“Remittance Activities of Agrani Bank Limited: A Study on Principal Branch, Dhaka”

Abstract

This study is an attempt to reflect the position of Agrani Bank Limited in the banking industry procedures, policies and activities with emphasis on foreign remittance business. A foreign remittance is a transfer of money by a foreign worker to an individual in his or her home country. Agrani Bank Limited is a government owned bank with numerous branches spreading all over Bangladesh. It collects remittances from NRB (Non Resident Bangladeshi) from different countries and transfers the currency in BDT to the destined location. 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 and made out aboard. Here the inward remittance and outward remittance of ABL are described. Along with, how this foreign remittance activity affects our life standards have also shown. In this report the contribution of ABL’s remittance earning on national remittance earning are described. Different data regarding different functional areas and remittances have been collected through both using primary and secondary sources of information. Most ordinary people are very much happy by collecting their overseas money through bank. Agrani Bank Limited is one of the biggest bank as well as financial organization of Bangladesh. Recently, the government has appointed foreign management who would work independently and by taking appropriate measures will try to improve things. The mission of the bank is to actively participate in the socio- economic development of the nation by operating a commercially sound banking organization, providing credit to visible borrowers, efficiently delivered and competitively priced. ABL’s performance is satisfactory. Because for having some constraints like full advantages of modern wonder, high quality services like private banks, internal integration, team work etc. After analyzing the data of ABL’s remittance earning process, this report has also suggested that ABL lacks in foreign currency collection structure. Its remittance earning is increasing but the increase is far below the national remittance increase. ABL has to provide improved facilities to their remitter, services should deliver within 05- 10 minutes, provide 100% online banking system to retain clients, enormous opportunity in foreign remittance section should be utilized, make strong networks all over in Bangladesh. ABL should take up to the mark structured change in service to cope with the national trend and help Bangladesh earn more remittance.