This report contains the working experience of difference task in cbl

This report contains the working experience of difference task in CBL

EXECUTIVE SUMMARY This report is originated of internship, which have done, as a requirement of BBA program. This report is done based on learning of 10 weeks internship in the City Bank Limited.

The City Bank Limited is one of the most disciplined banks with distinctive corporate culture. They believe in shared meaning, shared understanding and share sense making. They people can see and understand events, activities and situation in a distinctive way. They mould their manners and etiquette character individually to suit the purpose of the bank and needs of the customers whose are of paramount importance to the bank. The people of the bank see themselves as a tight knit team/ family that believe in working together for growth. The corporate culture they belong has not been imposed; it has rather been achieved through their corporate conduct.

This report contains the working experience of difference task in CBL, Shaymoli Branch .acquired knowledge on General Banking Activities.

General Banking department perform lot of vital banking activities. General Banking is the starting point of all the banking operation. It is the department which is mostly exposed to the maximum number of bank customers. General banking handles six different section: 1) Deposits 2) Account opening section 3) Bills and clearing 4) Remittance of funds 5) Credit section 6) Card section 7) Cash Section The relationship between a banker in CBL and its customer begins with the opening of an account. Initially all the accounts are opened with the deposit of money by the customer. Deposits are the blood of a bank.CBL Shaymoli Branch performs the bill clearing function through Head office .CBL head office acts the agent of all CBL branches for clearing house of Bangladesh.

Remittance of fund is ancillary service of CBL. It aids to to remit from one place to another on behalf of its customers through a network of branches .There are two types of remittance – 1) inland/local remittance 2)forging remittance .The main instrument issued by CBL Shaymoli branch for local remittance of funds, pay order, Bank draft etc.

CBL shyamoli branch offers two types card one is VISAQ Electronic Debit Card and another is Credit Card. which the life easy end hassle – free. They also provide two types of loan which are city Solution and City Drive . City solution is any purpose loan drive is a car loan.

The cash section of any branch plays very significant role in banking department .Because it deals with most liquid assists. CBL Shaymoli Branch has well decorated cash section. This receives cash from depositors and pay in slip over the counter.

The other service of the City Bank provides ATM service that is ATM debit card.

At the end of the report a set recommendation is presented for improving their banking activities.

1.1 Origin of the report: Generally by the word “Bank” we can easily understand that the financial institution which deals with money. Bank owners want to render efficient service to clients at every Possible location at the maximum cost, Government wants banks to regulate the money market and as well as issue notes and currencies. The clients want their belongings safe as well deposit money from different locations, Recognizing the different needs of the different key party’s interest the banking business; the banks have evolved into different categorizes to meet these needs. That’s why there are different types of banks like- central Bank, Commercial Bank, Agriculture bank, Industrial bank, cooperative bank. But when we use the term “Bank” without ant prefix or restriction it refers to the Commercial bank.

Commercial bank is an institution, which plays a major role in channeling to borrowers with productive investment opportunities to run the economy smoothly. That’s why commercial banks are the most important type of financial institution interest the terms of asset. So, the people of the society and the government are very much dependent on the commercial bank as well as the financial intermediary.

In 1983, banks were allowed in the private sector. Now banking sector is one of the fastest growing sectors of the country. During the last 30 years, banking sector in Bangladesh has grown and developed horizontally and vertically. Bank branches have been spread up to the rural areas. Bank services have multiplied.

Number of bank has increased impressively. Now there are 48 scheduled

commercial banks in the country with 6,596 branches. Besides these there are also four unscheduled bank.

[Source: Bangladesh Economic Review-2008].

1.2 Background of the Study Knowledge and learning become perfect when it is associated with theory and practice. For any business student only curriculum activity is not enough for handling the real business situation, therefore, it is a requirement after the completion of BBA to involve with a business organization to prepare a interne report. So it is an opportunity for the students to know about the field of business through the internship program.

So Bachelor of business Administration is a specialized course. Stamford University Bangladesh organizes this four years specialized course to provide some efficient graduates in the business sector of the country .The whole course design is not limited within the theoretical boundary but it it also extend to the practical exposure through the internships program . The internship program is a require course for student who are completing Bachelor of Business Administration (BBA) from Stamford University. It is a four credit hour program with duration of three months .Student who have completed all the courses are eligible for this program.

In the Interne program was attached to The City Bank Limited for two months ,days starting from June 6 ,2009 to August 13 ,2009 . During this period I have learned about the banks and the facilities that are providing by them. Only theoretical knowledge without any practical experience makes a person sterile. On the other hand a person having practical experience but no theoretical exposure keeps him blind. The internships program is designed to overcome such position. Bank is a service oriented organization .So the orientation has been made as an integral part of the BBA degree. The outcome of the report is the result of in\immense supportive effort with a large group of personnel of the bank along with the trainers, banking experts and my respected supervision teacher.

The assigned topic is “General Banking a Study on The City Bank Limited, Shaymoli Branch” which is assigned by my supervisor in the department. On the basis of working experience in the internship period prepared this report and tried level best to relate the theoretical knowledge with the practical work situation.

1.3 Objective of the Report Internship program is a realistic and practical subject to understand the situation nearly. It is a career development activity help a student to build their career.

The internship program provides me the following things: • To see the general banking activities of Shaymoli Branch of CBL. • To find the relationship between academic education and the real practical field.

• To know how private sector bank growing rapidly with profitably.

• To develop my knowledge about banking system that helps me to build career as banker in future.

1. 4. Methodology 1.4.1 Types of Study It will be a descriptive type of study. The methodology of this report is totally different from conventional reports. The emphasized on the practical observation. Almost the entire report consists of my practical observation.

1.4.2 Sources of Data The report is fully exploratory in nature. Data have been collected from both primary and secondary sources. o Primary sources of data • Face to face conversation with the bank officers and staffs.

• Informal conversation with the clients.

• Exposure on different desk of the bank

o Secondary sources of data • Different manuals of The City Bank Limited.

• Different circulars of The City Bank Limited.

• Unpublished data.

• Different textbooks.

• News papers.

• Different websites.

• Bangladesh Economic Review-2008.

1.4.3 Methods of Data Collection The data have been used in this study are basically collected informally. This is totally an explorative study. As a result, data are collected by studying and reviewing the statement, circular and manuals of the branch and the bank. The relevant data was collected by informal discussion with the bank officials regarding the business and retail banking of the branch to describe the present situation of retail banking.

1.5 Limitations Like any other study the limitations of this study is not out of questions. But the following factors seem to me as the some points of weakness of this study, despite all out co-ordination from the bank officials. 

One of the notable limitations of this report is bank’s policy of not disclosing some data and information for obvious reasons, which could be very much useful.

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Entrance to every nock and corner of the bank was not possible for me.

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The main constraint of the study is inadequate access to information.

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Another problem is that creates a lot of confusions regarding verification of data The clients were too busy to provide much time for interview.

Web site of CBL was not updated.

2.1 Details of the industry Bank: "A bank is an institution, usually incorporated with power to issue its promissory notes intended to circulate as money (known as bank notes); or to receive the money of others on general deposit, to form a joint fund that shall be used by the institution, for its own benefit, for one or more of the purposes of making temporary loans and discounts; of dealing in notes, foreign and domestic bills of exchange, coin, bullion, credits, and the remission of money; or with both these powers, and with the privileges, in addition to these basic powers, of receiving special deposits and making collections for the holders of negotiable paper, if the institution sees fit to engage in such business."

The definition of a bank varies from country to country.

Under English common law, a banker is defined as a person who carries on the business of banking, which is specified as: •

conducting current accounts for his customers

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paying cheques drawn on him, and

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Collecting cheques for his customers.

In most English common law jurisdictions there is a Bills of Exchange Act that codifies the law in relation to negotiable instruments, including cheques, and this Act contains a statutory definition of the term banker: banker includes a body of persons, whether incorporated or not, who carry on the business of banking' (Section 2, Interpretation). Although this definition seems circular, it is actually functional, Because it ensures that the legal basis for bank transactions such as cheques do not depend on how the bank is organized or regulated.

The business of banking is in many English common law countries not defined by statute but by common law, the definition above. In other English common law

jurisdictions there are statutory definitions of the business of banking or banking business. When looking at these definitions it is important to keep in mind that they are defining the business of banking for the purposes of the legislation, and not necessarily in general. In particular, most of the definitions are from legislation that has the purposes of entry regulating and supervising banks rather than regulating the actual business of banking. However, in many cases the statutory definition closely mirrors the common law one. Examples of statutory definitions: •

"banking business" means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, the making of advances to customers, and includes such other business as the Authority may prescribe for the purposes of this Act; (Banking Act (Singapore), Section 2, Interpretation).

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"banking business" means the business of either or both of the following:

1. receiving from the general public money on current, deposit, savings or other similar account repayable on demand or within less than [3 months] ... or with a period of call or notice of less than that period;

paying or collecting cheques drawn by or paid in by customers .

Since the advent of EFTPOS (Electronic Funds Transfer at Point Of Sale), direct credit, direct debit and internet banking, the cheque has lost its primacy in most banking systems as a payment instrument. This has led legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect cheques.

2.2: History of Bank The name bank derives from the Italian word banco "desk/bench", used during the Renaissance by Florentine bankers, who used to make their transactions above a desk covered by a green tablecloth.

However, there are traces of banking activity even in ancient times. ; In fact, the word traces its origins back to the Ancient Roman Empire, where moneylenders would set up their stalls in the middle of enclosed courtyards called macella on a long bench called a bancu, from which the words ban co and bank are derived. As a moneychanger, the merchant at the bancu did not so much invest money as merely convert the foreign currency into the only legal tender in Rome—that of the Imperial Mint. [

The earliest evidence of money-changing activity is depicted on a silver drachm coin from ancient Hellenic colony Trapezes on the Black Sea, modern Trabzon c. 350-325 BC, presented in the British Museum in London. The coin shows a banker's table (trapeza) laden with coins, a pun on the name of the city. In fact, even today in Modern Greek the word Trapeza (Τράπεζα) means both a table and a bank.

In the old days there was no paper money. The accepted token of exchange was precious metal minted into coins by the Church and the Crown. Because there was only a limited amount of gold and silver available, the economic life of the nation had a certain regularity.

An even greater restriction existed throughout Christendom. This was a prohibition against usury, or charging interest. The Church held it to be a grave sin and the code was upheld by the civil powers. There were harsh penalties for those who broke the law.

The regulation of usury was to prevent the separation of money from reality. Money is not a good, it is a measure. It is fraud to pretend otherwise, and constitutes theft. Usury is making money from lending money; it is making money from nothing. This is exactly what is happening today on a colossal scale.

Several important things arose from the prohibition of usury in medieval Christendom. Firstly Jews, who had taken to wandering around Europe in the Middle Ages, began to specialize in money-lending and other practices which were forbidden to Christians. Exploited Christians, both peasants and aristocracy, found themselves being bled dry by usurers, which is why there were sporadic uprisings, imprisonments and expulsions of Jews throughout Europe. It is one reason why King Edward I expelled these perfidious people from England in 1290. Oliver Cromwell allowed them back when the moral authority of the Church was undermined and the King was beheaded in 1649.

Secondly, gold coins, jewels and other valuables were deposited with people who held strongboxes. This was usually with goldsmiths and money-lenders who, more often than not, were one and the same.

These loan-sharks and scriveners realized that, without much chance of being found out, they could charge people for looking after their deposits and then use those deposits – which did not belong to them – to make loans to other people at interest. They soon became rich and powerful.

Gold coins are heavy and awkward to carry around so the custom arose whereby the money-lenders would issue credit notes to depositors who began to trade these notes between themselves in commercial transactions. Paper money had come into existence.

A new form of usury developed as the swindling money-lenders realized the immoral benefits that could be obtained from such a situation. It became apparent to these thieves that they could go one step further than dishonestly using other people’s money for financial advantage at no cost to themselves. They could invent money from absolutely nothing. They could issue credit notes with nothing to back them up and put them into circulation as interest-bearing debts. No-one would be any the wiser. They calculated that they could safely issue notes for up to ten times more than the gold deposits they held, because the depositors would never ask for their deposits back all at the same time.

The principle of modern banking was thus established: invent money from nothing, put it into circulation as "running cash notes" that have to be paid back with real wealth that is produced from our labour, sit back and become unbelievably wealthy and powerful men: hidden rulers of nations.

In England this deceitful system was officially sanctioned in 1694. The usurper of the throne, William of Orange, had overthrown the legitimate King James II with the financial backing and plotting of powerful Jewish financiers in Amsterdam. In return he gave the sovereignty of England to a group of financiers by means of a Charter allowing them to call themselves the Bank of England. The Charter made no mention of issuing the nation’s money, but within minutes of signing the new Bank officials were discussing the form of their "running cash notes." The same system was adopted in every country by a process of Masonic revolution and manipulation.

FREEMASONRY AND COMMUNISM

Socialist theorists and ideologues have never attacked the essential mechanism of capitalism. Although the injustices of the capitalist system have been attacked in volume after volume, and rightly so, they have never even hinted at the usury upon which the whole system is built and from which all the other injustices stem.

Perhaps this is because so many Communist leaders are Jewish. Most of the ‘Russian Revolutionists’ of 1917 were actually Jews from the lower east side of New York City. Two hundred and seventy-five of them were conveyed to Russia aboard the S.S. Christiana, led by Trotsky and financed by Kuhns, Loebs, Schiffs and Warburgs. This cosy circle of Jews and Freemasons financed both sides of the Great War. Marx and Engels, two more Jews, wrote the Communist Manifesto on behalf of a secret society calling themselves ‘The League of Just Men.’ This secret society was an arm of the Illuminati, whose power and influence was the catalyst of the French Revolution. One of the founding members of the Illuminati was the House of Rothschild, the Jewish banking house which practically invented supranationalism for personal profit.

THE SITUATION TODAY Nowadays banking has become extremely sophisticated but the hidden and usurious mechanism behind it remains the same. After a big enquiry, hushed up as much as possible, the Bank of England was nationalized in 1946. In theory control of the Bank of England should then have passed from a group of private individuals to the British Government, but this is still not the case. Nationalization only added a thin veneer of respectability.

The British Treasury, in conjunction with the Bank of England’s advisers to the Government, determines how much paper money and coin will be issued each year.

This has to accord with the wealth of the nation for that year. But because banknotes and coins only account for a tiny percentage of financial transactions, it makes no difference to the bankers at all. Most financial transactions are carried out with abstract figures on a computer screen that have no relationship to real wealth.

Everything has to be paid for at interest though – even when it doesn’t exist!

The Government still has to pay interest on old and new loans from the Bank. Only a few years ago it was announced that the interest debt on a loan taken during the Napoleonic War had just been paid off! This is where much of our tax money goes.

2.3 :Traditional banking activities Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers on the bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as telegraphic transfer, EFTPOS, and ATM. Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits, and by issuing debt securities such as banknotes and bonds. Banks lend money by making advances to customers on current accounts, by making installment loans, and by investing in marketable debt securities and other forms of money lending.

Banks provide almost all payment services, and a bank account is considered indispensable by most businesses, individuals and governments. Non-banks that provide payment services such as remittance companies are not normally considered an adequate substitute for having a bank account.

Banks borrow most funds from households and non-financial businesses, and lend most funds to households and non-financial businesses, but non-bank lenders provide a significant and in many cases adequate substitute for bank loans, and money market funds, cash management trusts and other non-bank financial institutions in many cases provide an adequate substitute to banks for lending savings to.

2.4: Law of banking Banking law is based on a contractual analysis of the relationship between the bank (defined above) and the customer—defined as any entity for which the bank agrees to conduct an account.

The law implies rights and obligations into this relationship as follows: 1. The bank account balance is the financial position between the bank and the customer: when the account is in credit, the bank owes the balance to the customer; when the account is overdrawn, the customer owes the balance to the bank.

2. The bank agrees to pay the customer's cheques up to the amount standing to the credit of the customer's account, plus any agreed overdraft limit.

3. The bank may not pay from the customer's account without a mandate from the customer, e.g. a cheque drawn by the customer.

4. The bank agrees to promptly collect the cheques deposited to the customer's account as the customer's agent, and to credit the proceeds to the customer's account.

5. The bank has a right to combine the customer's accounts, since each account is just an aspect of the same credit relationship.

6. The bank has a lien on cheques deposited to the customer's account, to the extent that the customer is indebted to the bank.

7. The bank must not disclose details of transactions through the customer's account—unless the customer consents, there is a public duty to disclose, the bank's interests require it, or the law demands it.

8. The bank must not close a customer's account without reasonable notice, since cheques are outstanding in the ordinary course of business for several days.

These implied contractual terms may be modified by express agreement between the customer and the bank. The statutes and regulations in force within a particular jurisdiction may also modify the above terms and/or create new rights, obligations or limitations relevant to the bank-customer relationship.

2.5: Types of Bank Banks' activities can be divided into retail banking, dealing directly with individuals and small businesses; business banking, providing services to mid-market business; corporate banking, directed at large business entities; private banking, providing wealth management services to high net worth individuals and families; and investment banking, relating to activities on the financial markets. Most banks are profit-making, private enterprises. However, some are owned by government, or are non-profit organizations.

Central banks are normally government-owned and charged with quasi-regulatory responsibilities, such as supervising commercial banks, or controlling the cash interest rate. They generally provide liquidity to the banking system and act as the lender of last resort in event of a crisis

2.5.1 Types of retail banks National Copper Bank, Salt Lake City 1911 •

Commercial bank: the term used for a normal bank to distinguish it from an investment bank. After the Great Depression, the U.S. Congress required that

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banks only engage in banking activities, whereas investment banks were limited to capital market activities. Since the two no longer have to be under separate ownership, some use the term "commercial bank" to refer to a bank or a division of a bank that mostly deals with deposits and loans from corporations or large businesses.

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Community Banks: locally operated financial institutions that empower employees to make local decisions to serve their customers and the partners.

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Community development banks: regulated banks that provide financial services and credit to under-served markets or populations.

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Postal savings banks: savings banks associated with national postal systems.

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Private Banks: banks that manage the assets of high net worth individuals.

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Offshore banks: banks located in jurisdictions with low taxation and regulation. Many offshore banks are essentially private banks.

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Savings bank: in Europe, savings banks take their roots in the 19th or sometimes even 18th century. Their original objective was to provide easily accessible savings products to all strata of the population. In some countries, savings banks were created on public initiative; in others, socially committed individuals created foundations to put in place the necessary infrastructure.

Nowadays, European savings banks have kept their focus on retail banking: payments, savings products, credits and insurances for individuals or small and medium-sized enterprises. Apart from this retail focus, they also differ from commercial banks by their broadly decentralized distribution network, providing local and regional outreach—and by their socially responsible approach to business and society.

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Building societies and Lands banks: institutions that conduct retail banking.

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Ethical banks: banks that prioritize the transparency of all operations and make only what they consider to be socially-responsible investments.

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Islamic banks: Banks that transact according to Islamic principles.

2.5.2 Types of investment banks •

Investment banks "underwrite" (guarantee the sale of) stock and bond issues, trade for their own accounts, make markets, and advise corporations on capital market activities such as mergers and acquisitions.

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Merchant banks were traditionally banks which engaged in trade finance. The modern definition, however, refers to banks which provide capital to firms in the form of shares rather than loans. Unlike venture capital firms, they tend not to invest in new companies.

2.5.3 Both combined •

Universal banks, more commonly known as financial services companies, engage in several of these activities. These big banks are much diversified groups that, among other services, also distribute insurance— hence the term banc assurance, a portmanteau word combining "banque or bank" and "assurance", signifying that both banking and insurance are provided by the same corporate entity.

2.5.4 Other types of banks •

Islamic banks adhere to the concepts of Islamic law. This form of banking revolves around several well-established principles based on Islamic canons.

All banking activities must avoid interest, a concept that is forbidden in Islam.

Instead, the bank earns profit (markup) and fees on the financing facilities that it extends to customers.

2.6: List of banks in Bangladesh The commercial banking system dominates Bangladesh's financial sector.

Bangladesh Bank is the Central Bank of Bangladesh and the chief regulatory authority in the sector. The banking system consists of four nationalized commercial Banks, around forty private commercial banks, nine foreign multinational banks and some specialized banks. The Nobel-prize winning Grameen Bank is a specialized micro-finance institution, which revolutionized the concept of micro-credit and contributed greatly towards poverty reduction and the empowerment of women in Bangladesh.

2.6.1 Central Bank •

Bangladesh Bank

Pursuant to Bangladesh Bank Order, 1972 the Government of Bangladesh reorganized the Dhaka branch of the State Bank of Pakistan as the central bank of the country, and named it Bangladesh Bank with retrospective effect from 16 December, 1971.

2.6.2 Nationalized Commercial Banks The banking system of Bangladesh is dominated by the 4 Nationalized Commercial Banks , which together controlled more than 54% of deposits and operated 3388 branches (54% of the total) as of December 31, 2004. The nationalized commercial banks are: •

Sonali Bank

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Janata Bank

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Agrani Bank

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Rupali Bank

2.6.3Private Commercial Banks Private banks are the highest growth sector due to the dismal performances of government banks (above). They tend to offer better service and products.

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AB Bank Limited

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BRAC Bank Limited

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Eastern Bank Limited

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Dutch Bangla Bank Limited

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Dhaka Bank Limited

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Islami Bank Bangladesh Ltd

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Pubali Bank Limited

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Uttara Bank Limited

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IFIC Bank Limited

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National Bank Limited

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The City Bank Limited

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United Commercial Bank Limited

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NCC Bank Limited

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Prime Bank Limited

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SouthEast Bank Limited

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Al-Arafah Islami Bank Limited

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Social Islami Bank Limited

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Standard Bank Limited

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One Bank Limited

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Exim Bank Limited

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Mercantile Bank Limited

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Bangladesh Commerce Bank Limited

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Mutual Trust Bank Limited

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First Security Bank Limited

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The Premier Bank Limited

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Bank Asia Limited

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Trust Bank Limited

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Shahjalal Islami Bank Limited

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Jamuna Bank Limited

2.6.4 Foreign Banks •

Citigroup

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HSBC

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Standard Chartered Bank

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Commercial Bank of Ceylon

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State Bank of India

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Habib Bank

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National Bank of Pakistan

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Woori Bank

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Bank Alfalah

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ICB Islami Bank

2.6.5 Specialized Banks Out of the specialized banks, two (Bangladesh Krishi Bank and Rajshahi Krishi Unnayan Bank) were created to meet the credit needs of the agricultural sector while the other two ( Bangladesh Shilpa Bank (BSB) & Bangladesh Shilpa Rin Sangtha (BSRS) are for extending term loans to the industrial sector . The Specialized banks are: •

Grameen Bank

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Bangladesh Krishi Bank

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Bangladesh Shilpa Bank

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Rajshahi Krishi Unnayan Bank

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Bangladesh Shilpa Rin Sangstha

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Basic Bank Ltd (Bank of Small Industries and Commerce)

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Bangladesh Somobay Bank Limited(Cooperative Bank)

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The Dhaka Mercantile Co-operative Bank Limited (DMCBL)

2.7: Banks in the economy 2.7.1: Size of global banking industry Worldwide assets of the largest 1,000 banks grew 16.3% in 2006/2007 to reach a record $74.2 trillion. This follows a 5.4% increase in the previous year. EU banks held the largest share, 53%, up from 43% a decade earlier. The growth in Europe’s share was mostly at the expense of Japanese banks, whose share more than halved during this period from 21% to 10%. The share of US banks remained relatively stable at around 14%. Most of the remainder was from other Asian and European countries.

The United States has by far the most banks in the world, both in terms of institutions (7,540 at the end of 2005) and branches (75,000). This is an indicator of the geography and regulatory structure of the USA, resulting in a large number of small to medium-sized institutions in its banking system. Japan had 129 banks and 12,000 branches. In 2004, Germany, France, and Italy each had more than 30,000 branches —more than double the 15,000 branches in the UK. 2.7.2 Bangladesh economy In FY2008 economic performance was better than expected considering the effect of natural disaster in the first half of the fiscal year and higher international commodity price. The recovery agriculture and service and the rebound in export in the second half contributed to the reasonable 6.2% growth of GDP.Growth was supported by a steady flow of bank credit and a surge in workers ‘remittance .the economy during the year witnessed a rare achievement when the National Board of Revenue (NBR) for the first time achieved the target to earn take 374.79 billion as revenue.

2.8: Banking in Bangladesh at Present Bangladesh bank continues to pursue an accommodative monetary policy to ensure steady flows of credit to the economy’s productive sectors. On year –on –year – basis, IN December 2007, broad money growth was 14.2% and private sector credit growth 17% .From February 2008,responding to the pickup in demand ,growth in broad money(15.2%) and private sector credit (19.6%) stated rising , reaching 17.6% and 25.2% respectively in June 2008 ,in both cases higher then the program target of 16% .Reserve money growth increased year-on –year from 6.9% in March to 19.6% in June 2008. Although the sale of foreign exchange by Bangladesh bank in the inter –bank on-year net foreign assets growth from 34.8% in December 2007,it was still high at 14.4% in June 2008.

The fall in net foreign assets was more than offset by the growth of domestic credit, which rose steadily from 15.1% year-on year in December 2007 to 21.1% in June 2008. Growth of net credit to the Government was also high at 30.45 year-on-year, in June 2008 despite the robust growth in revenue .in conducting monetary policy, Bangladesh bank has relied more on open market operation, keeping reserve requirement and liquidity ratio unchanged and causing no major change in policy rates as evidence by the marginal rise during the year in yield on treasury bills and small adjustment in bank lending and deposit rates. The weighted average yield of 28 days treasury bills was 7.5% in June 2008, slightly higher than the 7.3% in June 2007.Reserve reports for 1-2 day maturity remained stable at around 8.5% since December 2007.

The call money rate declined from 12.8% in March 2008 to 9.95 in June2008.Despite excess liquidity in the banking system of taka 82.6 billion at the end of May 2008, some banks experienced temporary liquidity shortages. Bangladesh bank remained vigilant against a build up of demand pressure and encourage of bank to channel credit to productive sector, in latest Monetary Policy Statement (MPS), Bangladesh maintained the accommodative stance for channeling credit flow to the economy’s productive sector. The MPS focuses on the needs of agriculture, SME’s, and the rural economy; and promises to closely monitor the growth of private sector credit and take required correct measure. The monetary policy stance of the Bangladesh

Bank ,covering the first half (H1) of FY09 (July – December 2008),aims at using the monetary policy fro ensuring reasonable price essential to sustaining high economic growth ,shielding the economy form global price and financial turbulence and downside risk, and tapping new upside opportunities .The policy stance target a real GDP growth of 6.5% and average inflation rate of around 9.0% in FY09.The policy announcement in intended to anchor of inflation expectation on realistic near term assessment of growth and price developments. The implementation of the monetary policy stance faces several downside risks which might make monetary management challenging in FY09. It would thus be critical to monitor these challenges and implement timely policy response. Although indication is there that domestic production especially in the agriculture sector, is likely to recover strongly in FY09 due to favorable price incentives for the farmers, the possibility of floods and other natural disaster can not be fully ruled out. Similarly, other unexpected events including socio- political instability could substantially changes the outlook affecting the smooth implementation of the policy stance. Thus it would be important to take precaution s against any unexpected natural calamities along with ensuring timely supply of inputs of the farmers and take measure to minimize domestic vulnerabilities and risks. The productivity growth of the economy is crucial which has been suffering from continuing power shortage, other infrastructure bottlenecks, and socio-political disruption. It would be important to strengthen the infrastructure and other support service and ensure

congenial business climate. Failure to do so

would widen the gap between rising aggregate demand and domestic production policy to restrain aggregate demand.

2.9 Industry in Bangladesh at Present Industry sector growth in FY 2008 declined to 6.9% from 8.4% in FY 2009.After the week performance in the first half of the fiscal year because of slow growth in production and export of garments and knitwear –the industrial mainstays – industry growth rebound in the second half with a surge in export, rise in private sector credit and import of raw materials and gain in business confidence. But the escalation on import price of industrial raw materials and intermediate inputs in the international market slowed industry sector growth relative to the previous year. Manufacturing growth was 7.4% was lower

(previous year growth was 9.7%), but the growth on mining and quarrying at 8.3% in the preceding year. Manufacturing growth was affected by infrastructure constrains, particularly power shortage .The combined growth of power ,gas and water supply recovered to 4.9% from 2.1% last year because of a pickup supply growth in construction declined to 5.9 % from 7% because of the higher price of construction materials and downsizing of the annual development program (ADP). Because of higher backward and forward linkages, slower construction activities affected other economic activities and provided fewer jobs for construction worker.

2.10 Challenges within the banking industry The banking industry is a highly regulated industry with detailed and focused regulators. All banks with FDIC-insured deposits have the FDIC as a regulator; however, for examinations the Federal Reserve is the primary federal regulator for Fed-member state banks; the Office of the Comptroller of the Currency (“OCC�) is the primary federal regulator for national banks; and the Office of Thrift Supervision, or OTS, is the primary federal regulator for thrifts. State non-member banks are examined by the state agencies as well as the FDIC. National banks have one primary regulator—the OCC. Each regulatory agency has their own set of rules and regulations to which banks and thrifts must adhere.

The Federal Financial Institutions Examination Council (FFIEC) was established in 1979 as a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions.

Although the FFIEC has resulted in a greater degree of regulatory consistency between the agencies, the rules and regulations are constantly changing.

In addition to changing regulations, changes in the industry have led to consolidations within the Federal Reserve, FDIC, OTS and OCC. Offices have been closed, supervisory regions have been merged, staff levels have been reduced and budgets have been cut. The remaining regulators face an increased burden with increased workload and more banks per regulator. While banks struggle to keep up

with the changes in the regulatory environment, regulators struggle to manage their workload and effectively regulate their banks. The impact of these changes is that banks are receiving less hands-on assessment by the regulators, less time spent with each institution, and the potential for more problems slipping through the cracks, potentially resulting in an overall increase in bank failures across the United States.

The changing economic environment has a significant impact on banks and thrifts as they struggle to effectively manage their interest rate spread in the face of low rates on loans, rate competition for deposits and the general market changes, industry trends and economic fluctuations. It has been a challenge for banks to effectively set their growth strategies with the recent economic market. A rising interest rate environment may seem to help financial institutions, but the effect of the changes on consumers and businesses is not predictable and the challenge remains for banks to grow and effectively manage the spread to generate a return to their shareholders.

The management of the banks’ asset portfolios also remains a challenge in today’s economic environment. Loans are a bank’s primary asset category and when loan quality becomes suspect, the foundation of a bank is shaken to the core. While always an issue for banks, declining asset quality has become a big problem for financial institutions. There are several reasons for this, one of which is the lax attitude some banks have adopted because of the years of “good times.” The potential for this is exacerbated by the reduction in the regulatory oversight of banks and in some cases depth of management. Problems are more likely to go undetected, resulting in a significant impact on the bank when they are recognized.

In addition, banks, like any business, struggle to cut costs and have consequently eliminated certain expenses, such as adequate employee training programs.

Banks also face a host of other challenges such as aging ownership groups. Across the country, many banks’ management teams and board of directors are aging.

Banks also face ongoing pressure by shareholders, both public and private, to achieve earnings and growth projections. Regulators place added pressure on banks to manage the various categories of risk. Banking is also an extremely competitive industry. Competing in the financial services industry has become tougher with the entrance of such players as insurance agencies, credit unions, check cashing services, credit card companies, etc.

2.11: Bank crisis Banks are susceptible to many forms of risk which have triggered occasional systemic crises. These include liquidity risk (where many depositors may request withdrawals beyond available funds), credit risk (the chance that those who owe money to the bank will not repay it), and interest rate risk (the possibility that the bank will become unprofitable, if rising interest rates force it to pay relatively more on its deposits than it receives on its loans).

Banking crises have developed many times throughout history, when one or more risks have materialized for a banking sector as a whole. Prominent examples include the bank run that occurred during the Great Depression, the U.S. Savings and Loan crisis in the 1980s and early 1990s, the Japanese banking crisis during the 1990s, and the sub prime mortgage crisis in the 2000s.

2.12: Bank Profits A bank generates a profit from the differential between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. This difference is referred to as the spread between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclical and dependent on the needs and strengths of loan customers. In recent history, investors have demanded a more stable revenue stream and banks have therefore placed more emphasis on transaction fees, primarily loan fees but also including service charges on an array of deposit activities and ancillary services (international banking, foreign exchange, insurance, investments, wire transfers, etc.). Lending activities, however, still provide the bulk of a commercial bank's income.

In the past 10 years American banks have taken many measures to ensure that they remain profitable while responding to increasingly changing market conditions. First, this includes the Gramm-Leach-Bliley Act, which allows banks again to merge with investment and insurance houses. Merging banking, investment, and insurance functions allows traditional banks to respond to increasing consumer demands for "one-stop shopping" by enabling cross-selling of products (which, the banks hope,

will also increase profitability). Second, they have expanded the use of risk-based pricing from business lending to consumer lending, which means charging higher interest rates to those customers that are considered to be a higher credit risk and thus increased chance of default on loans. This helps to offset the losses from bad loans, lowers the price of loans to those who have better credit histories, and offers credit products to high risk customers who would otherwise been denied credit.

Third, they have sought to increase the methods of payment processing available to the general public and business clients. These products include debit cards, prepaid cards, smart cards, and credit cards. They make it easier for consumers to conveniently make

transactions and smooth their consumption over time (in some countries with underdeveloped financial systems, it is still common to deal strictly in cash, including carrying suitcases filled with cash to purchase a home). However, with convenience of easy credit, there is also increased risk that consumers will mismanage their financial resources and accumulate excessive debt. Banks make money from card products through interest payments and fees charged to consumers and transaction fees to companies that accept the cards. Helps in making profit and economic development as a whole.

Chapter -3: Organization profile 3.1 History & origin of City Bank City Bank is one of the oldest private Commercial Banks operating in Bangladesh. It is a top bank among the oldest five Commercial Banks in the country which started their operations in 1983. The Bank started its journey on 27th March 1983 through opening its first branch at B. B. Avenue Branch in the capital, Dhaka city. It was the visionary entrepreneurship of around 13 local businessmen who braved the immense uncertainties and risks with courage and zeal that made the establishment and forward march of the bank possible. Those sponsor directors commenced the journey with only Taka 3.4 crore worth of Capital, which now is a respectable Taka 330.77 crore as capital and reserve.

City Bank is among the very few local banks which do not follow the traditional, decentralized, geographically managed, branch based business or

profit model. Instead the bank manages its business and operation vertically from the head office through 4 distinct business divisions namely 1. Corporate and Investment Banking; 2.Retail Banking (including Cards); 3.SME Banking; and 4.Treasury and Market Risks.

Under a real-time online banking platform, these 4 business divisions are supported at the back by a robust service delivery or operations setup and also a smart IT Backbone. Such centralized business segment based business and operating model ensure specialized treatment and services to the bank's different customer segments.

The bank currently has 83 online branches spread across the length and breadth of the country that include a full fledged Islami Banking branch. Besides these traditional delivery points, the bank is also very active in the alternative delivery area. It currently has 25 ATMs of its own; and ATM sharing arrangement with a partner bank that has 225 ATMs in place; SMS Banking; Interest Banking and so on. Soon its Customer Call Center is going to start operation. The bank has a plan to end the current year with 50 own ATMs. City Bank is the first bank in Bangladesh to have issued Dual Currency Credit Card. The bank is a principal member of VISA international and it issues both Local Currency (Taka) and Foreign Currency (US Dollar) card limits in a single plastic. VISA Debit Card is another popular product which the bank is pushing hard in order to ease out the queues at the branch created by its astounding base of some 400,000 retail customers. The launch of VISA Prepaid Card for the travel sector is currently underway.

City Bank prides itself in offering a very personalized and friendly customer service. It has in place a customized service excellence model called GAP (Graceful-Appropriate-Pleasing) that focuses on ensuring happy customers through setting benchmarks for the bank's employees' attitude, behavior, readiness level, accuracy and timelines of service quality.

City Bank is one of the largest corporate banks in the country with a current business model that heavily encourages and supports the growth of the bank in Retail and SME Banking. The bank is very much on its way to opening many independent SME centers across the country within a short time. The bank is also very active in the workers' foreign remittance business. It has strong tie-ups with major exchange companies in the Middle East, Europe, Far East & USA,

from where thousands of individual remittances come to the country every month for disbursements through the bank's large network of 83 online branches.

The current senior management leaders of the bank consist of mostly people form the multinational banks with superior management skills and knowledge in their respective "specialized" areas. The bank this year, is celebrating its 25th year of journey with the clear ambition of becoming the no.1 private commercial bank in the country in 3 years time. The newly launched logo and the pay-off line of the bank are just one initial step towards reaching that point.

3.1.1 Logo meaning of City Bank On 5th July 2008, The City Bank Limited changed its brand name into, simply, City Bank. Bank's new logo along with a brand philosophy line or pay-off line were unveiled that day at a ceremony held at Radisson Water Garden Hotel, Dhaka, Humble Advisor to the Ministry of Finance & Planning, Dr A B Mirza Azizul Islam did this honor to the bank by launching it.

We give here a simple note on the philosophy that went behind the creation of this logo: On 5th July 2008, The City Bank Limited changed its brand name into, simply, City Bank. Bank's new logo along with a brand philosophy line or pay-off line were unveiled that day at a ceremony held at Radisson Water Garden Hotel, Dhaka, Humble Advisor to the Ministry of Finance & Planning, Dr A B Mirza Azizul Islam did this honor to the bank by launching it. We give here a simple note on the philosophy that went behind the creation of this logo: It's a simple logo. Its beauty is in its simplicity of arrangement which is also bold. Since it is simple, it connects with people easily. • The red and silver shape may mean a chess board. Chessboard stands for wisdom & vision. Since we are 25 years old, we are expert, wise & experienced. Chess is the game of the smart people who knows all the moves. Our game is to deal with your money matters and - as wise & experienced bankers, we are experts in that. • The red and silver shape may also mean something dynamic. It may mean the checkered flag of Formula One Racing. Then it signifies speed and agility & fast pace. • The red and silver shape may also mean a kite. It's a beautiful colorful kite, nose up, going to reach for the sky. In that case, it means the bank is soaring high into the skies of many possibilities in order to make customers' financial dreams come true

• The red and silver shape may also mean it's a flying chessboard. It's a chess-board that has taken wings and is flying. In that case it indicates to what extent this bank can go to serve customers better The logo has a dynamic shape. Such dynamism stands for modernity, the 21st century. That signifies, this is going to be a techno-savvy bank, a state-of-the-art tech-powered modern bank

The color 'red' stands for emotion, passion, strength, vitality, action, confidence & courage.

The color silver symbolizes riches, just as gold does. Silver is glamorous & distinguished. Silver is the traditional 25th anniversary color or Silver Jubilee color. Another thing is: "Pieces of silver" means money or coin. And our payoff line is "Making Sense of Money".

Now the pay-off line "Making Sense of Money".

No money, no bank. We all know how important money can be for any of us.

Money is a need all by itself. It is the most precious thing. Money is the port key to any destination. It is everything between a person and his / her dreams & hopes. So, the money which is almost synonymous to life, must make sense.

And for your money to make sense, it must be handled by an expert. That is where we come in. We say, we make sense of your money. Because, at City, we are wise men of banking. With 25 years of experience, we know how to make your money more meaningful for you, how to lend you money in times of your needs or how to grow your money safely for you.

3.2 Vision of the city bank Vision: City bank’s main vision is that to be the leading bank in the country with best practices and highest social commitment.

To achieve the desired goal, there will be pursuit of excellence at all stages with a climate of continuous improvement, because, in City Bank, they believe, the line of excellence is never ending. Bank’s strategic plans and networking will strengthen its competitive edge over others in rapidly changing competitive environments. Its personalized quality services to the customers with the trend of constant improvement will be cornerstone to achieve our operational success.

3.3 Misson of the City Bank Mission: • To contribute to the socioeconomic development of the country.

• To attain highest level of customer satisfaction through extension of services by dedicated and motivated team of professional.

• To maintain continuous growth of market share ensuring quality • To maximize bank’s profits by ensuring its steady growth • To maintain the high moral and ethical standards • To ensure participative management system and empowerment of Human Resources.

• To ensure an enabling environment where innovativeness and performance is rewarded.

3.4: functional Department of City bank City bank basically four functional departments. These are: 3.4.1 Corporate Banking 3.4.2 Retail Banking 3.4.3 SME Banking 3.4.4 Treasury Banking 3.4.1 Corporate Banking

• • • • • • • • •

Working Capital Finance Trade Finance Short / Mid- term Finance Project Finance Islamic Finance Structured Finance Cash Management Investment Banking Schedule of Charges

3.4.2 Retail Banking

• Deposit • Loan • Debit Card

• Credit Card • I-Banking • Schedule of Charges 3.4.3 SME Banking • • • •

City Muldhan City Sheba City Shulov City Munafa

3.4.4 Treasury • • • • •

Overnight Deposit Term deposit Foreign Exchange Local Currency Spot & Forward Derivatives

3.5 Overall Functions of the City Bank Ltd: CBL always considers client service the most vital factor to ever-increasing competition and challenge in the Banking sector and as such places on it utmost importance. With that end in view the bank continued its personalized approach with speed, precision, accuracy.

3.5.1 Human Resource: Skilled work force is an essential pre-requisite for development of any serviceoriented organization. CBL puts all out emphasis for the development of professional work force to meet the challenge of modern banking. Science there is no alternative to training for was busy throughout the year to import training on different aspects of banking.

3.5.2 Comparative of Advance of local office: General banking department is considered as the direct customer service center.

The clients and customers ands build their impression whether they are going for further dealings with the bank or not on the basis of their service. Functions of CBL, local office is discussed below:

3.5.3 Functions: • • • •

Establishing Banker Customer relationship Remitting customer’s money from on place to another Collecting bills for customers Taking deposit and honoring cheque drawn over local offices

3.6: Growth and development of CBL The City bank Ltd. has been operating since 1983 with an authorized capital of TK. 1.75 billion under the entrepreneurship of twelve prominent and learning business man of the country. The noble invention behind starting the business this bank was to bring about qualitative changes in spare of Banking and financial management. Today city bank serves it’s customers at home and aboard with 85 branches spread over the country and about the 300 overseas correspondents covering all major cities business centre of the world.

The services encompass wide diversified areas of trade, commerce and industry, which tailored to the specific needs of the customers and are distinguished by an expectation level of prompt and personal attention. Over the years bank has expanded the spectrums of its services. The extensive and over growing domestic network provides and caries various products and services to the doors steps of million.

The City bank Ltd. has already introduced some new banking products like the Retail Banking System – City Ichchapuron, City Onayash, City Projono, Visa electron debit cards, Duel currency credit cards, Online banking system which has created attraction among the clients. The bank is going to introduce real time internet, SMS and phone banking systems with all modern delivery channels at an early date.

For significant performance, the bank has earned national and international reorganization. The CBL is one of the 12 banks of Bangladesh among the 500 banks in Asia for its asset, deposit and profit as evaluated “ASIA WEEK” in the year 2000. Other than that, The CBL received the “TOP TEN COMPANY” awards from the prime minister of the people’s republic of Bangladesh.

3.6.1. Branches Of CBL: There are 83 branches of CBL across the country, Dhaka zone’s, Branches are given below:

B.B. Avenue Branch 12 B.B. Avenue Dhakal000PO. Box-3756, Cable:OTYAVENUE Phone: 9566744,9552278,955227 9 Fax: 88-02-9552278 Dhaka Chamber Branch Chamber Bhaban 65-06 Motijheel C/A, Dhakal000 Phone: 9563897 9571

Foreign Exchange Branch 27 Dilkusha CIA, Dhaka-1000 Phone: 9564315,9559388

Islami Banking Branch Ismail Mansion 9/H Motijheel C/A, Dhaka Phone: 7171884, 7177038

Kaliganj Branch P.O. Shubhadda Keranigonj, Dhaka-1310 Phone: 7772857 Manikganj Branch 106/2 Shaheed Ralique Sarak Manikgonj-1800 Phone: 61616 Mymensingh Branch 20

Bhairab Bazar Branch 129 Kalibari Road Bhairab Bazar, Kishorgonj-2350 Phone: 71567

Bow Bazar Branch P.O. Deotala Golla Nababgonj, Dhaka-1320 Phone: 0622485296

Dhanmondi Branch Road # 27(Old),32(New) ,House# 312, Suvastu Zenim Plaza (2nd floor), Dhanmondi R/A, Dhaka-1205 Phone: 9124475 8143825 0191321763 Gulshan Branch 49,Gulshan South (Near Marketl)Gulshan RIA, Dhaka-1212 Phone: 8825310. 8825206 Fax: 88-02-882531 Islampur Road Branch 108 Islampur Road, Dhaka-1100 Cable: aTYISLAM Phone: 7391920, 7392402 Fax: 88-02-7392402 Kawran Bazar Branch 8, Panthapath (UTe), Kawran Bazar, Dhaka-1215 Phone: 8113547,8119362 Mirpur Branch 1 Dar-us-Salam Road (1st Floor) Section-l, Mirpur, Dhaka-1218 Phone: 9002891 Narsinghdi Branch

DSE Nikunja Branch LotusKamal Tower One 57 Zoar Shahara CIA Nikunja-2, New Airport Road, Dhaka-1229 Phone: 8964013

Imamgonj Branch 44-45/2 Imamgonj, Dhaka-1100 PO.Box.SADAR-1112, Cable: OTYIMAM Phone: 7316498,7318201,7313581 Fax: 88-02-7318201 Johnson Road Branch Aziz Center (1st Roor)31, Johnson Road, Dhaka-1100 Cable: CITYDHN Phone: 7115439,7123432 Madhadi Branch Bank Road, Madhabdi Bazar Narsingdhi1604 Phone: 06257-56222 Mob: 01711404113 Mouchak Branch 80/A Siddeswari Circular Road Malibagh, Dhaka-1217 Phone: 9357717,8317536 Netaiganj Branch 217 B. K.

Chom Bazar, Hoding:l92 (Bazar), Mymensingh-2200 Phone: SarwardiPmk, 54493 Narsingdi Cable: CITYBANK Phone: 62505 New Market Branch Nowabganj Branch House # 5, Road # 2 P.O. Nababgonj Novera Square, Dhaka-1320 Phone: Dhanmondi RIA, Dhaka- 06225-88079 1205 Phone: 8614070,8615180 Cell : 01711404150 Posta Branch 35 Shaista Pragati Sarani Khan Road Dhaka-1211 Branch Ga-30/G, Phone: 8612019,8629460 Pragati Sarani Shahjadpur, Gulshan, Dhaka Phone: 8824575

Road Netaigonj Narayangonj1400 Phone: 9713621

Rekabi Bazar Branch Rekabi Bazar, Mirkadin Munshigonj-1501 Phone: 02525 62526

Shaymoli Branch 23/6 Khilji Road Shaymoli, Mohammadpur, Dhaka-1207 Phone: 8150369, 0171-404153

Tan Bazar Branch 52 S. M. Maleh Road, Tan Bazar, Narayangonj-1400.

Cable-CITYBANK Phone: 9715261 9716454 Urdu Road Branch 10 Urdu Road, Lalbag Dhaka1100 Phone: 7318221

Zinzira Branch Tinpatty

Sadarghat Branch 78 Loyal Street (Patuatuly) Sadarghat, Dhaka1100 Phone: 7122714 Tangail Branch 1869/77 Main Road Habib Super Market, Tangail1900, P.O. Box-5 Phone: 54065, 53784 Uttara Branch House-8, Sector-7.

Uttara Model Towen, Rabindra Sarani, Dhaka-1230 Phone: 8953695

Nowabpur Branch 219-220 Nawabpur Road Dhaka-1100 Phone: 9558087

Principal Office Jiban Bima Tower 10 Dilkusha CIA,Dhaka.

PO.Box -3381,CableBANKCITY Phone: 9565915,9553137,955314 7 PABX 9565925-34

Tangi Branch Tangi Bazar, Gazipur-1710 Phone: 9800253

VIP Road Branch 35/1 Purana Paltan lane VIP Road, Dhaka-l000 Phone: 9348947

Zinzira Branch Keranigonj, Dhaka-1310 Phone: 7772782

3.7. Organization Chart of CBL

Managing Director

DMD Business

Treasury Treasury &&Market Market risk risk division division

Retail Retail banking banking division division

Sales Sales&& service service center center Policy Policy&& analysis analysis DST DSTGov Gov retail retail DST DSTgov gov card card Retail Retailfinance finance center center Cards(ops) NRB NRB Service Service quality quality

DMD operation s Cor Cor pora pora tete inve inve stm stm ent ent

SM E ban king

SFU SFU Cash Cash manage manage ment ment Leasing Leasing

Opera Opera tion tion Divisi Divisi onon

DMD Legal & Recovery

ITIT Divisi Divisi onon

Operati Operati onon support support dept dept Service Service delivery deliveryDept Dept

Islami Islami finance finance

Branch Branch operatio operatio nnDept Dept

PFU PFU

Trade Tradeservice service dept dept

City City service service

Trade Trade support supportdept dept Treasury Treasury support support Dept Dept

Internal Internal Control& Control& complian complian cece

Legal Legal Division Division Special Special Asset Asset managem managem ent ent Division Division

Audit Audit inspection inspection unit unit Monitoring Monitoring Unit Unit Complianc Complianc e eunit unit ITITAudit Audit

HRD HRD Finance Finance Devisio Devisio nn Credit Creditrisk risk management management devesion devesion Brand Brand communicati communicati ononmarketing marketing

General Banking: General banking is the starting point of all the banking operation. It is the department, which provides day to day services to the customers. Everyday it receives deposits from the customer and meets their demand for cash by honoring cheque. It opens new accounts, remits funds issue bank drafts and pay orders etc. Science Bank is confined to provide the service everyday, general bank is also known as retail banking.

General banking may be termed as retail banking. General banking activities are done through the following departments.

• • • • • • •

Dispatch section Deposit section Accounting opening Department Remittance section Clearing Department Cash Department Card section

4.1. Dispatch Section: Dispatch section is a part of general banking where letter, advice, circular, documents etc are received in from other banks or branches and delivered out by the branch. In this section the following registers are maintained for making entry of the particulars of the letters documents (a).Mail registers: In the mail register the particulars of letters sent by post or courier services are maintained. (b).Peon registers: In the peon register the particulars of letters documents or advices sent by the peon are maintained with the name of the person and receivers signature.

(c). Inward register: In the inward register particulars of received letters, advice, documents are given entry through date and receivers initial. (d). Outward register: In the outward register the particulars of issued letters, documents, advice etc are made entry with date and dispatch officers initial.

4.2. Deposit section This type of deposits are payable on demand by presentation of cheque by the depositor. Drawings of deposit are allowed without any registration within the funds available in its credit and no interests are given against such deposit account. Demand deposits are maintained with the following accounts a) Demand Deposits b) Time Deposits

a) Demand Deposits This type of deposits are payable on demand by presentation of cheque by the depositor. Drawings of deposit are allowed without any registration within the funds available in its credit and no interests are given against such deposit account. Demand deposits are maintained with the following accounts • Current Deposit Account • Study Deposit Account

(b) Time Deposit: These deposits accepted by the banker against acknowledgement in the form of receipts for specified amounts and fixed periods are known as time deposit which offers higher rate of interest graded on the basis of the periods of the deposit. Time deposits are maintained with the following accounts. a) Fixed Deposit Receipt (F.D.R) b) Deposit pension Scheme (D.P.S)

c) Short Term Deposit (S.T.D) d) Short Notice Deposit (S.N.D) e) Secured Deposit Receipt (S.D.R)

4.3. Account Opening Section Banking business is very much correlated with banker customer relationship. To be a customer one person must have some sort with the banker. Account Opening section establishes this relationship by opening account is to deposit money. A client can open different types of account through this department.

Such as: • Demand or Current Deposit • Time or Saving Deposit • Short – term Deposit

• Demand or Current Deposit Demand or Current Account is opened mainly for business purpose. The most facilities are given to the customers in case of opening current account.

Features: • Minimum balance :10,000/• Interest rate : Nil

Customer Benefit: • • • •

Cheque – book facility Opportunity to apply for safe deposit locker facility Collect foreign remittance in both T.C & Taka draft Transfer of fund one branch to another by :

 Demand Draft  Mail Transfer  Telegraphic Transfer • Transfer of fund on standing Instruction Arrangement.

• Collection of cheques through Clearing House.

• Online banking service •

Time or Saving

Saving accounts encourage small deposit. A person can earn interest on his deposit from saving even as the account can be used for transaction purposes also. The account holder can draw a maximum number of two cheques per week; this number will forefeet the interest for the month. The interest rate of saving accounts is 5.5%. Interest Features: • Minimum balance :Taka 10,000/• Interest Rate : 5.50 Customer Benefit: • • • • •

Cheque-book facility Opening to apply for –safe deposit locker facility Utility payment Service Collect foreign remittance in both T.C. & Taka draft Transfer of fund from one branch to another by:

 Demand Draft  Mail Transfer  Telegraphic Transfer • Collection of cheques through Clearing House.

• Online banking service.

• Short-Term Deposit Normally Various big companies, organizations, Government departments keep money in STD account.

4.3.1 Account Opening Procedure • The client collects and fills up the Personal Account Opening Form by mentioning the type of the account.

• The client also fills up the Know your customer (KYC) Form.

• The client submits the completed Personal Account Opening Form and (KYC) Form along with the required documents.

• The authorized officer verifies the account opening form with required documents by legal status and kinds done.

The officer also ensure that • KYC (known your customer) form properly filled in • Transaction profile duly filled in • Two passport size copies of photographs attested by the introducer • Introducer signed verifies • In

case

of

proprietorship

joint

account/

account

partnership

mandate

account

obtained

/

(where

applicable) • Duly attested passport size photograph of nominee(s) and details of nominee(s) obtained

• Fingerprint (thump impression) taken for the account of illiterate person (right thump for gent and left thump for ladies) • Manager’s/ authorized officer’s approval obtained • Number of account opening form (AOF) and register allotted • Minimum balance obtained and transaction posted in the system (Finacle) • Signature on the AOF matched with SS (Specimen Signature) card • Preserve the SS card in the card box • File of the AOF should be kept under lock and key • Cheque book issued observing all formalities • Cheque book issue charge realized • Scanning of SS card must be ensured duly verified by authorized officer • Specific mention of signatory (whether jointly or singly) Finally, the client(s) gets an account number, deposit slip and cheque book for deposit and withdrawal.

A copy of KYC form is given bellow-

4.3.2 Documents Required For Opening Account o General Requirements:  Completed Account opening from  Signature Cards (as appropriate)  Proof of address verification :Utility Bill (Gas/Electricity/Water)/BTCL telephone Bill/House Rent / Proof of personal visit by the RM o Individual /Joint account:    

Introduction of the account Three copies photograph of applicant (attested by the introducer) One copy Photograph of nominee (attested by applicant) Copy of NID / Passport / Driving license / Commissioner Certificate.  Joint Declaration from (for joint a/c only )  Employee’s visiting Card (in case of service holder) o Sole proprietorship Account:     

Photograph of applicant Photograph of all authorized signatories Trade license and TIN certificate.

Permission under 18- A from Bangladesh Bank.

Photo identification : National ID / passport

• Partnership Concern:     

Trade license and TIN certificate Certified to copy of partnership deed (if registered) Notarized copy of partnership deed (if unregistered) Certificate to registration of partnerships concern Partner’s letter of authority for opening an account and authorization for its operation duly certified the managing partner.  List of partners with their address  An explanations of the nature of business  Two copies of photographs and identification document of all partners.

• Limited Company (Company act in Bangladesh )         • • • • • •

Trade license and TIN certificate Certificate true of the memorandum and artic ales of association Certified true copy of certificate of incorporation Certified true copy of certificate of commencement of business (in case of public limited company ) Bored resolution List of directors An explanation of the nature of business Two copies photographs and identification document of

All of the directors will be responsible for the operation of the account All the authorized signatories for the account All holder of attorney to operate the account The beneficial owners of the company The major share holders holding 20% or more shares in the company Association /club /charity/ trust/ society / school /college  Certified true copy of the constitutions/ by laws / trust deed / memorandum and article of association  Trust deed and rules (for trusts )  Certificate of registration  List of numbers of the governing body with their address  Resolution of the governing body  Two copies of photographs and identification document of authorized signatories  NGO / Corporate Account:     

Certified true copy of the constitution / by laws / rules of charter Certificate of registration from NGO bureaus List of member of their governing bodies with their address Resolution of governing body Two copies of photographs and identification documents all authorized signatories.

4.3.3 Deposit product of City Bank Deposits are the principal input for a bank, upon which it develops its capacity of business expansion through the mechanism of money creation . There by bank come up with persuasive sches to attract a portion of public income in the form of savings which are to feed into the process. For the time being, City Bank is competing with the following saving schemes to strengthen its deposit base in the industry. City Bank offers a wide variety of deposit products to meet your financial needs. From current and savings accounts to Fixed Deposits and Pension Schemes each account is designed to give you the best value for your money.

Name of Savings Scheme: • • • • •

City Onayash City Shomridhi City Projonmo City Ichchapurun Fixed Deposit imam

a) City Onayash:

“Apner pashe sahob shomoy, Apner kaser-sab chaya”

The slogan of city onayash account is “onayash attain profit of savings account in everyday interest every month”.

Now appeared” City Onayash”- it’s an excellent saving account where interest is counted in the daily basis saving balance and giving profit after every month.

City Onayash is a unique kind of savings account which calculates interest on your daily balance and pays interest to you every month.

It is a major departure from the conventional savings account available in the market. All such accounts calculate interest on the average or lowest balance of the month, while City Onayash does on daily product basis. Not only that, while those conventional savings accounts pays interest only twice a year - in December and June - City Onayash pays it to you every month. Happiness at each month end!

Availability: This project is available in 83 branches of the city bank limited all around the country.

Ability: You should be the citizen of Bangladesh & your age should be minimum 18 years old.

The facility can get from this account: o Online banking facility o Visa electron debit card (for little charge) the opportunity to transaction and shopping by the ATM card.

The exclusive characteristics of City Onayash 1. The main facility of the “City Onayash” account is here you should not be deprived of profit from this account.

2. There is no dormant or extra bank charge.

3. Here is not applicable of various interest charge like others savings account. Therefore, you will be 100% tension free.

4. The monthly interest will automatically go to your savings account, therefore you can solve your various types of family expenses, personal expenses very flexibly.

Term and condition:  Must be citizen of Bangladesh, 18 years and above.  Must have a master account (Saving, onayash, and current) with CBL pen this account.  Invest payment: will be credited to the customers parent account like SB/CD/Onayash account.  Tax Deduction: interest is tax deducted as per NBR rules.  2 Copy Passport Size Photo join venture both owners photo.

Interest Rate: 3.00

b) City Shomridhdhi

City Shomridhdhi is an exceptional DPS product that is distincity more attractive than the prevalent DPS products in the market. You receive a hefty sum at the end of the term against your monthly deposit of small installments.

It's a perfect way to secure your financial future!

Eligibility: Age: At least 18 Years Nationality: Bangladeshi

Features:    

No initial deposit required Monthly installment deposit ranges from Tk. 500 to Tk. 20,000 Flexible tenor of 3, 5, 7 and 10 years On premature encashment, you get the maturity value of nearest term not the routine savings rate.

Profitability Matrix: Term

Interest Rate

3 (Three) Years

8.50

5 (Five) Years

8.50

7 (Seven) Years

8.50

10 (Ten) Years

8.50

c) City Projonmo

The slogan of the “City Projonmo” is – “provide economic protection to your future generation and all back up of full insurance facility”.

City Projonmo is a unique monthly deposit scheme that you open for your kids to safeguard their future against all uncertainties and risks. As a guardian of the child you can open this account which builds great & unmatchable savings for you over the years. By the time your child is past his or her school age, there is this sufficient cash in your hand to take care of his / her higher education, marriage or other such large expenses.

However, the most interesting part of this scheme is the full insurance protection that you automatically enjoy. This simply means, in case of death or total physical collapse of the parent or guardian, the bank will pay the full value of the scheme for the full term no matter in reality how many months or years have been actually completed by you.

Eligibility: Age: At least 18 years Nationality: Bangladeshi You will have to have a savings or current account in your name in order to operate your City Projonmo account.

Availability: All 83 branches of City Bank spread across the country.

What you need to do: Just fill up the City Projonmo account opening form. Submit it to the branch. And that’s it! Enjoy earning for your junior ones!

Profitability Matrix: Term

Interest Rate

5 (Five) Years

8.50

10 (Ten) Years

8.75

15 (Fifteen) Years 8.75 20 Years

(Twenty) 8.75

d) City Ichchapurun

Slogan of the city ichchapuron is- great opportunity to earn against your savings every month!

This product allows you to earn interest and enjoy interest every month that accrues in your fixed deposit account, no matter what the term of the deposit is.

It helps make your financial planning more disciplined, and your life more organized. While your fixed deposit remains untouched and well-kept for future, you keep on getting the profit on a monthly basis. What better way to take care of your monthly recurring expenses like children’s education or school fees, house tutor’s remuneration, utility bill payments, saving money in some DPS scheme?

Eligibility: Age: At least 18 years Nationality: Bangladeshi You will have to have a savings or current account in your name in order to operate your City Projonmo account.

Availability: All 83 branches of City Bank spread across the country.

What you need to do: Just fill up the City Ichchapuron account opening form. Deposit your money.

And now keep enjoying the fixed deposit interest every month. Enjoy earning!

And remember, there is the scope of getting personal loan worth up to 90% of your City Ichchapuron value!

Profitability Matrix: Profitability Matrix:

Term

Interest Rate

1 (One) Year

7.50

2 (Two) Years

7.75

3 (Three) Years

8.00

5 (Five) Years

8.50

Requirements:  A savings/ current/ onayash/ STD account  Minimum balance BDT 500.00  Nominee photograph e) Fixed Deposit Account Fixed Deposit Account - a term deposit account, guarantees interest on investment.

Features:  Competitive interest rate and guaranteed return on investment  Can open for 1 M, 3M, 6 M, 12 M and/ or 24M term  Early encashment facility  90% loan facility on principal deposit Fixed Deposit Rate

Term of Deposit

Interest Rate

1 (one) month

4.00

3 (Three) months

6.00

6 (Six) months

7.00

01(One) year

8.50

01(One) Nokshi

year

City

7.00

Requirements:  A savings/ current/ onayash/ STD account  Minimum balance BDT 50,000.00  Nominee photograph Opening fixed Deposit Account The depositor has to fill an application form where he mentions the amount of deposit, the period for which deposit is to be made and the name in which the fixed deposit receipt is to be issued . In case of a deposit in joint name, City Bank also takes the institutions regarding payment of money maturity of the deposit. The banker also takes the institution regarding payment of money on maturity of the deposit.

Payment of Interest It is usually paid on maturity of the fixed deposit. City Bank calculates interest at each maturity date and provision is made on that “Miscellaneous creditor expenditure payable accounts “ is debited for the accrued interest.

Encashment of FDR In case of premature FDR, City Bank is not bound to accept surrender of the deposit before its maturity date. In order to deter such a tendency the interest on such a fixed deposit is made, cut a certain percentage less than the agreed rate.

Normally saving bank deposit interest is allowed. During the encasement of the instrument after maturity, the instrument have to be surrendered, the excise duty and income tax (10%) is deducted from the total interest earned during the time of deposit.

Renewal of FDR In City Bank, the instrument is automatically renewal within seven days after the date of its maturity if the customer does not come to encase the FDR. The period for renewal is determined as the previous one.

4.3.4 Cheque Book A cheque is a very important document. Cheque is an instrument in printed form containing an unconditional order, signed by the account holder directing a certain person to pay a certain some of money only to or the order of the order of a certain person or to the bearer of the instrument in the bank. It may be crossed for safety.

FigureTypes of Cheques a) b) c) d) e) f) g) h) i)

Barer cheque Order cheque Cross cheque Other cheque Market cheque Traveler’s cheque Stale cheque Anti dated cheque Post dated cheque

4.2.5 Issuing a new cheque book: The steps of issuing a new cheque book for both saving account and current account has given below1. The account holder will fill the cheque requisition slip and will submit.

2. An authorized officer will match the specimen signature on the requisition slip to the signature on the S.S.Card.

3. The computer operator will check whether all the leaves of the previous cheque book have been used or not.

4. If in both case the answer is positive then the officer can issue a cheque book.

5. The officer will take a new cheque; seal the account number on every page, a round seal of the branch will be given on the requisition slip of the new cheque book.

6. The issuing date and name of the account holder will also be written on the requisition slip of the new cheque book.

7. Entry will be given in a cheque book issuing register. The register contains the information as issuing date, range of serial of the cheque leaves, account number, name of the account, signature of the account holder or authorized person attested by the account holder.

8. The range of the new cheque book serial will also be written on the submitting requisition slip.

9. Three initials will be given on the leaves of the new cheque book by three authorized officer.

10.The holder of the requisition slip will sign on the register and receive the new cheque book.

11.The new series will be posted on the computer against that account.

4.2.6 Locker service of City Bank CBL shyamoli branch is facilitating locker service for the purpose of safeguarding the valuable property of clients.

The person or organization that has any account in bank can enjoy this service, They keep their valuable assets in banker’s custody. Customer have right to look after the key of their individual locker provided by the bank. CBL maintain the following types of lockers:  Small Locker  Medium Locker  Larger Locker For enjoying the lock services, clients have to give charge yearly which is given below: Small Locker Medium Locker Large Locker Lost Key

2500/3000/4000/500/-

4.2.7 Closing Account • CSO will receive the closing request from the client by putting the received stamp with date and time.

• The request has to be forwarded to the respective Relationship Manager (RM) for their consent .The RM should also request release /discharge of security documents on favor of branch if applicable.

• Verify signatures for authenticity • CSO will calculate the necessary charges for closing the account and inform the client .CSO will receive the unused pages of the cheque book and note the serial numbers on the request forming the presence of the client and sign.

• Client will withdraw the remaining balance by cheque or can request for pay order /DD. • CSO/CSM will verify the signature for individual and sole proprietorship account. In cased of other corporate, CSO/CSM need to find by checking the Memorandum of Article or by laws that the person requesting the closing are empowered to do so , that the company letter head has been used and properly stamped . Then CSO /CSM will verify the signature.

• CSO has to obtain consent from Sales & Service Manager (SSM) for retail accounts.

• CSM need to send a pre –closing notice to the respective credit and operating departments, i.e., Credit Administration Department (CAD), Retail Finance Centre (RFC), Central Processing Centers (CPCs), once a request for closure is approved. The recipients must then sign and

date the notices. This action is necessary to ensure that the account is not closed before all transactions are complete.

• After the clearance CSO will prepare the pay order or DD of the remaining balance keeping the charges into the account as per the process and hand over to the customer.

• CSO will deduct the necessary charges, Excise Duty (of required) from the account. BOM to verify the transaction.

• Account balance will become ZERO • BOM will check the serial number of the unused pages of the cheque book noted on the request and match with the physical holding and countersign and input destruction record in the system.

• CSO enters the cheque serial to be destroyed in the system and BOM to authorize. The unused leaves should be destroyed in the presence of CSO/ CSM and BOM. • CSO will close the account and delete the signature in the system .If the account cannot be closed due to reversal of provisional interest credited into the account CSO will reverse the interest back • CSO will take a report from the system of the account closed and the report has to be signed by CSO /CSM and BOM. This report has to be filed date wise.

• CSO and BOM jointly remove the file and the signature case from the cabinet and mark CLOSED and keep in the separate cabinet where the filed of the closed accounts to be maintained. This cabinet has to be maintained under joint custody of CSO and CSM.

4.4. Clearing department:

There are three modes of transaction in a bank. Clearing is one of them. Others modes of transactions are cash transfer. Now we are discussing about clearing. (a) Clearing house: All the schedule banks are the members of clearing house of Bangladesh bank.

The representatives of all schedule banks gather in the clearinghouse in order to interchange their respective cheques and other instrument.

In a day clearing is held two times, first house at 10 am and second house at 5pm. At the first house clearing instruments are being interchanged between the representatives of different banks. The representatives bring the instruments drawn on their bank to their local office. The local office sends those instruments to its respective branches for collection. The instruments, which have being dishonored, are bought back to the local first office. Then the representatives of banks brings back those dishonored instrument to the second house of clearing house at 5 pm and return those to the representatives of other banks from whom he had got it at first house. (b) Clearing instruments: The following instruments are being brought to the clearing house. These are 1. Cheque 2. Demand draft 3. Pay order 4. Pay slip 5. Security deposit slip 6. Treasury bills 7. Dividend warrant 8. Debentures • Clearing activities at branch: The clearing activities at branches are of two kinds. • Outward clearing • Inward clearing The procedures are as follows:

• Outward clearing : When parties of a branch place cheques and other instrument of other banks, the collection these cheques and instruments through clearing process is known as outward clearing for that branch. These cheques and instruments are prepared for clearing in a way given below— • The banker will receive the cheque or instrument from party with a deposit slip. The party will fill the deposit slip mentioning particulars of the instrument and the amount written on it and signature as well.

• The banker will check every particular of the instrument.

• The crossing mentioning the branch name will be applied on the instrument then.

• Endorsements are given at the backside of the instrument. Clearing seal will be given of the deposit slip and on the instrument as well.

• Entry is given at the outside clearing register. The register contains the heads as Serial No, branch , Data validation list , Bank to , Cheque no, Account ,Payees name, Payees Account Number, Deposit slip/Challan • Entry is given at the clearing schedule. The schedule contains clearing date, delivered to the bank and its respective branch name heads.

Maintaining a serial the amount of respective instruments is written on it and also the sum.

• The respective bank accounts will be created against the cheques drawn on to them. But he account holders cannot draw the money of that cheque as long as the cheques are honored.

• A debit voucher will be written debiting suspense account clearing adjustment head.

• After the clearing the process the dishonored cheques will return back and local office will send an IBCA against all honored cheques.

• The suspense a/c clearing adjustment head will be credited then and the party accounts of dishonored cheques will be debited. And thus the process ends.

• Accounting Process at a Glance: • • • • • •

Credited- respective party account.

Debit- suspense account clearing adjustment.

After Clearing Debit-City General account local office.

Debit-Parties account (Whose cheques beings dishonored) Credit- Suspense account clearing adjustment.

•

Inward Clearing:

When Cheques of a branch come for collection through clearing process is known as inward clearing. The clearing process is known as below 1. Banker will check all essential s of the cheque.

2. The Bank crossing will be given.

3. If the cheque is honored, respective party account will debit and an IBCA will be written against this cheque to the local office.

4. Dishonored cheques will be send back to the local office with a return memo describing the reason of honored and thus to the second house of clearing house.

• Endorsement: Endorsement is recommendation of the bank for the cheques. It ensues that the real pays account will be credited. Endorsement varies accounting to beneficiary of the cheque. For example--1. Incase of account payment the endorsement would be “Payee’s Account Credited” 2. Incase of self or cash cheque the endorsement will be “Received Payment” 3. if the name of the Bank comes first followed by the payee account name then the endorsement will be “Received Payment & Payees Account Credited”. Such kinds of endorsements are usually used in case of clearing.

Reasons for Cheque dishonor: 1.

2.

3.

4.

5.

6.

7.

8.

9.

Refer to drawer Not arranged for Effects not cleared. May be presented again.

Exceeds Arrangements.

Full cover not received.

Payments stopped by drawer.

Payee’s endorsement irregular/illegible/required.

Payee’s endorsement irregular requires banks confirmation.

Drawer’s signatures differ/required.

10.Alternation in date / figures / words requires drawers full signature.

11.Cheque is post dated / out of dated/ mutilated.

12.Amount in word and figures differs.

13.Cross cheque must be presented through a bank.

14.Clearing stamp required /requires cancellation.

15.Addition to the bank discharge should be authenticated.

16.Cheque crossed account payee only.

17.Collecting banks discharge irregular/ required. •

Transfer Delivery:

The process of collecting and transferring cheques and other instruments from branch to branch of a bank is known as transfer delivery.

Preparing Instruments for transfer Delivery: 1.

2.

3.

4.

The Branch receives the instruments through deposit slip.

All the essentials of an instrument are then checked.

Entry is given in outward register.

The cheque with a schedule is sent to the drawer branch by courier / attendant.

Responding the instruments through Transfer Delivery: 1. The responding branch will collect the instrument from the messenger.

2. Entry in inward register.

3. If the instrument is honored then responding branch will send an IBCA. • Outward Bill Collection (OBC): Collection of cheques and other instruments of a bank outside the clearing zone are known as OBC. Systems of OBC lodgment: a. Accepting the instruments with deposit with deposit receipt from the clients. b. Investigating the instrument and deposit receipt carefully; specially date of cheque, amount, account number, name, sign of depositor. c. The following sales are applied on the instruments 1. Special Crossing Seal 2. OBC seal with OBC number

b. Entry in the OBC register. c. Making two copies of schedule. One is enclosed with instruments for collection and other one is used as office copy. d. A contra voucher will be written. The heads are— Debit-Outward Bills lodged.

Credit- Outward bills collection e. Instruments attached with forwarding schedule are send to the bank on which the cheque has been drawn on.

• Bill Collection System: If the cheque honors then the accounting process would be--1. Contra voucher will be created debiting outward bills collection and crediting outward bills lodge.

2. Entry in the register 3. Debiting the IBCA and crediting party account.

• Inward bills collection(IBC): When a cheque comes to us from one of our branch outside the clearing area.

The whole process is known as IBC. This time after collection of the cheque an IBCA is send to the OBC sending branch.

Sending the OBC is not enough for making payment. We send remainder on the basis of distance. If there is no possibility of payment even after two or three reminder, then we request the drawee bank to send back the instrument.

Then we return the instrument to the customer. In some cases instrument may be placed more than one time for payment.

4.5.0 Remittance Telegraph transfer, traveler’s cheque, and drafts and cheque can do remittance.

There are two step of remittance:  Inland remittance  Foreign Remittance Inland Remittance:

When one bank sends these IT, M.T, T.C or cheque to another bank then it will be chatted as inland remittance .It is done within the country from one bank to another bank.

Foreign Remittance By your side – all the way The city bank’s Foreign Remittance unit meets growing customer needs for fast, secure & easy money transfers to an extensive range of destinations. Being a committed bank to its customers, we go all lengths to remit your hard earned money safely to your loved ones. With us, apart from a range of high- class modern remittance solutions, you will get peace of mind we believe counts to most.

Facility City Bank Limited has 83 online branches across the country, Besides , the bank has a strong remittance network with other major bank of the country .Therefore, wherever your account is , we are able to send your money instantly.

If you are a City Bank account holder , then please visit any of our branches.

Our Foreign remittance service personnel will be there to help you out . If you are not an account holder , then please open an account of your choice with us to receive your remittance at earliest convenience.

CBL understands the value of your precious time. That's why have made the payment procedure simple & easy. You have the privilege of enchasing the remitted money instantly from your branch counter without going through any hassle. That is to say, if you are an account holder of City Bank, we can instantly credit the money to your account or pay cash to the receiver.

So, place your trust with City Foreign Remittance Service. Send your money to your loved ones & experience peace of mind 4.5.1 Types of remittance • • • •

Between bank and non bank customers.

Between banks in the same country Between banks in the different country Between banks and central banking the same country

The main instruments issued by CBL Shyamoli branch for remittance of funds: a) Demond Draft/ Bank Draft b) Pay Order a) Demand Draft (DD) Demaand Draft is an instrument containing an order of the issuing branch upon another branch known as drawee branch, for payment of a certain sum of money to the payee or to his order on demand by the beneficiary presenting the draft itself.

Issuing of a Demand Draft (DD) The steps of issuing a DD to be followed: • The applicants have to fill up the relavant part of the prescribed application from duly signed and give it to officer of the remittance department.

• The offiver fills up the commission and VATS (15% on commission ) part for the banks use and requests the applicant to deposit the amount by cash / cheque to the cash section . By that time the authorized officer the “Test Number” • The cash department complets their formalities and then returns back the form to the remittance department.

• When the DD is given to the client, remittance department advice. b) Pay Order A pay order is a draft issued by one another or on its branch. The purchese of a draft makes to the seller in local currency at the domitic center whilr the paying after presentation of the draft by the benefieciary pays the beneficiary. There is also risk of loss os the draft in transit .

Issuing of a pay Order The steps of issuing a pay order to be followed by client and bank

• The applicant have to fill up the part of the prescribed application from duly subtitled and give it to the officer of the coustomer service department • The officer fills up the commission and VAT part meant for the bank “s use and requests the applicant to deposit the amount by cash ? cheque to the cash section .

• The cash department complets their formalities and returns back the form to the customer service department.

• After reciving the form the remittance department prepares the pay order facing all the information along with the amount in three parts duly crossed, “A/C payee” in the main part and also give entry in the bank’s network in pay order section.

Payment of pay Order AS the order is crossed A/D payee, the same are presented to the issuing branch for payment either through clearing, on the client “s account. Pay order when presented for payment are proceed in the customer service department. On making payment, the relative entry in the pay order section of bank network is marked of by entering the data of payment in the pay order register duly authenticated. The paid instruments treated as debit instrument.

Refund of pay Order The following procedures are followed of pay order by cancellation: • The purchaser should submit a written request for cancellation of pay order attaching there with the original pay order • The signature of the purchaser verified from the original application from on rescored.

• Manager & Branch Operational Manager prior is to be obtained befor refunding the amount on cancellation .

• Prescribed charge is recovered from the applicant and only the amount of the draft less cancellation charge is refunded commission postage etc.

Charge recovered for issuing the pay order will not refunded ticket .

• The DD should be affixed a stamp “CANCELLED” under proper authentication and the authorized officers signatures on that are cancelled with RED LINK but in cases should be torn. The cancelled DD then kept with the relevant ticket.

4.6.0Loans

The City Bank Limited has three types of loans. These are shown in the figure-

Loans

City Drive

City Solution

City Drive

Owning a car is no longer a luxury. Car for your family is now a matter of fulfilling a necessity. Appreciating that basic need, City Bank introduces City Drive, a tailor-made auto loan scheme for individuals.

Feature Owning a car is no longer a luxury. Car for your family is now a matter of fulfilling a necessity. Appreciating that basic need, City Bank introduces City Drive, a tailor-made auto loan scheme for individuals.

Eligibility • •

Loan amount ranging from Tk. 300,000 to Tk. 20,00,000 Car financing up to 90% of reconditioned or new vehicle price

• • • • •

Car financing up to 90% of reconditioned or new vehicle price Loan tenor 12 to 60 months No hidden charges Competitive interest rate Loan processing fee 1% of loan amount

Eligibility • • • •

Age: 22 to 60 years Experience: Salaried executive total 1 year including 6 months with current employer Experience: Business person/propofessional 1 year Monthly income: Minimum Tk. 30,000

4.6.2 City Solution

Dream Vacation? Son's admission to a foreign university? Medical treatment? Daughter's wedding? House renovation?

Whatever the occasion or requirement may be, City Solution - any personal loan from City Bank - is there to solve all your problems and to fulfill all your dreams. You can access this facility from our selected branches across the country.

Features • • • • • •

Loan amount ranging from Tk. 50,000 to Tk. 1000,000 Loan tenor 12 to 60 months No guarantor required for the loan amount up to Tk. 3 lac No hidden charges Competitive interest rate Processing fee 1%

Eligibility

• • • • •

Age: 22 to 60 years Experience: Salaried executive total 1 year including 6 months with current employer Experience: Business person 2 years Experience: Professional 1 year Minimum monthly income: Salaried executive Tk. 15,000 self employed Tk. 25,000 and business person Tk. 30,000

Loan Takeover Plan An exclusive offer for other bank's credit worthy customers who can now transfer their personal loan outstanding to City Solution with a preferential interest rate and waiver on processing fee.

Eligibility • •

Minimum 6 loan EMI repayment with existing bank A minimum take over loan amount is Tk. 1,00,000 and maximum Tk 9,50,000

Benefits • • • •

No processing fee No extra cost for loan takeover No processing fee for additional loan 1% reduced from City Solution interest rate

4.7.0 Card Section The City Bank Limited has two types of cards. They are debit card and credit card. A brief description of various types of cards are given bellow-

4.7.1 Debit Card CITY Visa Electron Debit Card - By your side, round the clock

Now comes the Visa Debit Card from City Bank. our life, therefore, becomes hassle-free and safe; and it is Visa Electron branded, which makes us proud owner of a meaningful plastic.

Features: • • • • • • •

Cash withdrawal from 500+ Visa ATMs 24/7/365 all over the country Shop and dine at hundreds of merchant Visa outlets all over the country Balance enquiry Fund transfer from your account to credit card 24/7/365 PIN Change Mini statement Cash withdrawal @ Taka 12 per transaction at 250+ DBBL ATMs

4.7.2 Credit Card City Bank is the first bank to issue Dual Currency Credit Card in Bangladesh.

This card enables the customers’ simultaneous usage of the card both in home and in abroad. They do not need to carry two different cards for the same purpose.

Features: o Variable Interest Rate o EMI Plan o Balance Transfer o Round the clock cash withdrawal facility at any Visa branded ATM throughout the world o Round the clock purchasing power for goods and services at any Visa branded POS outlet o 24% interest on Cash Advance o No cash Advance fee at CITY ATMs o Lowest Annual/Renewal Fee o International Roaming facility

o Internet Transaction o Convenient Repayment option o E-statement o Limited Lost Card Liability o Secured with consumer’s Photo – Photo Card o 24 hours customer service help desk o Eligibility: o Bangladeshi Nationals o Age range for primary card holder is 18 years to 60 years o Age range for supplementary card holder is 18 year to 60 years o Age bar can be relaxed for secured cards o Minimum Gross Monthly Income(GMI) for silver card Tk 12,000 o Minimum Gross Monthly Income(GMI) for gold card Tk 30,000 o Minimum 6 month permanent employment for salaried executives (this indicates total length of service as a total of all companies he or she has worked for), and 1 year of experience in business or practice for self employed professionals and business person

Various types of City Credit Cards: • VISA Local Classic This is a local Visa Credit Card which is valid only in Bangladesh. It can only be used in local currency (BDT) within the country. This type of credit card has a limit ranging from BDT 10,000 to BDT 49,999. This type of card has designed for medium earner category customers.

Usage:

Local Classic/Silver Card (For Domestic use only) Limit: Local Classic/Silver Card BDT 10,000 – BDT 49,999

• VISA Classic Dual This is basically one plastic that has dual options to make transaction in two currencies. Its acceptance jurisdiction is in country and outside country in BDT and USD respectively. Classic dual is for the medium earner category customers. Its credit limit is USD 100 to 1000 and BDT 10,000 to BDT 49,999.

Usage: Dual Classic/Silver Card (For both International & Domestic use)

Limit: Dual Classic/Silver Card BDT 10,000 – BDT 49,999 + US$ 500 – USS$ 1,999

• VISA Gold Local This type of card is taka card of which acceptance jurisdiction is only in Bangladesh and transaction currency is BDT. The differences between these two cards are higher credit limit than classic card. Credit limit of Visa Gold card is ranging from BDT 50,000 to BDT 5, 00,000. This type of card has been designed for the higher earner category customers.

Usage: Local Gold Card (For Domestic use only) Limit: Local Gold Card BDT 50,000 – BDT 500,000

• VISA Gold Dual This is a high value dual card remaining other features same with classic dual.

Gold dual is also for the higher earner category customers and its credit limit is USD 1,001 to 4000 and BDT 50,000 to BDT 500,000. A secured dual card’s limit will be maximum USD 28,000 against lien on RFCD account.

Usage: Dual Gold Card (For both International & Domestic use) Limit: Dual Gold Card BDT 50,000 - BDT 500,000 + US$ 2,000 – US$ 3,000

• Variable Interest Rate Variable Interest Rate is the application of different interest rate based on the transaction volumes done through your CBL credit card. The more the customers do transact with CBL credit card, the less interest rate they are charged on their transaction amount.

In Bangladesh, City Bank is the first bank to care for the customers’ volume of transactions they do with their credit card.

• Balance Transfer It's an exclusive offer for other bank credit cardholders from City Bank. Credit card market has been bloomed. A monopolistic competition is still going on in the credit card market. Many new players already accessed to the market.

Meanwhile potential segments of the market have been acquired by them. They are charging very high fees and interest to their cardholders. It is observed from a survey that too high fees and rate of interest is the main cause of dissatisfaction of their cardholders. Balance Transfer is a very effective programs how City Bank can acquire a huge number of other member's cardholders by offering a preferential rate of interest and attractive fee to bring them to the shop. It is a very common program in Europe and other matured credit card market.

• City Card EMI Plan CITY Card EMI plan is an installment plan that allows cardholder the flexibility to convert any retail purchase transaction into an installments scheme where the cardholder pays back the amount at a rate of interest as low as 16.99% per annum over a tenor ranging from 6 months to 36 months. The customer enjoys the flexibility to buy high value items on The City Bank credit card and conveniently pay in monthly installments at a lower interest rate. The minimum transaction amount eligible for an installment plan is BDT 3,000.

4.8.0 Cash Department: •

Cash receive:

In the cash counter the cashier receives cash through the following ways 1.

2.

3.

4.

Paying slip Public bills Receive of money for TT and DD purpose.

Receiving money through credit voucher.

• Paying slip: Paying slips or deposit slips are used in case of depositing money in various accounts.

The party fills the deposit slip and submits it at the cash counter along with the physical cash. The activity of a cashier starts then. The process of receiving cash has been descried below….

• • • • • • • •

The cashier receives the deposit slip along with the money.

Checks every essential of a deposit slip.

Applies the ‘Cash Received” seal on both part of a deposit slip Entry the event in a cash received register. The Register contains serial number, date, account type, account number and amount.

The cashier along with a P.A holder signs on both part of the deposit slip.

Computer entry will be given.

The customer part is returned back to the consumer.

The bank part of the deposit slip is kept for final accounting process.

• Receiving public bills: In the city bank limited four types of public bills are received. Those are…..

1. Grameen phone bills 2. BTTB internet bills 3. DUSA Bills 4. AUST Bills • The process of receiving Grameen phone BTTB internet bills and DESA Bills: 1. The client submits the bills along with the amount of money written on it.

2. The Grameen Phone bill has three parts; one for the client, one for the Grameen Phone Company and the rest is banks copy. The internet bill has only two parts. Bank part and client’s part. The cashier will apply the cash received seal on such part of the bill.

3. Two different registers are maintained for Grameen Phone and internet bills. Entry is given on the register.

4. A serial number is given on each part of the bills.

5. The client part will be returned back to the client.

• Receive of money for DD and TT purpose: 1. The client will fill up and submit the DD/TT from along with commission voucher.

2. The cashier will receive the TT/DD amount along with the form and also the commission charge.

3. Apply the cash received seal on both form and commission voucher.

4. Entry on cash receives register. The entry will be given on other accounts head 5. The cashier along with a P.A holder will sign on the vouchers.

6. Computer entry will be given.

• Receiving money through credit voucher: Money can also be deposited credit vouchers. The whole process is all the same as depositing money in the other process. The entry is given on the same cash receiver register. The credit vouchers of the following transactions come to the cash counter.

1.

2.

3.

4.

5.

TT Commission Pay order Commission DD Commission Penalty charge on CSP scheme.

L/C Commission

• Cash Payment: Instruments for cash payment in the counter: Cash payments of the following instruments are happened in a cash counter.

1.

2.

3.

4.

5.

6.

7.

Cheque Demand Draft Pay Order Pay Slip Term Deposit Receipt Cash debit Voucher Petty Cash Memo

• Cash Payment Register: The following particulars are written on the cash payment register., Serial number, SB Account, CD Account, General Account, Other Account, Cashiers signature, Authorized officers signature.

• Cash payment Process: The payment of a cheque follows the following steps:

• The cheque must be submitted first.

• The holder will sign on the back side of the cheque in the front of the computer operator.

• The operator will mark the signature of the holder.

• The computer operator will cheque the necessary balance and will debit the account.

• An authorized officer wills cheque every essential of a cheque.

• The Cheque will be cancelled properly by the authorized officer.

• The officer will seal on the cheque mentioning the order of cash payment.

• The holder will sign on the back side of cheque in front of the cashier and if the signature matches with the previous one the cashier will seal “Cash payment” on the cheque pay the holder and keep the cheque to him.

• Entry will be given on the cash payment register against the appropriate head. o Payment with Cash Debit Voucher and petty Cash Memo: These kinds of vouchers are used to meet the internal expenditure of the bank.

Manager’s signature is a must on both vouchers. The amount of the petty cash memo cannot exceed taka-10/-. The register entry goes against other amount head.

Cash Balancing, Sorting and Stitching: Cash Balancing is a process of ordering the information of a day’s transaction.

It shows the opening balance, total receives, total payment, closing balance and denomination of notes. It also provides the total number of vouchers receives.

Notes of different face value are first counted manually and then by a teller machine. 100 notes of same face value are packed together and a label is attached mentioning the amount. The cash officer signs on the denomination slip. Ten of such bundles are then packed together and store them in the safe.

This is known as sorting.

A packet of ten bundles of notes is stitched with the help of thin cotton and this is known as stitching. This is done to count the bulk of money easily.

Preparing cash position memo:

The cash position memo represents the position of total payment and receives of physical cash. It has four heads. Those ares1.

2.

3.

4.

Opening Balance Total Receive Total Payment Closing Balance

The closing balance of day’s transaction is the opening balance of the next day.

At the backside of cash position memo the denomination of notes are written.

No over writing or error is acceptable in cash position memo. The number of receipt and payment voucher will also be written on the memo. The cashier and the authorized officer will sign on the cash position memo.

Maintaining the Vault Register: The record of withdrawal and deposit of money in the vault is maintained through a vault register. In the register the record of withdrawal of money at the very beginning of the transaction, last balance, total deposit of cash at the end of transaction and final balance will be quoted. The number of every type of physical notes will also be recorded in this register. The cashier along with joint custodian will sign on the register daily.

Key register: The key register contains the record of the safety keys. The register contains the following….

1.

2.

3.

4.

5.

6.

Name of the key holders Their designations Date from which they are keeping the keys Their signature Respective keys serial number Permission from head office

• Remittance of access money: Sometimes branches may have access physical cash over the vault limit. This access cash should be remitted to the access cash should be remitted to the local office. In this case the branch manager will illume the local office about access cash and will to remit it. The access cash will be bringing out from the safe to the counter maintaining a payment register. Then maintaining outward cash remittance register the access cash will be bring out from the cash counter. The outward register will contain the information

of date, amount, place where the money goes, name and signature of the bearer of the money. The accounting process of remittance of money is……….    

Debit- suspense account cash remittance Credit ---cash Debit---- city general account local office Credit---- suspense account cash remittance.

The closing balance of day’s transaction is the opening balance of the next day.

At the backside of cash position memo the denomination of notes are written.

No over writing or error is acceptable in cash position memo. The number of receipt and payment voucher will also be written on the memo. The cashier and the authorized officer will sign on the cash position memo.

• Receiving money from local office: Sometimes branch needs access cash to meet its customers demand. In these cases local office remits money to the branch. The bearer of the money will bear a document-mentioning name of the bearer of money, date, amount and signature of two authorized officer of the local office. An inward register will be maintained mentioning date, amount and authorized signature. An IBCA will be issued against general account of the branch.

• Opening the strong room and safe: The vault remains in the strong room. The strong room has two gates. Each of these two gates has two sets of keys. The manager holds one set of main gate keys and cash in charge holds another set. Both keys are required to open the gate. The chief cashier and the joint custodian holds one set of grill gate and safe keys each,. Here both sets of grill gate and safe keys are required to open the gate and safe.

• Maintenance of instruments related to cash: It is essential to keep the instruments related to cash in a safe place. These instruments are kept in the strong room after the end of daily transaction. A register is maintained to keep the record of these instruments. This register is known as security register. The register contains the total balance of the instruments, date wise taking out instruments from the strong room and signature of authorized person.

• Safe limit, counter limit and transit limit:

The safe and counter limit varies from branch to branch. A branch cannot hold money more than its safe limit. The access money should be remitted to the local office. Money more than counter limit cannot hold in the counter, similarly more money than transit limit cannot be transferred at a time. These limits of money are ensuring in insurance company. The city bank the B.B Avenue has safe limit of two million taka and counter limit half a million.

Usually local office takes the responsibility of transiting money. Its transit limit is twenty million taka.

4.9.0. Other service Automated Teller Machine (ATM) The ATM is the cornerstone of self service banking. It gives vending machine convenience to consumers for deposits and withdrawals of cash transactions that have historically played a key role in bank branching decisions.

Critical Observations I found the following things about the general banking departments

General Banking Department • In general banking department they follow the traditional banking system .The entire general banking procedure is not fully computerized. As a result some processing , for example collecting money from the deposit takes some time to perform.

• The cash counter was previously lacking of manpower but that after that they recruited one more teller and the cash procedure is traditional.

• There are no computers in the cash section and loan section .That is why sometimes the service is not as prmpt as the customer demand.

• In case of opening an account some big parties come to open account in reference with the high official of the Bank . They do not submit all papers that are required in openinig an account.

• According to some clients, introducer is one of the problems in opening an accounting. If a person who is new in the city want

to open an account, it is a problem for him/her to arrange an introducer of SB or CD account holder.

5.1 Recommendation : I suggest the following guideline for CBL: 1. Branch should take carefulness about the quality of its services. Quality of service is needed to attract new customer.

2. The customer service of CBL should be dynamic and on time. Without prompt service, bank cannot keep its goodwill in the banking environment.

3. Placement of employees should be based on their skills and abilities.

4. Reducing loan processing time, branch manager should be given more power to sanction loan. This power can eliminate the time, which would be lapsed in correspondence between head office and branch.

5. It is very important to have a group of people working to gather coming from similar background, who understand and respect each other and maintain clear and continuous communication with each other.

6. Building a team of committed workers who strongly believe in the organizational goal.

7. Arrange more training program for develop the influence interpersonal skill in his job position.

8. Specially bank emphasis on develops the employees communication skill because it help to employees, how to interact with the customer.

9. Employees of the bank should be wear same uniform, because it help to create a center of attention the customer and also progress the team work within employees.

10.Arrange more advertising program because it help to build the banks goodwill and the customer know, what types of product are offering the bank to the customer and know, how get the benefit from this product.

Like its may be bill board add which must be lucrative, and given the TV adds in renowned channel.

11.Personal target fulfill of the employees are not mandatory for some employees, like employees of the cashier, because those persons duties are more complicated than other employees of the bank.

12.SME loan be supposed to be given the B.B Avenue branch, because number of entrepreneur does the business B.B. Avenue areas. If the bank authority opens the SME loan in B.B. Avenue than proficient entrepreneur take the SME loan very quickly and bank earns profit from those entrepreneur.

13.Logo of the City Bank in B.B. Avenue branch are not seen the customer appropriately because of hookers shop covering. Authority will be see the problem and take initiative action.

14.Personal conflict may be occurred but it strictly prohibited when customer are existing in the bank.

15.Given the more priority to the customer by the using advice box, how can provide the better service to you.

16.Reducing the amount of taka for account opening purpose, especially for the student, who are not capable to open account by the amount of ten thousand Tk which are very much burden for a student. Authority of CBL bank sees the problem and takes the initiative action, because near future those students may be valuable customer for your bank.

17.As soon as possible, bank authority should be given ATM service to the customer of B.B. Avenue branch according to the customer demand based on my conversation with the customers.

18.Branch manager of the bank should arrange the meeting with branch employee which may be formal or informal, because it will help to improve personal relationship within the employees of the branch and the customers as well.

5.2 Conclusions: During the two months internship program at The City Bank Ltd, Shaymoli.

Branch, almost all the desks have been observed more or less. This internship program, in last two months have been arranged for gaining knowledge of practical banking and to compare this practical with theoretical knowledge.

Compare practical knowledge with theoretical knowledge involves identification of weakness in the branch activities and making recommendations for solving the weakness identified. In this internship program it is not possible to go to the internship program have not been fulfilled with complete satisfaction. However, highest effort has been given to achieve the objectives of the internship program.

So Financing activities is related with progression of operations. Banking sector is very competitive now. At present, there are 48 scheduled commercial banks with more than 6596 branches. The growth rate of deposit and advance was 17.72% and 20.52% respectively.

The City Bank Limited (CBL) is one of the first generation banks. At the end of 2007 the bank’s total deposit was Tk.4,09,540 million and advance was Tk.26,788 million and profit before tax stood at Tk. 808 million. City Bank restructured its business in 2007. Now the bank is operating under centralized banking system. New and innovative products are introduced to meet the customer’s demand.

Under centralized banking system of City Bank, the branch is considered as retail sales and service outlet. The branch total deposit in 2007 was Tk 461.45 million at current price and Tk.430.46 at constant price (Base year 2003) and the rate of growth was 12.63% and 12.59% respectively. The total advance in 2007 was Tk.138.08 million and Tk.128.75 million and the rate of growth was 20.38% and 20.34% in current price and constant price respectively. Net profit was Tk.11.79 million and Tk.11.00 million in constant price and current price respectively. The study shows that Johnson Road Branch’s operations are increasing very slowly. Each year deposits growth indicates branch’s slightly better movement in the banking field. Sometimes the branch couldn’t meet the business and profit target set by the head office. Sometimes the growth is lower than previous years in respect of deposit, credit, income, expense and profit.

Though clients are increasing and ultimately profit is increasing but at a very slow rate.

Client’s satisfaction depends on the efficacy of customer service. All operational analysis leads to say that efficacy of customer service of the branch is in the deteriorating situation. The branch is in poor position to attract customer by their service.

It is expected that the new innovative products and services will help the branch to perform better by expanding business under centralized banking of City Bank.

With the new image of City Bank, the branch can improve sole image in the market and experience and skills as well, with which they are being able to satisfy the customers with their wide range of products and services

Bibliography • Devnath Dr R M , Banking , 1 st edition.Dhaka,Lotus polishers,2004 • Raymond V. Leslker, Marie E. Flately, Basic Business Communication – 10th edition. McGraw-Hill companies- 20052006.

• Levin, Richard 1 Rubin David S. Statistic for Management, 7 th edition .New Delhi, Prentice hall of India Private LTD 2004-2005 • Mollah, Md. Atier Rahman, International trade & practice of Banking, Bangladesh Institute of Bank Management (BBIM), 2002.

Other Reference: • Conversation with the Bank personnel • Raymond V. Lesiker ,Marie E.Flately, • Official Website of the City Bank Limited: www. thecitybank.com, Retrieved on 18th June, 2009.