Finance ministry will organise an orientation meeting for the new board of directors of state-owned BASIC Bank on August 28 at the ministry’s auditorium where the following of relevant bank laws and rules will be discussed.

As the previous board was dismissed for gross irregularities, such meeting will be held to discuss the laws so that irregularities and loan scams can be prevented in BASIC Bank, ministry officials told Dhaka Tribune.

Bank and Financial Institutions Division sent a letter yesterday to the bank’s board of directors and two deputy governors of Bangladesh Bank to attend the meeting.

According to the central bank reports, BASIC Bank disbursed more than Tk4,500 crore in loans in last few years violating rules and regulations.

Former chairman of Bangladesh Krishi Bank Alauddin A Majid has been appointed as new chairman of BASIC Bank. Four directors were also appointed, who include Hasan Mahmood FCA, Raihana Anisa Yusuf Ali, Mamun Al Rashid and Mujib Ahmed.

A circular of the Banks Division said the new board was appointed to bring professionalism and dynamism into the bank’s management.