Banking is a financial intermediary that accepts deposits and channels those deposits into lending activities.
Banking service in Bangladesh is characterized as a highly competitive and highly regulated sector. With a good number of banks already in operation and a few more in the pipeline, the market is becoming increasingly competitive by the day. With the global slowdown in the face of rising competition, the commercial banks are constantly looking for ways to develop their market and product offers to remain ahead of others. A significant amount of regulation by Bangladesh Bank prevents the scope of introducing newer products into the market and thereby restricts a banks’ ability to outperform others with a diversified product range. However, recent trends have shown banks shifting away from vanilla products (basic products) towards higher value added products that are highly structured, to meet the needs of the clients. Involvement of the banking sector in different financial events is increasing day by day. At the same time the banking process is becoming faster, easier and the banking arena is becoming wider. As the demand for better service increases, the banking organizations are coming with innovative ideas. In order to survive in the competitive field of the banking sector, all banking organizations are looking for better service opportunities to provide to their clients. As the student of Bachelor of Business Administration (BBA) every student has to conduct a practical orientation (Internship) on any organization for fulfilling the requirements of the B.B.A program. In order to fulfill this requirement of the Internship program I choose IFIC Bank Limited. The main purpose of the program is to know the real world situation. The topic of my report is “General Banking & Loan System of IFIC Bank Limited”. In this regard I have opportunity to make my internship in IFIC Bank Limited from January 04 to April 04, 2011. International Finance Investment and Commerce (IFIC) Bank Limited started banking operation on June 24, 1983. Prior to that it was set up in 1976 as a joint venture finance company at the instance of the Government of Bangladesh. Government then held 49 percent shares, while the rest were held by the sponsors and the general public. IFIC Bank is the oldest bank operating in Bangladesh. It has, over the years, created one of the largest networks among all the banks in Bangladesh. Present world is changing rapidly to face the challenge of competitive free market economy. To keep pace with the trend banks need executive with modern knowledge and provide fresh graduate with modern theoretical and practical knowledge in banking and financial institution management. As the practical origination is an integral part of the BBA degree requirement, I was placed as an internee in IFIC Bank Limited (Narshingdi Branch) to take the real life exposure of the activities of banking financial institution for three months only starting from January 04, 2011. This research is a partial requirement of BBA Internship Program in the Institute of Science and Technology (IST) affiliated by NationalUniversity and report is being prepared from three months extensive knowledge and research. Objective of the report: The primary objective of this report is to comply with the requirement of my course. But the objective behind this study is something broader. The principal intent of this report is to analyze the trends of modern banking and their customer’s satisfaction. Objectives of the study are summarized in the following manner: To identify the present state of IFIC Bank Limited. To get an idea about the financial strength of IFIC bank. To find out the problems exist in general banking department. To describe General Banking, SMS Banking, ATM facilities & other facilities provided by it. To discuss the potential of the bank. To provide the recommendation for improvement. Finally, to sketch out the overview of IFIC bank Ltd. To describe the loan department of this bank. At a Glance of IFICB: Network of the Branches of IFIC Bank: Mercantile Bank has 51 existing branches and some other proposed branch all over Bangladesh to provide better services to their valuable customer. Branch Location of IFIC Bank: There are 97 branches of IFIC Bank limited all over the country. All the branches are involved in providing service to its clients in various ways. Profit and Loss Account: Profit and Loss Account Mercantile Bank Limited For the year ended December 31, 2009 Financial Highlights: Financial Highlights Highlights for the year 2009 and 2008 Auditor’s Report: Initial Deposit: Tk. 500.00 at rural branches & Tk. 1000/- for urban branches which should be considered as minimum balance. Competitive Interest Rate. No extra hidden charge. Debit Card facility. SMS Banking Facility. ATM facility. Online banking facility. Utility payment service. Transfer of fund from one branch to another. Opportunity for availing locker facility. SMS Banking: IFIC Bank Ltd. catered the demand of time in the era of modern banking technology through SMS Banking Service. It is indeed a fast, secure, convenient, economical and quickest way of banking. The service is available round the clock seven days a week. Get real-time banking information and be in touch any time with IFIC Bank from one’s mobile. One can check his balance, account information, or even get his mini account statements through IFIC SMS Banking Service. Account Service: Table 3.4: SMS Banking Card Service of IFICB Bank Charges: SMS Banking facility is free of charge. Eligibility: All Account & Card Holder of IFIC Bank are eligible to apply for SMS Banking service. How to apply: Fill up Application Form and drop it to his/her nearest IFIC Bank Branch. How to send SMS: Go to message option and type the designated Hotkey- IFIC, Service Code – ( For Balance Enquiry- BAL, for Mini Statement- STM), PIN Number and send the SMS to 6969. SMS Format: IFICB Cards: IFIC Card is powered by VISA, world’s largest electronic payments network. IFIC Bank has been issuing VISA branded: CONSUMER LOAN: Banking is essentially a business dealing with money and credit. Like over other business activity, Banks are profit oriented. It depends mainly on how much profit they can make. Profit is the yardstick for the bank to move on. They work as reserves of “savings’ of the community and also as lenders or investors for trade business and industry. A bank invests its funds in many ways to earn income. The bulk of its income is derived from loans and advances. Banks give loans and advances to traders, businesspersons and Industrialists against the security of some assets or on the basis of the personal security of the borrower. This is the survival unit of the bank because until and unless the success of this section the survival is a question to every bank. IFIC Bank offers a wide variety of loan product & value added services to suit ones banking requirements. This includes: Most of the employees are not familiar with computer or technology. RECOMMENDATION: Banking is a service-oriented marketing. Its business profit depends on its service quality. That’s why the authority always should be aware about their service quality. To deliver quality service top management of this breach should try to mitigate the gap between customer’s expectation and employee’s perception and customer’s convenience should give priority. CONCLUSION: A bank is an economic institution whose main aim is to earn profit through exchange of money and credit instruments. It is a service oriented as well as profit oriented organization. To perform those two functions simultaneously, the bank divides its operations mainly in three parts- General Banking, Loan and Advances, and Foreign Exchange. Bank also invests their money into different financial securities and also in different types of project to diversify the risk and getting more profit. The Banking sector in any country plays an important role in economic activities. Bangladesh is no exception of that. As because it’s financial development and economic development are closely related, that’s why the private commercial banks are playing significant role in this regard. This report focused and analyzed on General Banking performance or we can say operational performance and credit system of IFIC Bank Limited, Pallabi Branch. During the three months internship program, almost all the desks have been observed more or less. This internship program, in first, has been arranged for gaining knowledge of practical banking and to compare this practical knowledge with theoretical knowledge. Though all departments and sections are covered in the internship program, it is not possible to go to the depth of each activities of branch because of time limitation. However, highest effort has been given to achieve the objectives the internship program. From the learning and experience point of view I can say that I really enjoy my internship at IFIC Bank of Bangladesh Ltd. I have tried by soul to incorporate the research report with necessary relevant information in my report. Few loyal committed customer bases, lack of modern and effective technology or facilities, not enough skilled employees in some sector, considering all of these very important factors, IFIC Bank should always try to improve their service level in every term. The marketing department should think freshly about their marketing objectives and practices. Rapid changes can quickly make yesterday’s winning strategies out of date. As a developing private bank in Bangladesh, IFIC Bank shouldn’t allow their client to get dissatisfied with their service. They have their competitors who actively striving to take the advantages in every side. Bibliography: Internship Report on Credit Management of Shahjalal Islami Bank Limited Executive Summary Banking is the backbone of national economy. It is a powerful medium to bring socio economic changes in a developing country like Bangladesh. As a part of its activity the banks provide short, medium and long term credits. It has to complete it’s screening process to offer cre.....','url':'http://www.assignmentpoint.com/business/finance/banking-service.html','og_descr':'Banking service in Bangladesh is characterized as a highly competitive and highly regulated sector. With a good number of banks already in operation and a few more in the pipeline, the market is becoming increasingly competitive by the day.
Banking Assignment Writing. Banking is an activity, which is performed by every businessperson and common people specially those who work in or deal with banks.
ASSIGNMENT ON BANKING SERVICES IN INDIA Submitted towards the partial fulfillment of the requirement for the degree of MASTERS OF BUSINESS ADMINISTRATION MBA.
Assignment on E Banking Contents Introduction: 2 E-Banking Tools 2 ATM 2 Mobile banking 3 Credit Card 3 Objectives of the Study 3 Methodology of the study 3.
Banking service in Bangladesh is characterized as a highly competitive and highly regulated sector. With a good number of banks already in operation and a few more in.