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The Karmasangsthan Bank was established in 1998 as per Karmasangsthan Bank Act No.7 of 1998 with a view to involving the unemployed people of the country especially the unemployed youths in the economic activities through self-employment opportunities for poverty alleviation.

The Government enforced this law on 30 June 1998 being empowered to do so by article 1(2) of this Act. The Bank formally started functioning since 22 September 1998 through disbursement of loans from its main branch at Dhaka.

Karmasangsthan Bank provides credit facilities in cash or in any any other manner for all sorts of economic activities, especially to the unemployed youths, for self-employment, with or without security. Karmasangsthan Bank can perform the any banking activities subject to terms and conditions prescribed by Bangladesh Bank

Karmasangsthan Bank committed to develop and deliver the most innovative products, manage customer experience, deliver quality service that contribute to brand strength, develop a competitive advantage and enhance profitability, thus providing value to the stakeholders of the bank.

It is mentionable that with a view to eliminating unemployment and alleviating poverty through generation of self-employment for the unemployed youths, the Bank is now providing loans without security in various productive economic activities. Besides the banking activities, the Bank can issue and sell Bonds and Debentures subject to prior approval of the Govt. The rates of interest of such Bonds and Debentures shall be that as determined by the Govt. and each of such Bond or Debenture shall have Govt. surety behind itself.
 

Bangladesh Bank, as the central bank, has legal authority to supervise and regulate all banks and non-bank financial institutions. Bank Company Act, 1991, empowers Bangladesh Bank to issue licenses to carry out banking business in Bangladesh. Given some broad policy goals and objectives, it formulates and implements monetary policy, manages foreign exchange reserves and lays down prudential regulations and conduct monitoring thereof as they apply to the entire banking system. The Bangladesh Bank has the power to impose penalties for non-compliance and also to intervene in the management of a bank if serious problem arise. It also has the delegated authority of issuing policy directives regarding the foreign exchange regime.