Internship Report On Janata Bank Limited.doc 52612
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Chapter One
Introduction
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1.1 Background of the Study This Internship Program as well as this report is an indispensable of my courses of Business istration. After completion of our courses in the different areas of studies, students are sent to different reputed Business organization to acquire the real life experience. But with the bounty of Almighty I have been appointed as officer- Assistant Executive Officer in The Janata bank Ltd. So, according to the rules and the direction of my Branch Manager-AGM, most of the working days of job I have been performing the tasks supposed to be done at “Foreign Exchange” Desk. Jagannath University one of the reputed public universities in Bangladesh, has designed the curriculum of the MBA course such a way that the international standard post graduates will be produced. After completing 48 credit hours, one student needs to go for further 6 credit hours internship program in a commercial organization. As an employee of Janata Bank Limited. I can learn the banking dealings.
As it
maintains the pace with the competitive banking business world, its activities culture, philosophy and style leads as a banker to be knowledge of my working life.
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1.2 Objectives of the Study The main objective of this study is to know about the operation and activities that are offered by the Foreign Exchange Department of Janata Bank Limited. In addition, the study seeks to achieve the objectives written below: An analysis and discussion of foreign exchange services of the bank. To evaluation of the present performance of the bank regarding foreign exchange.
To search the problems of this branch of Janata Bank Limited determining the drawbacks of the existing foreign exchange system.
Recommending some guidelines to improve the effectiveness of foreign exchange services.
To review the techniques used by the bank to make it lucrative.
1.3 Methodology of the Study To prepare the report use both primary and secondary data. The primary data were collected through my jobs assigned upon me as an employee of Janata Bank ltd. regarding the procedure of operation of foreign exchange dept.Working with other departments as well as discussion with the staffs of those departments provide a lot primary information. Secondary data were gathered from the annual reports, relevant published books. In specific sense, sources of information: Primary Sources:
Personal experiences through my jobs with the different at my Branch.
Discuss with my colleagues.
Secondary Sources: 3|Page
Relevant publications of Janta bank ltd.
Annual report of Janta bank ltd. (2009-2010)
Published documents of Janta bank ltd.
1.4 Limitations of the Study Since I’ve been appointed as an entry employee of Janata bank ltd., there might be some level of inaccuracy with those collected information. Like every other studies, I too faced some constraints during my project period, otherwise, I’d have enabled me in making my study more appropriate and logical. The limitations from both side the complication of foreign exchange dept. well as myself. The followings are some some of the shortcomings: Time: The allocated time three (03) months was not enough for getting a sound knowledge about the study. Working scope: As I’m a newly recruited officer, so till now I’m not well introduced with the jobs are performed in foreign exchange deptt. Therefore, it is difficult for me to learn more.
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Chapter Two
Scenario of Foreign Exchange in Bangladesh
2.1 Introduction 5|Page
The overall performance of the external sector witnessed a moderate growth during FY10. Despite spillover effects of the turbulent external economic conditions as well as the global liquidity crunch, adequate inflow of foreign exchange through export and remittance channels kept the foreign exchange market stable. Besides, the bumper production in rice sector together with sluggish external demand for RMG have lowered import of rice, fabrics, cotton, yarn etc.. In addition to that slowdown of new investment also lowered input demand, which all together are responsible for the lower demand for foreign exchange and helped Taka-Dollar exchange rate almost stable. Double-digit growth rate of remittances and moderate export receipts helped increase gross foreign exchange reserve by USD 1.3 billion (or 21.5 percent) to USD 7.5 billion at the end of FY09 which increased further and stood at 10.8 billion at the end of June 2010 with a remarkable growth of 43.9 percent compared to FY09. However, Taka depreciated against US Dollar by a mild 0.6 percent during the FY10.
2.2 Foreign Exchange and the Balance of Payment-the Overall Situation The higher current surplus and the lower financial flows led the balance of payments (BOP) to a record high surplus of USD 2865 million in FY10. Merchandise exports (fob) increased by USD 639.5 million (or 4.1 percent) in FY10 to USD 16204.7 million, though fertiliser, tea and frozen shrimps & fish, which recorded a negative growth of about 64.1 percent, 53.7 percent and 4.0 percent respectively; all other major exported items increased significantly. A substantial growth of export of jute goods (64.5%), petroleum by-products (62.3%), engineering products (54.6%), raw jute (32.5%), leather (26.9%), footwear (11.6%), woven garments (1.6%) and knitwear (0.8%), contributed to increase the growth of merchandise exports in FY10 over FY09. The export of miscellaneous products, subsumed under the “others” category showed a negative growth of 0.5 percent in value during FY10. However, as a percentage of GDP, exports decreased by 1.2 percentage point from 17.4 percent in FY09 to 16.3 percent in FY10. Merchandise imports (fob) increased by USD 1097.0 million (or 5.4 6|Page
percent) in FY10 to USD 21388.0 million. Import of spices¸ sugar, pulses (all sorts), pharmaceutical products, edible oil, wheat, plastic and rubber & articles thereof, capital machinery, raw cotton, tanning & dying extracts, clinker induced to increase overall import. On the other hand, there is significant fall in import payments for rice (68.6 percent) because of bumper production, import restriction from India and increased price in International market. Decreased import payments is showed for fertiliser (24.9 percent), oil seeds (18.2 percent), yarn (9.3 percent), crude petroleum (8.4 percent), textile & articles thereof (5.4 percent), iron, steel & other base metal (3.3 percent). Imports (c&f) as a percentage of GDP decreased by 1.4 percentage points from 25.2 percent in FY09 to 23.8 percent in FY10
The trade deficit widened by 9.4 percent in FY10 owing to the relatively larger expansion in import payment compared to the increase in export earnings. Therefore, a higher increase in imports than export somewhat widened the trade deficit from USD 4710.0 million in FY09 to USD 5152.0 million in FY10. The deficit on the services , however, narrowed down to USD 1237.0 million in FY10 from USD 1616.0 million in the previous year. On the contrary, the deficit on the income s rose slightly to USD 1487.0 million in FY10 from USD 1484.0 million in FY09. Current transfers increased substantially from USD 7|Page
10226.0 million in FY09 to USD 11610.0 million in FY10, thanks to a hefty 13.4 percent rise in workers’ remittances. The net outcome of all these developments widened substantially the current surplus from USD 2416.0 million in FY09 to USD 3734.0 million in FY10. Current balance as a percentage of GDP stood at 3.7 in FY10 against 2.8 in FY09.
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Chapter Three
Overview of Janata Bank Limited.
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3.1 Background of Janata Bank Limited Janata Bank Limited, one of the state owned commercial banks in Bangladesh, has an authorized capital of Tk. 8000 million (approx. US$ 076.96 million), paid up capital of Tk. 2593.90 million, reserve of Tk.4182.52 million and retained surplus Tk. 2285.94 million. The Bank has a total asset of Tk. 267157.45 million as on 31 st December 5008. Immediately after the emergence of Bangladesh in 1971, the erstwhile United Bank Limited and Union Bank Limited were renamed as Janata Bank. On 15 th November, 2007 the bank has been corporatised and renamed as Janata Bank Limited. Janata Bank Limited operates through 872 branches including 4 overseas branches at United Arab Emirates. It is linked with 0702 foreign correspondents all over the world. The Bank employs more than 13(Thirteen) thousand persons. The corporate head office is located at Dhaka with 10 Divisions comprising of 37(thirty seven) departments. It computerized more than 139 important branches; non stop services introduced in more than 88 branches; ONLINE Banking in more than 60 important branches under implementation; ATM, EFT facilities.
3.2 Corporate Information Name
Janata Bank Limited
ed address
Janata Bhaban, 070, Motijheel commercial area, Dhaka-1000.
Legal status Date of incorporation
Bangladesh. Public limited 21 may, 2007.
Paid up capital Website Swift code
2593 million www/janatabankltd.-bd.com JANB BD DH
Fax
Pabx ; 9560000
3.3 Number of Branches 10 | P a g e
Janata Bank Limited is one of the largest nationalized banks in Bangladesh. The bank has 13 area offices and 29 regional offices all over the country. Computerized branches of the bank are 346. Total numbers of branches are 872 including one Local office. Bank has 4 overseas Branches it is linked with 1202 foreign correspondents all over the world. Overseas branches are: 1. Abu Dhabi
2. Sharjah
3. Dubai 4. Al-Ain
3.4 Number of employees The total number of employees of the bank is 13698.
3.5 Number of employees Governing Body and Management The Board of Directors is composed of 07 (eleven) headed by a Chairman. The Directors are representatives from both public and private sectors. The Bank is headed by the Chief Executive Officer & Managing Director, who is a reputed banker. Hierarchy of Janata Bank Management
Chairman
Managing Director(CEO)
Deputy Managing Director
General Manager
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Deputy General Manager
Assistant General Manager
First
Assistant
General
Manager Senior Executive Officer Executive Officer
Assistant
Executive
Officer
3.6 Products and Services of Janata Bank Limited Janata Bank Limited has not yet only gained enormous popularity but also been successful in mobilizing deposit and loan products since commencement of banking operation. The bank has made significant progress within a very short time period due to its dynamic management and introduction of various consumer-friendly loan and deposit products. All the products and services offered by the bank can be classified under three major heads as below: A) Deposit Products: 1. Contributory Savings Scheme 2. Monthly Benefit Deposit Scheme 3. Special Deposit Scheme 4. Education Savings Scheme 5. Fixed Deposit Scheme 6. Savings Deposit 12 | P a g e
7. STD 8. Multi Currency 9. Foreign Currency Deposit 10. Non Resident Taka 11. NFCD (Non Resident Foreign Currency Deposit ) 12. NITA (Non Resident Investor’s Taka ) B) Loan Products: 1. Consumers’ Credit Schemes: a.
Household Durable Loan
b.
Doctors Loan
c.
Travel Loan
d.
Car Loan
e.
Advance Against Salary
f.
CNG Conversion Loan
g.
Education Loan
h.
Marriage Loan
i.
Hospitalization Loan
2. Lease Finance 3. Hire Purchase 4. Small and Medium Enterprise Credit Scheme 5. Loan Against Shares and Securities 6. House Building Financing Scheme 7. Financing Scheme for Contractors 8. Computer Software Financing Scheme 9. Working Capital Financing 10. Industrial Financing
3.7 Principal Activities of Janata Bank limited The activities of the banks are divided into two categories: 1. Primary activities, and 13 | P a g e
2. Secondary activities including agency activities. Primary Activities The primary activities of Janata Bank Limited include: a) Accepting deposits and b) Granting loans and advances a) Accepting deposits The most important activity of Janata Bank Limited is to mobilize deposits from the public. People who have surplus income and savings find it convenient to deposit the amounts with banks. Depending upon the nature of deposits, funds deposited with bank also earn interest. Thus, deposits with the bank grow along with the interest earned. If the rate of interest is higher, public are motivated to deposit more funds with the bank. There is also safety of funds deposit with the bank. b) Grant of loans and advances The second important activities of a Janata Bank Limited is to grant loans and advances. Such loans and advances are given to of the public and to the business community at a higher rate of interest than allowed by banks on various deposit s. The rate of interest charged on loans and advances varies depending upon the purpose, period and the mode of repayment. The difference between the rate of interest allowed on deposits and the rate charged on the Loans is the main source of a bank’s income. Secondary Activities Besides the primary functions of accepting deposits and lending money, banks perform a number of other functions which are called secondary functions. These are as follows – 1. Issuing letters of credit, travelers, cherubs, circular notes etc. 2. Undertaking safe custody of valuables, important documents, and securities by providing safe deposit vaults or lockers; 3. Providing customers with facilities of foreign exchange. 14 | P a g e
4. Transferring money from one place to another; and from one branch to another branch of the bank. 5. Standing guarantee on behalf of its customers, for making payments for purchase of goods, machinery, vehicles etc. 6. Collecting and supplying business information; 7. Issuing demand drafts and pay orders; and, 8. Providing reports on the credit worthiness of customers.
3.8 SWOT Analysis of Janata Bank Limited Every organization is composed of some internal strengths and weaknesses and also has some external opportunities and threats in its whole life cycle.
Strengths 1. Strong corporate identity According to the customers, Janata Bank Limited is the leading provider of financial services identity worldwide. With its strong corporate image and identity, it has better positioned itself in the minds of the customers. This image has helped Janata Bank Limited grab the personal banking sector of Bangladesh very rapidly. 2. Strong employee bonding and belongings Janata Bank Limited employees are one of the major assets of the company. The employees of Janata Bank Limited have a strong sense of commitment towards organization and also feel proud and a sense of belonging towards Janata Bank Limited. The strong organizational culture of Janata Bank Limited is the main reason behind its strength. 3. Efficient Performance It has been seen from customers’ opinion that Janata Bank Limited provides hassle-free customer services to its client comparing to other financial institutions of Bangladesh. Personalized approach to the needs of customers is its motto.
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4. Young enthusiastic workforce The selection & recruitment of Janata Bank Limited emphasizes on having the skilled graduates & postgraduates who have little or no previous work experience. The logic behind is that Janata Bank Limited wants to avoid the problem of 'garbage in & garbage out'. And this type of young & fresh workforce stimulates the whole working environment of Janata Bank Limited. 5. Empowered Work force The human resource of Janata Bank Limited is extremely well thought & perfectly managed. As from the very first, the top management believed in empowering employees, where they refused to put their finger in every part of the pie. This empowered environment makes Janata Bank Limited a better place for the employees. The employees are not suffocated with authority but are able to grow as the organization matures. 6. Hospitable Working Environment All office walls in Janata Bank Limited are only shoulder high partitions & there is no executive dining room. Any of the executives is likely to plop down at a table in its cafeteria & in a lunch, chat with whoever is there. One of the employees has said, 7. Strong Financial Position It has been seen that the net profit has been gradually rising over the years. Furthermore, Janata Bank Limited is not just sitting on its previous year’s success, but also taking initiatives to improve.
Weaknesses 1. High charges of L/C 16 | P a g e
Presently Janata Bank Limited charges same rates for all types of import L/C. But for import L/C of exports-oriented industry, Janata Bank Limited should reduce the charge of L/C. As a result, exporter will be benefited and the country will earn more foreign exchange. The commission often even rises up to 30%.
2. Discouraging small entrepreneurs Janata Bank Limited provides clean Import Loan to most of its solvent clients. But they usually do not want to finance small entrepreneurs whose financial standing is not clean to them. 3. Absence of strong marketing activities Janata Bank Limited currently don't have any strong marketing activities through mass media e.g. Television. TV ads play vital role in awareness building. Janata Bank Limited has no such TV ad campaign. Although they do a lot of CSR activities compared to other banks. 4. Not enough innovative products In order to be more competitive in the market, Janata Bank Limited should come up with more new attractive and innovative products. This is one of the weaknesses that Janata Bank Limited is currently ing through but plans to get rid of by 2010. 5. Diversification Janata Bank Limited can pursue a diversification strategy in expanding its current line of business. The management can consider options of starting merchant banking or diversify it to leasing and insurance. As Janata Bank Limited is one of the leading providers of all financial services, in Bangladesh it can also offer these services.
6. Lack of Proper Motivation The salary at Janata Bank Limited is very decent, but it lacks other sorts of motivation. Incentives such as bonuses are given for acquiring a particular figure, but all in all these 17 | P a g e
are the only motivational factors.
7. High Cost for maintaining The maintenance cost for Janata Bank Limited is comparatively high. Other banks very often highlight this. In the long run, this might turn out to be a negative issue for Janata Bank Limited. 8. Outdated Software and Hardware Some of the PCs in this branch have very outdated hardware which is very slow and affects the customers and hence the performance of the bank as a whole. The softwares themselves are pretty old – Flexcube is from 2003, Microsoft Office XP is used. All of these prevent smooth operations.
Opportunities 1. Distinct operating procedures Repayment capacity as assessed by Janata Bank Limited of individual client helps to decide how much one can borrow. As the whole lending process is based on a client's repayment capacity, the recovery rate of Janata Bank Limited is close to 100%. This provides Janata Bank Limited financial stability & gears up Janata Bank Limited to be remaining in the business for the long run.
2. Country wide network The ultimate goal of Janata Bank Limited is to expand its operations to whole Bangladesh. Nurturing this type of vision & mission & to act as required, will not only increase Janata Bank Limited's profitability but also will secure its existence in the log run. 3. Experienced Managers One of the key opportunities for Janata Bank Limited is its efficient managers. Janata 18 | P a g e
Bank Limited has employed experienced managers to facilitate its operation. These managers have already triggered the business for Janata Bank Limited as being new in the market. 4. Huge Population Bangladesh is a developing country to satisfy the needs of the huge population, a large amount of investment is required. On the other hand, building EPZ areas and some Govt. policies easing foreign investment in our country made it attractive to the foreigners to invest in our country. So, Janata Bank Limited has a large opportunity here. 6. Bigger Market Although the GDP per head decreased a bit in 2010 from 2009, there is a huge untapped market that requires loans and intends to deposit also.
3.9.4 Threats 1. Banks/Branches The private, local, & multinational banks posse’s serious threats to the existing banking network of Janata Bank Limited it is expected that in the next few years more commercial banks will emerge. If that happens the intensity of competition will rise further and banks will have to develop strategies to compete against and win the battle of banks. 2. Similar products are offered by other banks Now-a-days different foreign and private banks are also offering similar type of products with an almost similar profit margin. So, if all competitors fight with the same weapon, the natural result is declining profit.
3. Default Loans The problem of non-performing loans or default loans is very minimum or insignificant. However, this problem may rise in the future thus; Default Loans The problem of non19 | P a g e
performing loans or default loans is very minimum or insignificant. However, this problem may rise in the future thus; Janata Bank Limited has to remain vigilant about this problem so that proactive strategies are taken to minimize this problem. 4. Industrial Downturn Bangladesh is economically and political unstable country. Flood, draught, cyclone, and newly added terrorism have become an identity of our country. Along with inflation, unemployment also creates industry wide recession. These caused downward pressure on the capital demand for investment. 5. Financial Crisis Although people have recovered a bit from the shock, it may still pose as a threat. People are still hesitant to take loans or even deposit them has to remain vigilant about this problem so that proactive strategies are taken to minimize this problem. 6. Financial Crisis Although people have recovered a bit from the shock, it may still pose as a threat. People are still hesitant to take loans or even deposit them.
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Chapter Four
Practical Experience Gathered Through Doing Job
4.0 My Job at Janata Bank Limited
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Through my jobs at Janata bank limited, I have had gathered some rules of regulations of L/C. As I am a newly appointed employee that is why I did not have to deal with the customers that much but there were a lot of responsibilities that I had. Such as: •
Processing a new LC ( Letter of Credit) -
Fill up the LCAF Forms
-
Calculating the VAT, commission, margin etc
-
Printing the SWIFT message
-
Filling up the CF-7 Forms
-
Putting seals
-
Taking signatures
-
Numbering the LCs
-
Learned about The Foreign Regulation Act 1947
•
Doing the similar things for BTB (Back-to-Back) LCs and Local LCs
•
Preparing the LC for C (Control Processing Center)
•
Filling up the IMP forms
•
Putting the LC and IMP into their following s
•
Learning to put different types of seals
•
Printing Cover Letters, letters etc
•
Picking up the phone, calling up customers for missing information
•
Preparing T&M (Travel and Miscellaneous) for Bangladesh Bank
•
Taking necessary papers from customers such as taking photocopy of National ID card, port, Trade License etc
•
Photocopying was a major activity in this departments
•
Learned how to receive mail and send out mail via courier
•
Learning the basics of these softwares – Flexcube Corporate, Western Union, DBCube, Dhaka Bank Foreign trade (for other remittancies other than Western Union)
•
Counting vouchers
•
Giving out Western Union forms to customers
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Chapter Five
Findings and Analysis of Foreign Exchange of Janata Bank limited
5.1 Introduction 23 | P a g e
Foreign exchange is the means and methods by which rights to wealth in a country’s currency are converted into rights to wealth in another country’s currency. In banks when we talk of foreign exchange, we refer to the general mechanism by which a bank converts currency of one country into that of another. Foreign Exchange Department (FED) is the international department Bangladesh Bank issues license to scheduled banks to deal with foreign exchange. These banks are known as Authorized Dealers.
If the branch is
authorized dealer in foreign exchange market, it can remit foreign exchange from local country to foreign countries. So the bank is an authorized dealer.
There are three kinds of foreign exchange transaction: 1. Import 2. Export 3. Remittance.
5.2 Import To import, a person should be competent to be an importer’. According to Import and Export Control Act, 1950, the Office Of Chief Controller Of Import and Export provides the registration (IRC) to the importer. In an international business environment, buyers and sellers are generally unknown to each other. So seller of goods always seeks security for the payment of his exported goods. Bank gives export guarantee that it will pay for the goods on behalf of the buyer if the buyer does not pay. This guarantee is called Letter of Credit. Thus the contract between importer and exporter is given a legal shape by the banker by ‘Letter of Credit’.
5.3 Letter of Credit A conditional written undertaken issued by the importer’s (applicant) bank to the exporter (beneficiary) at the request of the importer to effect payment up to a stated amount within a stated time period against presentation of complaint documents. The LC is governed by International Chamber of commerce (ICC) publication no.500.
5.4 Loan against Trust Receipts (LTR) 24 | P a g e
Advance against a Trust Receipt obtained from the Customers are allowed to only first class tested parties when the documents covering an import shipment or other goods pledged to the Bank as security are given without payment. However, for such advances prior permission/sanction from Head Office must be obtained,
The customer holds the goods or their sale-proceeds in trust for the Bank, till such time, the loan allowed against the Trust Receipts is fully paid off.
The Trust Receipt is a document that creates the Banker's lien on the goods and practically amounts to hypothecation of the proceeds of sale in discharge of the lien.
5.5 Loan against Imported Merchandise (LIM) Advance (Loan) against the security of merchandise imported through the Bank may be allowed either on pledge or hypothecation of goods, retaining margin prescribed on their Landed Cost, depending on their categories and Credit Restriction imposed by the Bangladesh Bank, Bank shall also obtain a letter of undertaking and indemnity from the parties, before getting the goods cleared through LIM .
5.6 Payment Procedure of Import Documents This is the most sensitive task of the Import Department. The officials have to be very much careful while making payment. This task constitutes the following: Date of Payment Usually payment is made within seven days after the documents have been received. If the payment is become deferred, the negotiating bank may claim interest for making delay. Preparing Sale Memo A sale memo is made at B.C rate to the customer. As the T.T & O.D rate is paid to the ID, the difference between these two rates is exchange trading. Finally, an Inter Branch Exchange Trading Credit Advice is sent to ID. 25 | P a g e
Requisition for the Foreign Currency For arranging necessary fund for payment, a requisition is sent to the International Department. Transmission of Message Message is transmitted to the correspondent bank ensuring that payment is being made.
5.7 Export The goods and services sold by Bangladesh to foreign households, businessmen and Government are called export. The export trade of the country is regulated by the Imports and Exports (control) Act, 1950. There are a number of formalities, which an exporter has to fulfill before and after shipment of goods. The exports from Bangladesh are subject to export trade control exercised by the Ministry Of Commerce through Chief Controller of Imports and Exports (CCI & E). No exporter is allowed to export any commodity permissible for export from Bangladesh unless he is ed with CCI & E and holds valid Export Registration Certificate (ERC). The ERC is required to be renewed every year, The ERC number is to be incorporated on EXP forms and other documents connected with exports. The formalities and procedure are enumerated as follows:
Obtaining exports LC: To get export LC form exporter issued by the importer.
Submission of export documents; Exporter has to submit all necessary documents to the collecting bank after shipping of goods
Checking of export documents; after getting the documents banker used to check the documents as per LC
Negotiation of export documents; If the bank accepts the document and pays the value draft to the exporter and forward the document to issuing bank that is called a negotiating bank. IF the bank does buy the LC then the bank normally acts as collecting bank.
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Realization of proceeds: This is the period when the issuing bank has realized the payment.
Reporting to the Bangladesh bank: As per instruction by Bangladesh bank the bank has to report to respective department of Bangladesh bank by mentioning latest payment.
Issue to proceeds realization certificate (PRC): Bank has to issue precedee realization certificate of export LC to the supplier/ exporter for getting cash assistant.
5.8 Export Operation Bangladesh exports a large quantity of goods and services to foreign households. Readymade textile garments (both knitted and woven). Jute, Jute-made products frozen shrimps, tea are the main goods that Bangladeshi exporters exports to foreign countries. Garments sector is the largest sector that exports the lion share of the country's export. Bangladesh exports most of its readymade garments products to U.S.A and European Community (EC) countries. Bangladesh exports about 55% of its readymade garments products to U.S.A. Most of the exporters who export through Elephant Road Branch are readymade garment exporters. They open export L/Cs here to export their goods, which they open against the import L/Cs opened by their foreign importers. Export L/C operation is just reverse of the import L/C operation. For exporting goods by the local exporter, bank may act as advising banks and collecting bank (negotiable bank) for the exporter, As an advising bank It receives documents from the foreign importer and hands it over to the exporter. Sometimes it adds confirmation on the L/C on request from the Opening Bank. By adding confirmation, it assumes the responsibility to make payment to the exporter. As Negotiating Bank
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It negotiates the bills and other shipping documents in Favor of the exporter. That is, it collects the proceeds of the export-bill from the drawer and credits the exporter's for the same. Collection proceed from the export bill is deposited in the bank's NOSTRO in the importer's country. Sometimes the bank purchases the bills at discount and waits till maturity of the bill. When the bill matures, bank presents it to the drawer to encash it. In our country, Export and Import operation of bank is very much related with one another because of use of Back to Back and maturity of payment for Back-to-Back L/C is set in such that it can be paid out of export proceeds.
5.9 Back-To-Back L/C It is simply issued to the clients against an import L/C. Back-to-Back mechanism involves two separate L/C. One is master Export L/C and another is Back-to-Back L/C. On the strength of Master Export L/C bank issues bank to Back L/C. Back-to-Back L/C is commonly known as Buying L/C. On the contrary, Master Export L/C is known as Selling L/C. Payment of back to back L\C In case back to back as 60-90-070-180 days of maturity period, deferred payment is made. Payment is given after realizing export proceeds from the L/C issuing bank.
5.10 Checklist of exports L/C Following defective points are usually found in the Master L/C. So, the bank officials so much carefully check these points. These are: 1. Name of the Advising Bank. 2. Name of Transferring Bank 3. Form of Doc. credit: Name of Issuing Bank Documentary Credit No. and issuing date 28 | P a g e
Date of shipment Expiry date and place 4. Applicant/ for order of/ On . 5. Beneficiary/ Favoring 6. Amount 7. Availability of Credit 8. Partial shipment/ Transshipment 9. Payment condition /Draft Sight 10. Category. 11. Description of goods: Item Total Qty Unit price 12. B/L Clause 13. Reimbursement clause. 14. UDC Clause 15. Net FOB value.
5.11 Foreign Remittance This bank is authorized dealer to deal in foreign exchange business. But the Elephant Road branch is still not authorized dealer; normal procedure of the AD branch is stated. As an authorized dealer, a bank must provide some services to the clients regarding foreign exchange and this department provides these services. The basic function of this department are outward and inward remittance of foreign exchange from one country to another country. In the process of providing this remittance service, it sells and buys foreign currency. The conversion of one currency into another takes place at an agreed rate of exchange, which the banker quotes, one for buying and another for selling. In such transactions the foreign currencies are like any other commodities offered for sales and purchase, the cost (convention value) being paid by the buyer in home currency, the legal tender. 29 | P a g e
5.12 Remittance procedures of Foreign Currency There are two types of remittance: 1. Inward remittance 2. Outward remittance. a) Inward Foreign Remittance Inward remittance covers purchase of foreign currency in the form of foreign T.T., D.D, and bills, T.C. etc. sent from abroad favoring a beneficiary in Bangladesh. Purchase of foreign exchange is to be reported to Exchange control Department of Bangladesh bank on Form-C.
b) Outward Foreign Remittance: Outward remittance covers sales of foreign currency through issuing foreign T.T. Drafts, Travelers Check etc. as well as sell of foreign exchange under L/C and against import bills retired.
5.13 Working of this department: 1. Issuance of TC, Cash Dollar /Pound 2. Issuance of FDD, FTT & purchasing, Payment of the same. 3. port endorsement. 4. Encashment certificate. 5. F/C opening & filing. 6. Opening of Export FC retention Quota A/C& maintain. 7. Maintenance of ledger of Cash Dollar, FC Deposit A/C & TC. 8. Maintain FBC &follow up FBC. 9. Opening of Student file &Maintain. 10. Preparation of all related statement, Voucher & posting.
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11. Preparation of Weekly, Monthly, Yearly Statement for Bangladesh Bank returns timely. 12. Attending all related correspondence to other Bank or Institutions.
5.14 Findings of the Report Every bank has its own credit procedure. Bank under study possesses a standard credit procedure. As the objective of my study is to make a comment on the credit management of Janata Bank Ltd., I try my best to collect data for the study and find out the reality. Based on the data generated during my study period I will sum up my findings here and I think this will help me to achieve my objectives. 1. If we look at the historical background of Janata Bank Ltd., we see that, the objective of JBL is to earn profit as well as to improve the economic welfare of the people as a whole. 2. Janata Bank Ltd. has a significant role in long term project financing in both agriculture and industrial sectors. Again JBL has a deep concern for rural farmers. 3. Private sector usually concentrates in the urban areas where as public sector i.e. JBL spread their banking network all over the world. 4. With a view to implementing government policies, JBL has been maintaining its position in extending credit to government bodies, sector corporations and private enterprises. 5. Though bank required both quantitative and qualitative analysis but for big loans bank emphasizes on the lending risk analysis (LRA). But LRA is not a perfect measure of credit analysis. Because businessmen in our society are usually tempted to take resort of window- dressing that means s are so manipulated that the vital facts are concealed and facts presented are superficial. So banks have to go through both quantitative and qualitative analysis. 6. According to the standard and bank’s credit procedure, credit operation is started from the customer application to the branch for the loan. But in most cases, many customers go directly to the directors of the bank and directors send them to the branch offices with his/her reference. In these cases, proper appraisal is not 31 | P a g e
possible as directors the most powerful persons and bank management must give priority towards the decision of the directors. This phenomenon is very common in the bank which hampers the spontaneous procedure of credit appraisal. 7. Bangladesh Bank monitors all the policies of all the private and nationalized banks of the country. According to the Bangladesh Bank’s strategy, all banks must possess the standard policies which are designed by the central bank. Janata Bank Ltd. also possesses a standard credit proposal form. In that form all necessary information are required to fill up. But in practice credit officers do not fill up the proposal form properly. Most of the cases, they use assumption rather than exact figure. This practice might end up with bad or classified one. 8. A standard policy starts from the customer’s direct application for the loan in the branch office. But it’s a common phenomenon that most of the customers directly with Head office and Head office choose the branch offices to disburse the loan. It hampers the normal procedure. Branches always stay under pressure when they get order for disbursement from Head office. When branches get order from the head office, then appraisal system loses its formal track. So Head office should not send any order to the branch office without prior appraisal. 9. Every bank has its own budget and plan regarding loan portfolio. This loan portfolio must be diversified so that bank could diversify its risk. A proper and preplanned portfolio can eliminate the risk of huge classified loan or bad loans as this aspect is very much sensitive toward many external and internal factors. The bank under study i.e. Janata Bank Ltd. does not have any proper guide line where to invest; moreover they do not do any future plan to maintain a well structured portfolio to decrease the possibility of classified loan. This type of practice is working as an obstacle in smooth credit disbursement as well as in credit appraisal system. 10. Most of the loans that JBL distributes are as cash credit hypothecation and JBL emphasizes less on demand loan. 11. JBL distribute loans without sufficient security in some cases. This is violation of the Bangladesh bank order.
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12. In many cases bank face this problem because bank’s credit officer fails to value collateral property. Proper valuation means collateral will exactly cover the risk of bad loan. Officials must do it with due care. 13. The recovery performance of JBL is not in a satisfactory level at all and the position of those in that respect deteriorated heavily during last two phases. The recovery performance in agriculture is worse than in other sectors. On the other hand, as private sector banks distribute more loans on short term basis and relatively better than public sector. But if we compare it from the efficiency point, then it is clear that they are not still efficient in credit management as they are unable to recover half of their distributed loan in different sectors. 14. During first phase 15.71% of the total loan of JBL became classified and this classified loan came down to 23% in the second phase. 15. JB does not keep enough provisions against classified loans and advances. 16. Private sector banks are relatively efficient in processing and executing legal actions against defaulters for their nonpayment of loans and advances in due time that of public sector bank. 17. The credit management of JBL are not fully conformity with the guidelines prescribed in the bank companies Act 1991 and International ing Standerd-45(IAS-45)
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Chapter Six
Conclusion and Recommendation
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6.1 Conclusion I have tried my best about the different aspects of Banking in Janata Bank Ltd. For my report, I have selected Janata bank. JBL plays an important role in the banking sector as well as in our economy. The success of a bank depends largely on the efficient credit management. A successful credit management is not only need for a bank’s own performance but also it is needed for the smooth development of an economy. In any strategy of economic development, therefore, it is essential to emphasize the evaluation of a sound and well integrated credit management system from the view point of both resources mobilization and efficient allocation of funds. In conclusion it can be suggested a number of recommendations in order to overcome the problems and how to remove the causes of problem in credit management.
6.2 Recommendation Since this an exploratory research, hence the recommendation given are not decisions rather they are only suggestions to improve the default rate. The recommendations are made on the basis of survey findings.
1. Central Bank should take proper actions for ensuring equivalent distribution of loans and advances. 2. Lending policies in our country should be geared to growth potential rather than being determined by the pre-existing collateral. 3. Changes in lending policies will not suffice the purposes unless it is followed by a change in the attitude and out look of both the borrowers and the bankers. 4. Improvement of credit management depends on the development of relevant, adequate, proper and reliable data base at the public sector banks as well as private sector banks in Bangladesh. 35 | P a g e
5. For developing a reliable credit management system for the commercial banks specially Janata Bank, it should require to introduce as improved information system within bank as well as among the borrowers. Because ultimately it is what a borrower does with money that should guide the credit plan, the borrowers also have to know exactly where they are going, what their opportunities and how fast they can move. 6. The security must be valued properly by the independent valuers and constantly watched so that the value of mortgage property becomes sufficient to recover the default loan. 7. Publishing the names of defaulter as well as good and regular payers in various dailies and granting various sorts of facilities to good borrowers will create a moral persuasion on the borrowers. This may decrease the number of defaulters and the volume of large outstanding loan amounts as well. 8. Pressure from outsider and influence extorted by borrowers are also a great impediment in the smooth functioning of loan recovery process. The role of government in this case is the most important factor required to solve these sorts of problem. 9. More and more competent personnel must be recruited to reduce the weakness of credit management. Competent executives will ensure the reduction of wrong appraisal and evaluation of projects. 10. Prompt legal actions be taken against willful loan defaulters 11. The new entrepreneurs should be encouraged in disturbing loans and those who have the records of regular payment, should be given preference. 12. Steps should be taken so that guarantors cannot avoid their responsibility.
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13. It is observed that the defaulters generally get various sorts of exemptions as declared by the government from time to time. Government must not show any kind of mercy to the defaulters in any way which may encourage the default culture. This type of action may discourse the borrowers to become willful defaulters. 14. The existing huge amount of classified loans demand for special and corrective attention for example:
By obtaining suitable reduction on amount.
Additional security.
More complete financial data concerning the obligor’s condition or
Other such action as the specific circumstances may require.
15. The attempt to encourage banks to require borrowers comply with banking laws and regulations and clear up industrial properties prior to granting a loan. 16. JBL should follow some straight ward mechanical procedures in assessing the risk of a borrower. 17. The formulation of a sound credit policy in the possibility of default loans
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References 1. Annual Report of Janata Bank Ltd, 2009-2010 2.
Bangladesh Bank BCD &BPRD circulars
3. Chowdury, L.P; “A Textbook on Banker’s Advances”; 2 nd Edition; Paradise Printer; 4. Managing Core Risk in Banking: Credit Risk Management, Janata Bank Ltd., Head Office, Dhaka. 5. Rose, Peter. S; “commercial Bank Management”; Fourth Edition; Irwin-McGrawHill; 1999 6. Zikmund William, G., “Business Research Methods”; 8 th Edition; Thomson South-Western; 7. Various Banking websites. 8. www. Janata bank-bd.com 9. General banking manual, Janata bank limited. 10. Time to time circular of Janata bank Ltd. Related to foreign exchange.
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Introduction
1|Page
1.1 Background of the Study This Internship Program as well as this report is an indispensable of my courses of Business istration. After completion of our courses in the different areas of studies, students are sent to different reputed Business organization to acquire the real life experience. But with the bounty of Almighty I have been appointed as officer- Assistant Executive Officer in The Janata bank Ltd. So, according to the rules and the direction of my Branch Manager-AGM, most of the working days of job I have been performing the tasks supposed to be done at “Foreign Exchange” Desk. Jagannath University one of the reputed public universities in Bangladesh, has designed the curriculum of the MBA course such a way that the international standard post graduates will be produced. After completing 48 credit hours, one student needs to go for further 6 credit hours internship program in a commercial organization. As an employee of Janata Bank Limited. I can learn the banking dealings.
As it
maintains the pace with the competitive banking business world, its activities culture, philosophy and style leads as a banker to be knowledge of my working life.
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1.2 Objectives of the Study The main objective of this study is to know about the operation and activities that are offered by the Foreign Exchange Department of Janata Bank Limited. In addition, the study seeks to achieve the objectives written below: An analysis and discussion of foreign exchange services of the bank. To evaluation of the present performance of the bank regarding foreign exchange.
To search the problems of this branch of Janata Bank Limited determining the drawbacks of the existing foreign exchange system.
Recommending some guidelines to improve the effectiveness of foreign exchange services.
To review the techniques used by the bank to make it lucrative.
1.3 Methodology of the Study To prepare the report use both primary and secondary data. The primary data were collected through my jobs assigned upon me as an employee of Janata Bank ltd. regarding the procedure of operation of foreign exchange dept.Working with other departments as well as discussion with the staffs of those departments provide a lot primary information. Secondary data were gathered from the annual reports, relevant published books. In specific sense, sources of information: Primary Sources:
Personal experiences through my jobs with the different at my Branch.
Discuss with my colleagues.
Secondary Sources: 3|Page
Relevant publications of Janta bank ltd.
Annual report of Janta bank ltd. (2009-2010)
Published documents of Janta bank ltd.
1.4 Limitations of the Study Since I’ve been appointed as an entry employee of Janata bank ltd., there might be some level of inaccuracy with those collected information. Like every other studies, I too faced some constraints during my project period, otherwise, I’d have enabled me in making my study more appropriate and logical. The limitations from both side the complication of foreign exchange dept. well as myself. The followings are some some of the shortcomings: Time: The allocated time three (03) months was not enough for getting a sound knowledge about the study. Working scope: As I’m a newly recruited officer, so till now I’m not well introduced with the jobs are performed in foreign exchange deptt. Therefore, it is difficult for me to learn more.
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Chapter Two
Scenario of Foreign Exchange in Bangladesh
2.1 Introduction 5|Page
The overall performance of the external sector witnessed a moderate growth during FY10. Despite spillover effects of the turbulent external economic conditions as well as the global liquidity crunch, adequate inflow of foreign exchange through export and remittance channels kept the foreign exchange market stable. Besides, the bumper production in rice sector together with sluggish external demand for RMG have lowered import of rice, fabrics, cotton, yarn etc.. In addition to that slowdown of new investment also lowered input demand, which all together are responsible for the lower demand for foreign exchange and helped Taka-Dollar exchange rate almost stable. Double-digit growth rate of remittances and moderate export receipts helped increase gross foreign exchange reserve by USD 1.3 billion (or 21.5 percent) to USD 7.5 billion at the end of FY09 which increased further and stood at 10.8 billion at the end of June 2010 with a remarkable growth of 43.9 percent compared to FY09. However, Taka depreciated against US Dollar by a mild 0.6 percent during the FY10.
2.2 Foreign Exchange and the Balance of Payment-the Overall Situation The higher current surplus and the lower financial flows led the balance of payments (BOP) to a record high surplus of USD 2865 million in FY10. Merchandise exports (fob) increased by USD 639.5 million (or 4.1 percent) in FY10 to USD 16204.7 million, though fertiliser, tea and frozen shrimps & fish, which recorded a negative growth of about 64.1 percent, 53.7 percent and 4.0 percent respectively; all other major exported items increased significantly. A substantial growth of export of jute goods (64.5%), petroleum by-products (62.3%), engineering products (54.6%), raw jute (32.5%), leather (26.9%), footwear (11.6%), woven garments (1.6%) and knitwear (0.8%), contributed to increase the growth of merchandise exports in FY10 over FY09. The export of miscellaneous products, subsumed under the “others” category showed a negative growth of 0.5 percent in value during FY10. However, as a percentage of GDP, exports decreased by 1.2 percentage point from 17.4 percent in FY09 to 16.3 percent in FY10. Merchandise imports (fob) increased by USD 1097.0 million (or 5.4 6|Page
percent) in FY10 to USD 21388.0 million. Import of spices¸ sugar, pulses (all sorts), pharmaceutical products, edible oil, wheat, plastic and rubber & articles thereof, capital machinery, raw cotton, tanning & dying extracts, clinker induced to increase overall import. On the other hand, there is significant fall in import payments for rice (68.6 percent) because of bumper production, import restriction from India and increased price in International market. Decreased import payments is showed for fertiliser (24.9 percent), oil seeds (18.2 percent), yarn (9.3 percent), crude petroleum (8.4 percent), textile & articles thereof (5.4 percent), iron, steel & other base metal (3.3 percent). Imports (c&f) as a percentage of GDP decreased by 1.4 percentage points from 25.2 percent in FY09 to 23.8 percent in FY10
The trade deficit widened by 9.4 percent in FY10 owing to the relatively larger expansion in import payment compared to the increase in export earnings. Therefore, a higher increase in imports than export somewhat widened the trade deficit from USD 4710.0 million in FY09 to USD 5152.0 million in FY10. The deficit on the services , however, narrowed down to USD 1237.0 million in FY10 from USD 1616.0 million in the previous year. On the contrary, the deficit on the income s rose slightly to USD 1487.0 million in FY10 from USD 1484.0 million in FY09. Current transfers increased substantially from USD 7|Page
10226.0 million in FY09 to USD 11610.0 million in FY10, thanks to a hefty 13.4 percent rise in workers’ remittances. The net outcome of all these developments widened substantially the current surplus from USD 2416.0 million in FY09 to USD 3734.0 million in FY10. Current balance as a percentage of GDP stood at 3.7 in FY10 against 2.8 in FY09.
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Chapter Three
Overview of Janata Bank Limited.
9|Page
3.1 Background of Janata Bank Limited Janata Bank Limited, one of the state owned commercial banks in Bangladesh, has an authorized capital of Tk. 8000 million (approx. US$ 076.96 million), paid up capital of Tk. 2593.90 million, reserve of Tk.4182.52 million and retained surplus Tk. 2285.94 million. The Bank has a total asset of Tk. 267157.45 million as on 31 st December 5008. Immediately after the emergence of Bangladesh in 1971, the erstwhile United Bank Limited and Union Bank Limited were renamed as Janata Bank. On 15 th November, 2007 the bank has been corporatised and renamed as Janata Bank Limited. Janata Bank Limited operates through 872 branches including 4 overseas branches at United Arab Emirates. It is linked with 0702 foreign correspondents all over the world. The Bank employs more than 13(Thirteen) thousand persons. The corporate head office is located at Dhaka with 10 Divisions comprising of 37(thirty seven) departments. It computerized more than 139 important branches; non stop services introduced in more than 88 branches; ONLINE Banking in more than 60 important branches under implementation; ATM, EFT facilities.
3.2 Corporate Information Name
Janata Bank Limited
ed address
Janata Bhaban, 070, Motijheel commercial area, Dhaka-1000.
Legal status Date of incorporation
Bangladesh. Public limited 21 may, 2007.
Paid up capital Website Swift code
2593 million www/janatabankltd.-bd.com JANB BD DH
Fax
Pabx ; 9560000
3.3 Number of Branches 10 | P a g e
Janata Bank Limited is one of the largest nationalized banks in Bangladesh. The bank has 13 area offices and 29 regional offices all over the country. Computerized branches of the bank are 346. Total numbers of branches are 872 including one Local office. Bank has 4 overseas Branches it is linked with 1202 foreign correspondents all over the world. Overseas branches are: 1. Abu Dhabi
2. Sharjah
3. Dubai 4. Al-Ain
3.4 Number of employees The total number of employees of the bank is 13698.
3.5 Number of employees Governing Body and Management The Board of Directors is composed of 07 (eleven) headed by a Chairman. The Directors are representatives from both public and private sectors. The Bank is headed by the Chief Executive Officer & Managing Director, who is a reputed banker. Hierarchy of Janata Bank Management
Chairman
Managing Director(CEO)
Deputy Managing Director
General Manager
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Deputy General Manager
Assistant General Manager
First
Assistant
General
Manager Senior Executive Officer Executive Officer
Assistant
Executive
Officer
3.6 Products and Services of Janata Bank Limited Janata Bank Limited has not yet only gained enormous popularity but also been successful in mobilizing deposit and loan products since commencement of banking operation. The bank has made significant progress within a very short time period due to its dynamic management and introduction of various consumer-friendly loan and deposit products. All the products and services offered by the bank can be classified under three major heads as below: A) Deposit Products: 1. Contributory Savings Scheme 2. Monthly Benefit Deposit Scheme 3. Special Deposit Scheme 4. Education Savings Scheme 5. Fixed Deposit Scheme 6. Savings Deposit 12 | P a g e
7. STD 8. Multi Currency 9. Foreign Currency Deposit 10. Non Resident Taka 11. NFCD (Non Resident Foreign Currency Deposit ) 12. NITA (Non Resident Investor’s Taka ) B) Loan Products: 1. Consumers’ Credit Schemes: a.
Household Durable Loan
b.
Doctors Loan
c.
Travel Loan
d.
Car Loan
e.
Advance Against Salary
f.
CNG Conversion Loan
g.
Education Loan
h.
Marriage Loan
i.
Hospitalization Loan
2. Lease Finance 3. Hire Purchase 4. Small and Medium Enterprise Credit Scheme 5. Loan Against Shares and Securities 6. House Building Financing Scheme 7. Financing Scheme for Contractors 8. Computer Software Financing Scheme 9. Working Capital Financing 10. Industrial Financing
3.7 Principal Activities of Janata Bank limited The activities of the banks are divided into two categories: 1. Primary activities, and 13 | P a g e
2. Secondary activities including agency activities. Primary Activities The primary activities of Janata Bank Limited include: a) Accepting deposits and b) Granting loans and advances a) Accepting deposits The most important activity of Janata Bank Limited is to mobilize deposits from the public. People who have surplus income and savings find it convenient to deposit the amounts with banks. Depending upon the nature of deposits, funds deposited with bank also earn interest. Thus, deposits with the bank grow along with the interest earned. If the rate of interest is higher, public are motivated to deposit more funds with the bank. There is also safety of funds deposit with the bank. b) Grant of loans and advances The second important activities of a Janata Bank Limited is to grant loans and advances. Such loans and advances are given to of the public and to the business community at a higher rate of interest than allowed by banks on various deposit s. The rate of interest charged on loans and advances varies depending upon the purpose, period and the mode of repayment. The difference between the rate of interest allowed on deposits and the rate charged on the Loans is the main source of a bank’s income. Secondary Activities Besides the primary functions of accepting deposits and lending money, banks perform a number of other functions which are called secondary functions. These are as follows – 1. Issuing letters of credit, travelers, cherubs, circular notes etc. 2. Undertaking safe custody of valuables, important documents, and securities by providing safe deposit vaults or lockers; 3. Providing customers with facilities of foreign exchange. 14 | P a g e
4. Transferring money from one place to another; and from one branch to another branch of the bank. 5. Standing guarantee on behalf of its customers, for making payments for purchase of goods, machinery, vehicles etc. 6. Collecting and supplying business information; 7. Issuing demand drafts and pay orders; and, 8. Providing reports on the credit worthiness of customers.
3.8 SWOT Analysis of Janata Bank Limited Every organization is composed of some internal strengths and weaknesses and also has some external opportunities and threats in its whole life cycle.
Strengths 1. Strong corporate identity According to the customers, Janata Bank Limited is the leading provider of financial services identity worldwide. With its strong corporate image and identity, it has better positioned itself in the minds of the customers. This image has helped Janata Bank Limited grab the personal banking sector of Bangladesh very rapidly. 2. Strong employee bonding and belongings Janata Bank Limited employees are one of the major assets of the company. The employees of Janata Bank Limited have a strong sense of commitment towards organization and also feel proud and a sense of belonging towards Janata Bank Limited. The strong organizational culture of Janata Bank Limited is the main reason behind its strength. 3. Efficient Performance It has been seen from customers’ opinion that Janata Bank Limited provides hassle-free customer services to its client comparing to other financial institutions of Bangladesh. Personalized approach to the needs of customers is its motto.
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4. Young enthusiastic workforce The selection & recruitment of Janata Bank Limited emphasizes on having the skilled graduates & postgraduates who have little or no previous work experience. The logic behind is that Janata Bank Limited wants to avoid the problem of 'garbage in & garbage out'. And this type of young & fresh workforce stimulates the whole working environment of Janata Bank Limited. 5. Empowered Work force The human resource of Janata Bank Limited is extremely well thought & perfectly managed. As from the very first, the top management believed in empowering employees, where they refused to put their finger in every part of the pie. This empowered environment makes Janata Bank Limited a better place for the employees. The employees are not suffocated with authority but are able to grow as the organization matures. 6. Hospitable Working Environment All office walls in Janata Bank Limited are only shoulder high partitions & there is no executive dining room. Any of the executives is likely to plop down at a table in its cafeteria & in a lunch, chat with whoever is there. One of the employees has said, 7. Strong Financial Position It has been seen that the net profit has been gradually rising over the years. Furthermore, Janata Bank Limited is not just sitting on its previous year’s success, but also taking initiatives to improve.
Weaknesses 1. High charges of L/C 16 | P a g e
Presently Janata Bank Limited charges same rates for all types of import L/C. But for import L/C of exports-oriented industry, Janata Bank Limited should reduce the charge of L/C. As a result, exporter will be benefited and the country will earn more foreign exchange. The commission often even rises up to 30%.
2. Discouraging small entrepreneurs Janata Bank Limited provides clean Import Loan to most of its solvent clients. But they usually do not want to finance small entrepreneurs whose financial standing is not clean to them. 3. Absence of strong marketing activities Janata Bank Limited currently don't have any strong marketing activities through mass media e.g. Television. TV ads play vital role in awareness building. Janata Bank Limited has no such TV ad campaign. Although they do a lot of CSR activities compared to other banks. 4. Not enough innovative products In order to be more competitive in the market, Janata Bank Limited should come up with more new attractive and innovative products. This is one of the weaknesses that Janata Bank Limited is currently ing through but plans to get rid of by 2010. 5. Diversification Janata Bank Limited can pursue a diversification strategy in expanding its current line of business. The management can consider options of starting merchant banking or diversify it to leasing and insurance. As Janata Bank Limited is one of the leading providers of all financial services, in Bangladesh it can also offer these services.
6. Lack of Proper Motivation The salary at Janata Bank Limited is very decent, but it lacks other sorts of motivation. Incentives such as bonuses are given for acquiring a particular figure, but all in all these 17 | P a g e
are the only motivational factors.
7. High Cost for maintaining The maintenance cost for Janata Bank Limited is comparatively high. Other banks very often highlight this. In the long run, this might turn out to be a negative issue for Janata Bank Limited. 8. Outdated Software and Hardware Some of the PCs in this branch have very outdated hardware which is very slow and affects the customers and hence the performance of the bank as a whole. The softwares themselves are pretty old – Flexcube is from 2003, Microsoft Office XP is used. All of these prevent smooth operations.
Opportunities 1. Distinct operating procedures Repayment capacity as assessed by Janata Bank Limited of individual client helps to decide how much one can borrow. As the whole lending process is based on a client's repayment capacity, the recovery rate of Janata Bank Limited is close to 100%. This provides Janata Bank Limited financial stability & gears up Janata Bank Limited to be remaining in the business for the long run.
2. Country wide network The ultimate goal of Janata Bank Limited is to expand its operations to whole Bangladesh. Nurturing this type of vision & mission & to act as required, will not only increase Janata Bank Limited's profitability but also will secure its existence in the log run. 3. Experienced Managers One of the key opportunities for Janata Bank Limited is its efficient managers. Janata 18 | P a g e
Bank Limited has employed experienced managers to facilitate its operation. These managers have already triggered the business for Janata Bank Limited as being new in the market. 4. Huge Population Bangladesh is a developing country to satisfy the needs of the huge population, a large amount of investment is required. On the other hand, building EPZ areas and some Govt. policies easing foreign investment in our country made it attractive to the foreigners to invest in our country. So, Janata Bank Limited has a large opportunity here. 6. Bigger Market Although the GDP per head decreased a bit in 2010 from 2009, there is a huge untapped market that requires loans and intends to deposit also.
3.9.4 Threats 1. Banks/Branches The private, local, & multinational banks posse’s serious threats to the existing banking network of Janata Bank Limited it is expected that in the next few years more commercial banks will emerge. If that happens the intensity of competition will rise further and banks will have to develop strategies to compete against and win the battle of banks. 2. Similar products are offered by other banks Now-a-days different foreign and private banks are also offering similar type of products with an almost similar profit margin. So, if all competitors fight with the same weapon, the natural result is declining profit.
3. Default Loans The problem of non-performing loans or default loans is very minimum or insignificant. However, this problem may rise in the future thus; Default Loans The problem of non19 | P a g e
performing loans or default loans is very minimum or insignificant. However, this problem may rise in the future thus; Janata Bank Limited has to remain vigilant about this problem so that proactive strategies are taken to minimize this problem. 4. Industrial Downturn Bangladesh is economically and political unstable country. Flood, draught, cyclone, and newly added terrorism have become an identity of our country. Along with inflation, unemployment also creates industry wide recession. These caused downward pressure on the capital demand for investment. 5. Financial Crisis Although people have recovered a bit from the shock, it may still pose as a threat. People are still hesitant to take loans or even deposit them has to remain vigilant about this problem so that proactive strategies are taken to minimize this problem. 6. Financial Crisis Although people have recovered a bit from the shock, it may still pose as a threat. People are still hesitant to take loans or even deposit them.
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Chapter Four
Practical Experience Gathered Through Doing Job
4.0 My Job at Janata Bank Limited
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Through my jobs at Janata bank limited, I have had gathered some rules of regulations of L/C. As I am a newly appointed employee that is why I did not have to deal with the customers that much but there were a lot of responsibilities that I had. Such as: •
Processing a new LC ( Letter of Credit) -
Fill up the LCAF Forms
-
Calculating the VAT, commission, margin etc
-
Printing the SWIFT message
-
Filling up the CF-7 Forms
-
Putting seals
-
Taking signatures
-
Numbering the LCs
-
Learned about The Foreign Regulation Act 1947
•
Doing the similar things for BTB (Back-to-Back) LCs and Local LCs
•
Preparing the LC for C (Control Processing Center)
•
Filling up the IMP forms
•
Putting the LC and IMP into their following s
•
Learning to put different types of seals
•
Printing Cover Letters, letters etc
•
Picking up the phone, calling up customers for missing information
•
Preparing T&M (Travel and Miscellaneous) for Bangladesh Bank
•
Taking necessary papers from customers such as taking photocopy of National ID card, port, Trade License etc
•
Photocopying was a major activity in this departments
•
Learned how to receive mail and send out mail via courier
•
Learning the basics of these softwares – Flexcube Corporate, Western Union, DBCube, Dhaka Bank Foreign trade (for other remittancies other than Western Union)
•
Counting vouchers
•
Giving out Western Union forms to customers
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Chapter Five
Findings and Analysis of Foreign Exchange of Janata Bank limited
5.1 Introduction 23 | P a g e
Foreign exchange is the means and methods by which rights to wealth in a country’s currency are converted into rights to wealth in another country’s currency. In banks when we talk of foreign exchange, we refer to the general mechanism by which a bank converts currency of one country into that of another. Foreign Exchange Department (FED) is the international department Bangladesh Bank issues license to scheduled banks to deal with foreign exchange. These banks are known as Authorized Dealers.
If the branch is
authorized dealer in foreign exchange market, it can remit foreign exchange from local country to foreign countries. So the bank is an authorized dealer.
There are three kinds of foreign exchange transaction: 1. Import 2. Export 3. Remittance.
5.2 Import To import, a person should be competent to be an importer’. According to Import and Export Control Act, 1950, the Office Of Chief Controller Of Import and Export provides the registration (IRC) to the importer. In an international business environment, buyers and sellers are generally unknown to each other. So seller of goods always seeks security for the payment of his exported goods. Bank gives export guarantee that it will pay for the goods on behalf of the buyer if the buyer does not pay. This guarantee is called Letter of Credit. Thus the contract between importer and exporter is given a legal shape by the banker by ‘Letter of Credit’.
5.3 Letter of Credit A conditional written undertaken issued by the importer’s (applicant) bank to the exporter (beneficiary) at the request of the importer to effect payment up to a stated amount within a stated time period against presentation of complaint documents. The LC is governed by International Chamber of commerce (ICC) publication no.500.
5.4 Loan against Trust Receipts (LTR) 24 | P a g e
Advance against a Trust Receipt obtained from the Customers are allowed to only first class tested parties when the documents covering an import shipment or other goods pledged to the Bank as security are given without payment. However, for such advances prior permission/sanction from Head Office must be obtained,
The customer holds the goods or their sale-proceeds in trust for the Bank, till such time, the loan allowed against the Trust Receipts is fully paid off.
The Trust Receipt is a document that creates the Banker's lien on the goods and practically amounts to hypothecation of the proceeds of sale in discharge of the lien.
5.5 Loan against Imported Merchandise (LIM) Advance (Loan) against the security of merchandise imported through the Bank may be allowed either on pledge or hypothecation of goods, retaining margin prescribed on their Landed Cost, depending on their categories and Credit Restriction imposed by the Bangladesh Bank, Bank shall also obtain a letter of undertaking and indemnity from the parties, before getting the goods cleared through LIM .
5.6 Payment Procedure of Import Documents This is the most sensitive task of the Import Department. The officials have to be very much careful while making payment. This task constitutes the following: Date of Payment Usually payment is made within seven days after the documents have been received. If the payment is become deferred, the negotiating bank may claim interest for making delay. Preparing Sale Memo A sale memo is made at B.C rate to the customer. As the T.T & O.D rate is paid to the ID, the difference between these two rates is exchange trading. Finally, an Inter Branch Exchange Trading Credit Advice is sent to ID. 25 | P a g e
Requisition for the Foreign Currency For arranging necessary fund for payment, a requisition is sent to the International Department. Transmission of Message Message is transmitted to the correspondent bank ensuring that payment is being made.
5.7 Export The goods and services sold by Bangladesh to foreign households, businessmen and Government are called export. The export trade of the country is regulated by the Imports and Exports (control) Act, 1950. There are a number of formalities, which an exporter has to fulfill before and after shipment of goods. The exports from Bangladesh are subject to export trade control exercised by the Ministry Of Commerce through Chief Controller of Imports and Exports (CCI & E). No exporter is allowed to export any commodity permissible for export from Bangladesh unless he is ed with CCI & E and holds valid Export Registration Certificate (ERC). The ERC is required to be renewed every year, The ERC number is to be incorporated on EXP forms and other documents connected with exports. The formalities and procedure are enumerated as follows:
Obtaining exports LC: To get export LC form exporter issued by the importer.
Submission of export documents; Exporter has to submit all necessary documents to the collecting bank after shipping of goods
Checking of export documents; after getting the documents banker used to check the documents as per LC
Negotiation of export documents; If the bank accepts the document and pays the value draft to the exporter and forward the document to issuing bank that is called a negotiating bank. IF the bank does buy the LC then the bank normally acts as collecting bank.
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Realization of proceeds: This is the period when the issuing bank has realized the payment.
Reporting to the Bangladesh bank: As per instruction by Bangladesh bank the bank has to report to respective department of Bangladesh bank by mentioning latest payment.
Issue to proceeds realization certificate (PRC): Bank has to issue precedee realization certificate of export LC to the supplier/ exporter for getting cash assistant.
5.8 Export Operation Bangladesh exports a large quantity of goods and services to foreign households. Readymade textile garments (both knitted and woven). Jute, Jute-made products frozen shrimps, tea are the main goods that Bangladeshi exporters exports to foreign countries. Garments sector is the largest sector that exports the lion share of the country's export. Bangladesh exports most of its readymade garments products to U.S.A and European Community (EC) countries. Bangladesh exports about 55% of its readymade garments products to U.S.A. Most of the exporters who export through Elephant Road Branch are readymade garment exporters. They open export L/Cs here to export their goods, which they open against the import L/Cs opened by their foreign importers. Export L/C operation is just reverse of the import L/C operation. For exporting goods by the local exporter, bank may act as advising banks and collecting bank (negotiable bank) for the exporter, As an advising bank It receives documents from the foreign importer and hands it over to the exporter. Sometimes it adds confirmation on the L/C on request from the Opening Bank. By adding confirmation, it assumes the responsibility to make payment to the exporter. As Negotiating Bank
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It negotiates the bills and other shipping documents in Favor of the exporter. That is, it collects the proceeds of the export-bill from the drawer and credits the exporter's for the same. Collection proceed from the export bill is deposited in the bank's NOSTRO in the importer's country. Sometimes the bank purchases the bills at discount and waits till maturity of the bill. When the bill matures, bank presents it to the drawer to encash it. In our country, Export and Import operation of bank is very much related with one another because of use of Back to Back and maturity of payment for Back-to-Back L/C is set in such that it can be paid out of export proceeds.
5.9 Back-To-Back L/C It is simply issued to the clients against an import L/C. Back-to-Back mechanism involves two separate L/C. One is master Export L/C and another is Back-to-Back L/C. On the strength of Master Export L/C bank issues bank to Back L/C. Back-to-Back L/C is commonly known as Buying L/C. On the contrary, Master Export L/C is known as Selling L/C. Payment of back to back L\C In case back to back as 60-90-070-180 days of maturity period, deferred payment is made. Payment is given after realizing export proceeds from the L/C issuing bank.
5.10 Checklist of exports L/C Following defective points are usually found in the Master L/C. So, the bank officials so much carefully check these points. These are: 1. Name of the Advising Bank. 2. Name of Transferring Bank 3. Form of Doc. credit: Name of Issuing Bank Documentary Credit No. and issuing date 28 | P a g e
Date of shipment Expiry date and place 4. Applicant/ for order of/ On . 5. Beneficiary/ Favoring 6. Amount 7. Availability of Credit 8. Partial shipment/ Transshipment 9. Payment condition /Draft Sight 10. Category. 11. Description of goods: Item Total Qty Unit price 12. B/L Clause 13. Reimbursement clause. 14. UDC Clause 15. Net FOB value.
5.11 Foreign Remittance This bank is authorized dealer to deal in foreign exchange business. But the Elephant Road branch is still not authorized dealer; normal procedure of the AD branch is stated. As an authorized dealer, a bank must provide some services to the clients regarding foreign exchange and this department provides these services. The basic function of this department are outward and inward remittance of foreign exchange from one country to another country. In the process of providing this remittance service, it sells and buys foreign currency. The conversion of one currency into another takes place at an agreed rate of exchange, which the banker quotes, one for buying and another for selling. In such transactions the foreign currencies are like any other commodities offered for sales and purchase, the cost (convention value) being paid by the buyer in home currency, the legal tender. 29 | P a g e
5.12 Remittance procedures of Foreign Currency There are two types of remittance: 1. Inward remittance 2. Outward remittance. a) Inward Foreign Remittance Inward remittance covers purchase of foreign currency in the form of foreign T.T., D.D, and bills, T.C. etc. sent from abroad favoring a beneficiary in Bangladesh. Purchase of foreign exchange is to be reported to Exchange control Department of Bangladesh bank on Form-C.
b) Outward Foreign Remittance: Outward remittance covers sales of foreign currency through issuing foreign T.T. Drafts, Travelers Check etc. as well as sell of foreign exchange under L/C and against import bills retired.
5.13 Working of this department: 1. Issuance of TC, Cash Dollar /Pound 2. Issuance of FDD, FTT & purchasing, Payment of the same. 3. port endorsement. 4. Encashment certificate. 5. F/C opening & filing. 6. Opening of Export FC retention Quota A/C& maintain. 7. Maintenance of ledger of Cash Dollar, FC Deposit A/C & TC. 8. Maintain FBC &follow up FBC. 9. Opening of Student file &Maintain. 10. Preparation of all related statement, Voucher & posting.
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11. Preparation of Weekly, Monthly, Yearly Statement for Bangladesh Bank returns timely. 12. Attending all related correspondence to other Bank or Institutions.
5.14 Findings of the Report Every bank has its own credit procedure. Bank under study possesses a standard credit procedure. As the objective of my study is to make a comment on the credit management of Janata Bank Ltd., I try my best to collect data for the study and find out the reality. Based on the data generated during my study period I will sum up my findings here and I think this will help me to achieve my objectives. 1. If we look at the historical background of Janata Bank Ltd., we see that, the objective of JBL is to earn profit as well as to improve the economic welfare of the people as a whole. 2. Janata Bank Ltd. has a significant role in long term project financing in both agriculture and industrial sectors. Again JBL has a deep concern for rural farmers. 3. Private sector usually concentrates in the urban areas where as public sector i.e. JBL spread their banking network all over the world. 4. With a view to implementing government policies, JBL has been maintaining its position in extending credit to government bodies, sector corporations and private enterprises. 5. Though bank required both quantitative and qualitative analysis but for big loans bank emphasizes on the lending risk analysis (LRA). But LRA is not a perfect measure of credit analysis. Because businessmen in our society are usually tempted to take resort of window- dressing that means s are so manipulated that the vital facts are concealed and facts presented are superficial. So banks have to go through both quantitative and qualitative analysis. 6. According to the standard and bank’s credit procedure, credit operation is started from the customer application to the branch for the loan. But in most cases, many customers go directly to the directors of the bank and directors send them to the branch offices with his/her reference. In these cases, proper appraisal is not 31 | P a g e
possible as directors the most powerful persons and bank management must give priority towards the decision of the directors. This phenomenon is very common in the bank which hampers the spontaneous procedure of credit appraisal. 7. Bangladesh Bank monitors all the policies of all the private and nationalized banks of the country. According to the Bangladesh Bank’s strategy, all banks must possess the standard policies which are designed by the central bank. Janata Bank Ltd. also possesses a standard credit proposal form. In that form all necessary information are required to fill up. But in practice credit officers do not fill up the proposal form properly. Most of the cases, they use assumption rather than exact figure. This practice might end up with bad or classified one. 8. A standard policy starts from the customer’s direct application for the loan in the branch office. But it’s a common phenomenon that most of the customers directly with Head office and Head office choose the branch offices to disburse the loan. It hampers the normal procedure. Branches always stay under pressure when they get order for disbursement from Head office. When branches get order from the head office, then appraisal system loses its formal track. So Head office should not send any order to the branch office without prior appraisal. 9. Every bank has its own budget and plan regarding loan portfolio. This loan portfolio must be diversified so that bank could diversify its risk. A proper and preplanned portfolio can eliminate the risk of huge classified loan or bad loans as this aspect is very much sensitive toward many external and internal factors. The bank under study i.e. Janata Bank Ltd. does not have any proper guide line where to invest; moreover they do not do any future plan to maintain a well structured portfolio to decrease the possibility of classified loan. This type of practice is working as an obstacle in smooth credit disbursement as well as in credit appraisal system. 10. Most of the loans that JBL distributes are as cash credit hypothecation and JBL emphasizes less on demand loan. 11. JBL distribute loans without sufficient security in some cases. This is violation of the Bangladesh bank order.
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12. In many cases bank face this problem because bank’s credit officer fails to value collateral property. Proper valuation means collateral will exactly cover the risk of bad loan. Officials must do it with due care. 13. The recovery performance of JBL is not in a satisfactory level at all and the position of those in that respect deteriorated heavily during last two phases. The recovery performance in agriculture is worse than in other sectors. On the other hand, as private sector banks distribute more loans on short term basis and relatively better than public sector. But if we compare it from the efficiency point, then it is clear that they are not still efficient in credit management as they are unable to recover half of their distributed loan in different sectors. 14. During first phase 15.71% of the total loan of JBL became classified and this classified loan came down to 23% in the second phase. 15. JB does not keep enough provisions against classified loans and advances. 16. Private sector banks are relatively efficient in processing and executing legal actions against defaulters for their nonpayment of loans and advances in due time that of public sector bank. 17. The credit management of JBL are not fully conformity with the guidelines prescribed in the bank companies Act 1991 and International ing Standerd-45(IAS-45)
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Chapter Six
Conclusion and Recommendation
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6.1 Conclusion I have tried my best about the different aspects of Banking in Janata Bank Ltd. For my report, I have selected Janata bank. JBL plays an important role in the banking sector as well as in our economy. The success of a bank depends largely on the efficient credit management. A successful credit management is not only need for a bank’s own performance but also it is needed for the smooth development of an economy. In any strategy of economic development, therefore, it is essential to emphasize the evaluation of a sound and well integrated credit management system from the view point of both resources mobilization and efficient allocation of funds. In conclusion it can be suggested a number of recommendations in order to overcome the problems and how to remove the causes of problem in credit management.
6.2 Recommendation Since this an exploratory research, hence the recommendation given are not decisions rather they are only suggestions to improve the default rate. The recommendations are made on the basis of survey findings.
1. Central Bank should take proper actions for ensuring equivalent distribution of loans and advances. 2. Lending policies in our country should be geared to growth potential rather than being determined by the pre-existing collateral. 3. Changes in lending policies will not suffice the purposes unless it is followed by a change in the attitude and out look of both the borrowers and the bankers. 4. Improvement of credit management depends on the development of relevant, adequate, proper and reliable data base at the public sector banks as well as private sector banks in Bangladesh. 35 | P a g e
5. For developing a reliable credit management system for the commercial banks specially Janata Bank, it should require to introduce as improved information system within bank as well as among the borrowers. Because ultimately it is what a borrower does with money that should guide the credit plan, the borrowers also have to know exactly where they are going, what their opportunities and how fast they can move. 6. The security must be valued properly by the independent valuers and constantly watched so that the value of mortgage property becomes sufficient to recover the default loan. 7. Publishing the names of defaulter as well as good and regular payers in various dailies and granting various sorts of facilities to good borrowers will create a moral persuasion on the borrowers. This may decrease the number of defaulters and the volume of large outstanding loan amounts as well. 8. Pressure from outsider and influence extorted by borrowers are also a great impediment in the smooth functioning of loan recovery process. The role of government in this case is the most important factor required to solve these sorts of problem. 9. More and more competent personnel must be recruited to reduce the weakness of credit management. Competent executives will ensure the reduction of wrong appraisal and evaluation of projects. 10. Prompt legal actions be taken against willful loan defaulters 11. The new entrepreneurs should be encouraged in disturbing loans and those who have the records of regular payment, should be given preference. 12. Steps should be taken so that guarantors cannot avoid their responsibility.
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13. It is observed that the defaulters generally get various sorts of exemptions as declared by the government from time to time. Government must not show any kind of mercy to the defaulters in any way which may encourage the default culture. This type of action may discourse the borrowers to become willful defaulters. 14. The existing huge amount of classified loans demand for special and corrective attention for example:
By obtaining suitable reduction on amount.
Additional security.
More complete financial data concerning the obligor’s condition or
Other such action as the specific circumstances may require.
15. The attempt to encourage banks to require borrowers comply with banking laws and regulations and clear up industrial properties prior to granting a loan. 16. JBL should follow some straight ward mechanical procedures in assessing the risk of a borrower. 17. The formulation of a sound credit policy in the possibility of default loans
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References 1. Annual Report of Janata Bank Ltd, 2009-2010 2.
Bangladesh Bank BCD &BPRD circulars
3. Chowdury, L.P; “A Textbook on Banker’s Advances”; 2 nd Edition; Paradise Printer; 4. Managing Core Risk in Banking: Credit Risk Management, Janata Bank Ltd., Head Office, Dhaka. 5. Rose, Peter. S; “commercial Bank Management”; Fourth Edition; Irwin-McGrawHill; 1999 6. Zikmund William, G., “Business Research Methods”; 8 th Edition; Thomson South-Western; 7. Various Banking websites. 8. www. Janata bank-bd.com 9. General banking manual, Janata bank limited. 10. Time to time circular of Janata bank Ltd. Related to foreign exchange.
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