INTRODUCTION
Background of the Report
My efforts were to make the combination of academic knowledge with the work environment flourish and to present the experience in the reporting manner. I tried to explain my involvement in the functional learning about the Credit Risk Management and with the other baking related tasks.
Objectives of the Report
Scope and limitations of the Report
It was challenging to find time to intern, because the leaders of the Basic Bank were taken out unnecessarily. Dewan Zakir Hossain, information secretary in the ministry, was appointed chairman of BASIC Bank Limited in 2009. Following a Bangladesh Bank investigation, Basic Bank sacked its managing director, Kazi Faqurul Islam, in 2015 due to financial irregularities at the bank.
Basic Bank has received criticism for irregularities from Sonali Bank UK Ltd and other foreign institutions. The Daily Star referred to BASIC bank as "blatantly looted" in response to a report submitted by Bangladesh Bank to the Anti-Corruption Commission. Employees of BASIC Bank surrounded the bank's directors in December 2019 and demanded that the firm abandon changes to the payment system.
BASIC Bank Limited (established as Bangladesh Small Industries and Commerce Bank) is a proprietary bank in Bangladesh that was established on 2 August 1988. BASIC Bank provides financial products and services to individuals such as bank and savings accounts, insurance and mortgages. BASIC Bank offers a range of credit cards to meet the everyday financial needs of consumers and businesses.
Various types of factors included as external economic factors for the perspective of Basic Bank Ltd. As the financial institutions are completely dependent on the income of the customers, so the economic growth of the customer is also an important factor for Basic Bank Ltd. In the banking industry, all banks and financial institutes are the main rivalry for Banka Baze sh.pk.
I was unfortunate enough that I did not participate in any training during the internship in the Basic Bank Ltd. Website that promotes surveying In order to track satisfaction levels, the management of BASIC BANK LTD. Manage Protests Successfully: To manage the objections of diverse consumers and to encourage customers to provide feedback on the organizations, BASIC BANK LTD.
Company Analysis
It was owned by the Government of Bangladesh, which held the remaining 30% of the shares, and the BCC Foundation, which held 70% of the shares. On 5 July 2014, Sheikh Abdul Hye Bacchu resigned as chairman of the bank due to non-payment of a 4.5 billion Taka loan. In a 2016 statement, the finance minister said the bank's condition was poor due to corruption by top bank officials and that improvement would take time.
In 2015, the Anti-Corruption Commission filed 56 cases against 156 individuals for stealing 20 billion Taka. Bangladesh Bank has estimated that 45 billion was stolen from the institution during the six years that Sheikh Abdul Hye Bachhu was chairman of the bank. The Anti-Corruption Commission has received criticism from the Bangladesh Supreme Court and the Parliamentary Standing Committee of the Ministry of Finance for failing to identify Sheikh Abdul Hye Bachhu and prove his involvement in its investigation report on the bank.
There have been claims that the lack of prosecution of former president Sheikh Abdul Hye Bacchu has to do with his status as a "Jatiya Party leader" and his "connections in high places". The allegations were denied by Sheikh Abdul Hye Bacchu. The Anti-Corruption Commission filed a case against Jatiya Party MP Mahjabeen Morshed for stealing 2.75 billion taka from a bank. In 2021, AHM Mustafa Kamal, the Minister of Finance, considered the merger of BASIC Bank Limited and Bangladesh Development Bank Limited.
More than 45-billion-taka loan defaulted at the bank, many of the loans were to companies that existed only on paper, with the support of the former chairman, Sheikh Abdul Hye Bachhu. The Bank is required to transfer 20 per cent of its net profit before tax to Capital Fund according to the Banking Companies Act 1991. The principal amount on a deposit or a loan is the amount deposited by the customer in the bank or the amount agreed/ taken as a loan.
Our cardholders can enjoy great lifestyle and travel benefits on their BASIC Bank cards all year round. Always use the debit card of the state-owned Basisbank, we are always ready for your financial needs. Furthermore, the fact that BBL offers both short-term and long-term financing will help the bank minimize risk.
BBL is a private commercial bank that focuses on lending money to various industries with a higher margin after receiving deposits from the public through its several savings schemes. BBL, an established banking company, enjoyed high deposits, continuous expansion and recognition in the banking industry.
Industry analysis
To carry out the above tasks, BASIC Bank works closely with its customers, regulatory authorities, shareholders (GOB), banks and other financial institutions. In fact, there is no such technology with which a company starts its business in the industry, but it changes a lot with time. The primary regulatory body for the banking industry is the Bangladesh Bank, which serves as the country's central bank.
In accordance with the Bangladesh Bank Order, 1972, the Government of Bangladesh restructured the Dhaka branch of the State Bank of Pakistan as the country's central bank and renamed it Bangladesh. In addition, 9 FCBs are operating in Bangladesh as the subsidiaries of the institutions established abroad. As the banking industry has become big, so the Basic Bank has to change its regulations according to the time demand and the customer's interest to stay here.
I couldn't resist using my academic knowledge in the workplace when I had the opportunity to do so. Academic life shows the process by which lessons learned in academic life are applied to success in the working world. Customer services need to be improved to compete with other banks, such as online management and 24-hour internet access.
This discourages speculation rather than just ensuring that conventional people have access to the lending system. Recently, significant progress has been made in the mechanical components used to upgrade the administration of credit risk for consumers. In any case, they aim to assess credit risk holistically by analyzing credit risk investigation techniques, giving them a strong foundation in the event of a.
The systemic administrative framework change, which is essential for the current economic situation and undoubtedly for a competent and convincing credit risk management process, deserves the greatest attention. In order to provide the best service to the customers, it has organized sufficient physical and human resources. Due to the administration's dedication, duty and dynamic leadership over the years, this goal has been realized.
Position, duties, and responsibilities
I recruited there as an intern to complete my internship, which is an obvious part of being awarded my BBA degree. The three main business divisions of a bank are wealth management, wholesale banking and retail banking. Some larger banks also have business divisions outside the conventional three, such as insurance or financial services.
The three important business segments for a bank are retail banking, wholesale banking and wealth management. I realized that there are many types of different account modes; such as savings accounts, school bank accounts, Current accounts, also DPS accounts, krisok accounts, trinumul accounts, nari shonchoy e accounts, FDR etc. Different types of credit issuance; such as SME Loans, Then Krishi Loans, SOD Loans, Cash Loans, Customer Document Collections, Loan Purposes, Appraisal Mortgages, etc.
Training
Contribution to departmental functions
Skills applied
Application of academic knowledge
It goes without saying that after a long learning process, it is a new challenge for me to integrate my academic knowledge with the workplace through my internship. Maintaining the connection between theoretical knowledge and actual work after a demanding, long period of study represents a new difficulty for me. Yet I continue to apply my academic expertise in areas such as teamwork, language, writing, mathematics, design and communication.
By combining theoretical knowledge with real-world experience, the internship gives students the opportunity to realize their dreams, which excites me to no end. Obviously, I wanted to see how successfully I could use the knowledge I had gained through my professional experience. Predictive surveys can also lead to the discovery of customer satisfaction with different management opinions.
Expansion of ATM Locations: Sufficient number of ATM booths can be constructed in various areas to significantly improve customer connectivity and satisfy their interests. The traditional method of saving money is no longer the only one that can be used to maintain financial stability. One notable justification for default advances is the banks' inability to adequately assess the credit risk of a proposed business.
Over time, the central bank established guidelines and general principles to help banks assess their risk and reduce their credit risk. Thus, a corporate loan fund must look beyond the guidance provided by the central bank and establish receivables lending techniques to provide the highest credit rating viability. They need to be more careful in the recovery phase and they should also stop giving some really big clients certain drugs.
It is clear from the discussion in this report that managing credit risk is a complex and evolving process and therefore financial institutions must take a genuine approach to dealing with these challenges. They must employ trained personnel capable of meeting these peculiar challenges, and they must be able to adapt to all necessary frameworks.
Key understanding
