Management Assignment Example | Topics and Well Written Essays - 250 words - 5

Management - Assignment Example Effective information cycles aid the public in improving the quality of goods and services provided when they feedback from the public. The feedback portrays the level of satisfaction among users of the firm’s commodities. Informing the public is a constitutional affair that the law looks into. This is because the firms and the public are in contract agreements most times. Involving the public in firm activity not only helps in providing quality production of commodities, it also creates security networks for the firms. Firms that involve the public in their activities gain a substantial amount of confidence in their customers and develop consumer loyalties with them. Firms can involve the public in their activities by allowing them to use their facilities friendly rates that are subsidized or without paying for them at all. Such facilities like the gymnasium, public halls and fields. Firms should also provide employment to the public without bias to create better relations with its

Defiance of Gender-Based Work Ethics in Bartleby and The Yellow Wallpap

Defiance of Gender-Based Work Ethics in Bartleby and The Yellow Wallpaper  Ã‚     Ã‚   The issue of gender was an influential factor for writers in the 19th century, as Herman Melville and Charlotte Perkins Gilman explore in their pieces. In "Bartleby," for instance, Herman Melville presents Bartleby as an employed scrivener-his service to the narrator is in the form of copying documents. This form of labor is appropriate for Bartleby according to 19th century society, which supported and approved of the male professional writer. However, he refuses this duty, and through his "I-would-prefer-not-to" statements, he challenges the standards held to him by society, reinforcing his individualism.   Ã‚  Ã‚  On the other hand, in "The Yellow Wallpaper," the female narrator is expected and ordered not to work-not to write-by her family and, in turn, by her society. But just as Bartleby refuses the expectations set upon him, so does "Wallpaper's" narrator. This reverses "Bartleby's" situation-culture does not want her to write, but she does so anyway. According to this presentation by Charlotte Perkins Gilman, the 19th century female writer is suppressed and discouraged by the males of the era-an idea further supported by Richard Polwhele's poem "The Unsex'd Females." In his piece, Polwhele denounces the female writer and criticizes her advancement in the literary world. Therefore, although both Bartleby and "Wallpaper's" narrator have labor standards to live with, through their defiance of these 19th century ethics, they present themselves as individuals through the work of writing.   Ã‚  Ã‚  In the case of "Bartleby," many examples imply the acceptance of writing as a male profession. Firstly, all of the people in the office are men. "At the... ...accepted and encouraged work. On the other hand, the female writer in "The Yellow Wallpaper" individualizes herself by working when she is not supposed to be, and by being the alleged unnatural woman that Polwhele describes. She defies what is socially acceptable and chooses to express herself through writing. The end result is the same-both characters grow as individuals through their social dissent.    Works Cited Gilman, Charlotte Perkins. "The Yellow Wallpaper and Other Stories." New York: Dover Publications, Inc., 1997. Melville, Herman. "Bartleby and Benito Cereno." New York: Dover Publications, Inc., 1990. Polwhele, Richard. â€Å"The Unsex’d Females.† Women of the Romantic Period. 27 April 2001 <http://www.cwrl.utexas.edu/~worp/worp.html>. "Hysteric." Webster's New World Dictionary. 3rd College ed. New York: Prentice Hall, 1994   

Voucher Threat

A popular topic in education reform is the impact school vouchers will have on America†s public education. Public education is at a serious threat do to the debate over education vouchers. School vouchers will redirect the flow of education funding, channeling it directly to individual families rather than to school districts. This will result in less government funding going towards improving public schools, lowering class sizes, and purchasing supplies and may eventually cause the downfall of public education all together. The issues of school vouchers go beyond the classroom and are borderline unconstitutional. The idea of public funds being spent on private schools raises issues in its self. Public funds being spent on private religious schooling will raise interesting questions about the separation between church and state. Most nonpublic schools in America right now are run by religious organizations. Is it even constitutional for tax money to be spent religious schooling? One of the most widely believed untruths about school vouchers is that it will allow poor inner city kids to have more opportunities to go to private schools, however compelling this argument may seem the truth of the matter is that vouchers will siphon the money out of the cities public schools causing the children whose parents still cant afford the subsidized tuition of these pricey private schools to receive an inferior education and create a large underclass of students who are trapped in a public school without enough resources to receive a quality education. The fact of the matter is that school vouchers will create a competitive market in the education field causing the strongly funded private schools to thrive while the public schools that this country was built on to slowly deteriorate in quality due to fewer tax dollars being spent on the resources needed for public education to succeed. The action I would like to see the government take on this issue is to focus more attention on improving public education, instead of the redirecting of taxpayer†s money to private education. The choice is clear if more attention was placed on creating a better learning environment in our public schools all children could benefit not just those who can afford subsidized private schools. Instead of offering an alternative to ineffective unsafe public schools why not focus our attention on improving those schools. Taking money away from already troubled public school systems without offering any solutions to the existing problems is bound to create a downward spiral in the already shaky public school systems. The low impact approach I would take on this matter is to set up rallies especially in those areas where the vouchers would have the largest negative impact. Those areas being the troubled school systems of the inner cities. I would get forty or fifty people together to go to their local or district office and talk with their senator or state rep. I would start up a web page supporting my issue with links to advocacy groups and information that take a similar stand on the issue of school vouchers. In the web site I would also include a prefab letter explaining the negative effects of school vouchers that viewers could download, sign and send to there local or state representative to help support my issue. Furthermore I would write to the editors of my local newspapers and explain my stand on the issue in a small column that would reach many potential voters. As an attempt to get some free media attention while spreading the word of my issue I would hold a public forum on vouchers and have the local news cover it. The forum would inform citizens how they can get involved. I would hold the forum in a local schools gymnasium and try to get some influential speakers who support my issue in hopes to gain more supporters who will take action against school vouchers. In a high impact manner I would use an entirely different approach. Supposing I had a year off from life and 100,000 dollars to contribute to the fight against vouchers I would start by getting national attention. I would try to team up with some key officials in congress who take the same position as I do. I would try to hold a national rally against vouchers. As an attempt to gain wide range publicity I would set up a web site for volunteer support effort. I would use the web site to keep my supporters updated on rallies and protests supporting my cause. I would set up a national call in day via the web where I get membership of the site to call into congress and support our stand on the issues. I would help raise money by holding rallies and support groups for members of congress and other political leaders who are running for office and who support my issue. As would organize bus trips from inner cities around the country to Washington D. C. so that constituents could go to the members of congress that represent their district and explain to the congressmen their concerns with vouchers. All of these things would help to raise concern over school vouchers and hopefully have an effect on votes when the issue comes up in legislation.

Domestic Violence And Child Abuse Essay - 1311 Words

I chose to do my research on domestic violence and child abuse for many different reasons. As a young woman and hopefully a future mother, I wanted to be well educated on domestic violence and child abuse so that I can hopefully prevent these from happening to me of my future children. By researching domestic violence and child abuse I was able to learn about warning signs, as well as other useful information regarding these topics, such as where to seek help. Also, as someone who wants to be a teacher and who works heavily with children, I am a mandated reported. Therefore I need to know a lot of information about child abuse so that I can know the symptoms as well as how to report it. Also, knowing about domestic violence may be able to allow me to help parents I encounter who face domestic violence. Therefore, I chose this topic in order to keep me well informed since it pertains so heavily to my future career. While doing research I found many interesting facts about child abuse and domestic violence, but there were four that really stood out to me. The first fact is that there is a strong link between child abuse and domestic violence. In fact, most cases of domestic violence occur in households that also experience child abuse. In fact, â€Å"for three in five families where a child has suffered physical or mental abuse or neglect, a parent will have experienced domestic violence† (Sadler, 2004). And the perpetrator is typically the same family member. Additionally, â€Å" aShow MoreRelatedDomestic Violence And Child Abuse962 Words   |  4 PagesUnfortunately, seven years have now passed and Aaron now has a domestic violence (DV) criminal case pending as well as a possible child abuse case for the abuse of his son. It seems that Aaron has been having a lot of problem lately with the law as well as personal. However, those problem didn’t just start because as a child he had two adjudications of delinquency and served six months in a juven ile detention center for his actions. Yet, he did not learn his lesson from his younger actions and hasRead MoreDomestic Violence And Child Abuse1186 Words   |  5 PagesDomestic violence is the physical, mental, emotional, and/or sexual assault, and/or other abusive behavior as part of a systematic pattern of power. A form of domestic violence is child abuse. According to Child Protective Services, each year more than three million reports of child abuse are made in the United States which involves more than six million victims. Cases can involve more than one child. Groups who are generally targeted are young females under the age of eighteen who are seen as vulnerableRead MoreDomestic Violence VS Animal Cruelty and Child Abuse1665 Words   |  7 Pagesstate should assist in seeking a greater protection for not only animals but human companions as well. In theory, there are a variety of reasons why people abuse animals. Animal cruelty covers a wide range of actions that can initially be broken down into two main categories; passive and active cruelty. The first is acts of omission, meaning abuse from lack of action to take care of their animals. Passive cruelty can be referred to cases of neglect of animals. Some examples of neglect are starvationRead MoreChild Abuse And Domestic Violence : Prevalence, Explanations, And Practice Implications Essay1239 Words   |  5 PagesJournal Articles Summary Article #1: Child Abuse in the Context of Domestic Violence: Prevalence, Explanations, and Practice Implications The journal article Child Abuse in the Context of Domestic Violence: Prevalence, Explanations, and Practice Implications, addresses three critical components in regards to child abuse resulting from domestic violence. The first component focuses on how often child abuse occurs in relation to domestically violent families. The second component of the journal articleRead MoreManifestations Of Abuse: The Link Between Animal Cruelty, Domestic Violence and Child Abuse1767 Words   |  7 PagesManifestations Of Abuse: The Link Between Animal Cruelty, Domestic Violence and Child Abuse Idiosyncratic acts of animal cruelty toward a family pet are rare. Most often, this type of behavior is part of a pattern that indicates comorbid problems are present in the family system (DeGue DiLillo, 2009). Consequently, a large body of research has been dedicated to studying the components within these types of households (Ascione, 2001). Findings indicate that the abuse of animals and the abuse of childrenRead MoreThe Legal And Professional Issues Related Disorders, Domestic Violence And Child Abuse1290 Words   |  6 Pagesculturally diverse, therapeutic approaches of psychodynamic, Bowen, Structural, Solution-Focused and Narrative Family Therapies, the ethical, legal and professional issues in family therapy and working with substance related disorders, domestic violence and child abuse. Multiculturalism is a term used â€Å"to refer to distinct cultural groups within a region or nation and their needs† (p. 55). In providing family therapy to culturally diverse famil ies, it is essential for one to develop â€Å"openness to diversityRead MoreDomestic Violence And Sexual Abuse896 Words   |  4 Pagesrelation to a child who witnesses abuse in his/her home at a young age? Introduction: What is domestic violence? â€Å"Domestic Violence is a pattern of behaviors used to establish power and control over another person through fear and intimidation, often inclosing the threat or use of violence†(Safe Horizon, 2015). Domestic violence includes physical abuse, sexual abuse, emotional abuse, and exploitation; therefore, this is in relation to â€Å"intimate partner violence, battering, relationship abuse, spousalRead MoreChild Protection Service 1393 Words   |  6 PagesDomestic violence is a major problem that we are facing in our society; statistics estimate that each year in the â€Å"Untied States 5.3 million women and 3.2 million men are abused by [there] domestic partners† (Black, Dempsey, Davis 2010, 900). Domestic violence or family violence are defined as â€Å"the abuse of power within relationships of the family, trust or dependency that endangers the survival, security or well-being of another person. It can include many forms of abuse... [i ncluding] witnessingRead MoreEffects of Domestic Violence on Children1124 Words   |  5 PagesThe biggest victims of domestic violence are the littlest. The home is a suppose to be a safe and secure environment for children with loving parents and free from violence. Children need a secure environment where they can come home to when the outside world is unsafe. However, every year there are millions of children who’s homes are not a safe haven. Millions of children are exposed to a parent being violently assaulted. Domestic violence is a prevalent social issue in America today. First, whoRead MorePersonal Statement : Domestic Violence1002 Words   |  5 PagesEssay: Domestic Violence Attorney An individual who is responsible for subjecting their intimate partner to domestic violence is often controlling, manipulative, aggressive, violent, and dangerous. It is important for an individual who is experiencing any form of abuse should contact authorities to prevent any further abuse in the relationship. While the victim of domestic violence is constructing a plan for a safe escape, the victim will choose a domestic violence attorney. A domestic violence attorney

Obamas Economic Plan - 719 Words

Barack Obama has a plan; a big economic plan to fire up business and create jobs. He will, of course, unveil his brainchild after returning from Martha’s Vineyard for a much-needed vacation from campaigning. He thinks that lolling with his liberal high rollers ($50,000 per week rent) and breathing some Atlantic saltwater air should completely clear any proven methods for job creation that might enter his mind. The country has lived with this President’s incompetence and anti-growth policies for nearly three years and knows his economic plan is a one-trick pony that grows more tiresome by the day. He trots out his little red pony almost daily in a comical effort to convince people he has a clue as to what he’s talking about. His†¦show more content†¦When Obama speaks people also listen; except the stock market drops like a rock at the sound of his foolishness. If the American people could convince him to stay on Martha’s Vineyard, do nothing, and cease giving speeches, hundreds of comedians would be out of work, but the country could recover from its freefall and survive until the 2012 election. Unfortunately, a hurricane drove him back into the spotlight; and worse, back into his economy destroying programs. Killing jobs by taxing and regulating businesses and financial institutions, then ranting about the rich, is inconsistent with reason, logic and common sense. Then again, if one’s primary goal is to bring down our form of government by using a Cloward and Piven strategy of collapsing the system, it would make sense. It would also explain his promise to â€Å"fundamentally transform America.† To be successful in this plot, he must first destroy the American economy. An economy with over 14 million unemployed, tens of millions more underemployed and 46 million on food stamps (up by a third in two years) with millions more on public assistance, proves that he is well on his way. Incredibly, for the first time in American history an administration touts increasing the roles for food stamps and unemployment benefits as a way of stimulating the economy. Republicans have a budget and jobs plan sitting on Harry Reid’s desk, while a trade agreement that Obama blames Congress for not passing lies untouched on theShow MoreRelatedHealth Care Reform1432 Words   |  6 Pagesgiven the effect the current economic crisis has on the number of uninsured Americans. Although this element of President Obama’s framework should be prioritized, it will also be the most challenging to implement, since universal health care coverage represents a dramatic shift from current health care policy and will require substantial increases in government spending. Providing health insurance for all Americans should be President Obama’s priority in the current economic crisis because many AmericansRead MoreLets Rock the Informed Vote: Barack Hussein Obama1091 Words   |  5 PagesFurthermore, data will show success of Obama’s policies. Leading economists, including New York University’s Mark Gertler called the economic climate Obama inherited â€Å"one of the worst financial crisis since the Great Depression.† (Hilsenrath). There is no doubt that the economy and a candidate’s economic policy will be the hottest item of discussion in politics during election season, along with topics like foreign policy and energy. Consequently Obama’s economic policies are either hailed by supportersRead MoreJobs and Economic Growth1788 Words   |  7 PagesTable of Contents Introduction 1 Romneys Plan 1 Obamas Plan 2 The Media 3 Comparison 4 Conclusion 6 Introduction The candidates for the US Presidential election publish their policy platforms on their respective websites, MittRomney.com and BarackObama.com. These platforms have also been subject to considerable discussion, debate and dissection by a variety of media sources. One of the most important elements to any election is that one should be an informed voter. However, the ways thatRead MoreRhetorical Analysis Of President Obama s Speech1407 Words   |  6 PagesInaugural Address, President Barack Obama gave an impassioned speech filled with extended metaphors along the lines of movement, travel, and a journey. In fact, much of his economic language throughout the first 100 days of his presidency followed this theme. Obama’s use of these metaphors served to characterize the economic crisis, unite the American people, and frame his perspective on the role of the presidency. Thus, through analysis of his rhetoric, we learn that metaphors really do matter.Read MoreMajor Topics in Pres ident Barack Obamas State of the Union Address525 Words   |  3 Pages President Barack Obamas State of the Union Address President Barack Obama gave his 2014 State of the Union speech last week and as everyone was expected, the economy was the main dish on the table. Obama talked also about other problems such as, military operations; however, all these problems are related to the economy. I believe Mr. President’s speech could be divided into three parts: dealing with the economy, then a shorter segment on other domestic initiatives, and concluding with a summaryRead MorePresident Obama Administration : The Fiscal Policy1480 Words   |  6 Pagesexample, in 2001, as President Bush had just entered office, he ushered a reduction of income tax rates in addition to other tax cuts for the middle class, through Congress. While these policies were initially quite slow in boosting the economy, the economic benefits eventually began to surface around 2003 and the economy did begin to exhibit stronger growth. However, President Bush’s tax policy was set with an â€Å"expiration date†, set by Congress through a budget process called â€Å"reconciliation† (ReconciliationRead MoreThe Executive Order : President Obama s Immigration Reform1221 Words   |  5 PagesThe Executive Order: President Obama’s Immigration Reform In 1986 Ronald Regan signed into law the Immigration Reform and Control Act, an amnesty act that would alleviate the current immigration problems. Through this law, out of five million illegal immigrants, an estimated four million could have applied to become legal U.S. Citizens. This law was supposed to put a definite stop to illegal immigration into the United States. However, ever since the law was enacted, statistics show that the numbersRead MoreThe Debate Over Fair Tax637 Words   |  3 Pagesshorter end of the stick since the extreme rich dont make their money from working but rather make it from investments, capital gains and dividends (e.g. Condon, S. (December 19, 2012)). The Obama Administration believes that economic distribution is more important than economic growth with money being used for entitlement programs (social security and Medicare) and infrastructure improvement. Obama had, originally, insisted that taxes should be increased for anybody earning more than $2 50,000 whilstRead MoreNASAs Future Essay845 Words   |  4 Pagesother grand exploration goals (Achenbach). When President Obama took office, he built a new plan for NASA which was placed n the NASA Authorization Act of 2010. President Obama’s plan would change not only NASA’s objectives but also its budget – turning NASA’s sights towards Mars and near-by asteroids (Malik) and increasing its budget nearly 6 billion dollars over the next five years (Foust). This new plan has aroused both praise and criticism from the public and many key politicians and astronautsRead MoreAmerican Economic Crisis Essay1447 Words   |  6 Pages we consume far more than we sell. Over the last five years, foreign investors have substantially increased their share of U.S. debt securities. The mammoth trade deficit is cited as the primary reason. Many have taken a detached attitude to our economic woes. Since the system hasn’t completely crashed, why should they do any thing about it? This situation leaves us incredibly vulnerable to any random crisis, were one to occur. America needs to change the way it does business. Every person on the

The Gaspee Affair Began a Chain that Lead to the 13...

In June of 1772, a British schooner, known as the Gaspee, commandeered by Lieutenant William Dudingston, traveled along the Narragansett Bay in pursuit of smugglers (Park, 54-55). During the chase the ship ran aground, and the crew found themselves stuck in the shallow waters. The armed naval vessel was suddenly boarded by an angry mob; the commander was shot, the crew taken ashore, and then, the Gaspee was set aflame (Park 54-55). The attack on a British naval ship, would become known as The Gaspee Affair, and it led to the British government demanding those involved, to be tried in Great Britain, outside the colonies (Blinka, 54). Those involved in the burning of the Gaspee were never properly identified (Park 54-55) A trial never†¦show more content†¦The colonists responded to the Coercive Acts of 1774 with resentment, and the act itself stirred thoughts of rebellion amongst the colonies against the British government(Wood, 47). Indignation towards British rule spread throughout the colonies and led to the eventual formation of the First Continental Congress in September 1774 (Wood, 48). With the exception of Georgia, representatives from 12 out of the 13 colonies convened in Philadelphia to discuss their grievances towards Parliament and the King. Why did Britain want criminal offences to be transported outside the colonies? According to Richard D. Younger, â€Å"The power of grand juries lay in their ability to blow all criminal proceeding begun by royal officials.† (257) The British government feared that colonial juries held too much power. Parliament could not see how a fair verdict could be reached through colonial jurisdiction if the accused were to be presented in front of a jury of their peers (Ammerman, 1). According to Younger, the attempt from the British government to limit the power of colonial juries, and to move trials to England was met with fierce resistance by the American colonies (257). Britain’s fear of colonia l juries being biased was not entirely irrational. In 1768, when

Banking Practice Guiding Laws Thereof on Ncc Bank Free Essays

string(84) " team of professional that work passionately to be outstanding in everything we do\." INTRODUCTION PART 1. 0 INTRODUCTION PART 1. 1 Origin of the Report This internship report entitled â€Å"Banking Practice Guiding Laws thereof: NCC Bank Perspective. We will write a custom essay sample on Banking Practice Guiding Laws Thereof on Ncc Bank or any similar topic only for you Order Now † has been started at the November 2011 under the instruction of our honorable intern supervisor instructor Syed Shamsir Hossain. Asst. Vice President Manager for the partial fulfillment of the requirement. 1. 2. Objectives of the report Main objective of the report is to analyze the â€Å"Banking Practice Guiding Laws of NCC Bank Ltd. Moreover, the study also embodied the following specific objectives: 1)To study the existing operations/activities of General Banking Section 2)To study the existing operations/activities of foreign exchange section. 3)To study the existing operations/activities of loans and advance section. 1. 3 Methodology of the Study The methodological section of the study is designed as data collection: Methods of Data Collection The report was fully exploratory in nature. Data have been collected from both primary and secondary sources. Primary sources of data †¢Face to face conversation with the bank officers staffs. †¢Informal conversation with the clients Secondary sources of data †¢Different manuals of NCC Bank Limited †¢Different circulars of NCC Bank Limited †¢Annual report of NCC Bank Limited, (2008-09-10) †¢Prospectus of NCC Bank (2010) 1. 4 Limitation of the Report The present study was not out of limitations. But as an intern it was a great opportunity for me to know the banking activities of Bangladesh specially NCC Bank. Some constraints are appended bellow: The main constraint of the study is inadequate access to information, which has hampered the scope of analysis required for the study. As it is a new bank it could not start all its operation, it was unable to provide some formatted documents data for the study. ?Every organization has their own secrecy that is not revealed to others. While collecting data i. e. interviewing the employees, they did not disclose much inf ormation for the sake of the confidentiality of the organization. ? Since the bank personals were very busy, they could provide me very little time. Another problem is that creates a lot of confusions regarding verification of data. In some cases more than one person were interviewed to clarify each concept as many of the bankers failed to provide clear-cut idea about the job they perform. AN OVERVIEW OF NATIONAL CREDIT AND COMMERCE BANK LTD. 2. 0 NATIONAL CREDIT AND COMMERCE BANK LTD. 2. 1 Introduction NCC Bank Limited is a new generation bank. It is a scheduled bank under private sector established under ambit of Bank Company Act, 1991 and incorporated as Public Limited company act, 1994 on 17th May 1993. Prior to conversion into a scheduled commercial bank; National Credit Limited (NCL) was incorporated as public limited investment company in Bangladesh on 18th November 1985. It made its journey with a modest beginning on 25th November 1985 at its registered office and first branch at 7-8 Motijheel Commercial Area, Dhaka-1000. The initial Authorized Capital of the company was 30 (Thirty) crore consisting of 30 (Thirty) lac. Ordinary share of Tk. 100/- each. A new opportunity in this field of financial activities was opened for the business. NCL made a careful journey and maintained its successive growth for few years with its qualified professional management under most unpredictable, unregulated, uncertainties and limitations. The emergence of NCC Bank Limited at the Juncture of liberalization of global economic activities, after the URUGUAY round has been an important event in the financial sector of Bangladesh. The experience of the prosperous force and the strategic operational policy is the option of the bank. The company philosophy, â€Å"A Bank with vision† has been precisely the essence of the legend of Bank’s success. . 1. 1 NCC Bank- At Present Like clothes shops, candy shops, bake shops, food shops, NCCBL is not a â€Å"debt shop† the term being used by many to call the present say banks. It is now been called a modern bank that undertakes all its operation at international standard. Having standard its operation as a commercial bank in 1993, recording from some primary difficulties, NCC bank has now emerged as a major player in the financial sector. Listed in both Dhaka and Chittagong bourses since late 1999 with an IPO that raised the paid-up capital of the bank to Tk. 9 crore. Banks are the pillars of the financial system. Specially, in Bangladesh, the health of the banking system is very vital because the capital market is little developed here. As the banks are still the major sources of credit and exercise great influence on the financial system, it is extremely important that the country’s banking systems should be in good health in the interest of investment activities, meeting the needs of all kinds of finance and related matters. Over the years, NCC bank has built itself as one of the pillars of Bangladesh’s financial sector and is playing a pivotal role in the extending the role of the private sector of the economy. The bank has a strong branch network nation wide with 32 branches. i. 2. 1. 2 Exchange: NCCBL operates foreign exchange business promptly. There 13 branch deals with foreign exchange. 2. 1. 2 Nature of the business Mission of NCC bank We shall be the forefront of national economic development by: ?Anticipating business solutions required by all our customers everywhere and innovative supplying them beyond expectation. Setting industry benchmarks of world class standard delivering customer value through our comprehensive product range, customer service and all our activities building an exciting team-based working environment that will attract, develop and retain employees of exceptional ability who help celebrate the success of our business, of our customer and of national development. ?Ma intaining the highest ethical standards and a community responsibility worthy of a leading corporate citizen. ?Continuously improving productivity and profitability, and thereby enhancing shareholder value. . 1. 3 Vision To be in the front of national development by providing all the customers inspirational strength, dependable support and the most comprehensive range of business solution through our team of professional that work passionately to be outstanding in everything we do. You read "Banking Practice Guiding Laws Thereof on Ncc Bank" in category "Essay examples" 2. 1. 4 Goal of the Bank To share a significant portion of the banking sector’s by utilizing available manpower and also state of the art technology for maximizing the shareholders wealth. i. Long Term Goal To maximize the wealth of the shareholders. ii. Short Term Goal To earn satisfactory rate of return on investment by providing wide range of banking service. 2. 1. 5 Board of Directors At present there are 26 members in the Board of Director. Out of 26 members 23 of them are the sponsor of the shareholder and 3 of them are publicly nominated as the equity participants from capital market have included them. However the members are obliged to maintain annul general meeting and declare the dividend payout schedule on due time. Moreover, the committee selected by shareholders represents individual body that then looks after the periodic issue with the management and tries to solve the problem. . 1. 6 Management of NCC BANK For any financial and non-financial organization, Management is the most valuable and important resources of any kind of organization. And, a well-organize management provides the organization to reach its ultimate goal. Management means planning, organizing, staffing, directing and controlling of all financial and non-financial r esources of an organization. Different aspects of management practice in NCC BANK planning, organizing, staffing, directing controlling, human resources practices and recruitment finally. 2. 1. Features of NCCBL Bank is an intermediary institute. Like other commercial bank NCCBL also has some special features. They are as follows: ii. Legal Entity: It is compulsory matter for a bank to achieve legal entity. The stronger legal entity leads to effective banking program. NCCBL has a strong legal entity. iii. Organizational Structure: NCCBL has a well-set organizational structure. Organizational structure is a precondition of effective banking activities. iv. Financial Solvency: Though NCCBL is a new bank, its ratio of liquidity is well and strong. So, the clients get greater confidence in the bank. v. Location of The Bank: Location is very useful for bank. The Head Office and the branches of NCCBL are located in the central point of the capital and the other district towns. vi. Relation with the Central Bank: As the NCCBL is the government-registered bank, so it maintains a friendly behavior with the Bangladesh Bank. vii. Security: the NCCBL is totally a secured bank. The clients of the bank get a heavy security on their deposit. viii. Management of the Bank: The executives and the officers of NCCBL are very experienced. Maximum executives are ex-government bank officers. NCC bank is a progressive commercial bank in privet sector in Bangladesh. It creates a new opportunities for its clients. It gives customized service and harmonious banker-client relationship. It contributes towards formation of national capital, growth of saving and investment in trade, commerce and industrial sectors. It provides different types of commercial banking and services to the customer of all strata in the society with in the stipulation laid down in the Bank Company Act 1991. Rules and regulations ramed by the Bangladesh bank from time to time. 2. 1. 8 Business Operation National Commerce and Credit Bank Limited emerged as bank in the country on 17th May 1993 out of a great turbulent situation encounter by set while National Credit Limited. However the institution survived the ordeals and come out as a full-fledged commercial bank. The company raised its Authorized Capital to Tk. 750 million as per guidelines set out by the Bangladesh Bank. The paid up capital was fixed at Tk. 480. 48 million as against Tk. 429. 00 million. 2. 1. 9 Trade Finance and Correspondent Banks Successful companies today are fully aware that they need to be able to rely on the services of a bank that can handle international trade with a good hand. Ever since its conversion into a full –fledged bank in 1993, NCC bank has been an accomplished â€Å"Trade Finance† bank. With a highly professional team experienced and competent professionals we are able to provide a wide range of services to companies engaged in international trade. NCC Bank has also positioned itself as an established correspondent bank. Through a worldwide network of 260 correspondent banks NCC Bank is present in all key areas of the globe. Our ambit of correspondent includes top ranking international banks with a global reach. 2. 1. 10. Branches of NCCBL NCCBL has 87 (Eighty Seven) branches all over in Bangladesh. 2. 1. 11. Performance of the Bank The bank may sustain its strong image in the mind of the customers and shareholders as a leading financial institution despite serious competition from both local and foreign banks operating in the country. Sill they are increasing their profit. Its opening profit was Tk. 624. 94 million in 2003, which were Tk. 2371. 68 million after tax in 2010. 2. 1. 12 Authorize Capital The authorize capital of the bank is Tk. 10,000. 00 million in the year 2010. 2. 1. 13. Paid-up Capital The bank raises its paid-up capital from Tk. 480. 48 million to Tk. 4501. 25 million for 2002 to 2010. With the increase of paid-up capital the capital based of the bank has become strong. Reserve Fund and Other Reserves The reserve fund of the bank increased of Tk. 5771. 09 million in the year 2010 as against Tk. 4371. 62 million of previous year. 2. 1. 14 Corporate Mission †¢To provide high quality financial services in export and import trade. †¢To provide excellent quality Customer service. To maintain Corporate and business ethics. †¢To become a trusted repository of customers’ money and their financial advisor. †¢To make our stock superior and rewarding to the customers/share holders. †¢To display team spirit and professionalism. †¢To have a Sound Capital Base. 2. 1. 15 Corporate Culture This bank is one of the most disciplined Banks with a distinctive corporate culture. Here we believe in shared meaning, shared understanding and shared sense making. Our people can see and understand events, activities, objects and situation in a distinctive way. They mould their manners and etiquette, character individually to suit the purpose of the Bank and the needs of the customers who are of paramount importance to us. The people in the Bank see themselves as a tight knit team/family that believes in working together for growth. The corporate culture we belong has not been imposed; it has rather been achieved through our corporate conduct. 2. 1. 16 SWOT Analysis SWOT analysis is the detailed study of an organization’s exposure and potential in perspective of its strength, weakness, opportunity and threat. This facilitates the organization to make their existing line of performance and also foresee the future to improve their performance in comparison to their competitors. As though this tool, an organization can also study its current position, it can also be considered as an important tool for making changes in the strategic management of the organization. Strengths: —NCC BANK Limited has already established a favorable reputation in the banking industry of the country. It is one of the leading private sector commercial banks in Bangladesh. The bank has already shown a tremendous growth in the profits and deposits sector. NCC BANK has provided its banking service with a top leadership and management position. — NCC BANK Limited has already achieved a high growth rate accompanied by an impressive profit growth rate in 2001. The number of deposits and the loans and advances are also increasing rapidly. — NCC BANK has an interactive corporate culture. The working en vironment is very friendly, interactive and informal. And, there are no hidden barriers or boundaries while communicate between the superior and the employees. This corporate culture provides as a great motivation factor among the employees. NCC BANK has the reputation of being the provider of good quality services too its, potential customers. Weaknesses: —The main important thing is that the bank has no clear mission statement and strategic plan. The bank doesn’t have any long-term strategies of whether it wants to focus on retail banking or become a corporate bank. The path of the future should be determined now with a strong feasible strategic plan. —The bank failed to provide a strong quality-recruitment policy in the lower and some mid level position. As a result the services of the bank seem to be Deus in the present days. _The poor service quality has become a major problem for the bank. The quality of the service at NCC BANK is higher than the Dhaka Ban k, NCC BANK or Dutch Bangla Bank etc. But the bank has to compete with the Multinational Bank located here. —Some of the job in NCC BANK has no growth or advancement path. So lack of motivation exists in persons filling those positions. This is a weakness of NCC BANK that it is having a group of unsatisfied employees. __In terms of promotional sector, NCC BANK has to more emphasize on that. They have to follow aggressive marketing campaign. _The default risks of all term loans have to be minimized in order to sustain in the financial market. Because of default risk the organization may become bankrupt. NCC BANK has to remain vigilant about this problem so that proactive strategies are taken to minimize this problem if not eliminate. Opportunities: —In order to reduce the business risk, NCC BANK has to expand their business portfolio. The management can consider options of starting merchant banking or diversify into leasing and insurance sector. — The activity in the secondary financial market has direct impact on the primary financial market. Banks operate in the primary financial market. Investment in the secondary market governs the national economic activity. Activity in the national economy controls the business of the bank. —Opportunity in retail banking lies in the fact that the country’s increased population is gradually learning to adopt consumer finance. The bulk of our population is middle class. Different types of retail lending products have great appeal to this class. So a wide variety of retail lending products has a very large and easily pregnable market. — A large number of private banks coming into the market in the recent time. In this competitive environment NCC BANK must expand its product line to enhance its sustainable competitive advantage. In that product line, they can introduce the ATM to compete with the local and the foreign bank. They can introduce credit card and debit card system for their potential customer. —In addition of those things, NCC BANK can introduce special corporate scheme for the corporate customer or officer who have an income level higher from the service holder. At the same time, they can introduce scheme or loan for various service holders. And the scheme should be separate according to the professions, such as engineers, lawyers, doctors. Threats: —All sustaining multinational banks and upcoming foreign and private banks pose significant threats to NCC BANK Limited. If that happens the intensity of competition will rise further and banks will have to develop strategies to compete against these local and foreign banks. —Other commercial banks are offering higher salary that may create problem for NCCBL to retain their experienced managers and executives. ? MAJOR PRODUCTS OF NCC BANK LTD. 3. 0 PRODUCTS OF NCC BANK Before discussion about products of NCC Bank, we have to understand what bank’s products are. Bank is a service oriented industry and deals with various financial products and services for financial gains. Financial products and services products that a bank offers to its customers are mainly classified as under: a)Deposit Products to generate funds. b)Lending products for financial gains c)Money Transmission products d)International business products e)Special fee earning service3s f)social services products Products that are marketing by NCC Bank are as under 3. 1. 1. Deposit Products Deposit is the lifeblood of a bank. From the history and origin of the banking system we know that deposit collection is the main function of a bank. Accepting deposits Procedures of collecting deposit procedure are almost same in the entire bank and the branches as well. The deposits that are accepted by NCC BANK like other banks may be classified into: †¢Current Deposit †¢Short term deposit †¢Saving Deposit †¢Fixed deposit †¢Special Saving Scheme Deposit (SSS) 3. 1. 2. Lending Products Bank has its own principle about the credit sanctioned or loan to the ustomers, but lending product of a bank or of a branch is equal important to verify the outstanding at the end of any fiscal year. Every bank pays special attention about their lending products, because these products are handed over on a regular basis. †¢Continuous Loan a. Secured Overdraft against Financial Obligation [SOD (FO)] Advances allowed to individual/firms against financial obligation (i. e. lien of FDR/PSP/BSP/Insurance Policy etc. ) and against assignment of works order for execution of contractual works fall under this head. It is a continuous advance facility. By this agreement, the banker allows his customer to overdraft his current account up to his credit limits sanctioned by the bank. The interest is charged on the amount, which he withdraws, not on the sanctioned amount. NCC BANK sanctions SOD against different security. b. Secured Overdraft against Work order/ Real Estate etc [SOD (G)] Advances allowed against assignment of work order or execution of contractual works falls under this head. This advance is generally allowed for a definite period and specific purpose i. e. it is not a continuous credit. It falls under the category â€Å"others†. c. Cash Credit (Hypothecation) Advances allowed to individual /firm for trading as well as wholesale purpose or to industries to meet up the working capital requirements against hypothecation of goods as primary security fall under this type of lending. It is a continuous credit. It is allowed under the category (i) â€Å"Commercial Lending† when the customer is other than a industry and (ii) Working Capital when the customer is an industry. d. Cash Credit (Pledge) Financial accommodations to individual / firm for trading as well as sole-sale purpose or to industries as working capital against pledge of goods as primary security fall under this head on advance. It is also a continuous credit and like the above allowed under the categories (i) â€Å"Commercial Lending† and (ii) â€Å"Working Capital†. e. Export Cash Credit (ECC) Financial accommodation allowed to a party for export of goods falls under this head and is categorized as â€Å"Export Credit,† The advances must be liquidated out of export proceeds within 180 days. †¢Demand Loan Demand Loan: (Forced LIM, BLC, PAD, IBP etc). Overdue period will be accounted from the day following the date of expiry of such loan.? Less than 6 months ? 6 months or more but less than 9 months 9 months or more but less than 12 months ?More than 12 monthsUnclassified Sub-standard Doubtful Bad/loss 1% 20% 50% 100% a. Loan General Short term, Medium term Long term loans allowed to individual /firm /industries for a specific purpose but for a definite period and generally repayable by installments fall under this head . this type of lending are mainly allowed to accommodate finan cing under the category (a) Large Medium Scale industry and (b) Small Cottage Industry . Very term financing for (a) Agriculture (b) Others are also included here . b. Demand Loan Against Ship breaking This type of loans does not exercise in this branch, but being exercised to another branch that provide advances against ship breaking. c. Payment Against Documents (PAD) Payment made the bank against lodgment of shipping documents of goods imported through L. C. falls under this head. It is an interim advance connected with import and is generally liquidated shortly against payments usually made by the party for retirement of the documents for release of imported goods from the customs authority. It falls under the category â€Å"Commercial Lending† . d. Loan against Imported Merchandise (LIM) Advances allowed for retirement of shipping documents and release of goods imported through L. C. taking effective control over the goods by pledge in brokerage house under bank’s lock key fall under this type of advance. This is also a temporary advance connected with import which is known as post-import finance and falls under the category â€Å"Commercial Lending. † e, Loan against Trust Receipt (LTR) Advance allowed for retirement of shipping documents and release of goods imported through L. C. without effective control over the goods delivered to the customer falls under this head. The goods are handed over to the importer under trust with the arrangement that sale proceeds should be deposited to liquidate the advances within a given period. This is also a temporary advance connected with import and known as post-import finance and falls under the category â€Å"Commercial Lending†. g. Packing Credit Advance allowed to a party against specific L. C/firm contract for processing/ packing of goods to be exported falls under this head and is categorized as â€Å"Packing Credit. † The advances must be adjusted from proceeds of the relevant exports within 180 days. i. Foreign Documentary Bills Purchased (FDBP) Payment made to a customer through purchase/ negotiation of a foreign documentary bills falls under this head. This temporary advance is adjustable from the proceeds of the shipping/export documents. Its falls under the category â€Å"Export Credit† j. Local Documentary Bills Purchased (LDBP/IDBP) Payment made against documents representing sell of goods to local export oriented industries which are deemed as exports and which are denominated in Local currency/ foreign currency falls under this head. The bill of exchange is held as the primary security. This temporary liability is adjustable from the proceeds of the bills. . Festival Business Loan. This type of loan are generally sanctioned depending on the occasion, more than two festival business loans are generally sanctioned in an annum. †¢Term Loan a. Project Loan NCC BANK offers different conventional credit/investment schemes and the Banking products to their customers. So far loans and advances portfolio includes Project Finance in the form of Term Loan, Real Estate Finance, Secured Overdraft against FDR, different security certificates, working capital in the form of Cash Credit Hypothecation, Import Trade Finance in the form of PAD/LIM/TR etc. NCC BANK considers the loans, which are sanctioned for more than one year as term loan. Under this facility, an enterprise is financed from the starting to its finishing, i. e. from installation to its production b. Transportation Loan Considers the loans, which are sanctioned for the purpose of delivering the goods on to its final destination, its generally used in the form of inland exporting or back to back letter of credit. c. House Building Loan Loans allowed to individual/ enterprise construction of house (residential or commercial) fall under this of advance. The amount is repayable by monthly installment within a specified period, advances are known as Loan (HBL GEN). d. Small Business Loan Short term and long term loans allowed to individual/ firms / industries for a specific purpose but a definite period and generally repayable by the installments fall under this head. These types of lending are mainly allowed to accommodate financing under the categories. Small and Cottage Industries, Very often term financing for agriculture and others are also included here. e. Consumer Finance Loan NCCBL keeping in mind the economic development and helping the fixed income group in fulfilling their demand to upgrade the standard of living will continue before consumer finance scheme for: †¢Household appliances, Furniture Fixture, Air Conditioner, Fax Machine, motor cycle/Car, Cellular phone, and Other equipment f. Lease Finance NCCBL to keep its contribution to the growth of national GDP, accelerate the total economic development by infusing the fund in productive sector in more efficient and effective way: diversity its portfolio and satisfy the customers need would go for lease finance for: Setting up of small and cottage industries/Projects, BMRE of existing projects †¢Transports (roads/marine), Medical equipment/surgical/clinical/lab equipment/x-ray machine etc, Construction equipment and other fixed assets of other productive and service oriented ventures. g. Personal Loan To meet emergency financial requirement especially for medical treatment/surgical operatio n, marriage, admission of children/ educational expenses, maternity the loan facility may be extended. 3. 1. 3. Money transmission Product Carrying cash money is troublesome and risky. That’s why money can be transferred from one place to another through banking channel. This is called remittance. Remittances of funds are one of the most important aspects of the Commercial Banks in rendering services to its customers. †¢Payment order/security deposit receipt (PO/SDR): This term will be discussed in the overall activities section under remittance department. †¢Demand Draft (DD): This term will also been discussed in the overall activities section under remittance department. †¢Telegraphic Transfer (TT): This is also a common term that in the remittance section as well. . Travelers Cheque Traveler’s Cheque (TC)Issue of TCTC is useful to traveler abroad. Customers can encash the TC in abroad from the drawee bank. TC is alternative to holding cash and it provides better security than holding cash in hand. Buying Of TCIf any unused leaf of TC is surrendered bank buys it from the customer. All payments are made in local currency. Banks genera lly buy only those TC. 3. 1. 4. International Business Products In banks when we talk of international business products, 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 by which a bank or an AD branch transects with other international bank or of a brach. 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 by transacting their international business products. So NCC BANK, Principal branch is an authorized dealer. †¢Letter of Credit (L/C) †¢Back to back Letter of credit (BTB L/C) Buying and selling of foreign exchange †¢Foreign demand draft (FDD) Foreign Demand DraftBank issue Demand Draft in favor of purchaser or any other according to instruction of purchaser. The payee can collect it for the drawee bank in which the Issuing bank of Demand Draft holds its NOSTRO Account. Bank also makes payment on DD drawn on this bank by its foreign correspondence bank through the VOSTRO Account. †¢Foreign telegraphic transfer (FTT) 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. 3. 1. 5. Special fee earning products NCC Bank considers the special earning product to the different consumer, as it to play a comprehensive role in financing the bank product. Among those following are some issues relate to special fee earning product: †¢Bank guarantee †¢Foreign bank Guarantee (F. B/G) †¢Underwriting †¢Brokerage House and locker Service †¢Issuances of Sanchaya Patra, Wages Earners Development Bond, National Investment Bond, Prize Bond are some special earning fee product of NCC bank. 3. 1. 6. Social Service Products NCC Bank Considers several service products by looking at the social point of view, At this competitive edge, banking might have reached to preserve its market share and to penetrate new market share through diversification of its product range. Following are the services that are designed to provide for society: †¢Sale of Lottery Tickets for collection of fund for social establishment †¢Collection of Zakat Fund †¢Collection of Haj Deposit 3. 2 CREDIT POLICY CREDIT OPERATION OF NCCBL Credit policy is a guideline of a financial institution to determine- †¢Who shall get credit (eligibility to get loan) How much to lend (Amount of lending) †¢Why to lend (Purpose of lending) †¢Where to finance (Portfolio Management depending upon profitability and requirement for participation on socio –economic benefits) Credit division of a bank especially acts as a key financial machine to haunt for earning revenue of a bank to achie3ve its ultimate goal for profu t maximization with minimal risk maintaining balanced portfolio management. 3. 3 WHERE TO FINANCE (FINANCING ACTIVITIES OF NCC BANK) Financial activities of a bank depend upon its portfolio management of its funds through deposit. Our lending policy would be within the broad policy frame work envisaged above. Bank’s lending activities may be classified into the following broad segments. 1. Trade and Commerce 2. Industries 3. Lease Financing 4. Consumer Financing 5. Real Estate Civil Construction 6. Agro based 7. Small Business Loans 8. Personal Loans 3. 4 Security Policies The term loans, if any extended by the bank shall gave to be secured by first charge mortgage on the fixed asset coverage leaving a margin of at leas 25% depending upon the viability of the project. Consideration in this regard will vest purely on viability criteria irrespective of bank client-relationship. The determinants in this respect are debt service coverage, debt-equity ratio, and fixed coverage to term loan with a margin of 25-30% minimum. The working capital may be additionally covered by 1st charge mortgage of the fixed asset or by sharing first mortgage ranking PARIPASU with the financial institutions providing term loan. Decision is this regard shall be at the sole discretion of the bank. GENERAL BANKING OF NCC BANK LTD. 4. 0 FUNCTIONS OF NCC BANK LIMITED 4. 1 GENERAL BANKING General banking department is the heart of all banking activities. This is the busiest and important department of a branch, because funds are mobilized, cash transactions are made; clearing, remittance and accounting activities are done here. Since bank is confined to provide the services everyday, general banking is also known as ‘retail banking’. In NCC BANK LTD Principal Branch, the following departments are under general banking section: A)Account opening section B)Deposit Section C)Cash Section B)Remittance section C)Clearing section D)Accounts section 4. 1. 1 A) ACCOUNT OPENING SECTION Account opening is the gateway for clients to enter into business with bank. It is the foundation of banker customer relationship. This is one of the most important sections of a branch, because by opening accounts bank mobilizes funds for investment. Various rules and regulations are maintained and various documents are taken while opening an account. A customer can open different types of accounts through this department. Such as: 1. Current Deposit. 2. Savings account. 3. Short notice deposit (SND) Types of Accounts with Terms and Conditions Current Deposit Current account is purely a demand deposit account. There is no restriction on withdrawing money from the account. It is basically justified when funds are to be collected and money is to be paid at frequent interval. Some important points have been discussed in the project part. Savings Bank Account This deposit is primarily for small-scale savers. Hence, there is a restriction on withdrawals in a month. Heavy withdrawals are permitted only against prior notice. Some Important Points have been discussed in project part. SND (Short Notice Deposit) Account Normally various big companies, organizations, Government Departments keep money in STD account. Frequent withdrawal is discouraged and requires prior notice. The deposit should be kept for at least seven days to get interest. The interest offered for STD is less than that of savings deposit. Interest is calculated based on daily minimum product and paid two times in a year. Interest rate is 6. 00%. Table-01 Account Opening procedure Step 1The account should be properly introduced by Any one of the following: ? An existing Current Account holder of the Bank. ?Officials of the Bank not below the rank of an Assistant officer. ?A respectable person of the locality well known to the Manager/Sub-Manager of he Branch concerned. Step 2Receiving filled up application in bank’s prescribed form mentioning what type of account is desired to be opened Step 3? The form is filled up by the applicant himself / herself ? Two copies of passport size photographs from individual are taken, in case of firms photographs of all partners are taken ? Applicants must submit required documents ?A pplication must sign specimen signature sheet and give mandate ? Introducer’s signature and accounts number – verified by legal officer Step 4Authorized Officer accepts the application Step 5Minimum balance is deposited – only cash is accepted Step 6Account is opened and a Cheques book and pay-in-slip book is given Documents required for opening account ? Individual / Joint Account 1. Introduction of the account. 2. Two photographs of the signatories duly attested by the introducer. 3. Identity (copy of passport). 4. Joint Declaration Form (For joint a/c only). 5. Employee’s Certificate (in case of service holder). ? Partnership account 1. Introduction of the account. 2. Two photographs of the signatories duly attested by the introducer. 3. Partnership letter duly signed by all partners (Sign should be similar as stated in Partnership Deed). 4. Partnership Deed duly certified by Notary public. 5. Registration (If any). 6. Updated Trade license. ? Proprietorship account 1. Introduction of the account. 2. Two photographs of the signatories duly attested by the introducer. 3. Valid copy of Trade License. 4. Rubber stamp. 5. TIN number certificate. 6. Identity (Copy of passport). 7. Permission letter from DC/ Magistrate (in case of newspaper) ? Limited company 1. Introduction of the account. 2. Two photographs of the signatories duly attested by the Introducer. 3. Valid copy of Trade License. 4. Board resolution of opening A/C duly certified by the Chairman/Managing Director. 5. Certificate of Incorporation. 6. Certificate of Commencement (In case of Public limited company). 7. Certified (joint stock) true copy of the Memorandum and Article of Association of the Company duly attested by Chairman or Managing Director. 8. List of directors along with designation specimen signature. 9. Latest certified copy of Form – xii (to be certified by register of joint stock companies) (In case of Directorship change). 0. Rubber Stamp (Seal with designation of each person) 11. Certificate of registration (In case of Insurance Company – Obtained from department of Insurance from the Peoples Republic of BD). ? Club / societies account 1. Introduction of the account. 2. Two photographs of the Signatories duly attested by the introducer. 3. Board Resolution for Opening A/C dul y certified by President/ Secretary. 4. List of Existing Managing Committee. 5. Registration (if any). 6. Rubber Stamp. 7. Permission letter from Bureau of N. G. O. (In case of N. G. O. A/C). Closing of an account The closing of an account may happen, ?If the customer is desirous to close the account, ?If the NCC BANK finds that the account is inoperative for a long duration. ?If the court of NCC BANK issues garnishee order. A customer may close his/her account any time by submitting an application to the branch. The customer should be asked to draw the final check for the amount standing to the credit of his/her account less the amount of closing an other incidental charge and surrender the unused check leaves. The account should be debited for the account closing charge etc. nd the authorized officer of the bank should destroy unused check. In case of joint account the application for closing the account should be signed by the joint account holder. The fee for closing of an account is Tk. 50. 4. 1. 2 B) LOCAL REMITTANCE Carrying cash money is troublesome and risky. That’s why money can be transferred from one place to another through banking channel. This is called remittance. Remitt ances of funds are one of the most important aspects of the Commercial Banks in rendering services to its customers. Types of remittance: ?Between banks and non banks customer Between banks in the same country ?Between banks in the different centers. ?Between banks and central bank in the same country ?Between central bank of different customers. The main instruments used by the NCC BANK of remittance of funds are ?Payment order (PO) ?Demand Draft (DD) ?Telegraphic Transfer (TT) So the basic three types of local remittances are discussed below: Table- 02 PointsPay OrderDemand DraftTT ExplanationPay Order gives the payee the right to claim payment from the issuing bankDemand Draft is an order of issuing bank on another branch of the same bank to pay specified sum of money to payee on demand. Issuing branch requests another branch to pay specified money to the specific payee on demand by Telegraph /Telephone Payment fromPayment from issuing branch onlyPayment from ordered branch Payment from ordered branch Generally used to Remit fund Within the clearinghouse area of issuing branch. Outside the clearinghouse area of issuing branch. Payee can also be the purchaser. Anywhere in the country Payment Process of the paying bankPayment is made through clearing 1. Confirm that the DD is not forged one. 2. Confirm with sent advice 3. Check the ‘Test Code’ 4. Make payment1. Confirm issuing branch 2. Confirm Payee A/C 3. Confirm amount 4. Make payment 5. Receive advice Charge Only commissionCommission + telex chargeCommission + Telephone Term Deposit Receipt The Local Remittance section of NCC BANK Motijheel Branch also issues TDR. They are also known as time deposit or time liabilities. These are deposits, which are made with the bank for a fixed period, specified in advance. The bank need not maintain cash reserves against these deposits and therefore, the bank offers higher of interest on such deposits. †¢Term Deposits: These rates are not negotiable. In this table we can find out the percentage that is given by the bank for specific period of time to the customer. 4. 1. 3 CLEARING SECTION The amount of Cheques, Pay Order (P. O), and Demand Draft (D. D) Collection from other banks on behalf of its customer is a basic function of a Clearing Department. †¢Clearing: Clearing is a system by which a bank can collect customers fund from one bank to another through clearing house. †¢Clearing House: Clearing House is a place where the representatives of different banks get together to receive and deliver Cheques with another banks. Normally, Bangladesh Bank performs the Clearing House in Dhaka, Chittagong, Rajshahi, Khulna Bogra. Where there is no branch of Bangladesh Bank, Sonali bank arranges this function. †¢Member of Clearing House: NCC BANK limited is a scheduled Bank. According to the Article 37(2) of Bangladesh Bank Order, 1972, the banks which are the member of the clearinghouse are called as Scheduled Banks. The s cheduled banks clear the cheque drawn upon one another through the clearinghouse. †¢Types of Clearing A)Outward Clearing: When the Branches of a Bank receive cheques from its customers drawn on the other Banks within the local clearing zone for collection through Clearing House, it is Outward Clearing. B)Inward Clearing: When the Banks receive cheque drawn on them from other Banks in the Clearing House, it is Inward Clearing. †¢Who will deposit cheque for Clearing: Only the regular customers i. e. who have Savings, Current, STD Loan Account in the bank can deposit cheque for collection of fund through clearing house. †¢Responsibility of the concerned officer for the Clearing Cheque and being work with department, following are the issues )Crossing of the cheque. 2)(Computer) posting of the cheque. 3)Clearing seal proper endorsement of the cheque. 4)Separation of cheque from deposit slip. 5)Sorting of cheque 1st bank wise and then on branch wise. 6)Computer print 1st branch wise then bank wise. 7)Preparation of 1st Clearing House computer validation sheet. 8)Examine compu ter validation sheet with the deposit slip to justify the computer posting 9) Copy of computer posting in the floppy disk. †¢Bills Collection: In modern banking the mechanism has become complex as far as smooth transaction and safety is concerned. Customer does pay and receive bill from their counterpart as a result of transaction. Commercial bank’s duty is to collect bills on behalf of their customer. Types of Bills for Collection i. Outward Bills for Collection (OBC). ii. Inward Bills for Collection (IBC). What is OBC? OBC means Outward Bills for Collection . OBC exists with different branches of different banks outside the local clearinghouse. Normally two types of OBC: 1)OBC with different branches of other banks 2)OBC with different branches of the same bank Procedure of OBC: 1)Entry in the OBC register. 2)Put OBC number in the cheque. ) â€Å"Crossing seal† on the left corner of the cheque â€Å"payees account† will be credited on realization â€Å"seal† on the back of the cheque with signature of the concerned officer. 4)Dispatch the OBC cheque with forwarding. 5)Reserve the photocopy of the cheque, carbon copy of the forwarding and deposit slip of the cheque in the OBC file. Inward bills fo r collection (IBC) When the banks collect bills as an agent of the collecting branch, the system is known as IBC. In this case the bank will work as an agent of the collection bank. The branch receives a forwarding letter and the bill. Procedure of IBC 1. IBC against OBC: To receive the OBC cheque first we have to give entry in the IBC Register . The IBC number should put on the forwarding of the OBC with date. 2. Deposit of OBC amount: OBC cheque amount is put into the â€Å"sundry deposit-sundry Creditors account†, prepare debit credit voucher of it. If the OBC cheque is honored, send credit advice (IBCA) with signature advice number of the concern branch for the OBC amount. 3. If the OBC cheque is dishonored, the concerned branch is informed about it. 4. Again place in the clearing house or send the OBC cheque with Return Memo to the issuing branch according to their information. . 1. 4 D) ACCOUNTS SECTION Accounts Department is called as the nerve Centre of the bank. In banking business, transactions are done every day and these transactions are to be recorded properly and systematically as the banks deal with the depositors’ money. . Improper recording of transactions will lead to the mismatch in the debit side an d in the credit side. To avoid these mishaps, the bank provides a separate department; whose function is to check the mistakes in passing vouchers or wrong entries or fraud or forgery. This department is called as Accounts Department. If any discrepancy arises regarding any transaction this department report to the concerned department. Besides these, the branch has to prepare some internal statements as well as some statutory statements, which are to be submitted to the Central Bank and the Head Office. This department prepares all these statements. Workings of this department: †¢Packing of the correct vouchers according to the debit voucher and the credit voucher †¢ Recording the transactions in the cashbook. Recording the transactions in general and subsidiary ledger †¢Preparing the daily position of the branch comprising of deposit and cash †¢Preparing the daily Statement of Affairs showing all the assets and liability of the branch as per General Ledger and Subsidiary Ledger separately †¢Making payment of all the expenses of the branch †¢Recording inters branch fund transfer and providing accounting treatment in this regard. †¢Preparing the monthly salary statements for the employees †¢Preparing the weekly position for the branch which is sent to the Head Office to maintain Cash Reserve Requirement (C. R. R) †¢Preparing the monthly position for the branch which is sent to the Head Office to maintain Statutory Liquidity Requirement (S. L. R) †¢Make charges for different types of duties †¢Preparing the budget for the branch by fixing the target regarding profit and deposit so as to take necessary steps to generate and mobilize deposit. †¢Checking of Transaction List †¢Recording of the vouchers in the Voucher Register 4. 2 E. FOREIGN EXCHANGE 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 NCC BANK, Principal branch is an authorized dealer. There are three kinds of foreign exchange transaction: A)Import B)Export C)Remittance. 4. 2. 1 A) 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’. 4. 2. 1. 1Letter of Credit †¢ Definition A letter of credit is a letter issued by a bank (know as the opening or the issuing bank) at the instance of its customer (known as the opener) addressed to a person (beneficiary) undertaking that the bills drawn by the beneficiary will be duly honored by it (opening bank) provided certain conditions mentioned in the letter gave been complied with. Table- 03 ImporterWho applies for L/C Issuing BankIt is the bank which opens/issues a L/C on behalf of the importer. Confirming Bank It is the bank, which adds its confirmation to the credit and it, is done at the request of issuing bank. Confirming bank may or may not be advising bank. Advising or Notifying Bank It is the bank through which the L/C is advised to the exporters. This bank is actually situated in exporter’s country. It may also assume the role of confirming and / or negotiating bank depending upon the condition of the credit. Negotiating Bank It is the bank, which negotiates the bill and pays the amount of the beneficiary. The advising bank and the negotiating bank may or may not be the same. Sometimes it can also be confirming bank. Accepting BankIt is the bank on which the bill will be drawn (as per condition of the credit). Usually it is the issuing bank. Reimbursing BankIt is the bank, which would reimburse the negotiating bank after getting payment – instructions from issuing bank. 4. 2. 1. 3 †¢ Steps for import L/C Operation – 8 steps operation Step 1 – Registration with CCIE †¢For engaging in international trade, every trader must be first registered with the Chief Controller of Import and Export. †¢By paying specified registration fees to the CCIE. he trader will get IRC/ERC (Import/Export Registration Certificate), to open L/C with bank, this IRC is must. Step 2 – Determination terms of credit †¢The terms of the letter of credit are depending upon the contract between the importer and exporter. The terms of the credit specify the amount of credit, name and address of the beneficiary and opener, tenor of the bill of exchange, period and mode of shipment and of destination, nature of credit, expiry date, name and number of sets of shipping documents etc. Step 3 – Proposal for Opening of L/C To have an import LC limit an importer submits an application to department to NCC BANK. The proposal contains the following particulars: †¢Full particulars of the bank account †¢Nature of business †¢Required amount of limit †¢Payment terms and conditions †¢Goods to be imported †¢Offered security †¢Repayment schedule Step 4 – Application by importer to the banker to open letter of credit †¢For opening L/C, the importer is required to fill up a prescribed application form provided by the banker along with the following documents: Table- 04 1. L/C Application form 7. Authority to debit account 2. Filled up LCA form 8. Filled up amendment request Form 3. Demand Promissory Note 9. IMP form 4. ro-forma invoice 10. Insurance cover note and money receipt. 5. Tax Identification number 11. Membership certificate 6. Import registration certificate 12. Rate fluctuation undertaking Step 5 – Opening of L/C by the bank for the opener: †¢Taking filled up application form from the importer. †¢Collects credit report of expor ter from exporter’s country through his foreign correspondence there. †¢Opening bank then issues credit by air mail/TELEX/SWIFT followed by L/C advice as asked by the opener through his foreign correspondent or branch as the case may be, at the place of beneficiary. The advising bank advises the L/C to the beneficiary on his own form where it is addressed to him or merely hand over the original L/C to the beneficiary if it is so addressed. Step 6 – Shipment of goods and lodgment of documents by exporter: †¢Then exporter ships the goods to the destination of the importer country. †¢Sends the documents to the L/C opening bank through his negotiating bank. Generally the following documents are sent to the Opening Banker with L/C: Table- 05 1. Bill of Exchange 6. Packing List 2. Bill of Lading 7. Advice Details of Shipment 3. Commercial Invoice 8. Pre-shipment Inspection Certificate . Certificate of Origin 9. Vessel Particular 5. A certificate stating that each packet contains the description of goods over the packet. 10. Shipment Certificate Step 7 – Lodgment of Documents by the opening Bank from the negotiating bank: After receiving the documents, the opening banker scrutinizes the documents. If any discrepancy found, it in forms the importer. If importer accepts the fault, then opening bankers call importer retiring the document. At this time many thing can happen. These are indicated in the following: †¢Discrepancy found but the importer accepts – no problem occurs in lodgment. Discrepancy found and importer not agreed to accept – In this case, importer protest and send back all the documents to the exporter and request his to make in the specified manner. Here banker is not bound to pay because the documents send by exporter is not in accordance with the terms of L/C. †¢Documents are OK but importer is willing to retire the documents – In this case bank is obligated to pay the price of exported goods. Since importer did not pay for bill of exchange, this payment by bank is one kind of credit to the importer and this credit in banking is known as PAD. Everything is O. K. but importer fails to clear goods from the port and request bank to clear – In this case bank s clear the goods and takes delivery of the same by paying customs duty and sales tax etc. So, this expenditure is debited to the importer’s account and in banking it is called LIM. Step 8 – Retirement The importer receives the intimation and gives necessary instruction to the bank for retirement of the import bills or for the disposal of the shipping document to clear the imported goods from the customs authority. The importer may instruct the bank to retire the documents by debiting his account with the bank or may ask for LTR (Loan against Trust Receipt). 4. 2. 1. 4 †¢ Accounting Procedure in case of L/C Opening When the officer thinks fit the application to open a L/C, giving the following entries- creates the following charges- Table- 06 ParticularsDebit/ CreditCharges in Taka Customer’s A/CDebit L/C Margin A/CCredit Commission A/C on L/CCredit50% VATCredit15% on commission SWIFT ChargeCredit3000/= DatamaxCredit1000/= StampCredit150/= PostageCredit300/= DHL/CourierCredit1500 4. 2. 1. †¢ Amendment of L/C After opening of L/C some time’s alteration to the original terms and conditions become necessary. These amendments involve changes in a. Unit price b. Extension of validity o the L/C c. Documentary requirements etc. Such amendments can be affected only if all the concerned parties agree i. e. the beneficiary, the importer, the issuing bank and the advising bank. For any amendment the importer must request the issuing bank in writing duly supported by revised indent/ Proforma invoice. The issuing bank then advises the required amendment to the advising bank. L/C amendment commission including postage is charged to the clients A/C. 4. 2. 1. 6 Loan against Trust Receipts (LTR) †¢ 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. 4. 2. 1. 7Loan 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 th eir 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 Account. 4. 2. 1. 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. Requisition for the Foreign Currency For arranging necessary fund for payment, a requisition is sent to t he International Department. †¢ Transmission of Message Message is transmitted to the correspondent bank ensuring that payment is being made. 4. 3. 2 B) EXPORT 4. 3. 2. 1Understanding 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 registered 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. 4. 3. 2. 2 The formalities and procedure of Export L/C 1. 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 3. Checking of export documents: After getting the documents banker used to check the documents as per LC terms 4. 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. 5. Realization of proceeds: This is the period when the issuing bank has realized the payment. 6. 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. 7. Issue to proceeds realization certificate (PRC): Bank has to issue proceed realization certificate of export LC to the supplier / exporter for getting cash assistance 4. 3. 2. 4Back-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. †¢ 4. 3. 2. 5 Features of Back to Back L/C †¢An Import L/C to procure goods /raw materials for further processing. †¢It is opened based on Export L/C. †¢It is a kind of Export Finance. †¢Export L/C is at Sight but back to Back L/C is at Usance. †¢No margin is required to open Back to back L/C †¢Application is registered with CCIE †¢Applicant has bonded warehouse license. †¢L/C value shall not exceed the admissible percentage of net FOB value of relative Master L/C. †¢Usance period will be up to 180 days. The import L/C is opened for 75% of the value of Export L/C. †¢Here L/C issued against the lien of export L/C. †¢Arrangements are such that export L/C matures first then out of this export profit, import L/C is paid out. †¢ 3. 3. 2. 6 Documents Required for Opening a Back-to-back L/C In NCC BANK Principal Branch , following papers/ documents are required for opening a back-to-back L/C- 1. Master L/C 2. Valid Import Registration Certificate (IRC) and Export Registration Certificate (ERC) 3. L/C Application and LCAF duly filled in and signed 4. Proforma Invoice or Indent 5. Insurance Cover Note with money receipt 6. IMP Form duly signed In addition to the above documents, the followings are also required to export oriented garment industries while requesting for opening a back-to-back L/C – 1. Textile Permission 2. Valid Bonded Warehouse License 3. Quota Allocation Letter issued by the Export Promotion Bureau (EPB) in favor of the applicant for quota items. †¢ Payment of back to back l/c: In case back to back as 60-90-120-180 days of maturity period, deferred payment is made. Payment is given after realizing export proceeds from the L/C issuing bank. 4. 3. 2. Negotiation of Export Documents Negotiation stands for payment of value to the exporter against the documents stipulated in the LC. If documents are in order, NCC BANK purchases (negotiates) the same on the basis of banker- customer relationship. This is known as Foreign Documentary Bill Purchase (FDBP). If the bank is not satisfied with the documents submitted to NCC BANK gives the exp orter reasonable time to remove the discrepancies or sends the documents to L/C opening bank for collection. This is known as Foreign Documentary Bill for Collection (FDBC) entered into the Foreign bill Purchased (F. B. P) register. The documents are sent to the L/C opening †¢ Presentation of export documents for negotiation/Purchase: After shipment, exporter submits the following documents to NCC BANK for negotiation. †¢Bill of exchange †¢Bill of Lading †¢Invoice †¢Insurance Policy/Certificate †¢Certificate of Origin †¢Inspection Certificate †¢Consular Invoice †¢Packing List How to cite Banking Practice Guiding Laws Thereof on Ncc Bank, Essay examples