General Banking and Foreign Exchange Activities of IFIC Bank Ltd
In the business environment at home & abroad there is lots of financial institution. Business firms and industries, that provides this facility towards us. If we could not get this facility of internship then a wide gaps will take place between our study and experience, I think this is an extremely valuable asset for us.
We the students of business administration do this usually for three months. In our country there are many banks particularly the esteemed private sector banks, and elite business firms provide this. In this respect I have done my internship at IFIC bank ltd, the one of the most renowned private bank in Bangladesh. I am thankful to IFIC for this.
1.01 Objectives of the Study
The main objectives of the study are summarized in the following manner-
a) To comply with the entire branch banking procedures
b) To make a bridge between the theories and practical procedures of banking day to day operations
c) Understand the real management situation
d) To have some practical exposures that will be helpful for my BBA program
e) To know the successive position of IFIC Bank (Elephant Road Branch )
Secondary objective of this report is to conform to the requirement of “Bachelor of Business Administration” (BBA) program.
1.02 Important of the Report
This report is prepared to give a concrete idea about the dealing and transactions of any IFIC Bank (Elephant Road Branch). I believe that my report will help a lot those who want an orientation about banking. Bank management also can be using the information of my observation for their managerial decision if needed
This report has been prepared on the basis of experience gathered during the period of internship for 28 March to 27 June. Within this period visited two departments namely General Banking and Foreign Exchange departments. I have worked different kinds of desks. I have collected some data for organize the report. Both primary and secondary data sources were used to generate this report. I have focused on all important activities, duties and responsibilities of general banking and foreign exchange departments. And I have find out SWOT analysis of IFIC Bank (Elephant Road Branch).
Primary data sources:
a) Schedule survey
b) Informal discussion with professionals
c) Observation while working in different desks etc.
Secondary data sources:
a) Previous internship reports
b) Corporate newsletters
d) Different publications of Bangladesh Bank.
1.04 Limitations of the study
Although I have obtained whole hearted co-operation from employee of IFIC Bank (Elephant Road Branch), they were extremely busy. So they were not able to give time as they and I would like. Beside, total duration of internship is not sufficient to give me more than a superficial idea of the functioning of the General banking and foreign exchange departments. On the way of my study, I have faced the following problems which may be termed as the limitation of the study. These are as follows:
a) The main constraint of the study was insufficient information.
b) Internship period was very short time to make an outstanding report.
c) Such study was carried out by me for first time. So, in-experience is one of the main factors that constituted the limitation of the study.
Overview of the Bank
2.01 The Bank at a glance
International Finance Investment and Commerce Bank Limited (IFIC Bank Ltd) is a banking, company incorporated in the People’s Republic of Bangladesh with limited liability. It was set up at the instance of the Government in 1976 as a joint venture between the Government of Bangladesh and sponsors in the private sector with the objective of working as a finance company within the country and setting up joint venture banks/financial institutions abroad The Government held 49 per cent shares and the rest 51 per cent were held by the sponsors and general public. In 1983 when the Government allowed banks in the private sector IFIC was converted into a full-fledged commercial bank.
The Government of the People’s Republic of Bangladesh now holds 35% of the share capital of the Bank. Leading industrialists of the country having vast experience in the field of trade and commerce own 34% of the share capital and the rest is held by the general public.
2.02 Ownership Structure
The Government of the Peoples’ Republic of Bangladesh now holds 35% of share capital of the Bank. Leading industrialists of the country vast experience in the field of trade and commerce own 34% of the share capital and the rest is held by the general public.
2.03 Composition of the Board
Board of Directors of the Bank is a unique combination of both private and Government sector experience. Currently it consists of 13 Directors. Of them eight represent the sponsors and general public and four senior officials in the rank and status of Additional Secretary/Joint Secretary represent the Government. Managing Director is the ex-officio Director of the Board.
|1||Mr. Mohammad Lutfar Rahman||Chairman|
|2||Mr. Abu Tahir Mohammad Golam Maruf||Director|
|3||Mr. Murshed Murad Ibrahim||Director|
|4||Mr. Aminur Rahman||Director|
|5||Mr. Md. Yasin Ali||Director|
|6||Mr. Didarul Alam||Director|
|7||Chowdhury Nafeez Sarafat||Director|
|8||Mr. Gulzar Alam Chowdhury||Director|
|9||Mr. Tanim Noman Sattar||Director|
|10||Mr. Mahmudul Huq Bhuiyan||Director|
|11||Mr. Arastoo Khan||Director|
|12||Mr. Syed Monjurul Islam||Director|
|13||Mr. Mohammad Ali Khan, ndc||Director|
|14||Mr. Mosharraf Hossain||Managing Director|
2.04 Management structure
The thirteen members of the Board of Directors are responsible for the strategic planning and overall policy guidelines of the Bank. Further, there is an Executive Committee of the Board to dispose of urgent business proposals. Besides, there is an Audit Committee in the Board to oversee compliance of major regulatory and operational issues. The CEO and Managing Director, Deputy Managing Director and Head of Divisions are responsible for achieving business goals an overseeing the day to day operation. The CEO and Managing Director is assisted by a Senior Management Group consisting of Deputy Managing Director and Head of Divisions who supervise operation of various
Divisions centrally and coordinates operation of branches.
Mission is to provide service to our clients with the help of a skilled and dedicated workforce whose creative talents, innovative actions and competitive edge make our position unique in giving quality service to all institutions and individuals.
Want to be the leader among banks in Bangladesh and make our indelible mark as an active partner in regional banking operating beyond the national boundary.
2.07 Human Resource Departments
Human Resources Development is focused on recruitment and in-house training for both on the job and off the job Bank staff members through the Bank’s Academy. IFIC Bank Academy – the oldest institution in the private sector – was conceived of as an in-house training center to take care of the training needs of the Bank internally. Academy is fully equipped with a professional library, modern training aids and professional faculty. Library has about 4941 books on banking, economics, accounting, management, marketing and other related subjects.
Main training activities consist of in-depth foundation programs for entry level Management Trainees. Specialized training programs in the areas like general banking, advance, foreign exchange, marketing and accounts etc. are also organized by the Academy depending on need. In addition to conducting courses internally, The Academy also selects candidates for nomination to various courses conducted by distinguished training organizations in the country including Bangladesh Bank Training Academy and Bangladesh Institute of Bank Management. The Academy also re-designs its courses, programs etc, regularly to need the requirement of new skills arising out of various directives, guidelines of the Central Bank and significant changes in the banking sector from time to time.
2.08 Capital and Reserves
IFIC Bank has been consistently maintaining the ‘Capital Adequacy Ratio’, as prescribed by Bangladesh Bank. This has been made possible by a policy of building up both capital and reserves. It started with an Authorized and Paid-up Capital of Tk.100 million and Tk.63.20 million respectively in 1983. Authorized and Paid-up Capital increased to Tk.500 million and Tk.406.39 million respectively in 2007.
In addition to paid-up-capital, the bank has built up a strong reserve base over the years. As against Tk. 21.20 million only in 1983, reserves and surplus increased to Tk. 809.10 million in 2006. Besides, the Bank had 1% General Reserve worth Tk. 393.31 million as on December 31, 2007.
2.09 Strength and Performance
With the active support and guidance from the Government, Central Bank, clients and patrons, the Bank has been maintaining sound financial strength and showing a steady and impressive business performance. IFIC Bank is one of the few mentionable banks which maintains Capital Adequacy ratio and has more than required provision as per Bangladesh Bank criteria. Starting with a modest deposit of only Tk.863.40 million in 1983, the Bank had closed its business with a deposit of Tk. 22505.20 million as of 31st December, 2005. Total credit stood at Tk. 3169.90 million as on 31st December 2006 against Tk. 21280.88 million last year. Bank has posted an operating profit (un-audited) of Tk. 589.50 million during the year ended 31st December 2007.
2.10 Credit Policy and Portfolio
Credit policy of the Bank works within the framework or three main objectives, namely maintenance and improvement of quality of assets, recovery on time and building-up of an efficient customer oriented credit delivery system. The portfolio includes working capital financing, project financing, import export financing and domestic trade financing etc. The Bank continued to extend working capital facilities to customers to ensure smooth and uninterrupted operation of their business. At the same time, it expanded project financing portfolio to meet the growing demands of the economy for long term finance in a depressed capital market.
Project loans were extended for setting up of new projects and BMRE of the existing projects as well. Due emphasis was given to financing export oriented and export linked industries without loosing sight of the need for long term loans by other domestic market based industries and ventures. The bank has financed 34 projects during the year 2005 amounting to Tk. 910.23 million. In long term portfolio, the bank has been diversifying from textile and RMG industries to Steel industries, Paper products, CNG filling stations, Shipping, Power Sector, Micro credit, Health services and Telecom industry etc. Moreover the bank has also been financing the agro-based industries in accordance with Govt, policy. From improved customer services, the Bank now extends one stop services to corporate clients who require term loan, working capital and import-export financing etc. The Bank also participates in Syndicate Financing and so far has sanctioned Tk 1493.00 million. In addition to this, our Bank successfully handled two credit lines viz. IDA credit No. 2340 and ADB loan No. 1070 BAN(SF) and sanctioned loans of Tk 478.00 million to as many as 5 ) units. It helped local entrepreneurs to successfully implement small and medium sized industries.
2.11 International Operations
International Division at the Head Office is fully equipped with expertise including computerized operations to deal with foreign trade and foreign exchange operations of all kinds including Letters of Credit, Bills, Traveler’s Checks, Foreign Draft/TT, Remittances from Bangladeshi expatriates abroad and handling’ students remittances studding abroad etc. Such operations are conducted through 19 Authorized Dealer (AD) branches throughout the country. All thugs AD Branches have been brought under SWIFT connectivity.
2.12 Correspondent Banking (CB)
IFIC Bank has wide correspondent network covering all major currencies (AGUD, AUD, ‘CAD, CHF, EUR, GBP, JPY, USD etc.) all over the world. We have also established BKE (Bilateral Key Exchange) with most of the correspondents. Major correspondent banks are:
- American Express Bank
- Bank of Tokyo Mitsubishi
- Citibank N.A.
- Comers Bank AG
- JP Morgan Chase Bank
- Standard Chartered Bank
2.13 New Products
Besides providing traditional services in the areas like, deposit, advance, import-export financing, remittance and collection, treasury operations and lockers, the bank has in the recent years introduced a good number of new products of meet the increasing demands of the clients and the members of me public Some of them are: Visa Credit cards, ATMs (Automated Teller “Machine), Phone Banking, Pension Savings Scheme, Death Risk Benefit Scheme, Monthly Income Scheme and Consumer Credit Scheme, Education Assistance Plan (Deposit Scheme).
2.14 Domestic Branches of the Bank
The branches of the Bank cover all tile important trading and Commercial centers in Bangladesh. At present it has 65 branches within Bangladesh. All the branches are equipped with computers in addition to modem facilities, logistics and professionally competent manpower.
2.15 Joint ventures abroad
Oman International Exchange LLC (OIE)
Oman International Exchange LLC (OIE), a joint venture between IFIC Bank Limited and Oman nationals, was established in 1985 to facilitate remittance by Bangladesh wage earners in Oman. The company is run and managed by the Bank under a management contract. IFIC Bank holds 25% share of the OIE. Total Equity of the company stood at RO 751,363 (equivalent to Tk. 117.21 million) as at 31st December 2004.
Nepal Bangladesh Bank Ltd. (NB Bank)
Nepal Bangladesh Bank Ltd. (NB Bank), a joint venture commercial Bank between IFIC Bank Ltd. and Nepal nationals, started operation with effect from June 06, 1994 in Nepal with 50% equity from IFIC Bank Ltd. Management of the bank was also vested with IFIC Bank Limited since inception. However, after expiry of the Technical Services Agreement on 08th April 2005, IFIC Bank Ltd. has withdrawn from the Management of the Bank.
Bangladesh Finance & Leasing Company Limited (NBFLC)
Nepal Bangladesh Finance & Leasing Company Limited another joint venture leasing company between IFIC Bank Ltd. and Nepal nations stared its operation on April 18, 1999 in Nepal. The authorized and paid up capital of the company are NRS 60.00 million and NRS 50.05 million respectively. IFIC Bank presently holds 17.98% share in the company.
The deposits and advance of the company as at the close of Nepali FY 2004 were NRS 218.84 million and NRS 241.16 million respectively. The company made a net profit of NRS 1.12 million during the Nepali FY 2003-04 against NRS 5.36 million in FY 2002-03.
NIB Bank Ltd. (former NDLC-IFIC Bank Ltd.) Pakistan
To meet the Minimum Capital Requirement (MCR) of the State bank of Pakistan (SBP), the Pakistan Operations of IFIC Bank Ltd. comprising Karachi and Lahore Branches have been amalgamated with a reputed leasing company named National development Leasing Corporation Ltd. (NDLC) as at the close of business on 2nd October, 2003 and a joint venture bank titled NDLC-IFIC bank Ltd. (NIB) emerged in Pakistan.
Major Duties and Responsibilities
My first duties were to gain practical experience about general banking and Foreign exchange department. General Banking department performs the core functions of Bank operate the day to day transactions. They take the deposit from the customer and meet their demand for cash honoring their cheeks. The department is very rush and the employee here are too upgrade to their duty. They pass entry of every transaction within the day. It opens new accounts, remit funds, issues bank draft and pay order etc. Since Bank is confined to provide these services everyday, general banking is known as “Retail Banking”.
3.01 Different activities in the General Banking
I have performed the following activities in the department of general banking section at IFIC Bank (Elephant Road Branch).
a) Account opening section
c) Checks clearing
f) Establishment section
g) Accounts section
3.02 Different Types of A/C
Accounts section is an independent and unique department, which works as the composition of all the departments of the branch, but it is under the In-Charge of the General Banking. Accounts section of Elephant Road Branch is fully computerized. So the conventional large ledger and journal books are not kept like the nationalized banks. Only four personnel maintain the entire accounts section. It receives the vouchers from all departments and prepares the subsidiaries and maintains accounts.
There are four types of accounts maintain in IFIC Bank. These are following:
3.02.01 Current (CD) A/C
This is very popular type of account among the business people. The Main feature of this account is that the A/C holder can draw money from the account as many times as customers needs. No interest is allowed on this type of account. But the depositors in this account generally get other customer service such as overdraft facility, collection of checks, transfer of money, providing agency facility, and general ancillary services. Current accounts should be minimum amount of balance required to open account and to be maintained varies accordingly. In general IFIC Bank, Elephant Road Branch asks for as least Tk. 5000 minimum balance to be maintained. The account opening form current A/C has to be filled up by the applicant of the account. The required identification information is collected. Any new holder has to be introduced by a customer who has as current account in the bank branch. The introducer can be an officer of the branch also. For applicants who have passports don’t need any introducer as because for passport holder Government himself is the introducer. A set of specimen signature is collected to verification in the check.
3.02.02 Savings (SB) A/C
All the features of current accounts are available for savings deposit accounts accept, a customer can draw money from this type of account only a limited number of times. The minimum amount of balance to be maintained with this type of account is Tk. 2000. The forms for opening this type of A/C is almost like CD A/C except little exception.
3.02.03 Short Term Deposit STD A/C
The STD account is a very important class of account in this branch. The minimum amount of balance has to be maintained with STD A/C is Tk.-25,000.
3.02.04 Fixed Deposit Receipt (FDR) Account
During opening of these sorts of account, along with other conventional procedure, the A/C holder is given the receipt of his deposited amount 2nd date, to maturity of his deposit. An interest rate ranging from 11% to 12% is offered depending on different amount and term of deposits.
3.03 Account opening
This section opens accounts. Selection of customer is very important for the bank because banks success and failure largely depends on their customers. If customer is bad, they may create fraud and forgery by their account with bank and thus destroy goodwill of banks. So, this section takes extreme caution in selecting its customer base. In general banking, the account section plays a very important role. So the bank should be extreme caution in its selection.
3.03.01. Accounts Opening Process
Step 1: Receiving filled up application in Bank’s prescribed form mentioning what type of account is desired to be opened
Step 2: The form is filled up by the application him/ her
Two copies of passport size photographs from individual are taken; in case of firms photographs of all partners are taken. Application must sign specimen signature sheet and give
Step 3: Authorized Officer accepts the application
Step 4: Minimum balance is deposited and only cash is accepted
Step 5: Account is opened and a Cheque book and pay-in-slip book is given
3.04 Target Customers of IFIC Bank,
The customers for loan service are categorized as follows:
- Individual person
- Sole proprietorship firm
- Partnership firm
- Private limited company
- Public limited company
- Government and semi Government Organization
- Bank Employee
3.05 Special Caution or the documents from the Account opener of the following types:
In order to open an account in IFIC bank LTD, The party has to fill up an account opening form ‘and specimen signature card provided by the banker. There are different forms for different types of account. The customer has to fill that particular form for which account he wants to open.
Generally, the following information is required to open an account:
- Name of the applicant(s)
- Profession/Nature of business
- Permanent & present address
- Special instruction regarding the operation the account (if any)
- Introducer’s name & account number
- Specimen signature in the signature card
- Partner’s name, address and signature (in case of partnership firm)
- Photocopy of Passport/Ward Commissioner’s certificate/ Chairman Certificate of Union perished/Employer’s certificate regarding identification and nationality of the person(s) concerned
- Two copies of photographs
The Bangladesh Bank has recently made the selection of a nominee by the applicant mandatory and the applicant, in the relevant part of the form, must attach the photograph of the nominee. The concerned officers verify the account opening form. If the particulars are properly filled up and in order, the customer is entitled to open the account. He has to submit some particular documents, which vary due to the kinds of the accounts.
3.06 Documents required for opening an account
In order to open any kind of account a customer is required to submit particular documents that vary due to the kinds of account. Here are required documents according to the kinds of accounts:
3.06.01 For Individual/joint/Partnership/Social Club
The bank requires the following documents, which must be up-to-date and duly completed:
Account opening form properly filled up and signed by the applicant(s)
- Specimen signature in the signature card
- Two copies of photographs of each partner/director
The photos must be attested by the introducer
- Mandate or authority from the opening an individual, partnership account is to be obtained where a customer want to authorize another person to operate on his account.
- Certified true copies of by-laws, rules, regulations constitutions in case of societies, club, association and limited companies etc
- Certified copy of resolution authorizing opening and operation of the account with bank passed by the executive committee/ managing committee of the society/ club of association, limited companies etc.
- List of the directors
- Partnership deed or letter of partnership for partnership firm
3.06.02 For sole proprietorship concern
All the general information regarding opening an account Trade license for limited companies/corporation
- Account opening form.
- Specimen signature card
- Memorandum and articles of association
- Resolution of board of directors authorizing opening of the account with the bank
- Certificate of incorporation
- Certificate of commencement at business
List of directors
- Individual bio-data of each director & Photocopy of Passport/ Ward Commissioner’s certificate/Chairman certificate of Union perished/Employer’s certificate regarding identification and nationality of the directors concerned
Minimum deposit for opening an account
Every customer has to deposit a certain sum of money to incorporate the account
- For current account initial deposit is Tk 5,000
- For savings account initial deposit is Tk 2,000
3.07 Checkbook issue
The following procedures are maintained for issuing a Checkbook:
- Firstly the customer will fill up the check requisition form.
- The leaves of the Checkbook under issue shall be counted to ensure that all the leaves and the requisition slip are intact and the name & account number shall be written on all the leaves of the Checkbook and on requisition slip.
- The account number of the customer shall be written in the Checkbook register against the particular Checkbook series.
- Then the officer in charge signs the register, Checkbook, and the requisition slip.
- Then the Checkbook is handed over to the customer after taking acknowledgement on the requisition slip.
A cover file containing the requisition slip shall be effectively preserved as vouchers. If any defect is noticed by the ledger keeper, he will make a remark to that effect on the requisition slip and forward it to the cancellation officer to decide whether a new Checkbook should be issued to the customer or not.
3.08 Transfer of an account to another Branch
Sometimes the customer wants to transfer his account to another branch due to various reasons. IFIC Bank, Elephant Road Branch, also gives this kind of facility to the customer. In this case, they will have to submit an application to the branch manager stating the reasons. The officer verifies the signature and finds out the balance of the account holder. The holder also submits the rest check leaves along with the application. Then the officer issues an Inter Branch Credit Advice (IBCA) to that branch and a debit voucher with the balance of deposit in that account He also sends the account opening form and specimen signature card to that new branch. The new branch officer verifies the customer signature with account opening form supplied to him. The amount mentioned in the (IBCA) considered as the initial deposit of the new branch.
3.9 Closing procedures of an account
Two reasons for closing account
By Banker: banker has the right to close the account if the customer does not maintain any transaction six years and the balance is become lower than the minimum balance.
By Customer: if the customer wants to close his account he will write an application to the manager and the manager then close the account. Firstly, the concerned customer has to apply for closing his/her account. Then to close the account the cheque book is to be returned to the bank. After charging the account closing charge the Manager will close the account. Closing charges are as follows:
For below 6 months 100 Tk
For over 6 months 200 Tk
The rest amount of money laid in the respective account is paid to the customer by a payment order. In case of payment order certain commissions and vat are cut off from the account.
3.10 Local Remittance
Sending money from one place to another place for the customer is another important service of banks. And this service is an important part of country’s payment system. For this service, people, especially businessmen can transfer funds from one place to another place very quickly. There are five kinds of techniques for remitting money from one place to another place. Bank transfer funds from one place to another place on behalf of its customers.
The main modes of transfer fund are:
- Demand Draft
- Pay Order
- Telegraphic Transfer
- Telephone Transfer
- Mail Transfer
3.10.1 Payment Order
A payment Order (PO) is an instrument to remit fund within a clearing zone. The PO can only be cashed through the issuing branch.
3.10.2 Issuing of a Payment Order
The procedures for issuing a PO are as follows:
- Customer submit application to the officer along with money
- Give necessary entry in the bills payable register where payees name, date, PO- no, etc. are mentioned
- Prepared the instruments after approved the instruments by authority, it is delivered to the customer
- Signature of the customer is taken on the counterpart
Commission Up to Tk
Tk 10 Tk l to Tk l000
Tk 25 Tk 1001 to Tk 100000
Tk 50 Tk 100001 to Tk 500000
Tk lO Above Tk 500000
3.10.3 Demand Draft
A demand draft is also called the Bankers Draft. It is an instrument, issued by a particular branch, drawn on another branch of the same bank, instructing to pay a certain amount of money. DD is very, much popular instrument for remitting money from one place to another place. The remitter of funds can purchase a DD making the amount payable to any one including him. The banker is discharged from liability only by payment in due course.
According to section 13 of Negotiable Instruments Act, DD is not a Negotiable Instrument. But a DD has all the attributes of a bill of exchange .Such as Instrument in writing, containing an unconditional order, signed by the banker etc. Hence a DD is treated as bill of exchange.
3.10.4 Procedure for issuing a DD is as follows
Deposit money with DD application
Necessary entries are given to register
Issuing of the Account payee only crossed instrument.
3.10.5 Telegraphic Transfer
Telegraphic Transfer are affected by telegram, telephone, telex as desired by the remitter. Transfer of funds by telegraphic Transfer is the most rapid and convenient but expensive method. Some times tine remitter of the funds requires the money to be available to the payee immediately. In that case the banker is requested to remit the funds telegraphically. Such type of remittance is called Telegraphic Transfer (TT). But in practice banker uses telephone to remit fund. Banker uses a test serial to maintain secrecy.
3.11 Test Arrangement
For all these techniques of remittance except telephone transfers, Test is deployed. Test is security number by decoding which the paying bank can be sure that the DD/TT/MT is not forged one. Only authorized officers know the test number. Bank maintains secret code for each of its officers, date, week, year, and amount to be transferred.
3.12 Procedure for the outgoing TT
Deposit of money by the customer along with application. In receipt of money a cost memo is given to the customer containing TT serial number, which is informed to the awaiting party in the paying branch by the customer. Tested telex message is prepared, where TT serial number, notifying party name is mentioned. The telex department confirms transmission of the message.
3.13 Procedure for the incoming TT
After receiving the telex, it is authenticated by tested. TT serial number is verified by the “TT in concern branch” register. Voucher is released in this respect giving accounting treatment.
3.14 Establishment section
This section deals with employee’s salary, many types of notional expenses such as purchase of pen, paper, equipment, machinery and payment of labor cost and employee conveyance. In case of leave of absence employee collects prescribed form from this section. This section of the bank is simply maintained by a single person
3.15 Cash Section
Cash department is the most vital and sensitive organ of the branch as it deals with all kinds of cash transactions. This department starts the day with cash in vault. Each day some cash that is opening cash balance arc transferred to the cash officers from the cash vault. Net figure of this cash receipts and payments are added to the opening cash balance. The figure is called closing balance. This closing balance is then added to the vault. And this is the final cash balance figure for the bank at the end of any particular day. Cash department in the IFIC Bank, Motijheel Branch is authorized dealer of foreign currency, so it can deal with buying and selling of foreign currency.
3.15.1 Functions of Cash Department
- Cash payment is made only against checks
- This is the unique function of the banking system which is known as payment on demand
- It makes payment only against its printed valid checks.
- It receives deposits from the depositors in form of cash
- So it is the mobilization unit of the banking system
- It collects money only its receipts forms
3.16 Cash payment or check cancellation process
Step 1 Receiving Check by the employee in the cash counter
Step 2 Verification of the followings by the cash Officer in the
Date of the check (it is presented within 6 month from issue date)
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