BASIC Bank Limited is a fully government owned bank in Bangladesh which was founded in 2 August 1988. The bank was founded to finance small enterprises.
Video BASIC Bank Limited
History
BASIC Bank Limited (Bangladesh Small Industries and Commerce Bank Limited) registered under the Companies Act 1913 on the 2nd of August, 1988, started its operations from the 21st of January ,1989. It is governed by the Banking Companies Act 1991. The Bank was established as the policy makers of the country felt the urgency for a bank in the private sector for financing small scale Industries (SSIs). At the outset, the Bank started as a joint venture enterprise of the BCC Foundation with 70 percent shares and the Government of Bangladesh (GOB) with the remaining 30 percent shares. The BCC Foundation being nonfunctional following the closure of the BCCI, the Government of Bangladesh took over 100 percent ownership of the bank on 4th June 1992. Thus the Bank is state-owned. However, the Bank is not nationalized; it operates like a private bank as before. In 2016 the finance minister in a statement described the state of the bank as weak due to graft by top officials of the bank and would require some time for improvement. Sonali Bank UK Ltd and other international banks had censured Basic bank over irregularities. Since 2012 Basic bank had been frozen out of international transactions as a result of the irregularities.
Maps BASIC Bank Limited
Controversy
Two Deputy Managing Directors Fazlu Sobhan and Mohammad Selim, and former Deputy General Manager Shiper Ahmed were sent to prison for embezzlement. Anti Corruption Commission had filed 56 cases against 156 people in 2015 over the embezzlement of 20 billion taka. Bangladesh bank estimated 45 billion had been swindled from the bank during the 6 years the time Sheikh Abdul Hye Bachhu served as the chairman of the bank. Among the accused was the former managing director Kazi Fakhrul Islam. There was allegations that Anti corruption commission did not file cases against former chairman Sheikh Abdul Hye Bacchu because he is "Jatiya Party leader" and had "connections at high positions".
References
External links
- BB intelligence digs into traffickers' bank accounts.
- Accumulated bad loans of 56 banks in Bangladesh over Tk 546.57 billion
Source of article : Wikipedia
0 Comments