In our country’s economic acts Sonali bank is considered as a most important bank. Sonali bank is doing so many things for our country. Commercial as well as all types of work is done by the Sonali bank for the general people as own. So based on proceeding nature, it is not possible to divide this bank perfectly. Even so for the convenient of the analysis this bank is divided into four parts. This is described by the flowing chart:
- General Banking Functions: as a general banking institute in our country Sonali bank has to do the flowing works.
- Taking deposit and giving interest: The main function of the Sonali bank is to collect money from the general people, various institutes or organizations as deposit and give them interest on that money by various accounts. This bank collects current, saving and permanent accounts deposit. But they give more interest on saving account than the current account. This bank generally doesn’t pay any interest on the current account.
- Grant loan and collecting interest: Sonali bank gives the deposited money of the general people to various people, institute and traders based on their need by a fixed interest rate and they also take interest from them. They take a fixed security amount against the loan. This bank takes more interest on loan than the interest which is given to the general people on their deposited money.
- Creation medium of exchange: As a big commercial bank in the Bangladesh, they make a convenient and feeless transition by offering cheque and bank-draft etc. That is why customers can finish their exchange very easily.
- Honour of cheque: whenever the depositors want the money according to their cheque, the bank is bound to pay the money to the customer. It is also their important work.
- Creation of loan deposit: This bank not only gives the loan but also do so many transitions. They make various loans by the deposit and increase the utility.
- Encourage to savings:
- Formation of capital and investment:
- Discount bill of exchange:
- Obey the scheduled rule:
- Representative functions:
- Sonali bank help the customer to transfer their money from one place to another place by the money laundering, mail transfer and telegraphic transfer.
- Acceptance of bill of exchange: This bank is given power from the customer to give the exchange bill.
- Buying and selling of securities: Sonali bank buy-sell share, security, bond, loan paper under the interest.
- Role as a trustee: Some times this bank does as a trustee of the customer wealth.
- Representative of Bangladesh Bank: The area where there is not any branch of Bangladesh Bank there Sonali bank does their work as a representative of Bangladesh Bank.
- Payment of insurance premium;
- Payment to of tax to the government;
- Payment of rent;
- Receiving of house rent;
- Receiving part of profit from the company;
- Receiving of investment profit;
- Public utility functions: This Bank does so many beneficial works to the public as a big commercial bank. These are described in the flowing:
- Protection of assets: this bank arranges various types of lockers for the customer’s gold, silver and important papers to reserve in safe.
- Underwriter: This bank does as an underwriter between the government and the company for selling their share security.
- Issue of solvency certificate: This bank give a certificate as a confession on behalf of the business customer.
- Counseling: As an important bank, in the economic sector and in the trade sector this bank works as an advisor.
- Help in traveling: Sonali bank helps the people in their traveling inside and outside of the country by issuing draft, traveler’s cheque, cash etc.
- Special functions: For the development of our country’s economy this bank does as a big commercial bank in the flowing way:-
- They help the import and export traders directly.
- In the jute and tea sector and also for the development of the business they give much more loan and advice.
- They finance for the obsolete agricultural crops.
- Though there is agricultural bank but this bank helps the farmers by giving them loan.
- During the food scarcity they provide food to the government.
- They participate in the urban banking.
- They arrange part-time hypothesis for the universities student.
- They provide the primary teachers salary as a representative of the government.
- They distribute pension to the retired workers.
- They distribute and collect the form of passport.
- They collect the abroad travel tax on behalf of the government.
- They arrange the deposit pension skim for the convenient of the general people.
- They collect government’s stamp duty and registration fee.
From the above analysis we see that, Sonali bank is doing every types of work for the development of the country as much as they can. Bangladesh bank does so many developing works with the help of the Sonali bank. So it is easy to say that Sonali bank is doing so many things for the development of the country.
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