Aspects of Tourism BANK AND Banking in

Bangladesh: Comparing to the Neighboring

Countries

Principles and Practice Banking

Course Code: ETHM- 4011

Prepared for:

Samia Afrin Shetu

Lecturer

University of Dhaka.

Group name: Mercury

Group Members:

Name ID
MOHAMMAD MARJUKUR 71929001
RAHMAN
B.M. SHAHJALAL AHAMMED 71929027
Khadija Tahira Asha 71928017
Md. Abid Hosain 71928005
Farukul Islam 71929018

Md. Nazmul Hasan Buiyan 71928006

Department of Tourism and Hospitality Management (EMBA)

Dhaka University
 Letter of transmittal

December , 2020
Samia Afrin Shetu
Lecturer, Tourism & Hospitality Management
Faculty of Business studies
University of Dhaka

Subject: Submission of assignment.

Dear Ma’am,
This is our pleasure to inform you that we have successfully completed our term paper on
“Aspects of Tourism Banking Practices in Bangladesh: Comparing with the Neighbor
Country” We are pleased to present this report after a long and rigorous effort. We have tried
to incorporate all the knowledge that we have acquired during our completion this course to
make this report as informative, reliable and relevant as possible. We would like to express
our gratitude to you for your endless support, valuable suggestion and guidance in preparing
this report.

By writing this report has been a great experience for us. We would like you to kindly accept
our joined report and to acknowledge our devotion and efforts. We will be glad to answer any
of your queries regarding the report.

Yours Sincerely,

Md. Abid Hosain (719 28 005),

Khadija Tahira Asha (719 28 017),
B.M. Shahjalal Ahmed (719 28 027),
Farukul Islam (719 28 018),
Md. Nazmul Hasan Buiyan (719 28 006), and
Mohammad Marjukur Rahman (719 29 001)
 Acknowledgement
First of all, we would like to express my gratitude to Almighty Allah to enabling me to
complete this report on "Aspects of Tourism Banking Practices in Bangladesh: Comparing
with the Neighbor Country”. Successfully completion of any type of project requires helps
from a number of persons. We have also taken help from different people for the preparation
of this report.
Now, there is a little effort to show our deep gratitude to that helpful person. we convey our
sincere gratitude to my Academic Coordinator Samia Afrin Shetu, Lecturer, Tourism &
Hospitality Management, Faculty of Business studies, University of Dhaka. Without her kind
direction and proper guidance this study would have been a little success. In every phase of
the project his supervision and guidance shaped this report to be completed perfectly.
Executive summary
Table of Content
 s
1. Introduction............................................................................................................................1

2. Objective................................................................................................................................1

3. Literature Reviews.................................................................................................................1

4. Methodology..........................................................................................................................2

4.1 Research Method..............................................................................................................2

4.2 Population selection.........................................................................................................2

4.3 Sample size determination...............................................................................................2

4.4 Data collection process....................................................................................................2

5. Prospects of tourism banking in Bangladesh.........................................................................2

6. Prospects of Tourism Banking in neighbor country..............................................................3

7. Recommendations..................................................................................................................3

8. Conclusions............................................................................................................................3

References..................................................................................................................................3
 1

1. Introduction
Tourism is the act and process of spending time away from home in pursuit of recreation, relaxation, and
pleasure, while making use of the commercial provision of services [ CITATION Wal20 \l 1033 ]. However,
tourism is a social, cultural and economic phenomenon which entails the movement of people to
countries or places outside their usual environment for personal or business/professional purposes
[ CITATION UNW08 \l 1033 ] . Bangladesh is full of natural beauty. Rivers, coasts and beaches,
archaeological sites, religious places, hills, forests, waterfalls, tea gardens surround it. The Sundarban,
Historic Mosque in city of Bagerhat, Ruins of the Buddhist Vihara at Paharpur are the three world
heritage sites in Bangladesh among 1007. According to Bangladesh Tourism Police, our domestic tourist
is around 1 crore [ CITATION BSS17 \l 1033 ]. On the other hand, the number of foreign tourists was about
126,000 in 2014, 643,000 in 2015, 830,000 in 2016, about 1,026,000 in 2017 [ CITATION Wor201 \l 1033 ].
Another statistic shows that, tourists spends approximately 357 million [ CITATION Wor202 \l 1033 ] .
Different types of financial institutions are planning to introduce deposit schemes, SME loan schemes,
lending package for hotel purchase and renovation, lending package for travelers and agencies, and bank
guarantee for tourism related business entities [CITATION Gaz \l 1033 ]. Thus, banking sector and tourism
industry works together.

2. Objective
This study has an aim to
(i) determine tourism banking practices in Bangladesh
(ii) determine tourism banking practice in neighbor country
(iii) identify factors related with service development tourism banking

3. Literature Reviews
Commercial banks constitute the most important function in whole network of financial system for
mobilization of savings, intermediate between savers and investors and allocations of credit to
productive sectors and thus play a dynamic role in the economic development of a nation [ CITATION
Sah00 \l 1033 ]. In addition, according to L.R. Chowdhury, commercial banks accept deposits through
current deposit account, savings bank deposit account, fixed deposit account and other deposits account;
lending money through loan, overdraft, cash credit, purchase or discounting bill of exchanges, financing
of foreign trade; agency service like collection and payment of cheques, bills and promissory note,
execution of standing instructions, purchase of sales and securities, collection of dividends, interest,
pension, rents etc. remittance of funds, demand draft and some general utilities services like providing
 2

letter of credit, traveler’s cheque, safe custody, lockers etc. [ CITATION Cho17 \l 1033 ]. However,
recommended banks to broad up their products and services in banner for travel and tourism and create
specialized tourism banking departments align with tourism strategy of the country, introducing banking
products such as SME Schemes for hotel purchase and renovation, deposit and lending package for
travelers and agencies and issue bank guarantee for tourism related hotel, land, building and
infrastructure, develop tourism training programs for dedicated resource personnel and develop an
overall transaction management approach for tourism banking [ CITATION Akt19 \l 1033 ].
Problem identification, idea generation, concept development and evaluation, business analysis,
development and testing, market testing, commercialization and post evaluation are several stages of
service development [ CITATION She07 \l 1033 ] . Service businesses are confronted with rapid
technological developments, fast changes in customer requirements, and hyper competition, leading to
exceedingly short product life cycles [ CITATION Odu17 \l 1033 ] . Finally, consumer friendly service is a
combination of customer outcome, collaborate prerequisites for the service and customer friendly
process [ CITATION Edv96 \l 1033 ].

4. Methodology
4.1 Research Method
– Qualitative and descriptive
4.2 Population selection
– 41 commercial banks
4.3 Sample size determination
– Judgmental based on market share
4.4 Data collection process
– Journals, annual reports, newspapers, relevant website

5. Prospects of tourism banking in Bangladesh

5.1 Aspects of tourists
5.1.1 Deposit Scheme
5.1.2 Lending package for the travelers
5.1.3 Bank Guarantee
5.1.4 Discount package
5.1.5 Infrastructures development (Virtual & Physical)
5.1.6 Money exchange
 3

(Add more)
5.2 Aspects of agencies (Owner)
5.2.1 Big amount loan
5.2.2 SME Loan
5.2.3 Joint venture
(Add more)

6. Prospects of Tourism Banking in neighbor country

6.1 Aspects of tourist
6.2 Aspects of agencies (Owner)

(1,2,3)

Tourism Banking Practices in Nepal

For the flourishing of tourism banking, a lot of commercial banks of Nepal run a lot of functions abide
by the rules and regulation of central bank of Nepal. There are two specialized banks for tourism
banking named Tourism Development Bank Limited and Mega Bank Limited. Functions of tourism
banking projects are shared below-

Deposit of account
Banks collect money for loan or investments through bank deposits. Tourism Development Bank
Limited collect money through savings account and fixed deposit account. They offer 4% interest rate
against savings account. There are a few commercial banks like Nepal SBI Bank Limited, Prabhu Bank
Limited, Nabil Bank Limited etc. offer around 3% interest rate on normal savings account and around
8.25% interest against personal fixed deposit account. Tourist can deposit their money in these banks.

Lending package
Banks in Nepal offer different types of loan like secured personal loan, fixed rate personal loan,
unsecured personal loan and, variable rate personal loan. Interest rate for these loans is around 5%.
However, Tourism Development Bank Limited sanction loan for the industry development where
businessmen pay around 10.5% interest.

Discount package
 4

Commercial banks of Nepal run a lot of joint venture projects with local and international restaurants,
hotels, travel agencies, transport service providers and, tour operators. Currently, customers are obliged
to pay additional 23 per cent charge for what they eat in restaurants and other eateries —13 per cent
value added tax (VAT) and 10 per cent service charge. The mandatory service charge system came into
force on January 1, 2007. Since then, hotel and restaurant customers have been paying 24.3 percent extra
on the menu price as 10 percent compulsory service charge, 13 percent value added tax (VAT) and 1.3
percent service tax. The VAT and service tax go to the government.

(4,5,6)

Currency Exchange:
The well-known banks in Nepal include Everest Bank ltd, Standard Chartered Bank, Nabil Bank,
Himalayan Bank, SBI Bank as well as Central Bank of Nepal “The Rastra Bank” who authorized and
collaborate the currency rates. According to central Bank of Nepal (NRB) fixed their exchange rate at
currency 1unit USD for buy at 117.42 and sale at 118.02 rupees. 1-unit euro for buying offer at 143.25
& sales 143.98 rupees. 1-unit (UK) pound buy 158.64 and sale 159.45. Other commercial bank like EB,
SCB or SBI Bank follow the central bank currency policy with convenient charge. Tourists can
exchange their currency from these banks.

International Banking facilities

Class A commercial banks provide international banking facilities for their clients. To run hospitality
industry, businessmen need to import a lot of products to serve their guests. That’s why, they need to
open L/C in banks. Global IME Bank Limited, Bank of Kathmandu Limited, Nabil Bank Limited, Mega
Bank Ltd., Himalayan Bank Ltd., Nepal Investment Bank (NIB) & Standard Chartered Bank Ltd. offers
different types of Letter of Credit like import LC and export LC facilities.

To travel another country, tourists need travellers’ cheque for transaction. Now a days, commercial
banks offer internationally accepted card instead of travellers’ cheque. For example, NCC Bank limited
offer NCC international Debit Card and NCC travel Doller Card, Travel card is offered by Standard
chartered Bank Limited. American Express Gold International card is offered by Himalayan Bank
Limited. Laxmi Bank, Tourism Development Bank Limited, SBI Bank Limited etc. offer different types
of international banking facilities for the tourists. These cards are internationally acceptable for ATMs,
POS, Booking Hotel, Air tickets, purchase goods & service etc.

Miscellaneous Banking service

 5

Commercial banks like Nepal Bank Limited, Himalayan Bank Limited, Everest banks limited etc. offers
VISA or Mastercard accepted ATM cards for their clients. There are approximately 4 Million customers
who are using mobile banking facilities from commercial banks like Kumari Bank Limited, Civil Bank
Limited, Everest Bank Limited etc. Another statistic shows that, approximately 0.78 million customers
who are using E-Banking facilities from Prime Commercial Bank Limited, Nepal Bangladesh Bank
Limited.

7. Obstacles
Although the reputation of tourism banking is moving upwards worldwide as a global enterprise in
terms of prosperity and reputation, it still faces a number of drawbacks or challenges. Different business
experts at different times reported some of these obstacles by describing a few recent issues. Some of the
renowned atuthors such M. Aizawa and C.F. Yang investigated on the potential of Tourism Banking in
Bangladesh and later they pointed out in their writing “Green Credit, Green Stimulus, Green
Revolution? China's Mobilization of Banks for Environmental Cleanup” about some of the tracking
areas which are called challenges for Bangladesh to reach the successful era in tourism banking.
[ CITATION Aiz10 \l 1033 ] Therefore some of the aspects need to be discussed in the following sections:
 6

i. Insufficient Funding: For the sake of third world developing countries, opening a separate section for
tourism banking. Something that is applicable based on one developing country’s context may not
always suit the purpose of another one. So, sufficient

ii. Paperwork completion: Banking sector mostly relies on documentation issues regarding checks and
drafts. For many cases in Bangladesh, many banking institutions are still entangled with their own
company problems. So, they remain unable to afford extra resources to spend for tour agencies’
betterment.

iii. Corruption in economy: Money laundering as well as the money trafficking issues put a heavy blow
to country economy. Thus this sort of economic loss can be a great obstacle for all sectors including
tourism banking.

iv. Acceptance of new content in Marketing: There is a popular saying that the first step to anything is
always the hardest. The establishment of tourism banking in a newly targeted area is no exception to
that. Acceptance of tourism banking from marketers and consumers’ perspectives will be a challenge at
the beginning.

v. Development in economy: With a response to support the ever growing improvement of economy, it
is a mandatory requirement for a country to secure the rate of economic growth upwards for a country if
they are to survive in GDP growth rate in tourism banking against other developed and developing
countries. Ms. Paula and other assistant research analysts have stated in their journal “Procedia
Economics and Finance” how challenging it is from our national perspective to manage extra investment
for making room to a new domain such as tourism banking itself. [ CITATION Dia13 \l 1033 ] Therefore,
launching tourism in our country will be a difficult operation if we have an imbalanced economic status
by allowing the rate of export to be much larger than import scale.

8. Recommendations
Walter Baegot, a well-known British businessman, journalist and essayist once wrote in his book
“Lombard Street: A description of the Money Market”: "Adventure is the life of commerce, but caution
is the life of banking." [ CITATION Bae14 \l 1033 ] This same reference can be attributed to this context too
find out numerous solutions, tips and suggestions to possible incoming obstacles on the way to banking
institution journey. It is obvious that the service system of banking sector varies from country to
country. Truly the management aspects of different banking institutions can never achieve any flawless
position. The deficiency or lacking in service actually takes place because of the ever changing
economic conditions, customer demands and ongoing recent new events in the competitive market
which bring new challenges. Therefore, there is apparently no finalization in an overall recommendation
list. Some of the recommendations can be common to all banking institutions and suited to all times.
However, some other recommendations are born from the adaptation to company rules as well as
national policies and regulations. Therefore, solutions to any incoming tourism banking related obstacles
can be focused on from three different directions:

1. Consumer friendly Service Development

2. Lower loan interest

 7

3. Vivid factors that affect tourism banking and how to solve those obstacles
8.1 Customer Friendly Service Development

The idea of tourism banking is indirectly related to economic prospects in the context of Bangladesh.
However, it contributes a lot to the country’s economy. On one side, several banking institutions involve
in economic transactions with tour agencies for commercial multi business purposes at different
divisions in Bangladesh. For both the sector of tourism and financial banking corporations, the aspect of
customer service development is a common and major theme. Therefore, the country need tourism
banking as much as it needs banking itself.

i. Documentation: This is a mainstream procedure of banking system in all the countries

in the world including Bangladesh. Reported by the experts of Dhaka Financial Express
magazine, they have stated financial institutions specially banks can get any economic
job done properly if they can execute paper work documents according to plans.
Therefore, efficiency in paper works and document maintenance need to reach up to
expectation. Monitoring projects from human resource section should focus on training
employees.

ii. Economic support: Monetary funding from influential people and large companies
are highly recommended to support at the beginning of tourism banking establishment in
any new area including Bangladesh.

iii. Additional branch to Designated Purpose:

a. More Units: Specially in Bangladesh, the purpose of tourism has been thriving for
decades. However, the financial sectors and banking institutions have not yet conducted
any authorization process in opening specialized units to contribute in the tourism
industry directly.
b. Influence of capitalization: If tourism banking can directly influence its operations in
Bangladesh, then both the financial and tourism industries will thrive in their business by
means of simultaneous cooperation. It is guaranteed to prosper as the renowned
c. Experts’ support of tourism banking ideas: American businessman and author Robert
G. Allen once said, "How many millionaires do you know who have become wealthy by investing in
savings accounts? I rest my case." [ CITATION Ale20 \l 1033 ] According to him investment is a staircase to
prosperity. Therefore, specific tourism related branch from banking sectors need to be released in
Bangladesh for direct and more straightforward focused contribution.

iv. Timing: Timing is apparently an important aspect to consider during the cooperation
of banking in the world of tourism. It is even more necessary in Bangladesh because the
nation still relatively lags behind in production and efficiency directories in comparison
to some of the developed outside countries as renowned business associates Akhter Khan
 8

and Shahin mentioned in their journal article “ Tourism Banking: A Dimension of

Sustainable Development in Bangladesh: “The analysis indicates Banks and Financial
Institutions might include "Tourism" in its' wide variety of asset or liability products and services.In
Bangladesh, tourism sector has the ample opportunity to explore [ CITATION Akt19 \l 1033 ] ”. They
insisted that it is high time to strengthen its establishment and ensure further progression
to keep up pace with other competitive countries OUTSIDE Bangladesh. Several
initiatives can be launched in order to get smooth track of timely management of
operations:

a. Sufficient manpower: Imbalance between the number of employee posts and

employees’ number have to be reduced. This is highly visible in most of the official
service sector of the country. Similarly, the standing point of tourism banking is not so
strong yet. Therefore, sufficient supply of manpower is significantly necessary specially
in the new issue of tourism banking.

b. Government initiatives: The directories of government body hold the uppermost

position in any nation. Bangladesh is not exception to that. Therefore, actions launched
from such authoritative position can make all legislative procedures much quicker at will.
8.2 Lower Loan Interest

Determining the loan interest is quite a vital issue in the sustainable maintenance of tourism banking.

a. Sample of Bangladesh loan rate range: According to the recent report on October, 2020 submitted
by the accounting unit of the central bank of Bangladesh, average loan rate provided for several major
sectors including travel agencies, other financial institutions, infrastructure and agricultural borders
range from 5% to 8%.

b. Sample of loan rate range in tourism banking active countries: A research article called” “An
Ardl Approach to the Determinants of Nonperforming Loans in Islamic Banking System in Malaysia””
written by Solarin Sakiu Adebola and his colleagues suggests that the banking loan interest rate is
relatively lower in the countries where tourism banking is thriving. The article presented several
separate sections where the interest rate presented some amount in Nepal and Malaysia. Considering all
economic sections in average, loan interest rates in both the countries have been provided from 2% up to
4.5% recently [CITATION Ade11 \l 1033 ]. Therefore, lowering loan rate has high chances to a competitive
advantage for Bangladesh too.

c. Get rid of corruption barrier: Money laundering and transaction activities in Bangladesh need more
legislation controlling. If it is successful, then there will be less problems with inflation, losses from loan
delivery as well as economic deficiency.

8.3 Find out harmful factors and recommendations for Obstacles

 9

a. Problem identification: Recurrent meetings need to be arranged for problem identifying. Also,
documents from employed financial researchers can be a great asset to detect the lacking in country’s
economy according to the author Paula Elena suggested in her academic paper “Procedia Economics and
Finance”.

b. Idea generation: Tourism banking has not been directly established in Bangladesh yet. Therefore,
people with ideas are mandatorily required to give it a go. Efficient ideas do not generate overtime.
Relevant programs, events, seminars meetings and trials at minimal costs can be arranged to make
tourism banking useful in the country.

c. Concept development and evaluation: Idea generation will eventually lead to concept. Concepts
contribute to long term development in economy through tourism banking operations. The acceptance of
tourism banking can be improved by new concepts too. Later these business concepts need to be
examined and evaluated so that adaptation to new situations may suit to new future needs.

d. Business Analysis: Business analysis can lead to solutions of most business problems. Tourism
banking settlement is no exception. Whatever requirements are needed to make good use of tourism
banking will always be backed by relentless analysis and research on tourism banking. Different
economic websites such as Financial press association also realize the importance of business analysis
by saying: “This certainly directs you to your goal of what is to come [ CITATION Fin11 \l 1033 ]”

e. Development and Testing: One of the best tools for any commercial progress in industries like
banking and tourism, trial and error testing is a very significant procedure. Trial in this context refers to
an examining or experimental method of operation aimed at finalizing decision to detect if it is right or
wrong to move forward with a particular strategy.

f. Market Testing: Marketing is a substantial part to hold into strengthen both tourism and banking in
Bangladesh as well as tourism banking itself. Cooperation and unity always pay off positive results as
Walter Baegot suggested in his book “Lombard Street A description of the Money Market”.

g. Commercialization and post evaluation: The purpose behind and its evaluation or
assessment of the possible incoming side effects on a particular nation’s business environment are quite
common in launching new business activities. Tourism banking can be a great asset to Bangladesh and
therefore fortifying into greater commercial enterprise in addition to the evaluation after establishing it is
also necessary to sustain tourism banking further in future. The importance of this relentless monitoring
and simultaneous investigation on the development has been also supported by the journal article
“Analytical Approach to Bangladesh Bank loan rate” [ CITATION Ana20 \l 1033 ]

9. Conclusion
After progressing through all the discussion points above, we can come to a SWOT analysis point for
tourism banking that consists of Strength, Weakness, Opportunities and Threats. In Bengali context, the
range of its aspects will be very precise and short at its starting journey. The aspects of SWOT analysis
worldwide are vast in order. Speaking of strength, it may have strong influence in banking as well as
 10

tourists’ sector because of a large number of positive potentials such as growth of market share due to a
large number of visit to the beautiful places in Bangladesh. Speaking of weakness, lack of popularity is
the major weakness at the beginning that can be recovered through continuous patronization and
marketing promotion. Later at the moment of opportunities, new business offers from joint business
venture of both banking and tourism industries will come and create new chances. Finally any sort of
propaganda that may create miscommunication and disorder among employees can become a major
threat in the working sector of tourism banking. It can be resolved through relentless monitoring and
legislation control. Being creative and “thinking out of the box situation” will also be significant
guidelines to solve any upcoming unpredictable threat in the future. In this paper, the prosperity of
Nepal by means of tourism banking has been precisely clarified through the discussion of their deposit,
lending, monetary currency exchange system, their international banking facilities as well as all other
opportunities that they enjoy from their miscellaneous tourism banking service. This shows how many
potentials Bangladesh can capitalize on in order to recover from all lacking including economic sector.
All that is left for the people to do are invest, think positive and hope for the best.
 11

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