Compliance of LC procedures by Bangladesh Bank regulation: a study on Southeast Bank Limited

Abstract

Bank is a financial institution which helps to provide financial services like receives, collects, transfer, pays or invests money for customers. Banking Sector in Bangladesh remains underdeveloped yet recent expansion in private banks have led to an opportunity of growth in this competitive period. Banks are more traditional in service from the start and were very much challenged in product innovation. A lot of Multinational banks operating in Bangladesh have created substantial opportunities for local banks to follow up with the culture of modern banking. Also it is very fortunate that export business operation of the country is largely dependent on banking services. It is the best way of foreign transaction and currency conversion. Textile as well as RMG sector of Bangladesh is a landmark of the growing profitability and expansion of bank in Bangladesh. I was assigned in the Kawran Bazar branch of Southeast Bank Limited (SEBL) as an intern. The bank is gaining popularity due to its improved quality of service, reliability, product variety, versatility and flexibility. I have tried to present this report on the basis of the knowledge and experience I have gained during my internship period of 12 weeks. Almost every single bank in Bangladesh provides foreign trade facilities and this report focuses on the foreign trade activities in Kawran Bazar branch of Southeast Bank Limited. The project section focuses on how foreign trade is operated and LC procedures have been maintained according to Bangladesh Bank regulations. The background and history of the organization is shortly described. In the end, the report describes critical understandings of the entire learning and adds few recommendations for overall improvements.