Bank of Small Industries and commerce Bangladesh Limited (BASIC) is a banking company registered under the Companies Act 1913. It is governed by the Banking companies’ act 1991.
They bank operates as scheduled bank undertaking all types of banking transactions. The government of Bangladesh owns 100% share of the bank.
Objectives of Bank of Small Industries and Commerce Bangladesh Ltd.
BASIC is unique in its objectives. It is a blend of development finance and commercial banking.
The bank, by its Memorandum and Articles of association, is entrusted with the responsibility of providing medium and long term loans and other financial assistance for the promotion of small scale industries ad it is stipulated in the Memorandum and Articles of Association that at least 50% of its loanable funds should be used for financing small Scale industries.
Banking Activates of Bank of Small Industries and Commerce Bangladesh Ltd.
Industrial: BASIC’s services are mainly directed towards the development of entrepreneurs in the small-scale industries. At least 50% of its loanable resources require to be deployed in this sector.
Commercial: BASIC offers full-fledged commercial banking service including collection of deposit and lends support for the development of trade, business and other commercial activities in the country.
Short-term trade finance, working capital finance in processing and manufacturing units and financing and facilitation international trade get special attention of the bank.
Micro-Credit: BASIC has launched a Micro-Credit Scheme which provides for credit to the urban poor. The Bank delivers credit to the poor borrowers direct as well as through the intermediation of Non-Government Organizations (NGOS).
The scheme has already received wide recognition and popularity of the scheme is on increase with the passage of time.
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