BASIC Bank
BASIC Bank PLC, formally known as Bangladesh Small Industries and Commerce Bank PLC, is a state-owned scheduled commercial bank in Bangladesh with a distinctive focus on small and medium-sized industries. The bank was incorporated on 2 August 1988 under the Companies Act, 1913, and commenced commercial operations on 21 January 1989. It was established in response to the need for a financial institution dedicated to supporting small-scale industries and entrepreneurs. Initially, BASIC Bank was formed as a joint venture between the then BCC Foundation, which held 70 percent ownership, and the Government of Bangladesh, which held the remaining 30 percent. Following the closure of BCCI in 1991, the BCC Foundation became non-functional, and the Government of Bangladesh took over full ownership of the bank on 4 June 1992. Since then, BASIC Bank has operated as a 100 percent state-owned commercial bank.
BASIC Bank has a distinctive role in Bangladesh's financial sector because it combines the functions of a development-oriented and commercial bank. Its corporate objectives emphasize financing small and medium industries, with its governing documents stipulating that a significant portion of its loanable funds be directed toward this sector. Over the years, the bank has supported industrial enterprises and entrepreneurs through financing and advisory assistance, while also expanding its conventional commercial banking activities. Its services have evolved to address the needs of individuals, businesses, industries and other organizations across Bangladesh.
BASIC Bank PLC provides a broad range of retail banking services for individual customers. These include savings and other deposit accounts, loan products, debit cards, credit cards and various savings schemes. The bank also provides facilities such as ATM services, online banking, utility bill payment, lockers and electronic fund-transfer services. Its digital and transaction facilities include BEFTN and RTGS, while SWIFT services support secure international banking and payment transactions.
A major area of BASIC Bank's activities is SME and industrial financing. The bank provides term loans and other financing facilities to small and medium enterprises, manufacturing and processing businesses and entrepreneurs. It also offers SME deposit products and various forms of business finance. In addition, BASIC Bank provides financing related to agriculture, agriculture-based industries, microcredit, women entrepreneurship and consumer needs. These services enable the bank to serve different segments of the economy and support business development and employment generation.
The bank also provides extensive corporate banking and trade-finance services. These include corporate deposit products, corporate loans, working-capital finance, short-term trade finance, and facilities supporting import and export activities. BASIC Bank has authorized dealer branches that facilitate foreign-exchange transactions associated with international trade. It also provides foreign remittance services, enabling customers to receive money transferred from abroad.
In addition to its core banking products, BASIC Bank offers several specialized services designed to make banking more convenient. These include ATM services, A-Challan, SWIFT banking, locker services, BEFTN, RTGS, utility bill payment, e-GP-related services, Sanchayapatra services and internet banking. Its branches operate through an online core banking system, allowing customers to access banking facilities through modern banking channels.
In conclusion, BASIC Bank PLC has played an important role in Bangladesh's banking sector since beginning its operations in 1989. Its distinctive focus on small and medium industries, combined with retail, corporate, SME, trade-finance, foreign-exchange, remittance and digital banking services, allows it to serve a broad range of customers. As a state-owned commercial bank, BASIC Bank continues to provide financial products and banking facilities while maintaining its historical emphasis on supporting entrepreneurs, industries and economic development in Bangladesh.
| Registered Name | Bangladesh Small Industries and Commerce Bank PLC | |
| Legal Status | Public Limited Company | |
| Logo |  | |
| Established | 1988 | |
| Type | Private Bank | |
| Category | Commercial Bank | |
| Origin | Local Bank | |
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| Corporate Address | Sena Kalyan Bhaban, 6th Floor, 195 Box Culvert Road, Kamalapur, Motijheel C/A, Dhaka 1000, Bangladesh. | |
| Telephone | +880 2 223359185-86, 223359589-90 | |
| Fax | +880 2 9564829 | |
| Call Center | +880 2 223388190, 223384830 | |
| E-mail Address | basicho@basicbankplc.com | |
| Website | www.basicbankplc.com | |
| SWIFT Code | BKSIBDDH | |
| Code | 055 | |
| Service Hours | ||
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Rating 2.5, based on 609 votes.
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