Recovery plan: BB instructions to Basic Bank

Bangladesh Bank (BB) has given 11 instructions to the Basic Bank to help it recovery from the collapse caused by irregularities unearthed by the central bank. The state-owned Basic Bank suffered a jolt as central bank investigation found that about Tk 45.0 billion was misappropriated through corruption and unfair practices in lending, mainly through its four branches at Motijheel, Gulshan, Dilkusha and Shantinagar. Without giving any detail, a top official of the Bangladesh Bank informed that these instructions were given to the Basic Bank management after removal of its managing director and appointment of the new chairman, according to a news agency.