Prime Bank Limited a bank with a difference

1.1 Introduction Bank can be termed as iron cell of blood in a financial system of a country. Without bank a financial system cant survive. Form the very beginning of financial activity in human civilization bank has a remarkable contribution as a whole. Banking-A pillar of economy- is guided by laws, rules, regulations and practices. The prime objective of the banking industry as a whole is to collect deposits from the public and to invest the same in the form of loans and advances to businesses. The service necessary for financing of import, export, guarantees etc is also the function of banks. In our country, like others, Banking companies act 1991 remain operative to control and monitor the function of banks in coordination with the other laws. Since the banking functions are commercial in nature, many laws from the negotiable instrument act to civil procedure code are essential in the day-to-day operations of the banks. Generally a bank comprises of three departments- General Banking, Credit Department, and Foreign Exchange Department. The department that is most important to a bank and to the interest of the country is Foreign Exchange Department. This report is an outcome of three months career at Prime Bank Ltd. prepared as the partial requirement of BBA program of Department of Business Administration, Shahjalal University of Science & Technology (SUST). The organization attachment started on July 4, 2007 and finished on October 4, 2007. The topic of the report is Foreign Exchange Mechanism: a comprehensive Study of Prime bank Ltd. (considering Jubilee Road Branch, Chittagong as standard) During three months intensive internship program, an approach has been taken to get an inside out scenario of Foreign Exchange Activities of Prime Bank Limited. At the
Foreign Exchange Mechanism: a comprehensive Study of Prime bank Ltd. (considering Jubilee Road Branch, Chittagong as standard )

Prime Bank Limited a bank with a difference

beginning of paper an overview of the Prime bank Ltd. has been given. This chapter contains history of the dawn of the Prime Bank Ltd, its financial strength and some other important details. Next to that overview, the detailed procedure of Foreign Exchange Operation-Export, Import, and Remittance are described in three detailed chapters. After closely observing the Foreign Exchange Operation of Prime bank Ltd. the problems and shortfall in the Foreign Exchange Activities has been tried to find out. Regarding that problems and short fall some recommendation has been specified.

Foreign Exchange Mechanism: a comprehensive Study of Prime bank Ltd. (considering Jubilee Road Branch, Chittagong as standard )

Prime Bank Limited a bank with a difference

1.2 Objectives of the study The main objectives of the study to gain practical exposures about Foreign Exchange Mechanism: a comprehensive Study of Prime bank Ltd. (considering Jubilee Road Branch, Chittagong as standard) In the line with the broad objective, the detailed objectives of the study may be spelled out as follows To know the regulation and deregulation regarding Foreign Exchange in Bangladesh. To analyze the export and Import procedure maintained by Prime Bank Ltd. To Know about Remittance Funds. To identify the problems in export and import operation of Prime Bank Ltd. And finally to recommend suggestions for the successful export and import operation of Prime Bank Ltd.

Foreign Exchange Mechanism: a comprehensive Study of Prime bank Ltd. (considering Jubilee Road Branch, Chittagong as standard )

Prime Bank Limited a bank with a difference

1.3 Methodology of the Study The study has been performed based on the information extracted from the different sources collected by using a specific methodology. This report is analytical in nature. The Methodology is Population For the purposes of the convenient study of this report Prime Bank Ltd. Jubilee Road Branch, Chittagong has been taken into consideration as population. Data Collection Source of Data of this Study can be divided into two categories: Primary sources Face-to-Face conversation with the respective officers and staffs. Sharing practical knowledge of the Officials. Relevant file Study provided by the officers Concerned.

Secondary Sources Annual Report of Prime Bank Ltd. Bangladesh Bank publications. Websites, Relevant Books, Research Papers, and Journals. Some other Internship Reports.

Foreign Exchange Mechanism: a comprehensive Study of Prime bank Ltd. (considering Jubilee Road Branch, Chittagong as standard )

Prime Bank Limited a bank with a difference

1.4 Limitation of the Study From beginning to end, the study has been conducted with the intention of making it as complete and resourceful one. However, many problems aroused in the way of conducting the study. During the study, it was not possible to visit all the branches of bank although the financial statements and other information regarding the study have been painstaking. This study faced the following problems All branches of the sample bank were not physically visited. The time period of this study was limited.

It would be better to take interview of some loyal clients of this branch. But this has not been possible for the lack of their time and busyness of the branch.

Foreign Exchange Mechanism: a comprehensive Study of Prime bank Ltd. (considering Jubilee Road Branch, Chittagong as standard )