defaulted.{{Cite news |date=2018-10-22 |title=Question for regulators to answer |url=https://www.thedailystar.net/editorial/news/question-regulators-answer-1650040 |access-date=2022-10-21 |work=The Daily Star |language=en}} It was 27 percent of the capital base of Janata Bank. The Bank provided 34.43 billion taka loan to Crescent Group which also defaulted.{{Cite news |last=Alo |first=Jebun Nesa |date=2018-10-01 |title=Janata now goes for auction |url=https://www.thedailystar.net/frontpage/janata-bank-now-goes-for-auction-due-to-defaulted-loans-1641031 |access-date=2022-10-21 |work=The Daily Star |language=en}} Crescent Group is owned by MA Kader and Abdul Aziz, two brothers, who also own Jaaz Multimedia. Anti-Corruption Commission had found Crescent Group embezzled money from Janata Bank while Customs Intelligence and Investigation Directorate reported that the group had laundered the money out of Bangladesh.{{Cite news |last1=Khan |first1=Mahbubur Rahman |last2=Alo |first2=Jebun Nesa |last3=Parvez |first3=Sohel |date=2019-01-18 |title=Crescent curse on Janata |url=https://www.thedailystar.net/frontpage/news/crescent-curse-over-janata-1689328 |access-date=2022-10-21 |work=The Daily Star |language=en}} Bangladesh Bank stopped Janata Bank from re-hiring Syful Shamsul Alam & Co as its audit company because it had found the company aided Crescent Group in embezzling money from the bank.{{Cite news |last=Uddin |first=AKM Zamir |date=2018-08-10 |title=Cash Incentive Scam: BB blocks rehiring of Janata's audit firm |url=https://www.thedailystar.net/news/frontpage/cash-incentive-scam-bb-blocks-rehiring-janatas-audit-firm-1618696 |access-date=2022-10-21 |work=The Daily Star |language=en}} Janata Bank was fined by Bangladesh Bank for providing undue favors to Beximco Group.

In 2016, Rajib Hasan, a senior officer of the bank embezzled 19.3 million taka from client accounts.{{Cite news |date=2016-03-22 |title=Janata Bank to sue its officer for swindling clients' FDR money |url=https://www.thedailystar.net/business/janata-bank-sue-its-officer-swindling-clients-fdr-money-1197985 |access-date=2022-10-21 |work=The Daily Star |language=en}}

In 2018, the government sought to appointed Hedayetullah Al Mamun as chairman of the bank but reverse course following backlash against the appointment.{{Cite news |date=2020-07-30 |title=Why was Jamal Uddin removed from Janata? |url=https://archive.dhakatribune.com/business/banks/2020/07/30/why-was-jamal-uddin-removed-from-janata |access-date=2022-10-21 |work=Dhaka Tribune}} The government instead appointed Luna Shamsuddoha, the first woman to head a state-owned bank in Bangladesh. Justices Zubayer Rahman Chowdhury and Md Iqbal Kabir of the High Court Division ordered Janata Bank to retake their recruitment test following the leak of the exam question papers.{{Cite news |date=2018-08-16 |title=Retake Janata Bank recruitment test: HC |url=https://www.thedailystar.net/news/city/janata-bank-recruitment-exam-retake-due-to-question-paper-leak-high-court-1621567 |access-date=2022-10-21 |work=The Daily Star |language=en}}

Janata Bank sought to reschedule loans to Root Group which had 10.49 billion taka in defaulted loans in August 2019.{{Cite news |last=Uddin |first=AKM Zamir |date=2019-08-22 |title=Defaulter Root Group to get fresh loans from Janata |url=https://www.thedailystar.net/business/banking/news/defaulter-root-group-get-fresh-loans-janata-1788847 |access-date=2022-10-21 |work=The Daily Star |language=en}} Jamaluddin Ahmed was appointed chairman of Janata Bank in August 2019.{{Cite news |date=2019-08-21 |title=Sonali, Janata banks get new chairmen |url=https://www.thedailystar.net/business/banking/sonali-janata-banks-get-new-chairmen-1788304 |access-date=2022-10-21 |work=The Daily Star |language=en}} He is a former director of Bangladesh Bank and the general secretary of the Bangladesh Economic Association. He replaced Dr SM Mahfuzur Rahman. On 28 July 2020, Ahmed was replaced by SM Mahfuzur Rahman as chairman of the bank.{{Cite news |title=Jamaluddin removed as Janata Bank chairman |url=https://www.newagebd.net/article/112325/jamaluddin-removed-as-janata-bank-chairman |access-date=2022-10-21 |work=New Age |language=en}} In 2020, a cashier of the bank in Noakhali District, Liton Chandra Das, stole 20 million taka from the bank.{{Cite news |date=2020-03-03 |title=Bank cashier held for Tk 2 crore embezzlement |url=https://www.thedailystar.net/country/janata-bank-cashier-held-for-tk-2-crore-embezzlement-1875871 |access-date=2022-10-21 |work=The Daily Star |language=en}} Janata Bank made a loss of move than 50 billion taka in 2020.{{Cite news |last=Uddin |first=AKM Zamir |date=2021-03-10 |title=Janata casts a pall on banking sector's profit |url=https://www.thedailystar.net/business/news/janata-casts-pall-banking-sectors-profit-2057853 |access-date=2022-10-21 |work=The Daily Star |language=en}} Bangladesh Bank recommended actions against the managing director of the bank, Md. Abdus Salam Azad.{{Cite news |date=2020-01-23 |title=Janata MD in the line of fire |url=https://www.thedailystar.net/business/news/janata-md-the-line-fire-1857838 |access-date=2022-10-21 |work=The Daily Star |language=en}} AnonTex Group sought to reschedule its outstanding loans.{{Cite news |last=Uddin |first=AKM Zamir |date=2020-12-28 |title=AnonTex seeks favour to reschedule loans |url=https://www.thedailystar.net/business/news/anontex-seeks-favour-reschedule-loans-2018361 |access-date=2022-10-21 |work=The Daily Star |language=en}}

Janata Bank was having difficulty recovering money from non-banking financial institutions which were hit by scams by PK Halder.{{Cite news |last=Uddin |first=AKM Zamir |date=2021-01-27 |title=Commerce Bank, Janata run into a quagmire |url=https://www.thedailystar.net/business/news/commerce-bank-janata-run-quagmire-2034565 |access-date=2022-10-21 |work=The Daily Star |language=en}} The institutions were Bangladesh Industrial Finance Company Limited, First Finance Limited, FAS Finance and Investment Limited, International Leasing and Financial Services Limited, Peoples Leasing and Financial Services Limited, and Premier Leasing and Finance Limited.

Janata Bank sought to auction assets of Pacific Denims Limited to recover its loan in 2022.{{Cite news |date=2022-10-18 |title=Janata Bank to put Pacific Denims on auction |url=https://www.tbsnews.net/economy/rmg/janata-bank-put-pacific-denims-auction-515914 |access-date=2022-10-21 |work=The Business Standard |language=en}}

{{reflist}}

{{Portal|Banks}}

• [http://www.jb.com.bd/ Official website]
• [https://web.archive.org/web/20140116070658/http://bbaworldwide.com/2013/12/31/report-on-janata-bank-limited/ Report on Janata Bank]

{{Banks in Bangladesh}}

Category:Banks established in 1971

Category:Banks of Bangladesh

Category:Bangladeshi companies established in 1971

Category:Organisations based in Motijheel

Category:Government-owned banks of Bangladesh