Study on NRB Remittance in Relation to General Banking in AB Bank Limited (Part-4)

5.1 Account opening & NRB Remittance service

When any client of a bank gets frequent remittances from abroad under a single/same branch of ABBL having a good or huge amount of money, then the client is advised to open an account for his/her safety & security of money by depositing it.
In this case, the client have to follow the general guidelines of account opening procedures and will able to get all the facilities related with this department.
Locker, balance statement, cheque book issuance and monetary transaction with the bank will occur in a safe mode like as a regular and desired client of a bank.

5.2 Cash department & NRB Remittance services

NRB remittance service has a close relationship with cash department, because whatever the remittance has come to a branch of a bank, the bank process it to make it easy to collect the amount of money and client have to go to the cash department to collect or receive the amount of money that has come for him/her from abroad as a remittance in a bank.
Client has no alternative way to collect money rather than cash department, because before doing anything else (P/O, FDR, F/C, Sonchoypotro etc), he must have to draw or collect his money in cash from the cash department and then he can do anything by how he wants to take his money in which way or not.

5.3 Local remittance & NRB Remittance services

In ABBL, local remittance covers 2 types of services- Pay Order & FDR.
If any client who has remittance to collect from a branch of ABBL, but has no account with this bank, can also do FDR and as well as Pay Order to carry/take his money in a form of this 2 types.

Banking clients can also have a scope of doing FDR and Pay order to carry his amount of money by following some prerequisites which is also applicable for non-clients-
1. FDR/ PO form fill up
2. Photograph submission
3. Making someone as a nominee
4. Require no introducer
5. Must submit National ID Card, without it no one can do anything related with banking activities (Bangladesh bank rule).
6. Walking/ Non client of a bank can also take Pay order because of not to take the amount in cash, then he have to make fill up the application form of Pay Order by his own name or if he wants to give the amount to anyone else then by the assigned person’s name, the walking client can carry his money. In this case, the client must fill up the personal information form for the need of a bank in a permission of the authority.

5.4 ATM/Card division & NRB remittance

If any client has an account with ABBL and also get some remittance come from abroad in the bank, can also apply for ATM/Card facilities.
For having card facilities, the client must have an account in the branch having an income capability of tk.10000 or above, and then he will apply for debit/ATM card.
Income capacity of tk.50000 or above can also hold credit card facilities whether the client is having remittance service or not.

5.5 Foreign remittance & NRB remittance

The client having NRB remittance in ABBL can also have the facilities or service of foreign currency remittance.
The client can send the foreign currency by depositing local currency of that amount valuing on the current date exchange rate to abroad.
The client can send and receive the remittance at the same time through the transaction within a bank.
ABBL, like other banks also work on converting the currency for the better use of money in need of clients’ demand and preferences.

5.6 Investment/Sonchoypotro department & NRB Remittance

A client having a remittance in ABBL or not, both can apply for the purchase of sonchoypotro of any category.
They need to fulfill the necessary documents required for having sonchoypotro in a bank and will able to earn interest as required from the purchased sonchoypotro as required time being.
The client can also use his remittance amount of money in purchasing sonchoypotro and will be treated as a regular loyal client of a bank having all kinds of required policies and services.

5.7 Customer service department & NRB remittance

Customer service department works on providing all kinds of services to the regular and walking client of ABBL.
Any kind of query of any kinds of clients is meeting up through the customer service department.
In customer service desk of ABBL also advices and helps clients to suggest the different ways or services or procedures of sending and receiving money from and to abroad along with its necessary costs and charges, so that clients can get the best service within a very short time not having any hassle.
It works on face to face, online, telephonic conversation or any other way that will suit for the clients’ desire and need.

Findings

Sometimes client face some difficulties in filling up the application form and documentation while collecting money from the branch in NRB remittance division.
Sometimes insufficient fund from NRB remittance creates problem for the customer to collect their money in time.
Server or IT problem create problem in money transfer order and it also cancel because of insufficient information of sender and receiver for security and secrecy.
Proper training need is requirement is not justified because the rating does not bear the true demonstration of overall performance.
Online banking, personal computer with internet facilities for each employee enabled their work easier and faster with full professionalism. ABBL is installed with MYSIS, one of the latest technology software, to functioning more effectively.
Though ABBL has almost all due capabilities to command extensive research and development activities, it has done a very little in it.
ABBL is not free from ever disruptive power supply of our public sources. Although the branch generates the required power through generator fed on diesel, but it also disruptive for banking activities as well as operations. There is no way to keep cool the environment of the bank through power supply and it is not working friendly at all.
It has created a brand value among the customers.
Different saving and credit schemes are introduced as a need of market segmentation.
Employees of all departments should be fluency in their tasks so that customers do not feel bored.
The Dhanmondi branch has lots of customers and they are very loyal to it.
The branch has some energetic and efficient human resources who maintain their daily activities smoothly and efficiently.
Job rotation is not performed timely as the officers demand it.
Computer efficiency of the officers is not observed suitable enough in all cases.
Though they have modern online technology of recording all documents using desk computers, they still work on keeping records manually through maintaining registers and hand written documents.
Sometimes the IT server or online service fails to keep pace with the branch operation because of sudden crash or going into offline, then the whole branch suffers as well as the clients come to get the services as well.
There is need of extra officer or personnel who will work at the time when the desk officer will be in a leave or will not able to attend or present in the branch. In this time, the desk remains hampered and the other have to maintain having the burden of maintaining both desks as well.
Necessary equipments and materials are not well established and maintained.
Security service of the bank and its branch is not well established and strong enough.
Manual and computer operated task is done for every single operation and it takes too much time that creates irritation and time consuming for the customers.

Recommendations

In collecting remittance, documentation must be easier for helping the clients for collecting money.
Fund sufficiency and server correctness is required while providing services to the clients of NRB Remittance.
The bank should arrange some more training programs for their officials. Quality training will help the officials to enrich them with more recent knowledge of International Trade and financing as well different banking activities.
Installation required equipments and daily up gradation.
ABBL should emphasize on its advertisement strategy to capture new customers.
The bank must need the establishment of R&D department.
Proving sufficient power supply facilities.
Taking of immediate steps of reducing employee turnover.
Should introduce new innovative and modern customer service options.
Enhancing its motivational activities.
Involvement of direct social investment.
Reengineering its core business pattern.
ABBL should utilize properly the “Internship Program” as one kind of promotional policy to encourage its present and potential clients. Because, young generation plays a vital role in our economy. To do so this bank should provide facilities to the internees through proper placement and practical operations as well as job certainty to those who brings introduce themselves the best performers in doing their particulars.
Security service must be established strongly and supervised properly.
Proper arrangement of necessary equipments and materials needed in every desk of each department for providing prompt service.

Conclusion

As an internee of ABBL, I have truly enjoyed my internship from the learning and experience viewpoint. I am confident that this 3 months internship program at ABBL will definitely help me to realize my further career in the job market.

ABBL is committed to provide high quality financial services or products to contribute to the growth of GDP of the country through stimulating trade and commerce, accelerating the pace of industrialization, boosting up export, creating employment opportunity for the educated youth, poverty alleviation, raising standard of living of limited income group and overall sustainable socio-economic development of the country. Though ABBL makes a strong position through its various activities, its number of clients, amount of deposit, and investment of money is increasing day by day. This bank already has shown impressive performance in investment. The bank now should think to start new services and take different types of marketing strategy to get more customers in this competition market of banking.

As there are lots of local and foreign banks in Bangladesh, the AB Bank Limited is promising commercial bank among them all. In this competitive market, bank has to compete not only the others commercials but also with the public ones. ABBL is more capable to contributing towards economic development as compared with other bank. ABBL invested more funds in export and import businesses. It is obviously that the right thinking of this bank including establishing a successful network over the country and increasing resources will be able to play a considerable role in the portfolio of development. Successes in the banking business largely depend on effective lending and timely ensure recovery. Huge amount or contribution on remittance as well as the general activities will enhance the economic improvement in national and international perspective of the country and the bank itself as a mark of providing services to the clients. Hope the more modern and easy appliances and techniques as well as proper and trained personnel will raise the benchmark of ABBL in the highest rank of the world along with the country and pride itself as a shining star in the sky.

ATM Locations

Dhaka Division

Principal Branch

BCIC Bhaban,30-31, Dilkusha C/A, Dhaka 1000

Board Bazar Branch

Union: Gacha, PO: National University, PS: Gazipur Sadar, Gazipur

Karwan Bazar Branch

BSEC Bhaban, 102 Kazi Nazrul Islam Avenue, Dhaka

Kakrail Branch

81, VIP Road, Dhaka 1000

Islami Banking Branch

82, Kakrail, Ramna, Dhaka

Gulshan Branch

Ventura Avenue (1st & 2nd floor), Plot No. CWN(C)-8, Road No. 34, Gulshan Model Town, Dhaka

Progoti Sharani Branch

N.R. Tower, 72 Progoti Sharani, Block: J, Baridhara, Dhaka

New Elephant Road Branch

Novera Square, House 05, Road 02, Dhanmondi, Dhaka

Joypara Branch

Dohar, Dhaka

Mohakhali Branch

Pacific Centre (1st Floor), 14 Mohakhali C/A Dhaka

Midtown Shopping Mall ATM Booth

Plot 22, Main Rd 03, Sec 7, Pallabi, Mirpur, Dhaka

Tangail Branch

702 Sabur Khan Tower, Kalibari Road, Tangail Sadar, Tangail

Uttara Branch

House 11, Road 14D, Sector 4, Uttara, Dhaka

Madhabdi Branch

Parkashipur, Madhabdi Bazar, Narsingdi

Bhairab Bazar Branch

248(W) Tin Potty, Bhairab Bazar, Bhairab, Kishoregonj

Chittagong Division

Bahaddarhat ATM Booth

Bismillah Complex, Arakan Road, Bahaddarhat, Chittagong

Agrabad Branch

BCIC Sadan, 26, Agrabad C/A, Chittagong

Chandpur Branch

123/115 Kalibari Pouro New Market, Chandpur Sadar

CDA Avenue Branch

BMA Bhaban (Ground Floor), 1367 CDA Avenue, East Nasirabad, Chittagong

Brahmanbaria Branch

1090/5321, Court Road, Brahmanbaria

Khatunganj Branch

395, Khatunganj, Chittagong Export Processing Zone (EPZ) Branch

Bay Shopping Centre, P.O. EPZ, South Halishahar, P.S. Bandar, Chittagong

Cox’s Bazar ATM Booth

Kolatoli, Hotel Motel Zone, Main Road, Cox’s Bazar

Pahartoli ATM Booth

825, Zakir Hossain Road, Amader bari, North Pahartoli, A.K. Khan More, Chitagong

Sicho Shopping Complex, ATM Booth

Padua, Lohagara, Chittagong

862/A, O.R. Nizam Road ATM Booth

Goal pahar Circle, Chittagong

Nazu Meah Hat Branch

Burischar, Kaptai Road, Hathazari, Chittagong

Patherhat Branch

Khayez Shopping Center (2nd Floor), Patherrhat, Noyapara, Chittagong

Sylhet Division

Chhatak Branch

Madaris Mansion, Bagbari, Chattak, Sunamganj

Dargahgate Branch

Raj Manjil, Dargahgate, Sylhet

Garden Tower Branch

Biswa Road, Shahjalal Uposhohor Point, Sylhet 3100

VIP Road Branch, Sylhet

Surma Tower, Plot: 6006(old), 27640(new), Ward No: 13, V.I.P. Road, Taltala, P.S. Kotwali, Sylhet City Corporation, Sylhet

Rangpur Division

Saidpur Branch

24, Nur Plaza (1st & 2nd floor), Ward 12, Shaheed Dr. Zikrul Haque Road, Saidpur, Nilphamari

Rajshahi Division

Bogra Branch

324, Kazi Nazrul Islam Sarak, Jhawtala, Bogra

Naogaon Branch

Mozaffer Hossain Marketing Complex, Main Road, Naogaon

Rajshahi Branch

102-103 Shaheb Bazar, Rajshahi

Sirajganj Branch

Friends Plaza (1st Floor), S S Road, Ward 1, Sirajganj

Khulna Division

Khulna Branch

Mollick Shopping Complex Limited, 99 Khan A Sabur Road, Khulna

Jessore Branch

38 M. K. Road, Jessore

Satkhira Branch

884/810, Abul Kashem Road, Satkhira

Benapole Branch

607 Benapole, Local Bus Stand, Benapole, Jessore

SMS Banking Services

AB Bank SMS Banking service allows customers to access certain banking services by sending an SMS via mobile phone. It enables customers to do the following directly from a mobile phone 24 x 7:

Account balance enquiry
Obtain a mini statement up to the last five transactions
Branch address/ATM locations
Transfer funds between eligible accounts
Transaction alerts
Utility bill payment
Cheque book request/Collection notification
Product promotions/promotional packages

Benefits to customers:

Hassle free banking without coming to the branch premises
Easy and prompt information collection
Security of all or any transaction by receiving transaction alert
Mitigate the risk of fraud

All personal or organizations accounts (except Islamic Banking branch accountholders) can be used for SMS banking. ABBL SMS banking service can be used will all mobile phone service providers in Bangladesh.

If customer’s phone lost or stolen, he/she must inform it to the bank’s SMS service call center, and also report to the mobile service providers.

SMS banking only allows fund transfer between customers’ linked eligible accounts anywhere across Bangladesh and can only be accessed from their registered mobile numbers. Minimum Tk. 1 lac per day can be transfer in single or more transactions.

Request for account balance, mini-statements, fund transfer should all be sent to 6969.

Customer’s need to register at nearest AB Bank’s branch to use this service, where they have to fill-up a printed application form with KYC (verified by Account opening officer) to enroll.

An annual fee of Tk. 200 + VAT will be charged, which to be debited from customer’s account once in a year in month of November. No annual fees charged for the year 2010 as a promotional facility. There is additional charge to use this service. However, each text enquiry will be charged the standard telecom value-added service rate.

A 4-digit numeric password MPIN (Mobile Personal Identification Number) will be provided to the registered user, which should be entered every time a request is made by the customer.