Consumer Credit Scheme of Prime Bank

Consumer Credit Scheme of Prime Bank

Prime Bank Limited (PBL) has started its journey as a private commercial bank on April 17, 1995. While running practical orientation with PBL Motijheel Branch; generally I was placed in Credit, Foreign Exchange & General Banking. This report tries to identify Consumer credit scheme of PBL.

Bank credit is an important catalyst for bringing about economic development in a country. Without adequate finance, there can be no growth or maintenance of a stable economy. It provides different types of credit facilities to its customers like Overdraft (against work order), Cash Credit (Hypothecation), Cash credit (Pledge), Loan Against Trust Receipt (LTR), Loan Against Imported Merchandise (LIM), Demand Draft Purchase (DDP), IBP (Inland Bill Purchase), IT loan, Consumer Credit scheme, Executives Car Loan, House Finance is the main spring of the credit department and some Special credit. My report based on Consumer Credit Scheme spring of the credit department.

Prime Bank Limited introduced “Consumer Credit Scheme” in the year 1995 to enhance the living standard of the people of limited and fixed income group. It provides financing for the purpose of purchasing household products, car, and equipment for medical services etc. It also provides CCS loan to meet emergency needs, to arrange marriage, to enjoy vacation, to meet educational expenses and to convert a vehicle engine into CNG.

In this report, the total credit portfolio of Prime Bank has been shown that indicated a positive growing trend in the retail credit amount disbursed. Again, in terms of interest income, retail credit is also accounting an increasing trend. One of the crucial parts of this report is that, Prime Bank Consumer Credit scheme has been compared with other three similar second generation banks like Eastern Bank, Dhaka Bank and National Credit and Commerce Bank in some aspects to understand the current position in the market. From the comparison with three second generation banks, some problems and prospects are found in Prime Bank Retail Credit. The most important prospects of Prime Bank Retail credit are that, it has diversified product portfolio and lowest rates in different charges of retail credit which is the strength of Prime Bank to proceed further in retail credit business. Again, Prime Bank has a few problem regarding target client segments and promotional activities that should be rectified. Overall, there are huge opportunities for Prime Bank to develop and enter in retail credit market.

The popularity of Consumer Credit Scheme is increasing day by day. This product is popular because Bank can disburse this loan within a short time, with fewer amounts and the loan is also easily recoverable. Keeping the popularity to Consumer Credit Scheme in mind, most of banks are offering this product. So competition is increasing day by day in CCS program.

Objective of the study

The objectives of the study are as follows:

Main Objective:    The major objective of the report is to identify consumer credit scheme of Prime bank ltd and make a comparison of Consumer Credit Schemes (CCS) of Prime Bank Limited with other three private banks.

General Objective:

  • To identify the management system of Prime Bank limited as a private commercial bank, its structure, and its function, operational and financial aspects.
  • To know different consumer credit schemes available in Prime Bank Limited.
  • To identify detail of consumer credit schemes in Prime Bank Limited.
  • To make a comparison on Consumer credit schemes of Prime Bank Ltd with three other commercial Banks.

Methodology of the study:

While preparing the report, I have taken information from the following sources:

Primary sources

(i) Practical desk work

(ii) Face to face conversation with the officer

(iii) Direct observations

(iv) Face to face conversation with the client

Secondary sources  

(i) Annual report of PBL and other banks.

(ii) Files & Folders

(iii) Websites, Internet.

(iv) Audit Reports

(v) Relevant books, Research papers and journals.

Prime Bank Limited -At a glance

In the backdrop of economic liberalization and financial sector reforms, a group of highly successful local entrepreneurs conceived an idea of floating a commercial bank with different outlook. For them, it was competence, excellence and consistent delivery of reliable service with superior value products. Accordingly, Prime Bank Ltd. was created and commencement of business started on 17th April 1995. The sponsors are reputed personalities in the field of trade and commerce and their stake ranges from shipping to textile and finance to energy etc.

As a fully licensed commercial bank, Prime Bank Ltd. is being managed by a highly professional and dedicated team with long experience in banking. They constantly focus on understanding and anticipating customer needs. As the banking scenario undergoes changes so is the bank and it repositions itself in the changed market condition.

Prime Bank Ltd. has already made significant progress within a very short period of its existence. The bank has been graded as a top class bank in the country through internationally accepted CAMEL rating. The bank has already occupied an enviable position among its competitors after achieving success in all areas of business operation.

Prime Bank Ltd. offers all kinds of Commercial Corporate and Personal Banking services covering all segments of society within the framework of Banking Company Act and rules and regulations laid down by our central bank. Diversification of products and services include Corporate Banking, Retail Banking and Consumer Banking right from industry to agriculture, and real state to software.

The bank has consistently turned over good returns on Assets and Capital. During the year 2009, the bank has posted an operating profit of Tk.1520.34 million and its capital funds stood at Tk.3177.32 million. Out of this, Tk.1400 million consists of paid up capital by shareholders and Tk.1777.32 million represents reserves and retained earnings. The bank’s current capital adequacy ratio of 9.96% is in the market. In spite of complex business environment and default culture, quantum of classified loan in the bank is very insignificant and stood at less than 0.96%.

Prime Bank Ltd., since its beginning has attached more importance in technology integration. In order to retain competitive edge, investment in technology is always a top agenda and under constant focus. Keeping the network within a reasonable limit, our strategy is to serve the customers through capacity building across multi delivery channels.

Brief Description of Business Activities, Product & services and  Financial Position of Prime  Bank  Limited 

Business Activities of PBL

The Principal activities of the bank were banking and related businesses. The banking businesses included deposits taking, extending credit to corporate organization, retail and small & medium enterprises, trade financing, project financing, international credit card etc. Prime Bank Limited provides a full range of products and services to its customers, some of which are mentioned below with a brief overview of the major business activities.

Retail Banking:

As a part of risk diversification strategy PBL expended the lending activities in this sector during 2006.

The growth rate of PBL’s consumer financing was 38% during this year. The loan schemes offered by the bank include Home Loan, Loan against Salary, Marriage Loan, Car Loan, Hospitalization Loan, Education Loan, Doctors Loan, Travel Loan etc.

SME Lending:

Job creation is essential and it must come from Small and Medium Enterprise that will ultimately dominate the private sector. During 2006 bank’s Strategy was focused on customer convenience. The Bank provided working capital loans to suppliers or dealers of large corporations or clusters of small exporters of non‐traditional items. Outstanding loan of SME is Tk.437 million. The growth rate of PBL’s SME Lending was 41% during this year.

Corporate Credit:

PBL’s strategy is to provide comprehensive service to the clients of this segment who are large and medium size corporate customers with expertise in trade finance and related services. Besides trade finance bank are providing working capital finance, project finance and arranging syndication for our Prime Bank Limited corporate clients. Syndication and structured Finance Unit of the Bank strengthened its footstep in the consortium financial market and arranged a number of syndication deals for its corporate clients.

Islamic Banking:

For the development of Islamic Banking Business, 2006 was also a commendable year. It has been observed that compliance of Shariah has improved in 2006 as compared to the preceding years. According to their advice Islamic Banking operation of the bank has been separated from the operation of Conventional Banking and shown separately in the bank’s financial statement. It is found that the investment and deposits grew by 38% and 89% respectively in the year 2006. The operating profit of Islamic Banking Branches grew by 45% during the Year.

Credit Card:

In the year of 2005, Prime Bank Ltd has launched VISA. Before that PBL started its credit card operation in 1999 by introducing Master Card. Now PBL has become the first local Bank of the country to achieve principal membership of both the worldwide‐accepted plastic money network i.e. Master Card and VISA. PBL has redesigned the credit card facility by providing the incentive of “Free Life Insurance Coverage” for their valued cardholders to mitigate the financial risk.

Custodial Service:

PBL equator fulfills its strategic commitment to provide custody and clearing services. Equator’s focuses are on the following:

  • ƒ Commitment to quality
  • ƒ Dedication to customer needs
  • ƒ Sustained investment in people and systems

International Trade Management:

This division is operational throughout the group and PBL’s core strength is trade finance and services.

With an experience, Prime Bank has developed knowledge of trade finance, which is world class. Principle services to importers include imports letter of credit, import bills for collection and back‐to‐back letters of credit facilities. Services provide to exporters include export letters of credit, direct export bills, bonds, and guarantees.

Cash Management:

Prime Bank recognizes the importance of cash management to corporate and financial institutional customers, and offers a comprehensive range of services and liquidity management.

Institutional Banking:

Prime Bank Limited provides a wide range of services to institutional clients, commercial, merchant and central banks; brokers and dealers; insurance companies; funds and managers, and others. It provides relationship managers who are close to their customers and speak local language. This wide network of institutional banking facilities includes transaction, introduction, problem solving and renders advice and guidelines on local trading condition.

Treasury:

Treasury operations had been consideration as an important avenue for income generation purpose within Head Office. In fact, in the past, income from treasury operation was quite sizable and significant to the total income generated by the bank. The treasury division publishes daily and weekly currency newsletters, which provide analyses of currency trends and related issues. Seminars and workshops are conducted for customers from time to time on foreign exchange related topics. Prime Bank is one of the firstlocal banksin Bangladesh to integrate treasury dealings of local money market and foreign currency under one Treasury umbrella. The bank has handled significant volumes of treasury over the last several years. Prime Bank’s Dealing Room is connected with automated Reuters Terminal facility thus enabling the bank to provide forward/futurefacilitiestoits corporate clients at a very competitive rate.

Foreign Exchange Business:

Over the years, foreign trade operations of the bank played a pivotal role in the overall business development of the bank. The bank has established relationship with as many as 110 new foreign correspondents abroad thereby raising the total number of correspondents to 553. The total import & export business handled by the bank during the year 2006 was Tk. 70,616.80 million and Tk. 51,316.40 million. The growth rate was 46%. The bank has also entered into remittance arrangements with several banks and exchange houses and expects to handle increased volume of remittance business over then future.

Merchant Banking:

The Bank’s operation in this sector was limited to Underwriting, Portfolio Management and Banker to the Issue functions. The compulsory requirement for opening BO account for share trading has increased the demand for opening BO account.

Online Branch Banking:

The bank has set up a Wide Area Network (WAN) across the country to provide online branch banking facility to its valued clients. Under this scheme, clients of any branch shall be able to do banking transaction at other branches of the bank.

Under this system a client will be able to do following type of transactions:

  • Cash withdrawal from his/her account at any branch of the bank.
  • Cash deposit in his/her account at any branch of the bank irrespective of the location.
  • Cash deposit in other’s account at any branch of the bank irrespective of the location.
  • Transfer of money from his/her account with any branch of the bank.

At present 24 (Twenty Four) branches are under online. Clients can easily deposit and withdraw money from those online branches in amoment.

SWIFT:

Prime Bank Limited is one of the first few Bangladeshi banks, which have become member of SWIFT (Society for Worldwide Inter‐bank Financial Telecommunication) in 1999. SWIFT is a member‐owned co‐operative, which provides a fast and accurate communication network for financial transactions such as Letters of Credit, Fund Transfer etc. By becoming a member of SWIFT, the bank has opened up possibilities for uninterrupted connectivity with over 5,700 userinstitutionsin 150 countries around the world.

Financial Position of PBL

Investment:

The Bank’s investment increased during the year by Tk. 4854 million and stood at Tk. 12698 million as at 31 December 2006.

Loan & Advances and Deposits:

Loans and Advances of the Bank grew strongly by 28% to 57683 million in 2006. Bills purchased and discounted increased by 5% indicating strong growth in export performance.

The Bank’s deposits and the Customer deposits of the Bank grew by 29% & 29% respectively in 2007. However, fixed deposits remained the main component of deposits contributing about 26% of total deposits.

Liabilities:

Total liabilities of the Bank are increased by Tk. 17,276 million during 2007.

Shareholders Fund:

The Shareholder’s Fund is increased by 30% during the year. Paid‐up capital increased by Tk.525 million and stood at Tk.2275 million during 2007.

Non­interest & Investment Income:

Non‐interest & Investment Income are increased by 28% & 62% respectively in year 2007.   Net Profit before & After Tax:

Net Profit before Tax stood at Tk.2347 million and Net Profit after Tax had become Tk.1401 million. Thus the growth rate of the Net Profit before Tax was 35% then that of previous year. In case of Net profit after Tax it was 33% during 2007.

CONSUMER CREDIT SCHEME OF PRIME BANK LIMITED

In order to provide financial assistance to the limited income group for raising their standard of living by acquiring domestic durables like Refrigerator, T.V., Washing machine, Furniture, Computer, Motor Car, etc., we have introduced a Scheme to improve the quality of life particularly of the fixed income earner of the society and this scheme is known as Consumer Credit Scheme.

Objectives of the Scheme:

  • Prime Bank Limited started the Consumer Credit Scheme program with a view to fulfill its benevolent institutional objectives through financing the middle class limited income group.
  • To ensure the credit facility to the both middle class Limited income group and upper class income group.
  • To improve the living standard of limited income group through financing in purchasing necessary goods.
  • To participate in the socio‐economic development of the country.

Eligibility of Consumers    

The persons having confirmed/permanent job in any one of the following organizations and age between 20 to 50 years are eligible for availing of Credit facilities under the Scheme.

  1. Government Organization
  2. Semi‐Government and Autonomous Bodies
  3. Banks, Insurances Companies or any other Financial Institutions
  4. Armed Forces, B.D.R, Police and Ansar
  5. Private Organizations having corporate structure
  6. Teachers of Universities, Colleges and Schools

Besides the above, Professionals like Doctors, Engineers, Architects, Lawyers, Journalists, Chartered Accountants; Self Employed Business Executives are also eligible for enjoying credit facilities under this scheme subject to the providing of Bank Guarantee or Insurance Guarantee for the amount of Credit.

Credit Limit, Period of Loan, down payment:

Under CCS program of Prime Bank Limited a borrower can get maximum of taka 40,00,000 and minimum taka 10,000. The down payment is 10% of the loan for each product.

Interest and other charges:

The interest rate is 16% for the all products. And Prime Bank charges 1% service charge and 1% risk fund for all products other than for Car loan, Doctor’s loan, Advance against salary and CNG Conversion loan.

Application procedure:

The intending client will have to apply for the credit in Bank’s printed application form, which is available in respective Branch on payment of Taka 10 only. Customers will submit the application form dully filed‐in with 2(two) photograph and signed along with quotation for purchase of desired article or any other relevant documents.

The customers’ name/other name(s) including nickname, if any should be mentioned in every loan application.

Processing of applications:

On proper scrutiny of the application, branch will inform the initial decision (acceptable for processing/decline) to the applicant within 3(three) working days from the date of receiving application. Applicant will submit the above dully filed‐in with the following additional papers:

  • Salary certificate for service holders.
  • Trade license and TIN Certificate (if any) for businessperson.
  • TIN Certificate of applicants for vehicle loan (compulsory)
  • Bank statement of last six month.
  • Attested photocopies of current tax receipt, electric bill etc & lease agreement (if any) when the source of income is house rent as a land lord.

Branch will inspect the given information with respect to eligibility, feasibility and security. After completion of all necessary formalities, Branch shall disburse the loan or refuse the proposal within 7(seven) working days from receiving the additional papers. Price of the items (Down payment + loan amount) should be given to the respective supplier through Payment order (PO) after completion of necessary documentation.

Documents:

For execution of CCS loan, Bank usually uses two types’ documents. One is application from and other one is charge document. Details of these documents are given below.

Application Form:

The contents of application form for CCS loan of different banks are almost the same and these are as follows.

  • Personal Details of Applicant (s): The applicant’s personal information is written down here.
  • Employment Details: In this section, applicant has to specify the details about his employment (Name of the Company where he belongs, designation, years of service, salary etc.)
  • Loan Details: Amount of Loan, Period, Interest, Equity, Mode of Repayment, Security and Other charges are to be mentioned.
  • Financial Details: Total assets, Total liabilities, Monthly income, Monthly expenses and all other financial details of the applicant have to be mentioned.
  • Particulars of Guarantors: Details of Guarantors with their Job details are to be stated here.
  • Quotation: Quotation contains the details descriptions of the goods, brand, model, size, manufacturer, price and details of supplier.
  • Letter of assurance: This is the assurance of the working organization of the client to pay the installment on behalf of the client in case of the client fails to repay.
  • Declaration: This the declaration of the borrower that all the information regarding the quotation of goods is correct and s/he agrees with all terms and conditions of the Bank.
  • Certification of the organization: In this section the working organization will certify that the borrower is the employee of the organization.
  • Photograph: Two copies of photograph are required for each client.

Charge Documents:

Charge documents are set for documents that contain different rules, terms and conditions. If the borrower of CCS loan agrees with all these terms and conditions regarding the loan s/he needs to sign all the documents. If any disagreements or irregularity occurs in future, these documents will be exercised to suit against the borrower. Before the disbursement of CCS loan, the following documents must be signed by clients:

  • The stamps needed for these documents are paid by the clients.

Letter of Guarantee:  

This letter of guarantee is two sided. One is borrower side guarantee and another one is guarantor side guarantee. Borrower side guarantee consists of agreement of all terms and conditions of Bank as well as assurance of proper repayment of installment. Guarantor side guarantee is the undertaking by the guarantor to pay the installments in case of failure of the client.

Letter of Hypothecation:

It signifies that the goods/items are hypothecated to the Bank.

Demand Promissory Note:  

It is the promise of borrower to pay on demand to the Bank the overdue or total outstanding if necessary.

Letter of Installment:

There will be a written document where borrower will promise to pay all regular and irregular installments in due time.

Letter of Disbursement:

This is the declaration of disbursement of Loan to the borrower.

Letter of agreement:

This is the agreement that the borrower is bound to pay all dues together with all other charges and the borrower gives the bank the authority to discharge the agreements any time due to the fault in borrower side.

Letter of Authority:

This is the letter the borrower gives the Bank the Authority to debit the account if necessary.

Mode of Repayment:

Repayment of loans including accrued interest will be made by equal monthly installments, which will start from the following month of the disbursement of loan. Before disbursement of loan, the customer will deposit crossed cheque covering the total number of monthly installments in favor of Bank which will have to be presented for collection on the due date. Installment will be paid within 7th day of each month. However, prepayment is allowed.

Other Conditions:  

  • Customer will bear the license fee, registration fee, insurance charge etc, if any, in respect of the articles.
  • Customer will bear the expenses for necessary repair and maintenance of the articles during the period loan.
  • After delivery of the articles, the respective customer shall remain responsible if the articles are broken, stolen or damaged. The articles shall be used by the customer with optimum care, caution and prudence and he will be liable for compensation or replacement etc. for any damaged caused due to this negligence, carelessness and inefficient handling. In the event of the articles being lost or totally damaged and become irreparable due to his negligence, carelessness and inefficient handling, he will be liable to adjust Bank’s due i.e. outstanding principal, interest and other charges on demand.
  • Customer will inform the Bank of any Change of his address immediately after the change.
  • The articles shall remain in sole control and custody of the customer who will not let out, lend, resell or transfer the possession or rights of the same to a third party under any circumstances.
  • Customer will keep available all the articles supplied to him for inspection by the Bank officials or supervising agency as and when required.
  • Default in payment of 3(three) consecutive installments shall render the customer liable to handover the articles of the Bank.
  • In case of loan for purchase of Car loan, the registration of the vehicle loan shall be made in the sole name of the Bank/joint name of the Bank and the customer until full adjustment of the loan.
  • The Registration, Blue book, Tax token, Fitness Certificate, etc for vehicles must always be kept up to date at the cost of the customer.
  • The vehicles must be covered by comprehensive insurance policy to be taken by the customer on his own expenses.
  • No additional amount will be paid by bank for repairing or any other purpose for which credit was allowed.

Judgment process of credit proposal under the CCS:

Loan and Advances are the main form of asset of a bank. It is very crucial for any bank because it generates the greatest part of revenue for a bank. Within the total credit portfolio consumer credit is the most popular form of credit because it is easily recoverable. To disburse the loan, the credit officer has to verify the potential borrower’s income, expenditure pattern, type of service etc to select the appropriate borrower. The factors which are considered in this process are stated below:

Borrower’s income:

It is the vital factor for selecting a borrower. To gather required information in his regard, the borrower is requested to allow the credit officer to verify the following subject matters:

  • Place of employment
  • The stated Salary
  • The continuity of Existing job
  • Income from part time employment
  • Spouse’s income
  • Income from rentals
  • Dividend or interest
  • Children’s support

Besides these the credit officer also verifies borrower’s income from the TIN certificate, tax return and salary statement etc.

Estimated Housing Expenses:

The credit officer tries to evaluate the expenditure pattern as well as monthly living expenditure with the help of the following information:

  • Children’s educational expenses
  • House rent
  • Interest payment on previous borrowing
  • Interest payment for the loan which is under consideration

Location:

The location of the borrower is an important factor for selecting any borrower. If the location of the borrower is far from the bank, the physical communication becomes tough for the bank. So bank likes to provide loan to those who stay near to the bank’s branch.

Assessment of credit History:

The credit officer evaluates the credit history of a potential borrower with the help of the CIB report and with the inquiry of his or her Business community.

Social Status:

Social status of a borrower is to be verified from the following information:

  • Ownership of a car
  • Ownership of a House in the metropolitan area
  • Holding a land phone in residence
  • Holding a passport, TIN certificate
  • Membership of a first club
  • Marital status
  • Guarantors status

Under the CCS, credit is offered by taking personal guarantors from a third party. The guarantor will be liable for the default of loan. So guarantor’s designation, type of job, monthly salary, period of service, office address, and the consent of the guarantors regarding the matters are evaluated.

Monitoring and Recovery

The credit under this scheme is fully supervised and as such, the success of the scheme depends on proper and persistent supervision, follow up, persuasion and monitoring of the credits by the Branches.

Branches shall maintain proper records of the applications received, loan sanctioned, disbursement and recovery made. It is worthwhile to mention here that optimum recovery can be ensured by developing relationship with the customers and the beneficiaries and maintaining supervision thereon without filing any suit/case. The mechanism of supervision and monitoring are as follows:

  • Regular checking of the balance of the clients account
  • Regular communication with the defaulting customer and guarantors physically/over telephone.
  • Issuance of letter to customers immediately after dishonor of cheque.
  • Issuance of letter to defaulting customers and respective guarantors.
  • Contacting the employers of the defaulting customers (after there overdue installments)
  • Issuance of legal notice to the customers and guarantors prior classification of loans.
  • Issuance of application/greeting letter  to the regular customers.
  • Periodical visit to the customer to maintain relationship and supervision of supplied goods/items.
  • Legal actions to be taken after all possible efforts to recover the Bank’s dues have in vain.

Steps against Defaulters:

If a borrower fails to pay 3(three) installments consecutively he/she consider as a defaulter. Prime Bank Limited usually follows the following guidelines for treatment of its overdue installments.

  • Telephone contact
  • Cheque bounce Letter
  • Overdue recover Letter
  • Letter of guarantors
  • Letter to authority
  • Legal notice to borrower and guarantor
  • Suit notice

Findings and Recommendations of the Study: 

The findings and recommendations of my study are as follows:

  1. Most of the time, PBL Consumer Credit Scheme customers are paid very high down payment. Besides, others bank are not taking any down payment. So I think, PBL should not take any down payment or reduce the down payment percentage.
  2. Interest rate is very much important issue; in some consumer schemes PBL interest rate is very high. Management should look after this although present Government and Bangladesh Bank monetary policy is controlling the rate, so it is not possible for PBL to reduce interest rate.

Therefore I suggest for increasing payment period duration so that customers will get attract and make the installment more attractive and convenient for customers to pay.

  1. According to Prime Bank Consumer credit scheme policy loan processing time is maximum seven days but in reality it takes more than that. So the authority or the management should take care about it for their reputation and to reduce loan‐processing time it can introduce online loan application, submission and personal credit processing.
  2. I have found from my study that prime bank make difference between the customers. Such as, applicants of CCS who are working in same organization, working at same position, getting almost same salary and guarantors are also same or working in different organization but there status is same but they are not getting the same amount of loan. So there must be biasness or misjudgment. I think the authority needs to be more professional in doing their duties that may play a great role in reducing their rate of outstanding.
  3. PBL should increase the promotional activities, so that people will inform more about the CCS products.
  4. PBL should include more differentiate product in their CCS, such as – Teacher Loan, Shop Financing Scheme, Personal Loan for Women etc. to gain competitive advantage.

Conclusion 

Prime Bank Limited Bangladesh is one of the developing countries in the world. The economy of the country has a lot left to be desired and there are lots of scopes for massive improvement. In an economy like this, banking sector can play a vital role to improve the overall social – economic condition of the country. The banks by playing the role of an intermediary can mobilize the excess fund of surplus sectors to provide necessary finance, to those sectors, which are needed to promote for the sound development of the country.

Prime Bank is – a bank with a difference. Prime Bank’s strategy is to add more strength to the company’s performance by highlighting the areas where they have the advantage today and where they can grow faster than their competitors. The bank thinks different to give differentiated service to its customers and try to run business better every day and better than their competitors.

During the time of my internship program I have gathered lots of practical knowledge and experiences and finally agreed this statement to be true. Working and getting involved in such a reputed bank is really a great pleasure for me. This internship program is obviously helpful for further thinking about my career. I am thankful to all of the officials and specially my supervisor Ms. Syeda Shaharbanu Shahbazi, Senior Lecturer, Brac Business School, Brac University, for her supporting, advice and valuable guidance in the preparation of this report and Mr. Kazi Nurul Islam, JO, Prime Bank Limited, Motijheel Branch with whom I have worked and who have given me appropriate opportunities to apply my theoretical knowledge in the practical field. I was assigned to work in Credit, General Banking and Foreign Exchange where I have to go through different steps related to the Banks. Here I felt that, though banking is constantly changing and being equally challenging, Prime Banks major concentration is always on quality service not on quantity. Customer focus is their priority not volume of the business.