As a part of financial inclusion program, BASIC Bank Limited participated in School Banking Conference-2014 at Chittagong for building awareness among the school going children to develop their savings habit and introduce them with banking services, reports in press release. Governor of Bangladesh Bank, Mr. Dr. Atiur Rahman distributed the BASIC School Banking Gift Bags among the school going children at BASIC Bank’s Stall recently.

The General Manager of the Bank, Mr. Md. Mozammel Hossain along with Mr. Md. Abdul Gofur Talukder, AGM, Mr. Md. Bodrul Haque, AM and Mr. Nazmul, JO of Agrabad Branch were also present on that occasion.

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. BASIC Bank Limited is unique in its objectives.

It is a blend of development and commercial banks. The Memorandum and Articles of Association of the Bank stipulate that 50 percent of loanable funds shall be invested in small and cottage industries sector.