Abstract:
Banking system of Bangladesh has gone through three phases of development- Nationalization, Privatization, and Lastly Financial Sector Reform. Social Investment Bank Limited has started its journey as a private commercial bank National Credit and Commerce Bank Limited (NCCBL) started its journey in the financial sector of the country as an investment company back in 1985. The company operated up to 1992 with 16 branches and thereafter with the permission of the Central Bank converted in a full-fledged schedule private commercial bank in May 1993 with paid up capital of Tk.39.00 core to serve the nation from a broader platform.
The whole working process of Principal Branch, NCC Bank Ltd is divided into 3 sections- (i) General Banking section, (ii) Credit Section, (iii) Foreign Exchange Section. This report has been presented based on observation from each section, which is consisted of various departments. Foremost, I have tried to make acquainted with the bank and branch in this report.
General banking is the starting point of all the banking operations. It is the department, which provides day-to-day services to the customers. It opens new accounts, remit funds, issue bank drafts and pay orders etc. Provide customer through quick and sincere service is the goal of the general banking department of Foreign exchange department plays significant roles through providing different services for the customers. Letters of credit is the key player in the foreign exchange business.
With the globalization of economies, international trade has become quite competitive. Timely payment for exports and quicker delivery of goods is, therefore, a pre-requisite for successful international trade operations. To ensure this purpose NCC Bank Ltd transmits L/C through SWIFT (Society for Worldwide Inter bank Financial Telecommunication) to the advising bank.
