HomeNewsBad news for anti-India Yunus as Bangladesh plunges into deep financial crisisBad news for anti-India Yunus as Bangladesh plunges into deep financial crisisIn an unprecedented move, Bangladesh Bank has decided to merge five Islamic banks—First Security, Social Islami, Global Islami, Union, and Exim Bank—into a new state-owned entity, tentatively named United Islami Bank. The Asian Development Bank (ADB) recently reported that Bangladesh now has the highest volume of defaulted loans in Asia. According to the latest estimates from Bangladesh Bank, defaulted loans of commercial banks stood at around Tk6 lakh crore at the end of June. According to Bangladesh Bank, defaulted loans of 20 troubled NBFIs total Tk21,462 crore, representing 83 per cent of their loan portfolios. Saiful Islam, president of the DSE Brokers Association of Bangladesh, said, “So many junk shares in the stock market are discouraging foreign and institutional investors.