Prime Bank Signs MoU with BASIS

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Prime Bank recently signed a Memorandum of Understanding with BASIS (Bangladesh Association of Software and Information Services) at the BASIS Board Room in Dhaka to launch Export Retention Quota Account (ERQ) facility for the BASIS member companies who are actively involved in service export in a non-physical form such as outsourcing, BPO, business services, professional and advisory services, etc.

In accordance with this agreement, members can park the payment (received through inward remittance) in USD account and BDT account simultaneously. Additionally, subject to regulatory requirements and bank policy, a member may move USD funds from their USD ERQ accounts to foreign accounts for legitimate business purposes. Furthermore, members are permitted to utilize an international card issued on their ERQ account.

Mohammad Habibur Rahman Chowdhury, deputy managing director and chief financial officer of Prime Bank and Hashim Ahmed, secretary at BASIS signed the Memorandum of Understanding on behalf of their respective organizations. Among others Chairman of BASIS Standing Committee on Member Services and Welfare Md Shajalal, Head of Services, BASIS Chowdhury Fatima Rokon Tuli, and SEVP and Head of Financial Institutions of Prime Bank Syed Faisal Omar and other senior officials of respective organisations were also present during the signing ceremony.