An evaluation of the Foreign Exchange Operations of NCC Bank LTD
The internship is designed to bridge the gulf between the theoretical knowledge and real life experience. It is designed to have a practical experience while passing through the theoretical understanding. The report is the result of three month internship program in NCC Bank Limited. Today necessity of a Bank as a financial institution is undeniable. A country is financially rich when it has modern financial institutions of its own. These institutions play a vital role in the field of financial stability of a country. Banking sector is one of the stable financial institutions of a country. Due to Globalization and Technological changes, the banking business has become very competitive now a day. All banks are competing to give effective real time service to their customers. For giving friendly service to the customers they need experienced and well-educated working force. The overall approach of the report is a descriptive one as it goes into the depth of service quality of NCC Bank Ltd. Here both primary and secondary information were used. Information about the varieties of activities within the Correspondent Banking Department was collected through interviewed. Different circulars and papers of NCC Bank Ltd, Term papers of NCCBL Training manuals, Guidelines for Foreign Exchange Transactions, General Banking Operation manual, Banking Lecture sheet within the organization helped me to gather data about the organization. The report contains three chapters. The first chapter of the report describes the introductory words of the internship report. The Second Chapter contains the organizational part of “NCC Bank Ltd.”, Organization Structure of “NCC Bank Ltd.”, Vision of “NCC Bank Ltd.”, and Mission Statement, Product and services of “NCC Bank Ltd.”. The third chapter contains Foreign Exchange function, Export/Import procedure,Procedure of Opening the Letter Of Credit (L/C). On next chapter, I mentioned Study Results and Findings. After analyzing the dataI have tried to show the contribution of NCCBL in the field of Export, Import and Remittance.The total income of NCCBL of foreign exchange department increased over the years. Total income from Foreign Exchange was Tk. 307,901,831 in 2010 whereas it has increased to Tk. 465,133,566 in 2013. In case of Export and Import the income of overall NCCBL is increasing gradually but the MMB’s income is not increasing comparatively. In case of NCCBL. Remittance the income of MMB is increasing comparatively with the overall NCCBL should take up to the mark structural change in service to cope with the national trend and help Bangladesh earn more remittance. Lastly in Chapter 5, I have given some Related problems and their Recommendations,concluding part which is related to my report. The Problems findings during the three-month long internship period & suggestions are given from observation, comparative analysis, strategic point of view etc. To increase the efficacy in customer service NCC Bank Ltd. should try to develop the process of providing services. NCC Bank Ltd. has passed a long way since it is providing services. Already it has earned a strong positioned in the field of customer service. To continue to hold the position and be perfect in this sector it will have to keep more and more attention to the customer retention and development.