Abbreviations

AFX Al Fardan Exchange

ANB Arab National Bank.
ATM Automated Teller Machine.
CAD Central Accounts Department.
DD Demand Draft.
DJ Dhaka Janata Exchange.
DFID Department For International Development
EFT Electronic Fund Transfer
FE Federal Exchange.
FOTC Fiber Optic Transmission Capacity.
FRD Foreign Remittance Department.
F.R.P.P Foreign Remittance Payment Project.
GDP Gross Domestic Products.
IBTA Inter Bank Transaction Account.
IBCA Inter Bank Credit Advice.
ID International Division
MG MoneyGram International.
MIS Management Information System
MTO Money Transfer Organization.
NCCBL National Credit and Commerce Bank Ltd.
POS Point of Sales.
RPCF Remittance Payment and Challenge Fund
RPP Remittance Payment partnership.
SME Small and Medium Enterprises.
SP Spot Cash.
SWIFT

Society
for
Worldwide
Interbank
Telecommunication.
TMSS Thengamara Mohila Sabuj Sangha.
TSMT Three Star Money Transfer.
TT Telegraphic Transfer.
UBS Universal Banking Software.
WSEC Wall Street Exchange Center.

Financial

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Executive Summary

Banking sector comprises an important segment of the financial infrastructure of a nation.

Today banking has become the most essential parts of our life and the central driving force
of every economy. It moves the heart of the economy in each country. Most of the
financial transactions are now being made through the bank. Worldwide, banks have
become the center points of the economy and Bangladesh is no exception. Banks are
playing vital role in our economy. As a first phase of gathering practical knowledge about
Modern Banking I am doing internship program at NCC Bank Limited where my
concerned area was foreign remittance activities.

Being separated from family is never be easy, but there are an estimated 150 million
people worldwide who are making that sacrifice to earn better wages and send remittances
home to their families. Recorded migrant remittances have skyrocketed over the past
seventeen years from just $30.4 million in 1990 to $300 billion in 2008. The true size of
remittances including unrecorded flows is even larger (Ratha 2009). Remittance flows are
second in size to foreign direct investment and larger than official development assistance.
NCC Bank Ltd, A popular Bangladeshi commercial bank is working for accelerating
remittance inflow in Bangladesh as one of its most priority business sector. Profit is
optional here because NCC Bank Ltd doesnt charge any fees to beneficiaries who receive
money. By working closely with more than 15 money transfer organizations (MTO) and
handling more than 30 remittance products (Instant cash, DD, EFT), NCCBL is trying to
ensure the best service for Bangladeshi migrants and their families worldwide. In Recent,
NCCBL is jointly the largest operator of POS service in Bangladesh under the project
called F.R.P.P (Foreign Remittance Payment Project) co-funded by RPCF (Remittance
and Payments Challenge Fund). Basically NCCBL is concentrating on improving its
remittance services continuously. Currently some agreements with different exchanges are
made and soon the products will be active. But still some areas can be more improved.
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Now a days fastest processing is possible through full automation and web based database.
If it is possible to implement in NCCBL then availability of disbursement information will
be more for NCC Bank officials and overall activities will accelerate. As a modern bank
NCCBL should go for a technological revolution in all over the organization. The project
will be costly but not impossible using our own technology. Bangladeshi programmers
and technicians can be used here for reducing the cost. The automation in remittance
processing and payments will establish NCCBL as a pioneer of new generation banking in
Bangladesh. Also NCCBL will able to grow more rapidly than present.

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Table of Contents
Acknowledgement..iii
Executive Summary ....v
1.0 Introduction...............................................................................................................................................1
1.1 Problem statement..................................................................................................................................2
1.2 Objectives...............................................................................................................................................2
1.3 Methodology..........................................................................................................................................2
1.3.1 Sources of Data................................................................................................................................3
1.3.2 Data Processing Method..................................................................................................................3
1.4 Limitations..............................................................................................................................................4
2.0 Organization Background........................................................................................................................5
2.1 History of NCCBL.................................................................................................................................5
2.2 Organization structure............................................................................................................................6
2.3 Mission , vision , objectives...................................................................................................................7
2.4 Markets...................................................................................................................................................7
2.4.1 National............................................................................................................................................7
2.4.2 International.....................................................................................................................................7
2.5 Services/products of NCCBL.................................................................................................................8
2.6 Performance over the years....................................................................................................................9
2.7 SWOT analysis.....................................................................................................................................12
2.8 Specific Strategy(S) that improve effectiveness..................................................................................13
2.8.1 Foreign Remittance Payment Project (F.R.P.P)............................................................................13
2.9 Areas of improvements........................................................................................................................16
3.0 Remittance and its types........................................................................................................................17
3.1 Definition of remittance.......................................................................................................................17
3.2 Types....................................................................................................................................................17
3.2.1 Inland Remittance..........................................................................................................................17
3.2.2 Foreign Remittance........................................................................................................................17
4.0 Existing process of handling remittance products...............................................................................18
4.1 Products and processing.......................................................................................................................18
4.1.1 MoneyGram International.............................................................................................................18
4.1.1.1 About the exchange...............................................................................................................18
4.1.1.2 Products.................................................................................................................................18
4.1.1.2.1 MoneyGram.....................................................................................................................18
4.1.1.3 Policies & Procedure19
4.1.1.4 Limitation of Money gram.19
4.1.2 UAE Exchange Ltd.......................................................................................................................21
4.1.2.1 About the exchange...............................................................................................................21
4.1.2.2 Products.................................................................................................................................21
4.1.2.2.1 Xpress Money..................................................................................................................21
4.1.2.2.2 UAE EFT.........................................................................................................................21
4.1.2.2.1 UAE DD..........................................................................................................................22
4.1.3 Placid NK Corporation ................................................................................................................22
4.1.3.1 About the exchange...............................................................................................................22
4.1.3.2 Products.................................................................................................................................22
4.1.3.2 .1 Placid SP..........................................................................................................................22
4.1.3.2..2 Placid (TT).......................................................................................................................22

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4.1.4 First Solution Money Transfer Ltd...............................................................................................22

4.1.4.1 About the exchange...............................................................................................................22
4.1.4.2 Products.................................................................................................................................23
4.1.4.2.1 First Solution (TT)...........................................................................................................23
4.1.5 Habib Qatar International Exchange...........................................................................................23
4.1.5.1 About the exchange...............................................................................................................23
4.1.5.2 Products.................................................................................................................................23
4.1.5.2.1 Habib Express..................................................................................................................23
4.1.5.2.2 Habib Qatar (TT).............................................................................................................24
4.1.6 AL Fardan Exchange Company...................................................................................................24
4.1.6.1 About the exchange...............................................................................................................24
4.1.6.2 Products.................................................................................................................................24
4.1.6.2.1 AFX (Instant Cash)...........................................................................................................24
4.1.6.2.1 AFX (TT)..........................................................................................................................25
4.1.7 Arab National Bank......................................................................................................................25
4.1.7.1 About the exchange...............................................................................................................25
4.1.7.2 Products.................................................................................................................................25
4.1.7.2.1 Telemoney (TT)...............................................................................................................25
4.1.8 Kaymaks Financial Service..........................................................................................................25
4.1.8.1 About the exchange...............................................................................................................25
4.1.8.2 Products.................................................................................................................................26
4.1.8.2.1 Kaymaks (TT)...................................................................................................................26
4.1.9 Dhaka Janata Exchange................................................................................................................26
4.1.9.1 About the exchange...............................................................................................................26
4.1.9.2 Products.................................................................................................................................26
4.1.9.2.1 DJ (TT).............................................................................................................................26
4.1.10 Wall Street Exchange Center......................................................................................................26
4.1.10.1 About the exchange.............................................................................................................26
4.1.10.2 Products...............................................................................................................................27
4.1.10.2.1 Wall Street (TT).............................................................................................................27
4.1.10.2.1 Wall Street (instant cash)...............................................................................................27
4.1.11 Federal Exchange........................................................................................................................27
4.1.11.1 About the exchange.............................................................................................................27
4.1.11.2 Products...............................................................................................................................27
4.1.11.2.1 Federal Exchange (TT)...................................................................................................27
4.1.12 Three Star Money Transfer.........................................................................................................28
4.1.12.1 About the exchange.............................................................................................................28
4.1.12.2 Products...............................................................................................................................28
4.1.12.2.1 Three star (Instant cash)..................................................................................................28
4.2 Record Keeping procedure and branch refunding process...................................................................28
4.3 Cover fund and other issues.................................................................................................................29
5.0 Analysis of data gathered from survey.................................................................................................30
6.0 The Proposal............................................................................................................................................42
7.0 Managerial Recommendations..............................................................................................................43
8.0 Conclusion...............................................................................................................................................44

Bibliography45
Appendix 46

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