Information Processing, Publishing, Preserving and Dissemination.
The address of the organization’s Head Office and other Branch offices are available in the website, Facebook page, annual report and all branch offices. Any member can get the address, phone number, Fax number, Email ID, website address etc. of the head office or the branch offices by visiting these any time. And if there is any change in those data, all the concerned authorities, all members and other stakeholders will be immediately notified.
All information regarding the members’ names, addresses, loans and savings will be preserved by the branch office for six years.
The entire procedures of microfinance and other services of BASTOB are stored in the form of manuals/ policies in every branch. Anyone can have a look at these. All these manuals include information regarding the interest rates on loans and savings, other fees, process of giving and taking interest, process of loan provisions, deposit provision and so on.
There is an Information Officer in the Head Office who will provide all information as needed.
Any complaint from any member regarding the microfinance programme will be welcomed and will be solved within two months, and the members concerned will be informed accordingly.
In case of a member’s death, insurance claims (return of savings and settlement of outstanding loans) will be met within a maximum period of 30 days.
Programme Report Accounts Statements:
The organization has its own website namely, www.BASTOB.org. A wide range of information is available there and is accessible to the general public.
The annual statements of accounts are audited once a year by an accredited audit firm. The audit report is duly presented to the concerned authorities. It is also available at the organization’s website and annual report.
The annual report of the organization, which includes pictures, audit report, facts and figures and other information, is published each year. This report is then provided to everyone concerned.
Every month, data and financial report on microfinance programme is produced, preserved and submitted to everyone concerned.
Any person with financial difficulties irrespective of religion, caste or creed has the right to benefit from the financial services of BASTOB based on his/her ability to transact business.
Taka 25.00 is charged from the members for the admission form, loan application form and for the pass book.
Once the loan application is received, the loan is released within 10 days.
In case of the dissolution of the organization, the members who have savings deposit will get preference, in claiming benefits.
The recipient of the loan can submit the name of any male or female as guarantor who will be liable for the loan
Males and females will get loans based on their respective abilities and experience.
Rights and Responsibilities of Members:
Any financially insolvent male or female irrespective of his/ her caste, creed, and religion is suitable to receive a loan from BASTOB.
As per policy of the organization, there are several savings schemes available to the members.
As per policy of the organization, members have the right to receive various loan schemes such as microcredit, enterprise loan, loan for the extremely poor, disaster mitigation loan, and other loans, depending on their capacity and qualification.
If a member does not have any unpaid loan balance, he or she has the right to withdraw membership, with his/her partial or full saving balance.
In order to avail of the services of the organization, members reserve the right to know clearly the terms and conditions of the organization in written or in oral form.
The members have to deposit their savings regularly. Payment of the received loan should be paid on the due date. Members have to be present in the weekly meetings and assist the organization to maintain the discipline in the group.
Members have the right to participate in different training courses and awareness programmes arranged by the organization.
According to the organizational policy, every member/member’s nominee has the right to get insurance benefits such as saving refund, loan repayment etc.
As per policy of the organization the members will receive interests on the savings deposit in accordance with the existing rate of the organization.
Members will get rebate for early settlement of their loan installments.
Members can get update on their savings and loans by visiting the respective branch office during office hours.
To assure the members of the legality of the transaction, a staff member will record on the passbook their payment of the loan installment and their savings, and will sign the passbook.
According to the contract/agreement, loan installments, savings and premium of insurance have to be paid on the due date and members should also encourage other members to do so.
The received loan should be spent on a profitable enterprise skillfully to increase their income.
If a member does not have the ability to pay back the loan installment, he/she should not take loans from more than one source.