Operations of "STS and PO/DD department” of SCB

Abstract

Standard chartered bank is a public limited company (PLC) which is a multinational bank started their journey in Bangladesh in the year 1947. The history behind the establishment of this bank, a brief overview of their operations in Bangladesh has been included in the introduction part of this report. In addition I have also included the principles and values of their organization in my report. After that a brief introduction about the “STS and PO/DD” unit has been included in to the report. As I have mentioned briefly into the report that “STS and PO/DD” is basically a functional unit of cash management operations (CMO). This functional unit basically deals with two types of product which are pay order/ cashier order and demand draft. In my report I have also tried to describe the concepts of pay order/ cashier order and demand draft perfectly. In order to make people understand I have described the concept through including examples. After that, I have included an organizational chart of their department and described the hierarchy of their department. The level of reporting relationships, the chain of command all have been briefly described in to this section. After that, I have described about all products and service they offer to the customers. A brief overview and description of the processes have been included with charts and diagrams. A brief understanding of how cashier orders, demand drafts, standing orders are issued, how pay orders , demand drafts, standing orders are cancelled and reissued or refunded all are described in to my report. The commands and the obligations that are followed in the process are also having been included in the discussion. A brief description about their revolutionary and new product BEFTN (Bangladesh electronic fund transfer network) has also been given into this report. Another important product sonali bank purchase has been described in detail into the report. In addition the funding procedures of different products are also described. Finally I have made a SWOT Analysis regarding “STS and PO/DD” unit. In my analysis, I have tried to find out the real facts of this functional unit. Meanwhile I have included my suggestions and recommendations in order to eradicate the weaknesses of their department. Finally I have ended my report through including references and sources that I have used to make this report.