Fixed asset management process of BRAC Bank Limited

Abstract

BRAC Bank Limited is one of the largest operational ventures of BRAC which is established by Sir Fazle Hasan Abed and the chairman of the bank is Mr. Muhammad A. (Rumee). After facing so many obstacles and legal obligations BBL started its operation from July 04, 2001. It has established with an aim to alleviate poverty and empowering poor and bringing changes in their lives. The bank also continuously works to uphold the “Three P” agenda that means Planet, People and Profit as a part of sustainable and glorious banking journey. With the passage of time BRAC Bank Limited has become the fastest growing bank in Bangladesh. And now it has become the market leader in the Small Medium Enterprises (SME) business. Here BBL has targeted the missing middle the middle or small business people. BBL by starting its journey in 2001 now it has152 branches, 12 Apon Shomoy, 313+ ATMs, 30 CDMs, 399 SME unit offices , 11 CRM center and almost 8000employees. Along with SME banking it is continuously broadening its horizon into Retail banking, corporate banking, Probashi banking and other arenas of banking. Its main focus is to set a standard as the absolute market leader by bringing efficiency, friendliness and modernized automated service on a profitable basis so that, BBL is providing 100% integrated on-line banking. BBL is one of the members of the Global Alliance for Banking on Values (GABV) Among with 20 different departments there is one department named fixes asset management department and that particular department has taken the responsibility of every single fixed asset of every particular location of BRAC Bank Limited. Fixed asset management department is responsible for buying, replacing, maintain, repairing the old one, keeping record of every particular asset, asset validity checking, and finally send the asset in auction when the validity is over of any particular asset. To do this asset management department use some software, and put tag number to every single asset. They recruit some interns for this purpose. They send those interns in different locations for the collecting details information about every single asset. And after that they input those in different software for the purpose of identifying the validity, condition, and most importantly preparing tag for every single asset. This is how the Fixed Asset Management Department is maintaining the balance of fixed asset and helps to prepare an error free financial statement by providing more accurate free information.