BASIC Bank has taken an action plan to meet its capital short fall and cover up its negative image. A part of that action plan is that a certain portion of salary will be cut off from the BASIC Bank’s top managers. The BASIC Bank’s goal is to bring back its positive image by 2016. A letter of BASIC Bank to its financial manager reflects such goal and idea.
BASIC Bank has faced capital short fall in the month of June of Tk 1,675 crore. It destroyed the image of the bank. The specialized bank in the action plan said that many international banks are not accepting its letters of credits because of these points. In implementing the action plan, the BASIC Bank sought Tk 1,372 crore on an emergency basis from the government. It is necessary to meet up the capital short fall.
The top managers of the BASIC Bank have already been forfeited a portion of monthly gross salary. The purpose behind it is to minimize the operating costs. For the first time in the country, six deputy managing directors decided to let go Tk 30,000 from their monthly salaries. 12 general managers decided to let go Tk 20,000.
Currently the DMDs draw Tk 4 lakh and GMs take Tk 2 lakh. A high official of BASIC Bank said thatit would implement the same to other officials in phases. In case of the forfeited amount, it is decided that itf will be kept in one of the deposit pension schemes of the bank. Moreover, if BASIC Bank manages to return to net profit by 2016, the amount will be given back to 18 officials. The bank set a target of increasing private deposit. The bank made a net loss of Tk 53 crore in 2013.
Besides recovering the net profits and financial losses, the action plan takes step in recovering its positive image also. According to the plan, fresh proposals will be brought on case by case basis.
The bank included Anti-Corruption Commission's efforts in its mission. Such commission is conducting investigation about the persons who are responsible for irregularities in the bank procedure. BASIC Bank will take step against those responsible persons. There is also a plan of appointing accountancy firms.
The banking sector is one of the most organized sectors in Bangladesh. Top banks of the country are BRAC Bank, IFIC Bank, AB Bank, Islami Bank and Trust Bank Limited.
BASIC Bank has faced capital short fall in the month of June of Tk 1,675 crore. It destroyed the image of the bank. The specialized bank in the action plan said that many international banks are not accepting its letters of credits because of these points. In implementing the action plan, the BASIC Bank sought Tk 1,372 crore on an emergency basis from the government. It is necessary to meet up the capital short fall.
The top managers of the BASIC Bank have already been forfeited a portion of monthly gross salary. The purpose behind it is to minimize the operating costs. For the first time in the country, six deputy managing directors decided to let go Tk 30,000 from their monthly salaries. 12 general managers decided to let go Tk 20,000.
Currently the DMDs draw Tk 4 lakh and GMs take Tk 2 lakh. A high official of BASIC Bank said thatit would implement the same to other officials in phases. In case of the forfeited amount, it is decided that itf will be kept in one of the deposit pension schemes of the bank. Moreover, if BASIC Bank manages to return to net profit by 2016, the amount will be given back to 18 officials. The bank set a target of increasing private deposit. The bank made a net loss of Tk 53 crore in 2013.
Besides recovering the net profits and financial losses, the action plan takes step in recovering its positive image also. According to the plan, fresh proposals will be brought on case by case basis.
The bank included Anti-Corruption Commission's efforts in its mission. Such commission is conducting investigation about the persons who are responsible for irregularities in the bank procedure. BASIC Bank will take step against those responsible persons. There is also a plan of appointing accountancy firms.
The banking sector is one of the most organized sectors in Bangladesh. Top banks of the country are BRAC Bank, IFIC Bank, AB Bank, Islami Bank and Trust Bank Limited.
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