General Banking Operations of Janata Bank Limited
CHAPTER – ONE
Introduction
a) History of the janata Bank:
The bank was initially emerged in the banking scenario of the then East Pakistan as ‘The United Bank Limited” and ‘The Union Bank Limited” at the initiative of some Bengali entrepreneurs in the year 1959 under Bank Companies Act l’) 13. After the independence of Bangladesh in 1972 this Bank was nationalized as per policy of the Government and renamed as Janata Bank Limited. Janata Bank Limited is a 100% government owned commercial bank in Bangladesh.
b) Objectives of the Organization:
1. Board Goal:
As a commercial organization Janata Bank Limited belongs to people. It implies that it stands for meeting the banking needs of the mass of the society. It is new aspect of banking and this philosophy is to be transacted in functional terms in phases.
2. Operating Goal:
Janata Bank Limited is a commercial bank. In compliance with very nature of the organization, the objective in mind the bank aims at excelling quality and diversified services. To fulfill its mission Janata Bank Limited has its main objectives as follows:
o To make profit maximization.
• Act as a media of exchange.
• Contribute to the gross domestic product.
• Maintain to a satisfactory deposit mix.
• Help to grow entrepreneurship.
• Increase loan portfolio diversification and geographical cove
• Help to grow SME.
• Provide finance in information technology sector.
• Help to boost up economic development.
c) Function’s of the Organization:
Janata Bank offers all the major banking facilities and services to its customers. The Bank with its network spreading throughout the country has a unique feature of laughing back savings from those places and then investing them into different loan portfolios.
Janata Bank with its wide ranging branch network and skilled personnel provides prompt and personalized services like issuing:
· Demand Draft
· Telegraphic Transfer
· Mail Transfer
· Pay Order
· Security Deposit Receipt
·Transfer of fund by special arrangement,
·Normal transfer
·Electronic transfer through Ready Cash Card.
·The Bank provides the following Internet facilities:
· Current/Savings/STD account status
· FDR account status
· Advance account status
Loan account status
Remittance services are available at all branches and foreign remittances may be sent to any branch by the remitters favoring their beneficiaries. Remittances are credited to the account of beneficiaries instantly or within shortest possible time. Janata Bank has correspondent banking relationship with all major banks located in almost all the countries/cities. Expatriate Bangladeshis may send their hard earned foreign currencies through those banks or may contact any renowned banks nearby ( where they reside/work) to send their money to their dear ones in Bangladesh.
Janata Bank has already established a world wide network and relationship in international Banking through its 4 (four) overseas branches and 1221 foreign correspondents. The Bank has earned an excellent business reputation in handling and funding international trade particularly in boosting export & import of the country. The Bank finances exports within the frame-work of the export policy of the country.
Other product facilities and services to the customers
d) Role of the Organization in the economy in the economic Development of Bangladesh: – Financial institutions are very much essential for the overall development of a country. Especially banks play an important role in the field of promotion of capital, encouragement of entrepreneurship, generation of employment opportunities etc. Market economy or free economy is widely used-concept about the present economy of Bangladesh. The country adopted the concept in the late seventies with the privatization of significant number of enterprises. The practices of free market economy started from the eighties with the changing of the world economy. A number of initiatives were taken from the nineties to increase the competition and efficiency in money market, relaxation of unwanted rules and regulations, improvement of loan related law and other situations and improve the financial base of the banks of the country.
e) Organ gram of the Organization:
f) Mission of the Organization
Janata Bank Limited will be an effective commercial bank by maintaining a stable growth strategy, delivering high quality financial products, providing excellent customer service through an experienced management team and ensuring good corporate governance in every step of banking network.
g) Vision of the organization:
To become the effective largest commercial bank in Bangladesh to support socio canonic development of the country and to be a leading bank in South Asia.
the critical evaluation of the credit management under the guidelines of the Bank Companies Act 1991, and a discussion on the major findings and recommendations.