1.

1 Introduction:
We can simply say that Bank is financial organization that deals with money. But it is the
precise most definition about bank. In modern age it is impossible to think a country without
bank. Banks play diversified role in an economy. The most important task that is done by a
bank is building of capital. That is the key factor of the development of an economy. An
Industrialized nation’s build their industrial sector with the help of banking sector. The
growth of the economy also depends on the performance of the banking sector. Banks secure
money of the society. Government takes various monetary policies. These policies are
implemented with the help of banking sector. It is impossible to do foreign trade without the
help of bank. Banks provide services that help the business sector a lot to carry on the
business. For example, giving guarantee, different types of certificate, expertise advice to
business people. Banks also help to establish good faith among businesspersons. Sonali
Bank, Ltd. is a Bangladesh-based Company that provides commercial banking services. The
Company offers Internet banking, credit facilities and program, retail and personal banking,
foreign remittance, international banking, micro enterprise and special credit, rural banking
and credit program services. It also offers Financing Information Technology Sector,
Financing of Industries, Ready Cash, and Windows for SMEs, Loan to Travel Agencies, Loan
to Diagnostic Centers, NRB Escrow Account and NRB Gift Cheque products. The Company
currently operates through more than 0ne thousand branches including 4 overseas branches at
United Arab Emirates. The goal of the bank is to actively participate in the socio- economic
development of then action by operating a commercially sound banking organization,
providing credit to viable borrowers, efficiently delivered and competitively priced,
simultaneously protecting depositors’ funds and providing a satisfactory return on equity to
the owners.
This study has been prepared in the light of practical as well as theoretical knowledge. Also, it
is prepared under the guidance and supervision of the core teacher. During the internship
program I have got a good idea about the bank and that is depicted in the report.

1.2 Origin of the Study:

Internship program is the most important period for BBA and MBA students. The duration of
internship program is 3 months, which carries a best learning process to know about the

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organization and cope up the environment in such a way like professional employees. The
experience during the internship period will make them smarter and more professional in their
future job sector. This study is based on Sonali Bank Limited, Kotbari branch, Cumilla.

1.3 Objectives of the Study:

The main objectives of the study have been mentioned below:
1. To study on foreign remittance management of Sonali Bank Limited
2. To acquire practical experience in different banking services of Sonali Bank Limited.
3. To gather knowledge about the transactions of different departments of the bank.
4. To know about foreign remittance of Sonali Bank Limited.
5. To know about the Foreign Exchange operations.

1.4 Scope of the Study:

As an intern the scope was limited and restricted for some purpose. This study had maintained
some official formality for the collection of data of the report. This study will give a clear idea
about the foreign remittance management of Sonali Bank Limited as well as the different
section of different products and services of Sonali Bank Limited.
Banks have been playing an important role in economic development and contributing
immensely to build the country. Banking sector is fast expanding in our country because of
globalization and reform of private sector. To survive as a key player in this highly
competitive and complex business environment a bank should develop its business focusing
the customer’s satisfaction.

1.5 Methodology of the Study:

This study is based on both primary and secondary data. Different quantitative primary data
have been collected from the employees and customers of Sonali Bank Limited and secondary
data have been collected from bank website and other websites. Data have been interpreted
and finally findings have been drawn.

Different data and information are required to meet the goal of this report. Those data and
information were collected from various sources which are showed below:

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Sources of the data:

There are two sources of data one is primary source of data and other is secondary source of
data. I have used both the sources for collecting data.

i) Primary data:

The primary data are collected from the following sectors:

 Personal observation.
 Face to face conversation of the officers.
 Face to face conversation of the client.
 Working at different desks of the bank.

ii) Secondary data:

The secondary data are collected from the following sectors

 Circulars, letters and memos issued by the Banks and regulatory organization i.e.
Bangladesh Bank and Govt.
 Annual reports of Sonali Bank Ltd.
 Internet and websites of Sonali Bank Ltd.

1.6 Limitations of the Study:

This study has been received maximum assistance from every individual of the Sonali Bank
Ltd., Kotbari Branch, Cumilla. Definitely, this study could not produce an outstanding report
for the time limitations. Due to the time limit, the scope and dimension of the study has been
curtailed.
The report is likely to have following limitations:
i. Since the ideal size of data could not be taken, suggested operating process may
not be useful without appropriate modifications.
ii. Due to shortage of time, the accuracy of information may not have been
completely perfect.
iii. The Operating Process is a theoretical suggestion. Only a practical application of
this may justify its effectiveness that could not be done due to time limitation.

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iv. Lack of comprehension of the respondents was the major problem that created
many confusions regarding verification of conceptual question.
v. Confidentiality of data was another important barrier that was faced during the
conduct of this study. Every organization has their own secrecy that is not revealed
to others. While collecting data on SBL, personnel did not disclose enough
information for the sake of confidentiality of the organization.
vi. Rush hours and business was another reason that acts as an obstacle while
gathering data.

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2.0 Research Methodology:
The study is based on both quantitative and qualitative data. A Likert Scale questionnaire
consisting of 10 questions have been designed to collect primary data. 30 representatives have
been selected from customers and employees of Sonali Bank Limited as a sample by using
random sampling method. The collected data have been edited and coded for data analysis.
The data have been analysed by using SPSS data analysis, excel, chart, graph and other
analytical tools. On the basis of data analysis, we identify some major findings. Finally based
on those findings we suggest some recommendations for the betterment of the bank.

2.1 Population of the Study:

The population is 100 in this report. The report is descriptive in nature. To prepare a report
gathering data is very important. The information was collected from both primary and
secondary sources of data. Regarding the information required was collected within the
organization from the Sonali Bank Limited, Kotbari branch.

2.2 Sampling of the Study:

In this study the primary data were collected from 30 respondents. A Likert scale
questionnaire was designed consisting of 10 questions. The sample size was 30 customers and
employees of the bank. The respondents have chosen conveniently.
A closed ended questionnaire was designed including 10 numbers of questions. The survey
was undertaken randomly selecting 30 numbers of SBL customers and employees. The
primary data was collected on the basis of convenience sampling. The sample size of the
study is 30. Finally, a conclusion was made on the basis of findings. The study is written on
the basis of information collected from primary and secondary sources.

2.3 Data Collection Method:

There are two types of data collecting method. These are:
1. Primary Data collection
2. Secondary Data collection.

2.3.1 Primary Data

For preparing this study primary data are taken from 30 employees and customers by a
designed questionnaire regarding A study on Foreign Remittance of Sonali Bank Limited:

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Kotbari Branch. I also talked with my honorable supervisor Md. Mahbub Alam, Assistant
professor, Department of Management Studies, Cumilla University, who gave me proper
guidance and advices regarding the study.
 Practical desk work.
 Face to face conversation with the respective officers and clients.
 Questionnaire survey of Bank clients and employees.

2.3.2 Secondary Data

 Study on Annual Reports of Sonali Bank Limited.
 Online data from SBL website.
 Published unpublished or personally collected data from bank officers.

2.4 Software Used for Data Analyses:

The data obtained from the survey have been analyzed and interpreted by using statistical
tools such as Frequency Distribution, Percentage Analysis with the help of SPSS and
Microsoft excel software. Then the data are presented through a numerical and graphical
presentation using the above statistical tools. Based on these figures and findings, some
recommendations have been made out.

2.5 Questionnaire Design:

Questionnaire was prepared with Likert Scale model. The target population was employees
and customers who are enjoying Sonali Bank limited. Total sample size is 30. The total
sample are employees and customers of Sonali Bank Limited.

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3.1 Literature Review on Foreign Remittance:
Bangladesh is one of the leading remittance recipient countries through the export of its
labour services to the Middle East and South East Asian countries since the early 1970s.
Remittance is known as the life line of Bangladesh economy. Remittance income increased
from $24 million in 1976 to $11.1 billion in 2010 and contributing to 12% of GDP of the
country (World Bank, 2011). These large inflows of remittances are having colossal
development effects in the country and a single paper is inadequate to examine all these
effects. At the national level, the implications of this remittance flow are enormous. The
country’s foreign currency reserve is supported by this remittance therefore remittance is
playing a crucial role in supporting the balance of payment. Remittance also accounts for
thirty per cent (30%) of the national savings. Research also shows positive impact of
remittance on consumption, investment and imports. Potentially remittances inflows can have
strong development impacts in the economy.
At present there are more than 7 million Bangladeshi expatriates are working in the Middle
East’s countries, Malaysia, Singapore, Korea, USA, Canada, UK, Europe, Australia, New
Zealand, etc. The number of illegal migrants should be taken into consideration. Despite
ongoing political, diplomatic crisis and economic recession in the Middle East’s countries,
United States and Europe, overseas workers of Bangladesh remitted $20.62 billion (10%
growth over the last year) in June 13, 2015 and it is a record in the country’s history.
Moreover, Bangladesh has maintained a steady 6% plus growth over most of the last 10 years
with the aid of strong export and remittance growth. (REMITTANCE, F, 2015)
Remittances can help relax the budget constraint in the recipient economies and increase
consumption of both durables and nondurables. Moreover remittances can lead to higher
accumulation of human capital through allowing for education and health care, and also can
lead to increased physical and financial investment. The inflow of remittances on the macro-
economy can lead to accelerated long-run growth as a result of additional investments in
physical and human capital IMF (2005).
In last few decades, the remittance amount has increased as the number of Bangladeshi
migrants in world’s other countries are increasing. Siddiqui (2003) states, Bangladesh has a
long history of migration. Migration has shaped and is still shaping Bangladeshi society.
showed that threequarters of sixty two (62) villages migrating from rural areas migrate

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internally, and some twenty four per cent (24%) people of them can migrate overseas (Afsar,
2004),
Puri and Ritzema (2001) tell that remittance is the portion of international migrant workers’
earnings sent back from the country of employment to the country of origin, play a central
role in the economies of many labor sending countries. Each additional migrant worker brings
in $ 816 in remittances annually, Hussain and Naeem (2009). Osmani (2004) tells that
remittances have been identified as one of the three factors that have been responsible for
reducing the overall incidence of poverty in Bangladesh. Remittance inflows increase during
downturns as emigrant workers went to provide financial support to the family members in
the country of their origin (Sayan, 2006). Remittance inflows increase during downturns as
emigrant workers went to provide financial support to the family members in the country of
their origin (Sayan, 2006).
Transfer of remittances takes place through different methods. Forty six per cent (46%) of
the total volume of remittance has been channeled through official sources, around forty (40
%) through hundi, four point six one per cent (4.61%) through friends and relatives, and about
eight per cent (8%) of the total was hand carried by migrant workers themselves when they
visited home (Siddiqui & Abrar 2001).
Banks are the major actors in remittance transfer. On the issue of transfer of remittance the
banking services have to be made more attractive to wean clients away from hundi. Banks
have to match the level of services currently provided by the hundi operators such as cost and
speed. Different steps may be undertaken to improve the quality of services provided by the
banks (Siddiqui & Abrar 2001)
Remittance service is not only used by migrants but also government uses to settle import
export transactions etc. Salim (1992) point out that remittances are used to make import
payments and are used for productive investment by the government. Ali (1981) identified
overseas remittances achieving a favorable balance of payments and as well as creating a new
resources base for the country.
The term banking is defined as “accepting, for the purpose of lending or investment, of
deposits of money from the public, repayable on demand or otherwise and withdrawal by
cheque, draft, and order or otherwise”. It is thus clear that the underline principle of business
of banking is that the resources mobilized through the acceptance of deposits must constitute

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the main stream of funds which are to be utilized for lending and investment purposes. The
banker is thus an intermediary and deals with money belonging to the public.[ CITATION
Cho00 \l 1033 ]

A bank is an institution whose current operation consists in granting loans and receiving
deposits from the public. The fact that both loans and deposits are offered is important
because it is the combination of lending and borrowing that is typical of commercial bank.
[ CITATION EGoth \l 1033 ]

Thus the specified definition of bank that “ A bank is a financial institution refers to a
financial intermediary which collect fund from surplus households and mobilized those fund
to deficit households engaged in manufacturing and trading activities”. Bank generally collect
fund from surplus households at a lower interest rate and extend loans to industrial and
trading firms at a higher rate. The difference between the lending and borrowing rates
represent the profit of the financial institution.[ CITATION SSGth \l 1033 ]

In recent years, there is little published research on the competitiveness of international banks
in the foreign exchange market. Holmes et al.(1991) firstly published the paper in which they
categorized the banks competitiveness in the foreign exchange market into segments: bank’s
endowment factors and acquired factors. Their study addressed important claims regarding
whether competitiveness factors or acquired factors. They suggest that endowment factors
consist of characteristics of its home economy, which include legal and regulatory
framework, workforce’s training and education and firm’s traditional client base and line of
business. The acquired characteristics include the branch network, the firm’s capitalization
and perceived creditworthiness, the degree and history of internationalization, the scale, and
the scope of foreign exchange operations, penetration into finance and current service
offerings of capital market instruments and attitudes towards innovation and product
development.

US dollar has dominated the foreign exchange market for a long time. Holmes et al (1991)
indicate that US dollar became the main reserve currency and the currency against other
currencies trade in that time. Therefore, US financial institutions have been forced to develop

Page | 9
expertise in variety of currencies in that time. Government and central banks of non-US
countries hold US dollar dominated asset as their reserves or investments. A recent surge of
research on the Euro or European Union’s economic development has given new
opportunities and challenges. Cochen (2003) argues that Euro is still behind the US dollar as
an international currency because of monetary behavior, cost of doing business in Euro, anti-
growth bias built into EMU, and ambiguous structure of EMU. It appears that introduction of
Euro does not undermine the US dollar leading position around the world. However, we can
hardly ignore that Euro plays a crucial role in issuance of securities.

The SERVQUAL model of Parasuraman et al. (1988) proposed a five dimensional construct
of perceived service quality tangibles, reliability, responsiveness, assurance and empathy as
the instruments for measuring service quality (Parasuramanet el al., 1988; Zeithamlet el al.,
1990). With a view to providing better service to the customers, the bankers need to apply the
technology in banking; islami sharia based banking system and customized customer service.
Ahmed, Feroz and Islam, Md. Tarikul (2008) observed that adopting e-banking services,
banks in developing countries are faced with strategic options between the choice of delivery
channels and the level of sophistication of services provided by these delivery channels.

There have been many studies undertaken by many Bangladeshi scholar, specialist,
researcher& students which deal with the performance of Sonali bank limited. Some of the
notable ones are: Ahmed and Jamsheduzzaman (1985), Swamy and Vasudevan (1985),
Hossain and Bhuiyan (1990), Bhatt and Ghosh (1992), Avkiran (1997), Al-Shamrnari and
Salirni (1998), Siddique and Islam (2001), Chowdhury (2002), Bhattacharya (2007),
Chowdhury and Islam (2007) and Jahangir, Shill and Haque (2007). Most of these studies
were endeavours to find out the determinants of the Remittance System of Different bank in
our country. To measure the performance level of Remittance system of a bank, Swamy and
Vasudevan (1985) used per expatriate deposits, advances, profits from export, etc. and found
them to be significant. However, Hossain and Bhuiyan (1990) stated that there is no
universally accepted operational definition of expected remittance of bank , but in broad sense
performance level of remittance of an enterprise can be measured by ‘the extent to which it is
carried out the deposit by the expatriate within a year and established specifications for goods
and services export, to the estimation of the total remittance evaluation , Bhatt and Ghosh

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(1992)[ CITATION KCS10 \l 1033 ] observed that the profitability of Sonali banks mostly
depend on endogenous factors like remittance of foreign exchange, expatriate deposit,
expansion of banking business, timely recovery of loans and productivity, and exogenous
factors consisting of direct investments such as SLR (Statutory Liquidity Ratio), CRR (Cash
Reserve Ratio) and directed credit programs.

Foreign exchange exposure is very crucial now a days as cross border trade is increasing day
by day at a very fast pace. But it is also regarded as very complex. One possible reason for the
absence of empirical evidence in the literature may be related to the difficulty in devising the
appropriate measures of a firm‘s ability to construct its hedging strategies. There is a dearth of
good literature on this subject, especially in India. Some of the studies identified in this area
are as follow; Bengt Pramborg, in this study, Foreign Exchange Risk Management by
Swedish and Korean Non-Financial Firms: A Comparative Survey, 2002, makes a
comparison of hedging practices of Swedish and Korean Firms. The evidence suggests that
Korean firms are more concerned about fluctuations in their cash flows whereas Swedish
firms focus on accounting numbers. Derivatives usage is more popular for hedging among
Swedish firms as compared to Korean firms. It may be a result of relative immaturity of
Korean derivative markets. In both of the countries, majority of firms use a profit-based
approach to evaluate any risk management strategy. The study depicts that the decision to
hedge foreign exchange exposure is driven by the level of exposure and size of a firm.
Bradford Cornell and Alan C. Shapiro, in their article, Managing Foreign Exchange Risks,
provide step by step guidance for the formulation of an effective strategy for managing
currency risk.

Foreign Exchange as the system or process of converting one national currency into another
and of transferring the ownership of money from one country to another. (Dr. Paul
Einzig,1973)

Foreign remittance, in simple terms, means money remitted in foreign currency. More
precisely, it is termed as remittances in foreign currency that are received in & made out
abroad. Conceptual Issues International remittances are defined as the portion of migrant
workers’ earnings sent back from the country of employment to the country of origin (ILO,
2000).

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Different studies on Sonali Bank Limited also undertaken by many business graduates at
several time. To acquire practical knowledge about banking sector business students comes
into Bank. They worked on general banking activities, Credit management, internal control
system, HRM practices, Foreign exchange business etc. But here there is some lacking on
foreign remittance management system. So I want to conduct my study on foreign exchange
business and giving special emphasis on foreign remittance management system.

3.2 Role of Foreign Remittance for Economic Development:

The contribution of foreign remittance rising of living standard cannot be described so easily.
So the importance of foreign remittance in the economy of Bangladesh is widely recognized
and requires little reiteration.
➢ Impact on GDP:
The Gross Domestic Product (GDP) is one of the main exponents used to get a perception
about the health of a country's economy. It is determined with the total dollar value of all
goods and services produced over a specific time period. GDP is calculated as:
GDP = private consumption + gross investment + government investment + government
spending + (exports - imports).

Remittance has a great impact on our economy. We know that the increase in consumer
spending in our economy increases GDP. Increase in foreign remittance has been gradually
boosting our GDP (Gross Domestic Product).

Graph 01: Remittance flow in percentage of total remittance from 2008-2018

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 Remittance Flow
(% of GDP)

10.26 10.57
9.75 9.40 9.37 9.23
8.65
8.23
Percentage

7.53 7.73
6.67

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
year

➢ Impact on the GNP:

Gross National product (GNP), a broad measure of a nation's total economic activity,
measures the value of all finished goods and services produced in a country in one
year by its nationals.

GNP is calculated as:

GNP = GDP + Net income inflow from abroad – Net income outflow to foreign countries.
Increase in foreign remittance also increase the national income. As the national
income increase the consumption of goods by the country people also increase. So,
production of goods by the different organizations increases as well. It increases our
country’s GNP.

➢ Impact of remittance on consumption:

Remittance flow to our country has changed the life of the families of migrants. Now
they can admit their children to private schools and can afford nutrition food and can
also bear the treatment cost of family members. Therefore increase in remittance
increase the consumption of goods by people of the country due to increase in the
level of income of country people.
Utilization of Remittances in Bangladesh

Table 01: Utilization patterns of remittance in Bangladesh (in percentage.

Purposes Remittances used (%)

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 Food and Clothes 20.45
Medical Treatment 3.22
Child Education 2.75
Agricultural land purchase 11.24
Homestead land purchase 0.96
Home construction / repair 15.02
Release of mortgage land 2.24
Taking mortgage of land 1.99
Repayment of loan(for migration) 10.55
Repayment of loan (other purpose) 3.47
Investment in Business 4.76
Savings/Fixed deposit 3.07
Insurance 0.33
Social ceremonies 9.07
Gift/donation to relatives 0.94
Send relatives for pilgrimage 0.92
Community development activities 0.09
Sending family members abroad 7.19
Furniture 0.69
Others 1.05
Total 100

Source: Siddiqui, Tanseem (2003), Migrant worker remittances and Microfinance in Bangladesh.

➢ Increase savings:
Foreign remittance has increased the level of income of country people. Now can save
money after their expenditures. Therefore, the remittance received by our country
people is saved in different banks by making short term or long term deposit.

➢ Increase capital:
A big source of capital in different banks is comprised because of savings by the local
people whose relatives are sending remittance from different developed countries.
This huge amount of money is investing is different project by the bank to make
profit.

➢ Impact of remittance on investment:

Foreign remittance is increasing the investment of our country. The remittance is using
for small and big investment in different project, establishing firm or industry, small
or big shop which increases the proper utilization of money.

➢ Increase employment:
Many people of country have been moving to developed countries to earn extra
money. As a result the unemployed people gets job in foreign countries and
unemployment rate decreases and employment increases. As the investment increase,

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 the employments of our country also increase. The people of our country are getting
jobs in different project, firm or industries.

➢ Impact of remittance on import:

It has a negative impact on our economy too. By increasing remittance, it also
increases consumption of foreign product. It increases import of foreign products.
People have enough money to buy foreign product, although government is trying to
save our domestic companies by implementing necessary rules and regulation. Thus
the domestic markets lose profit because of selling less products.

4.1 Historical Background of Sonali Bank Limited:

In the area of Mughal and East India Company in India, banking got organized. The bank of
India Namely the Hindustan Bank was established in 1948. The State Bank of Pakistan was
established after partition of India into two India and Pakistan. Then on March 26 th 1971
Pakistan has partitioned into two, Pakistan and Bangladesh. In Bangladesh, “Bangladesh
Bank” has established 1971 in the area of Bangladesh. “The Eastern Mercantile Bank” has
established in 1949 as first one.

Soon after independence of the country Sonali Bank emerged as the largest and leading
Nationalized Commercial Bank by proclamation of the Banks' Nationalization Order 1972
(Presidential Order-26) liquidating the then National Bank of Pakistan, Premier Bank and
Bank of Bhwalpur. As a fully state-owned institution, the bank had been discharging its
nation-building responsibilities by undertaking government entrusted different socio-
economic schemes as well as money market activities of its own volition, covering all spheres
of the economy.

The bank has been converted to a Public Limited Company with 100% ownership of the
government and started functioning as Sonali Bank Limited from November 15, 2007 taking
over all assets, liabilities and business of Sonali Bank. After corporatization, the management

Page | 15
of the bank has been given required autonomy to make the bank competitive & to run its
business effectively.

Sonali Bank Limited is governed by a Board of Directors consisting of 11(Eleven) members.

The Bank is headed by the Chief Executive Officer & Managing Director, who is a well-
known Banker and a reputed professional. The corporate head quarter of the bank is located at
Motijheel, Dhaka, Bangladesh, and the main commercial center of the capital.

As an organization the Sonali Bank Limited has earned the reputation of largest state-owned
commercial bank in Bangladesh. It is pioneer in introducing many new products and services
in the banking sector of the country. The Bank continued to grow and diversify its portfolio in
recent times to have diversified client base.

4.2 Corporate Profile of Sonali Bank Limited:

Name of the Company : Sonali Bank Limited

Chairman : Mr. Md. Ashraful Moqbul

CEO & Managing Director : Mr. Md. Obayed Ullah Al Masud

Company Secretary : Mr Md. Ataur Rahman

Legal Status : Public Limited Company

Genesis : Emerged as Nationalised Commercial Bank in 1972,

following the Bangladesh Bank (Nationlisation) Order
No. 1972 (PO No.26 of 1972)
Date of Incorporation : 03 June, 2007

Date of Vendor's : 15 November, 2007

Agreement
Registered Office : 35-42, 44 Motijheel Commercial Area, Dhaka,
Bangladesh
Authorised Capital : Taka 6000.00 Crore

Paid-up Capital : Taka 3830.00 Crore

Page | 16
Number of Employee : 18,806

Number of Branches : 1211

Phone-PABX : 9550426-31, 33, 34, 9552924

FAX : 88-02-9561410, 9552007

SWIFT : BSONBDDH

Website : www.sonalibank.com.bd
E-mail : itd@sonalibank.com.bd

Table:2 Corporate profile of Sonali Bank Limited

4.3 Some Notable Features of Sonali Bank Limited:

Notable Features of SBL

Capital Structure:
Authorised Capital : Tk. 6000.00 Crore
Paid up Capital : Tk. 3830.00 Crore

Branches & Subsidiaries:

1 Total No of Branches 1211  
  a. No of Foreign branches 2
  b. No of Local branches 1209
       
    i) No of Rural Branches 743
    ii) No of Urban Branches 466
2 No of Regional Offices 16
3 No of Principal Offices 46
4 No of G.M. Offices 11
     
Subsidiaries:

1. Sonali Exchange Company Incorporated (SECI) having 10 (Ten) branches in USA.

2. Sonali Investment Limited (Merchant Banking) having 4 (Four) branches at
Motijheel, Paltan, Uttara, Mirpur in Dhaka and 1 (One) branch in Khulna,
Bangladesh.

Page | 17
 Associates:

1. Sonali Bank (UK) Limited having 2 (Two) branches in UK.

2. Sonali Polaris FT Limited

Representative Offices :3: 1(One) in Jeddah,

KSA; 1 (One) in
Riyadh, KSA and 1
(One) in Kuwait.
Correspondence : 639
Table 3: some notable features of SBL

4.4 Organizational Structure of Sonali Bank Limited:

Managing Director

Deputy Managing Director

General Manager

Deputy General Manager

Assistant General Manager

Senior Principal Officer

Principal Officer

Senior Officer

  
Cash Officer General

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 
 
Cash Officer
 
Head Cashier Sub Accountant
 
Senior Cashier Cum Clerk Senior Clerk
 
Cashier Cum Clerk Clerk
4.5 Objectives of Sonali Bank Limited:
Sonali Bank has a various type of objectives. Important objectives of Sonali Bank are as
follows:
 Collection of deposit
 To secure deposit
 To inspire savings
 To control loan
 Expansion of trade and commerce
 Helps in industrialization
 Increase the capital formation
 Provide the customer service
 To analyzed the idle fund to proper in restrict
 To earn profit

4.6 Mission, Vision and Slogan of SBL:

4.6.1 Mission:
Mission is to dedicated a whole range of quality products that support divergent needs of
people aiming at enriching their lives, creating value for the stakeholders and contributing
towards socio-economic development of the country.
4.6.2 Vision:
Vision is to be socially committed leading banking institution with global presence.
4.6.3 Slogan:

Page | 19
 Your trusted partner in innovating banking.
4.7 Management of Sonali Bank limited:
The management of Sonali Bank is very systematic for operating banking function. The
management of bank consists of a board of directors. A board of directors of Sonali Bank
consists of 10 members. They are selected annually.
Directors formulate the major policies of the bank and select officers whose duties are to
execute these policies and to conduct the routine operations of the bank. They are responsible
for the diligent fair and prudent administration of the institution’s officers.
Officers are appointed by the board of directors and they do the banking function according to
the directions of the board of directors.

Deputy Director (DMD)

Figure: Management of Sonali BankGeneral

Limited Manager

Deputy General Manager

4.8 Sonali Bank Limited, Kotbari Branch Overview:

 Bank Name  Sonali Bank Limited

Assistant General Manager (AGM)
 Branch Name  Kotbari Branch
 Address Senior Principal Officer
 Kotbari, Cumilla

 Telephone  081 76087

Principal Officer
 SWIFT Code  BSONBDDH

 District  Cumilla
Senior Officer
 Working Days  Sunday - Thursday (Except Holidays)

 Sunday: 10:00 am - 5:00 pm

Officer
 Service Hours
 Monday: 10:00 am - 5:00 pm
 Tuesday: 10:00 am - 5:00 pm
 Wednesday: 10:00 am - 5:00 pm
 Thursday: 10:00 am - 5:00 pm

 Closing Days  Friday

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  Saturday

Some important issues of Kotbari Branch

 No. of employees:15
 Officer: 13
 Staff: 02
 Total Deposit: 82,55,92,142
 Cash & Bank Balance: 14,12,117
 Total Loan & Advances: 54,032,770
 Recovery of classify loan is very satisfied.
 Nonperforming asset is very nominal.
 The Branch is offering low interest rate as agricultural sector to reduce
poverty of the rural people beside this many social services, utility
service are given to the customer at gross root level.
 Above all the business profit of the branch is gradually increasing.

4.9 Cash Management of Sonali Bank limited, Kotbari Branch:

Sonali Bank, Kotbari Branch, Cumilla is obliged to give services are as follows:
Cash is liquid asset and cost incurring but non-earning and risky, so its management is very
important from the following points of view:
a. Security and safety measure.
b. Proper utilization
c. Customer service development
Steps of cash management of Branch level:
a. Cash receipts and cash payments:

The process
Receiving of along
cash receiving
withand payment of cash of this branch can be illustrated with the
deposit slip over the Receiving cheque on the
following:
counter by the cash officer counter
Receiving Cash
Recording in cash receive
Payment of Cash
Token issuing and posting
register and passing to in register
passing officer

Ledger posting and posting

Checking and signing by to the passing officer
the passing officer

Making cash payment by

Passing the original deposit cash officer
slip for ledger posting
Recording in cash
payment register
ledger posting Page | 21

Passing vocher
Passing vocher
b. Cash Balancing:
All the cash related employed ensure the balancing of cash on daily basis.
- All cash resister written in words and signed.
- Checking agreed with each other.
- Preparing cash position memo.
- Writing cash balance book.
- Checking all registers and signing.
- Ensuring cash cum daybook.
c. Checking Cash in Hand:
Cash should be cheered as per cash balance books.
- Counting the losses cash entirely also coin.
- Petty cash.
- Prize bond Stout.
- Late paid cash/security instrument.
- Surplus cash if any voucher.
d. Cash Safe Keeping:
All the custodians of cash must ensure overnight safe keeping of cash at branch level.
Counted cash to keep under following precaution:
- Iron safe condition.
- Strong rooms as per specification.
- Lodgment of keys.
- Excess over limit disposal.
e. Cash Remittance:

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Only cash feeding branch is entitled to carry the cash for remittance purpose.
- Cash carrying them with armed guards.
- Transport mode conventional / Non-conventional.
- Cash transmit limit
- Cash monument registers.
- 4.10 Customer Service of Kotbari Branch, Sonali Bank limited:

Diagram No.-2
Sonali Bank, Kotbari Branch offers the following customer facilities:

Customer Service

Bills Remittance Public Bills Collection

TT DD PO

Pension Gratuity Fund Passport Salary & allowance of

teacher

Allowance for freedom

fighter

Customer Cheque
Collection

Same bank different Other banks different

branch branch

Source: Summary of Customer Service of Sonali Bank Ltd.

 Money Transfer:
 Demand Draft (DD):

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Demand draft is the most popular instrument of remitting fund. It is an order to pay money
drawn by one branch of a Bank upon another branches of the same bank for a particular sum
of money which is payable to order and demand.
 Telegraphic Transfer (TT):
Telegraphic transfer is the fastest means of money transfer between two branches of the same
bank. In this procedure no instrument is sent to the paying branch. Only message is sent to
over telephone or telex and the paying branch makes payment after getting message.
 Payment Order (PO):
It is a written document. This payment order can be encased on that branch from where it is
issued. Several supplier organizations use this PO and here no account is needed to open with
the bank. It is issued locally. This instrument is used generally by the contractors and
suppliers.
 Pension:
The retired persons draw pension money from this bank branch. For, this 1% commission or
service charge is taken; pension money is supplied to this branch by govt.
 Customers Cheque Collection:
Customers can liquidate a check drawn upon another bank. Commercial banks perform this
function for customers without any charge. The collection procedure is shown below-
First : After receiving different hills from customer
Second : Sorting the bills according to various banks.
Third : Send to head office.
Fourth : Send to Bangladesh Bank for settlement through clearing house
Fifth : Posting the customer A/C.

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5.1 Remittance:
Remittance means transfer of money from one to another. Bank provides this facility to their
customer as a part of essential services provided to them. The transfer of money can take
place either within the country or from one country to another.

The remittance of freely convertible foreign currencies which we are receiving from abroad
against which the Authorized Dealers making payment in local currency to the beneficiaries
may be termed as Foreign Inward Remittance. The transfer of money can take place either
within the country or from one country to another.

 Foreign Remittance.
 Local Remittance.
When transfer of money occurs from any foreign country to the home country it is called
foreign remittance. The economy of Bangladesh is mainly depended on this sector. Both the
receiver and sender want this money to be transferred safely and rapidly. Bank provides these
services to them in a secured way. When money is transferred through one place to another
place within the country, it is called Local Remittance.

Sonali Bank has highest number of branches all over the country and offers various kinds of
remittance facilities to the public.

5.2 Foreign Remittance:

Remittances actually refers to the transfer of funds by the migrant’s workers (expatriates) to
their families at home. Foreign remittance defines the transfer of foreign currencies from one
place/person to another place/person. Elaborately foreign remittances refer to sale and
purchase of all foreign currencies for the purposes of Import, Export, Travel and others.

Page | 25
Anyway, particularly Foreign Remittance means sale and purchase of foreign currencies for
the purposes except export and import.
Foreign remittance, in simple terms, means money remitted in foreign currency. More
precisely, it is termed as remittances in foreign currency that are received in & made out
abroad. Conceptual Issues International remittances are defined as the portion of migrant
workers’ earnings sent back from the country of employment to the country of origin (ILO,
2000).

5.3 Importance of Foreign Remittance:

In any developing countries the common problem is shortages of foreign exchange reserve
which is very essential to pay the import bills. Bangladesh is not an exceptional country but
Bangladesh depends more on remittances to meet the problem of payment of the import bills.

Remittances functions as an alternative to inefficient or nonexistent credit markets and also

promotes growth by smoothing the investment constraint. There may be positive impact of
remittances on economic growth if remittances are used for the purpose of children’s
education and welfare expenses such as health care, rehabilitation. There may be a positive
impact on labor productivity and output of the home country in the long run. A positive
multiplier effects on GDP may be occurred because of spending remittances on either
consumption or real estate. Remittances may act as an alternative way to promote investment
in those countries in which there is poor financial sector. Foreign remittance has a great
impact on socio economic conditions of a country. Banking system also makes profit through
remittance and can expand its financial inclusion program.

There may be negative impact of remittances on growth in the host country if “demonstration
effect” exist. To consume import the remittance recipients can be motivated.

5.4 Determinants of Foreign Remittance:

Migration stock:
It is generally supposed that there is a correlation between increase in the number of migrant
workers abroad and level of remittances. Howsoever, it is important to determine the amount
of remittance sent home by migrants on the basis of compositional features of them. Mixing
of temporary and permanent migrants is such a feature where the temporary migrants are

Page | 26
thought to send higher proportion of their income. Remittance flow has been increasing from
those countries to which our country people go to earn more money. For an example, Most
number of migrant labor workers are working in Saudi Arabia so the remittance flow from
Saudi Arabia is higher than any other countries in the world. Other countries such as U.A.E,
Oman, Malaysia etc have also large number of Bangladeshi migrants and so our country
receives huge remittance from that countries.

To understand the correlation two graphs has been represented below:

Graph 02: Country wise migration of 1976-2018.

Source: bmet.gov.bd/BMET/viewStatReport.action?reportnumber=26
Graph 03: Country wise remittance flow of 2017-2018

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 Source: Wage Earners Remittance inflows: Selected Country wise, Bangladesh Bank

From the above mentioned two graphs we can say that there is a moderate correlation between
the number of country people migrated and remittance flows. We also see that some countries
have a large number of Bangladeshi migrants but the remittance flows from that countries are
not expected because of that countries’ economic recession, political instability. And migrants
from some countries such as Oman, Malaysia, Singapore, Kuwait etc have been increasingly
sending remittance to our country because of stable situation in those countries.

Composition of migrants in regard of skill is also another sight. Lower skilled workers tend to
send a higher proportion of their lower income to the country of origin. On the contrary, there
is a negative relationship between unskilled workers and remittances. Unskilled labor reduces
the average remittance size because of small earnings. And so it is proved that there is a
positive relationship between income and human capital. Number of professional workers are
least. Though they earn huge, they do not send the whole amount to the country.

Graph 04: Category-wise Overseas Employment from 1976 to 2018

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 2%3% 5%

Professional
21%
Skilled
Semi skilled
Les skilled
Others
69%

Source: BMET Figure of June, 2018

Host Country Economic Condition:

Many studies found significant relationship between host countries’ output with the flow of
remittances. At present we know that the economic condition of Saudi Arabia is not good
because of falling the price of oil and gold. Many expatriates in Saudi Arabia are not getting
salaries at proper time and many people lose their jobs because of company’s decision to
reduce employees. As a result there is a negative impact on remittance flow from Saudi
Arabia. Because of bad economic conditions many people are not willing to go to Saudi
Arabia though the govt. of K.S.A has released a large number of Visas. Expected economic
condition of the labor importing countries may raise because of existing migrant workers’
wages and creates a positive incentive on demanding for low-cost foreign workers. Therefore,
the present and future flow of remittances can increase in home country of migrants. If higher
number of migrants sent abroad, the future flow will be increased depending on the ability of
home country to arbitrate with the host countries. However, the balance between the skill
level of prospective workers and the demand of host countries would also be important factor
for potential future remittance.

Home Country Economic Condition:

The migrants’ home country economic condition is also regarded as one of the important
determinants of remittances of workers. An adverse economic situation in the migrants’ home
country will play a vital role in sending remittances. Adverse economic condition results in a
fall in income of a family in a home country may lead to a surge in inflow of remittances as
the migrant will send more remittance to family by working harder. In case of considering the
flow of remittances from various source countries to home country, we don’t use home
country economic activities directly in our model while we use income deferential between
host and home country to reflect the benevolence motive to remit.

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Income Differential:
The ratio of GDP of host and home country at purchasing power parity (PPP) is used to
measure income differential between host and home country. The benefits of using this
measure over other measures are of considering for non-tradeables. Valuation of non-
tradeables depends on decision of remitters because they send remittance to purchasing goods
and services at home. One can dispute that the flow of remittances has a propensity to rise
during the economic downturn in home country if the estimated coefficient of this variable is
positive. Chami et al (2005) used the difference between home and host country (US) per
capita output to reflect the benevolence motive in their empirical model. Schiopu and
Siegfried (2006) used the ratio of GDP per capita in USD at PPP as a proxy for the income
differential.

Dummy variables:

The recent worldwide surge in the flow of workers’ remittances has been occurred because of
regulatory tightening for the terrorist attack on USA on September 11, 2001 and it’s supported
by many surveys. Two different factors are supposed to have contributed in this regard; one is
the increase in monitoring by financial regulators on remittance service providers, which
caused a shift of remittances from informal to formal sources. Another may have resulted
from the uncertainty of deportation among undocumented migrants, inducing them to send a
larger proportion of their income.
Inflation Differential:
There may be increase or decrease in the flow of remittances due to higher inflation in the
home country relative to host country can. Higher inflation at home country reduces the
purchasing power of family of migrants. Therefore, the migrants try to send more remittances.
On the contrary, it also represents more risk and uncertainty in the home country relative to
host country. If money of domestic country is depreciated, migrants will intend to send more
remittance to home country as the families at home country will receive more money in local
currency. If money of domestic country is appreciated, migrants will intend to send less
remittance to home country as the families at home country will receive less money in local
currency With high level of attachment to the family in the home country, they may send
more money to buy real estate and other tangible goods or for saving at home in domestic
currency.
Dollar depreciation against major currencies increased the dollar value of non-dollar
remittances over time to host country, thereby discouraging them to send more remittances.
Inflation differential is created by using the difference between annual percentage change in
the consumer price index of home and the host country.
Return on financial assets:

Page | 30
The level of remittances should be correlated with the return on financial assets if remittances
are influenced by investment motive. So, remittances in home country can be negatively
correlated with the host country real interest rate or positively correlated with the home
country real interest rate. Increase in real interest rate differential between home and host
country should have effect on the level of remittances, assuming equal market risk in both
countries. We used return on short-term financial assets (3-month deposit interest rate) minus
inflation (consumer prices) as a proxy to estimate the real interest rate of host and home
country. Interest rate differential is the home country real interest rate minus host country real
interest rate.
Exchange rate:

Workers’ motive to send remittance is influenced by bilateral exchange rate between host and
home country. Due to exchange rate depreciation two opposing effects may arise. They are
namely wealth effect and substitution effect. Prices of goods and services reduce in the
foreign currency because of depreciation or devaluation of home currency. A remitter buys
more foreign goods rather than domestic ones due to this condition. On the contrary, the
remittance sender becomes affluent as his/her income increases in the domestic currency.
Thus he is encouraged to buy more goods (including real estates) and services in home
country. The remittance flows in the home country may temporarily increase because of
depreciation but eventually it might undermine the confidence of remitters in the economy.
Meaningful depreciation of domestic currency in the floating rule also played a key role in the
current increase in workers’ remittance in the country. To calculate the bilateral exchange
rates, IFS use the ratio of BDT/USD exchange rate and host country’s rate with USD. The
exchange rate may become internal cause to remittances (higher amount of remittances may
lead to stronger currency). Domestic currency experienced continuous devaluation against in
the face of increasing pressures in the balance of payments. Under the above conditions, the
increasing of remittance flows leads to a stronger currency in our country.

5.5 Remittance Flow in Bangladesh:

Remittance flow in Bangladesh has been increasing year by year. Now Bangladesh is one of
the best remittances receiving countries among the developing countries. The economic,
micro economic and socio-economic conditions are improving year by year because of
receiving Total foreign remittance flow into Bangladesh has been shown show in a table and
later graphically represented: -

Graph 05: Remittance flows from 2008 to 2018

Page | 31
 Remittance flow

14.96 15.08
14.1 13.85

12.05
Billion Dollars

10.51 10.84

8.93

6.55
5.41
4.63

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Year

(Source:tradingeconomics.com/bangladesh/remittances)

In the graph we see that the remittance flow into our economy has been increased from 2008
to 2018 because higher export of manpower in various countries and increase in income level
of foreign workers. But from 2008 to 2018(Dec) remittance flow is in decreasing trends
because of political, diplomatic crisis and economic recession in the Middle East’s countries,
United States and Europe.

Economic experts of Bangladesh, column writers in newspapers, have expected the remittance
flow might be decreased because of reduction in oil prices and gold which are the main
contributing properties of some middle-east countries where a large number of Bangladeshi
migrants are working.

5.6 Country wise Wage Earners Remittance inflows 2015-2018:

Wage earners of various countries send remittance in our country. A diagram has been given
below to understand that from which countries we receive more and less remittance.

Graph 06: Country wise remittance flow in percentage of total remittance.

Page | 32
 Source: Wage Earners Remittance inflows: Selected Country wise, Bangladesh Bank

Migrant workers in Saudi Arabia send more remittance than other countries in the world. Our
country receives 20% of total remittance from Saudi Arabia. Half of the migrant workers are
working in Saudi Arabia. Major remittance comes from middle-east countries such as Saudi
Arabia, United Arab Emirate, Kuwait, Oman, Qatar etc.
Bangladesh receives 16% of total remittance from USA. Many skilled, semi-skilled workers
are working in USA for the family of home country. They send remittance at regular intervals.
Some European countries also have Bangladeshi migrant workers. That’s why we receive
remittance from European countries. Bangladeshi migrant workers are also working in Africa
Continent countries such as Libya, South Africa, Egypt remitting money to our country for
supporting family.

5.7 Foreign Remittance Procedure of Sonali Bank Limited:

According to the Foreign Exchange Regulation Act, 1947 and guidelines for Foreign
Exchange Transactions, Bangladesh Bank has classified all foreign remittances into two broad
categories:

Page | 33
 1. Inward remittance
2. Outward remittance

5.7.1 Inward Remittance:

Inward remittance takes place when our country receives remittance from foreign countries. In
details, foreign inward remittance means the remittance of freely convertible foreign
currencies that we receive from foreign countries against which the permitted dealers make
payment in local currency to the beneficiaries. The ways of receiving inward remittances are
draft, mail transfer, TT, export bills, travelers’ cheques and foreign bills. A local bank
receives specific commission for providing inward remittance service.
The Inward remittance amounts of last 5 years of Sonali Bank Ltd are mentioned below:

Graph 07: Inward remittance flow from 2014 to 2018

Inward Remittance
Source: Annual reports of Sonali Bank Ltd from 2014-2018
13286.21
12479.79 12765.23
11686.57

10153.83
iecro
TK

2018 2017 2016 2015 2019

Year

Table 04: Charges of SBL on Inward Remittance Services

Serial Number Services Charges

Page | 34
 01 Collection of foreign cheques/drafts Com : TK 200/
P&T : At actual min TK
100/-
FCC : At actual
02 Purchase of cheques/drafts/TCs drawn on Com : @ 1.00% P&T
abroad (with the approval of HO) :TK200l- FCC : At actual

03 Foreign TT payment including advance Free.

payment against export
04 Encashment of cash foreign currency TK 200 up to US$ 10,000
TK 300 above US$ 10,000
Source: schedule_of_charges_ITFD_2018.pdf from
(sonalibank.com.bd/PDF_file/citizen_charter/services_directory_sbl_2018.pdf )
5.7.2 Outward Remittance:
Outward foreign remittance occurs when our country remits currency to foreign countries. In
details, Outward remittance means selling of foreign currency by the authorized dealers or
formal channels. It must be assured by the authorized dealers that foreign currencies are
remitted and used only for the right purpose. Outward remittance can be done by appropriate
method to the country to which remittance facility is authorized by Bangladesh Bank.
The Outward remittance amounts of last 5 years of Sonali Bank Ltd are mentioned below:
Graph 08: Outward remittance of SBL from 2014 to 2018

Source: Annual reports of Sonali Bank Ltd from 2014-2018

Table 05: Charges of SBL on Outward Remittance Services
Serial no Services Charges

Page | 35
 01 Issuance of Drafts drawn on abroad Com: TK 2001- SWIFT: TK
1,000/-
P&T: TK 100/ (if required)
02 Issuance of FDD drawn on BB from FCRQ A/C Com: TK 1,000i- SWIFT: TK
500/- (if required)

03 Issuance of FDD drawn on BB from FC A/C Com US$ 5.00

04 Charges for issuance of counter draft in favor of Com: TK 2001

other local banks against remittance P&T: TK 100/- SWIFT: TK
500/- (if required)

05 Issuance of TT in FC Com: TK 2001-

SWIFT: TK 1.000/-
06 Cancellation of drafts/TT in FC Com: TK 2001- SWIFT:TK
1,000/-
P&T: TK 100/- (if required)
07 Issuance of duplicate drafts drawn on abroad Com: TK 2001- SWIFT: TK
1,000/-
P&T: TK 100/- (if required)
08 Passport endorsement TK200l- per passport
09 Processing of student file for education abroad New: TK 3,000/-
Renewal: TK 1,000/-
Source: schedule_of_charges_ITFD_2018.pdf from
(sonalibank.com.bd/PDF_file/citizen_charter/services_directory_sbl_2018.pdf)

Purpose of Outward Remittance:

 To settle Import Payment.
 To meet Travel Expenses/Medical Expenses/Educational Expenses etc.

Different Types of Outward Remittances:

A) Private Remittance
B) Official & Business Travel related Remittance
C) Commercial Remittance

A) Private Remittance:
 Family remittance facility:
Expatriates working in Bangladesh with the approval of the Government Bangladeshi
migrant worker can remit 75% of their net income through an Authorized Dealer (to
the country of their origin). They can also remit 100% of their leave salary as savings
and pension benefits, without the prior approval of Bangladesh Bank. Here net income
indicates the gross income of the applicant less all mandatory deductions of income
tax, provident fund and pension fund, house rent and others of a fixed nature. (FE
Circular No.06, April 15, 2013)

Page | 36
 Moderate amounts of remittance for maintaining family members of abroad (spouse,
children, parents) are permitted by BB on written request supported by
certificates/required documents from the related country.

 Membership fee and registration fee:

Authorized Dealer (AD) may remit for membership fee and registration fee to
professional/scientific institutions without prior approval of Bangladesh Bank. They
can also remit fees for application, registration, admission, examination (TOEFL, SAT
etc.) so that students can admit into foreign educational institutions on the basis of
written application from the related foreign institution showing the amount that will be
remitted. Such remittances should be paid directly to the related institution through
draft/TT etc. and the transaction should be reported to the BB backed by Form TM in
the usual monthly return.

 Education:
Bangladesh Bank approval is required to release foreign exchange for the students at
school level in foreign countries to support their education expenditures. Besides, ADs
can release remittances for Bangladesh students to admit and study in regular courses.
Undergraduate, post graduate and language courses are pre-requisite for bachelor
degree & professional diploma/certificate in recognized institutions in foreign
countries subject to verification of bona fides according to the following conditions.

 Application duly filled in;

 The educational institution issue original and photocopy of admission letter on
behalf of the student (such as US institutions require I-20);
 The concerned educational institution issue original and photocopy of
estimated annual tuition fee, board and lodging, incidental expenses etc.
 The applicant needs to attest copies of educational certificates.
 Valid passport is required.
 The facility of purchasing of foreign exchange/remittance will not be allowed
for more than one academic year at a time;
 The current progress report and current estimated costs of the educational
institution should be taken into consideration for releasing of foreign exchange
subsequent each time.
 The ADs will keep individual file for each student with all relevant papers in
readiness for inspection of BB officials.

 Remittance of consular fees:

Foreign embassies in Bangladesh collect consular fees and deposit in a Taka Account
maintained with an AD for remitting consular fees to foreign countries without prior

Page | 37
 approval of Bangladesh Bank. The AD needs to submit report of such remittance in
the usual monthly returns along with the relevant TM Form to Bangladesh Bank.

 Travel:
Bangladeshi adult nationals can visit to SAARC member countries and Myanmar and
other countries under the annual travel quota contract at maximum $5000 or
equivalent $7000 respectively during a calendar year. The minors (below 12 years
age) can avail the facility of applicable quota for half amount than adults’ fee. But,
cash amount in foreign exchange must not surpass $3000 per person for per trip.

ADs should ensure the following conditions at the time of releasing foreign exchange for
travel purposes:
 The willing traveler is a client of Authorized Dealer bank (AD bank)
 The willing traveler is well known to the authorized dealer bank.
 The AD bank must be satisfied about the authenticity of the application;
 The willing traveler must possess a confirmed air ticket (if needed) for the journey;
 The released amount is endorsed on the passport and air ticket of the traveller with
irremovable ink, signature and name of the authorized dealer branch inscribed in
the passport and ticket.

 Health/Medical
Without prior approval of Bangladesh Bank, ADs may release up to $ 10,000 as
remittance for medical treatment in foreign countries on the basis of the
recommendation of the medical board/specialist fixed by the Health Directorate and
the cost estimation of the foreign medical institutions. The AD must submit
documents to BB (foreign exchange operation dept.) if the releasing amount of
remittance exceeding $10000 to support treatment in foreign countries. And the
supporting documents will be verified by Bangladesh Bank to justify the authenticity
of the expenses.

 Seminars and workshops:

ADs may release remittance to the participants of private sectors up to $200 per day
for SAARC member countries or Myanmar and $250 per day for other countries
without prior approval of Bangladesh Bank.

 Foreign nationals:

Page | 38
 The ADs may issue Transaction Currency to foreign nationals limitlessly and foreign
currency notes up to $2000 per person against submitting of equal amounts in foreign
currencies. However, the TCs and foreign currency notes should be released only on
origin of a ticket for a country outside Bangladesh and the issued amount should be
endorsed on the concerned passports.

 Remittance for Hajj:

Each year Government of Bangladesh announces the scale at which foreign exchange
will be issued to willing pilgrims to perform Hajj. It should be ensured that release of
foreign exchange will be made as per instructions (issued by BB each year).

B) Official and Business Travel Related Remittance:

 Business travel for new exporters:

New exporters are allowed to carry up to $6,000 and ADs may issue this amount
without prior approval of Bangladesh Bank on the basis of the recommendation letter
from EPB (Export Promotion Bureau). Bangladesh Bank will grant more than $6000
requirements after considering the applications submitted by ADs with supporting
documents.

 Business travel quota for importers and non-exporters:

Importers carry business travel quota such as annual upper limit of $5000 and
nonreporting producers have a quota of 1% of their imports/turnover settled during the
previous year/declared in their tax returns.

 Retention Quota of Exporters:

Merchandise exporters may retain up to 50% of repatriated FOB (Free On Board)
value of their exports in foreign currency accounts (for garments exporters, the quota
is 10%) may use for business. Through this amount they can visit abroad, participate
in export fairs, attend at seminars, office maintenance abroad, import of raw materials.

5.7.2.1 Bangladesh Bank Restrictions on Outward Remittance:

 An application on prescribed form must be submitted to an AD or Bangladesh Bank
wherever necessary for purchasing of foreign currency.
 The prescribed application form will be according to Form IMP (Appendix 5/11) and
for other types of remittances Form TM (Appendix 5/5, Chap.5, Sec.1, Para-2) for
payments against imports in to Bangladesh.
 Ads must use TM form for reporting even if the remittance is approved by Bangladesh
Bank in any other manner. For example: issuing a special permit.

Page | 39
  The ADs may affect the sale of foreign exchange if they have the empowerment to
approve the application after receiving receipt of the application in the prescribed
form.
 AD should forward the form to the Bangladesh Bank for consideration if the
transaction requires prior approval of the Bangladesh Bank.

5.7.2.2 Mode of Foreign Inward and Outward Remittance:

The following are the mode of Inward/Outward Remittances.

➢ TT (Telegraphic Transfer): An electronic method of transferring funds; it’s utilized

primarily for overseas wire transactions. These transfers are used most commonly in
reference to CHAPS (Clearing House Automated Payment System)

➢ MT (Mail Transfer): This mode is used when you wish to transfer money from your
account in Center 'A' to either your own account in Center 'B' or to somebody else's
account. In this mode of transfer, you are required to fill in an application form similar
to the one for DD, sign a charge slip or give a cheque for the amount to be transferred
plus exchange and collect a receipt.

➢ FD (Foreign Drafts): A bank draft which is drawn on a financial institution in the

country of currency. It can be purchased at commercial banks and usually have a fee
depending on the institution and the type of account you hold.

➢ PO (Payment Order): It refers to a directive to a bank or other financial institution

from a bank account holder instructing the bank to make a payment or series of
payments to a third party via paper and/or electronic means.

➢ TC (Travelers Cheque): A traveler's cheque is a medium of exchange that can be used

in place of hard currency.

➢ EFT (Electronic Fund Transfer): EFT is the electronic transfer of money from one
bank account to another, either within a single financial institution or across multiple
institutions, via computer-based systems, without the direct intervention of bank staff.

Page | 40
5.8 Remittance Management System (RMS)
Remittance Management System is a customized process of Sonali Bank Limited. This
system is totally owned by SBL where foreign remittance is processed. Primarily bank
collects the remittance from the 54 exchange houses of different foreign countries. This
exchange house collect money from the customers and then send information about the
customers to the bank. There are two processes for sending the information to the bank.
1. EFT (Electronic Fund Transfer)
2. SWIFT (Society for Worldwide Interbank Fund Telecommunication)

After obtaining data the bank processes the data with the assistance of a customized software
which is prepared for processing data. This software is called Remittance Management
System plus (RMS+) software. Some high quality, energetic, IT specialist and dynamic young
group of employees are engaged to ensure the faster and smother service to the customers.

The exchange house collects information from the customer’s regarding their: -
➢ PON (Payment Order No)
➢ Date
➢ Beneficiary Name
➢ Account Name
➢ Amount
➢ Remitter Name
➢ Beneficiary Branch Name etc.

The bank has installed RMS+ software at Wage Earner’s Corporate Branch (WECB), Dhaka.
The incoming remittances are downloaded and processed at WECB using RMS.

Advantages of RMS:

➢ Transferring money onto customers’ accounts over online.

➢ Sending messages automatically on mobile of receiver/sender at the time of
reaching money at the branch of expatriate.
➢ Providing cash money that has been sent from abroad at spot cash system in spite
of not having an account by the receiver.
➢ Remittance money from one branch of Sonali Bank to another branch over online
TT/DD/MT.

Page | 41
Page | 42
5.9 Country wise statement of Sonali Bank Limited, Kotbari Branch (in
thousand US Dollar)

Table 6: Country wise statement of SBL

Name of Countries Remittance (in 000 $) in 2018

Saudi Arabia 632895

Kuwait 269962
United Arab Amirat 315454
United States of America 223738
United Kingdom 84672
Oman 22514
Bahrain 20127
Malaysia 9512
Singapore 6570
Qatar 2012
Italy 980
Spain 450

Country wise Remittance Percentage of Sonali Bank Limited, for the year of 2018
Others
United Kingdom 4%
5%

United States of America

14%
Suadi Arabia
40%

United Arab Amirat

20%
Kuwait
17%

Chart-1: Country wise statement of SBL

Page | 43
5.10 Total amount of Local Remittances collected of Sonali Bank Limited
Kotbari Branch for the year 2018, 2017, 2016 (In Million Dollar):
Table-7: Local remittances of Sonali Bank Limited
Year Demand Draft Mail Telegraph
Transfer Transfer
2016 45550 40760 35000
2017 54121 45550 42700
2018 80550 65550 55550

90000

80000

70000

60000

50000

40000 Demand Draft

Mail Transfer
30000 Telegraph Transfer

20000

10000

0
1 2 3

Chart-2: Local remittances of Sonali Bank Limited

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5.11 Total Amount of Remittances (Sonali Bank Limited, Kotbari Branch for
the year 2018, 2017, 2016):

Year Amount (Tk. In Thousands)

2016 447404
2017 733418
2018 819402

Table-8: Total amount of remittances

900000

800000

700000

600000

500000

400000 819402
733418
300000

447404
200000

100000

Chart-3 Total amount of remittances

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5.12 Percentage of wage earners remittances collected by JBL, Kotbari
Branch from different country (For the year 2020)

Table-9: Percentage of wage earners remittances

Country Percentage
Kingdom of Saudi Arabia 29.40%
UAE 14.30%
UK 11.30%
Kuwait 10.90%
USA 17.50%
Other countries 16.60%
Total 100.00%

Other countries
17%
Kingdom of Saudiarabia
29%

USA
18%

UK
Kuwait 11% UAE
11% 14%

Chart-4: Percentage of wage earners remittances

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6.1 Quantitative Analyses:
After conducting the survey, the following information is gathered and analyzed through the help
of Statistical Package for social sciences.

Ques-1: This branch has much facility than other bank in remittance management

Table-10: Remittance management facility

This branch has much facility than other bank in remittance management

Frequency Percent Valid Cumulative Percent

Percent
Strongly Agree 8 26.7 26.7 26.7
Agree 12 40.0 40.0 66.7
Neutral 4 13.3 13.3 80.0
Disagree 5 16.7 16.7 96.7
Strongly Disagree 1 3.3 3.3 100.0

Total 30 100.0 100.0

Chart-5: Remittance management facility

Remittance Management Facility

3%
17% Strongly Agree
27%
Agree
Neutral
Disagree
13% Strongly Disagree

40%

Explanation:

Sonali Bank Limited is providing remittance management facility. The people staying in
different countries are using this facility by sending remittance. Employees were asked to know

Page | 47
that the bank has more facility than other bank in remittance management. About 40%
employees are agree, 27% are strongly agree, 13% are neutral, 17% were disagree and 3% are
strongly disagree to this statement. So, from this statement it is clear that Sonali Bank Limited
has more facility than other bank in remittance management.

Ques-2: The people are well informed about remittance facility

Table-11: The people are well informed about remittance facility

The people are well informed about remittance facility

Frequency Percent Valid Cumulative
Percent Percent
Strongly Agree 1 3.3 3.3 3.3
Agree 1 3.3 3.3 6.7
Neutral 4 13.3 13.3 20.0
Disagree 9 30.0 30.0 50.0
Strongly 15 50.0 50.0 100.0
disagree
Total 30 100.0 100.0

People are well informed about remittance facility

60

50
50

40

30
30

20
13.3
10
3.3 3.3
0
Strongly Agree Agree Neutral Disagree Strongly disagree

Chart-6: The people are well informed about remittance facility

Explanation:
As Sonali Bank is providing remittance facility in our country, people of our country are well
known about this facility. From this survey it is found that 3.3% people are strongly agree, 3.3%

Page | 48
are agree, 13.3% are neutral, 30% are disagree and 50% are strongly agree with this statement.
This is clear from the bank activities. But many employees told that the educated people know it
better but the rural and uneducated people are not well known about the remittance management
of this bank.

Ques-3: Foreign remittance facilities are getting expensive in this bank

Table-12: Expense of foreign remittance facilities

Foreign remittance facilities are getting expensive in this bank
Frequenc Percent Valid Cumulative Percent
y Percent
Strongly 7 23.3 23.3 23.3
Agree
Agree 12 40.0 40.0 63.3
Neutral 6 20.0 20.0 83.3
Disagree 5 16.7 16.7 100.0
Strongly 0 0 0 100.0
Disagree
Total 30 100.0 100.0

Fo r e ig n r e mitt a n c e fa c iliti e s a r e g e tti n g e xp e n s iv e

40

23.3
20
16.7

S t r o n g l y Agr ee Agr ee N eu t r al D i sagr ee

Chart-7: Expense of foreign remittance facilities

Page | 49
Ques-4: You face problem as this branch is outside the city in performing remittance
activity.
Table-13: Problem of the branch

You face problem as this branch is outside the city in performing remittance activity

Frequency Percent Valid Cumulative Percent

Percent
Strongly 8 26.7 26.7 26.7
Agree
Agree 16 53.3 53.3 80.0
Neutral 5 16.7 16.7 96.7
Disagree 1 3.3 3.3 100.0
Strongly 0 0 0 100.0
disagree
Total 30 100.0 100.0

You face problem as this branch is outside the city in performing remittance
activity
60
53.3
50

40

30 26.7

20 16.7

10
3.3
0
0
Strongly Agree Agree Neutral Disagree Strongly Agree

Series 1

Chart-8: Problem of the branch

Explanation:
The rural area has many problems. Basically, if the clients want to withdraw more money, they
have to inform e manager one or two days ago to the branch manager. Besides this many of us

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don’t know about the bank activities and ask them many irrational questions to the employee of
the bank. The analysis of this statement shows that about 53.3% employees are agree, 26.7% are
strongly agree, 16.7% are neutral, 3.3% are disagree and 0% are strongly disagree.

Ques-5: You have enough knowledge about foreign remittance management

You have enough knowledge about foreign remittance management

Frequenc Percent Valid Cumulative Percent
y Percent
Strongly 7 23.3 23.3 23.3
Agree
Agree 12 40.0 40.0 63.3
Neutral 6 20.0 20.0 83.3
Disagree 3 12.7 12.7 86.0
Strongly 2 4.0 4.0 100.0
Disagree
Total 30 100.0 100.0

Table-14: Knowledge of foreign remittance management

You have enough knowledge about foreign remittance management

4%
13% 23%
Strongly Agree
Agree
20% Neutral
Disagree
Strongly Disagree

40%

Page | 51
 Chart-9: Knowledge of foreign remittance management
Explanation:
Employees need to be versatile in performing all tasks. For this reason, there is the facility to
rotate from one desk to another desk. It is found that 40% people are agree, 23% are strongly
agree, 20% are neutral, 13% are disagree and 4% are strongly disagree with this statement. From
the observation it is found that most of the employees know how to perform remittance although
some of them did not do the job and that’s why they don’t know about this management.

Ques-6: Remittance activities help to increase the goodwill of the bank

Table-15: Goodwill increased by remittance activities

Remittance activities help to increase the goodwill of the bank

Frequency Percent Valid Percent Cumulative Percent

Strongly Agree 9 30.0 30.0 30.0

Agree 16 53.3 53.3 83.3

Neutral 4 13.3 13.3 96.7
Disagree 1 3.3 3.3 100.0
Strongly 0 0 0 100.0
disagree
Total 30 100.0 100.0

Remittance activities help to increase the goodwill of the bank

60
53.3
50

40

30
30

20
13.3
10
3.3
0
0
Strongly Agree Agree Neutral Disagree Strongly Agree

Page | 52
 Chart-10: Goodwill increased by remittance activities
Explanation:
If any organization can perform any activity very smartly and accurately, its reputation will be
increased. As Sonali Bank Limited is performing remittance management activity with high
responsibility the reputation has been increased. From this chart it can be found that 30% are
strongly agree, 53.3% are agree, 13.3% are neutral, 3.3% are disagree and 0% are strongly
disagree with this statement.

Ques-7: Rural people have good knowledge about remittance management as the withdraw
money
Table-16: Knowledge of rural people on remittance management
Rural people have good knowledge about remittance management as the
withdraw money
Frequenc Percent Valid Cumulative Percent
y Percent
Strongly Agree 8 26.7 26.7 26.7
Agree 12 40.0 40.0 66.7
Neutral 4 13.3 13.3 80.0
Disagree 5 16.7 16.7 96.7
Strongly 1 3.3 3.3 100.0
Disagree
Total 30 100.0 100.0

Rural people have good knowledge about remittance management as the withdraw money

3.3; 3%
16.7; 17% 26.7; 27% Strongly agree
Agree
Neutral
Disagree
13.3; 13% Strongly Disagree

40; 40%

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 Chart-11: Knowledge of rural people on remittance management
Explanation:
This chart shows that about 40% are agree, 27% are strongly agree, 13% are neutral, 17% are
disagree and rest 3% are strongly disagree with this statement. So, this study found that
nowadays rural people also have a good knowledge about foreign remittance.

Ques-8: Enough training is available for remittance management in this bank.

Table-17: Training for remittance management

Enough training is available for remittance management in this bank

Frequency Percent Valid Cumulative Percent

Percent
Strongly 4 13.3 13.3 13.3
Agree
Agree 16 53.3 53.3 66.7
Neutral 8 26.7 26.7 93.3
Disagree 2 6.7 6.7 100.0
Strongly 0 0 0 100.0
disagree
Total 30 100.0 100.0

Page | 54
 Enough training is available for remittance management in this bank

6.7
13.3

26.7 Strongly Agree

Agree
Neutral
Disagree

53.3

Chart-12: Training for remittance management

Explanation:
From this chart it is found that about 53.3% are agree, 13.3% are strongly agree, 26.7% are
neutral, 6.7% are disagree and 0% are strongly disagree with this statement. So majority people
are agreed with this statement that enough training is available for remittance management in
Sonali Bank Limited.

Ques-9: You are satisfied with the specific service for transferring inward remittance.

You are satisfied with the specific service for transferring inward remittance
Frequency Percent Valid Percent Cumulative Percent

Strongly Agree 9 30.0 30.0 30.0

Agree 16 53.3 53.3 83.3

Neutral 4 13.3 13.3 96.7
Disagree 1 3.3 3.3 100.0
Strongly 0 0 0 100.0
disagree
Total 30 100.0 100.0

Table-18: You are satisfied with the specific service for transferring inward remittance

Page | 55
 You are satisfied with the specific service for transferring inward remittance

13.3 3.3 30

53.3

Strongly Agree Agree Neutral Disagree Strongly Disagree

Chart-13: You are satisfied with the specific service for transferring inward remittance

Explanation:
From this chart it is found that about 53.3% are agree, 30% are strongly agree, 26.7% are neutral,
3.3% are disagree and 0% are strongly disagree with this statement. This study found that
majority of the respondents are agree with this statement and they are mostly satisfied with the
specific service for transferring inward remittance.

Ques-10: You like to stay with the organization

You like to stay with Sonali Bank Limited

Frequency Percent Valid Cumulative Percent
Percent
Strongly 7 23.3 23.3 23.3
Agree
Agree 12 40.0 40.0 63.3
Neutral 6 30.0 20.0 83.3
Disagree 5 6.7 16.7 100.0
Strongly 0 0 0 100.0
Disagree
Total 30 100.0 100.0
Table 19: You like to stay with Sonali Bank Limited

Page | 56
 You like to stay with Sonali Bank Limited
45
40
40

35

30

25 23.3
20
20
16.7
15

10

5
0
0
Strongly Agree Agree Neutral Disagree Strongly Disagree

Series 1
Chart 14: You like to stay with Sonali Bank Limited
Explanation:
From this chart it is found that about 40% are agree, 23.3% are strongly agree, 30% are neutral,
6.7% are disagree and 0% are strongly disagree with this statement. This study found that
majority of the respondents are agree with this statement and they are agree to stay with Sonali
Bank Limited.

6.2 SWOT Analyses:

STRENGTH:
 Largest commercial bank in Bangladesh.
 Widely recognized and strong brand name.
 Agent of Bangladesh bank.
 Qualified and experienced workforce.
 Strong liquidity and financial condition.
 Strong networks all over in Bangladesh.
WEAKNESS:
 Huge amount of bad/debt loan.
 Lack motivation of workers.
 Service is not up to the mark.
 Online banking is not strong.

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  Absence of teamwork.
 Weak branch controlling and monitoring system.
OPPORTUNITY:
 Investment potentiality in Bangladesh.
 Increasing demand of customer finance.
 Enormous opportunity in foreign remittance section.
 By implementing e-commerce and online banking remarkable
 Opportunities are created.
THREATS:
 High standard Commercial/Foreign bank as well as private bank.
 Illegal interference of CBA in banking activities.
 Highly qualified and experienced bankers leave the bank a very high percentage.
 Cannot take proper action against bad debtor due to political interference.
 Increasing percentage of shifting customer loyalty.
 Low Interest rate compare to private /Foreign banks
6.3 Major Findings:

1. Sonali Bank limited is performing the foreign remittance management tasks at level best.

2. The bank has limited vault facility and that’s why people switch from this bank.

3. It has enough training system for remittance management for the employees.

4. Rural people sometimes create problem as they little knowledge regarding foreign
remittance management.

5. It has more facility than other banks.

6. Sonali Bank Limited, Kotbari Branch playing an important role toward the development
of the people of this area.

7. There is no ATM service provided by the branch.

8. It is a leading bank of Bangladesh but it has no attractive appearance in its official

environment.

9. Higher cost of remitting money by the expatriates.

10. Providing lower quality of remittance services.

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 11. Illiterate family members are unwilling to go to bank to receive remittance because they
think it’s burdensome than informal channel.
12. In informal channel the family members of migrant receive more money than the banking
system.
13. In rural area people feel insecure to go to banks rather they receive remittance through
hundi (a most popular informal channel)
14. Majority of migrants are unskilled and uneducated and so they fear to send remittance
through bank by facing difficulties.

15. Internal corruption news of Sonali Bank discourages the expatriates to send money
through SBL

7.1 Problems of Sonali Bank Ltd in Remittance Management System:

There are many problems in Sonali Bank remittance management system and these are affecting
the smooth and profitable operation of remittance activities. The problems are mentioned below:

 Lack of efficient employees.

 Lack of better internet facility.
 Lack of effective management system.
 Lack of data processing system.
 Lack of IT specialized.
 Lack of security.
 Lack of proper monitoring activities.
 Lack of reporting in timely manner.
 Vulnerable software with having bugs.
 Sometimes the central sever gets too slow that data base system does not work.
 Old technological devices disturb and gets hanged frequently
 Employees in remittance unit of the bank face the problems of eye burn and headache for
looking at monitor for a long time

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7.2 Recommendations:
After completing the study, the following recommendation can be given for Sonali Bank Limited
for proper management of foreign exchange management.

1. The Bank should develop an effective database needed for analyzing foreign remittance
2. Remittance Management Process should be more standard, easier & flexible.
3. Networking system should be fast for quick service to the clients.
4. Letter of Credit (L/C) opening system for the importer should be easier.
5. For customer's convenience, Sonali Bank should provide more personnel to deliver faster
services to the customers.
6. Proper communication system and maintenance of files & machineries like phone,
computer, fax, and photocopier need to be ensured.
7. To ensure error free faster services, the bank should be fully computerized.
8. Vault facility has to be increased.
9. Research & Development activities should be taken into consideration
10. Effective strategies must be undertaken for remittance management.
11. Office should be fully decorated to attract clients to take its services.
12. More employees are to recruit. For the better service, training is must and according to
the skill and education background of employee needs to be positioned.
13. The Bank should absolutely maintain on its own rules and procedures.

Page | 60
 14. The Bank should apply modernized Marketing Information System.
15. The Bank should act without any kind of political influence.

7.3 Conclusions:
The Banking arena in recent time is one of the most competitive business fields in Bangladesh.
As Bangladesh is a developing country, a strong banking sector can change the socio-economic
structure of the country. So, we can say, the whole economy of the country in linked up with its
banking system. Sonali Bank is one of the largest nationalized commercial Banks of Bangladesh.
This bank performs hundreds of important activities both for the public and for the government
as a whole. It has an outstanding bearing to thrive our business sector. It has strong performance
on General Banking, Loans & Advances, Industrial credit and foreign exchange.
As an organization the Sonali Bank Limited has earned the reputation of largest state-owned
commercial bank in Bangladesh. It is pioneer in introducing many new products and services in
the banking sector of the country. The Bank continued to grow and diversify its portfolio in
recent times to have diversified client base. The percentage of non-performing loans dropped
significantly to which indicates significant improvement. The bank is much different in any
terms. Its activities are vast and in cases unique to any other bank. Its deposits and loans are huge
compared to other banks. It finances government projects, provides unique services to people in
need, even in places it works as central bank. This Bank often makes decision for the welfare of
general public despite risk of credit exposure.
This study highlights Foreign Remittance of Sonali Bank Limited and special emphasis given on
foreign remittance system. Its pioneer role in handling foreign trade and foreign exchange

Page | 61
transactions ever before independence of the country still remains unchallenged. With wide
network of branches at home and also a large number of correspondent banks worldwide it is
singularly handling the largest volume of export-import business including homebound
remittances. The effective and efficient Foreign Exchange Business of the Bank helps in the
continuous growth and progress of national economy

Page | 62