On Friday evening, a boat carrying over 100 people collided with two sand-carrying vessels in the river near Brahmanbaria city, resulting in the passenger boat sinking.
Twenty-two bodies were recovered on Saturday, while 15 others were rescued and sent to hospital. Nearly 50 people swam to safety after accident, the Dhaka Tribune reported.
The deceased include 11 women, two men and nine children, The Daily Star reported.
The police have arrested five people in connection with the mishap.
The arrested are the owners and staffers of the sand-laden trawler.
The government has setup a three-member probe panel to investigate the incident and submit a report in 10 days, the Dhaka Tribune newspaper reported.
Further, the government has announced compensation of 20,000 Bangladeshi taka to the families of the victims.