1.1 Introduction

The topic of this report is “Foreign Remittance Management and Impact of Remittance to the

Economic Development: A Study on Southeast Bank Ltd (Bandar Bazar , Sylhet)”.

Remittance has been playing a very important role to the sustainable economic development

of a developing country like Bangladesh. Emigrants send a portion of their earning as

remittance for their family members and relatives as remittance.

I am a student of Leading University, Sylhet. My major in BBA is AIS. I have completed my

internship program in Southeast Bank Limited, Bandor Bazar, Sylhet. In this report I want to

show the foreign remittance services of Southeast Bank Limited, Bandor Bazar, Sylhet. I also

want to focus the contribution of foreign remittance in Bangladesh.

1.2 Background of the Study

This report is an internship report prepared as a requirement for the completion of BBA

program (Major in Accounting Information Systems) of Leading University. The primary

goal of internship is to provide the job exposure to the student and an opportunity to

implement theoretical knowledge in real life situation. The program covers a period of 3

month.

This report focuses on the foreign remittance service of Southeast Bank Ltd. Through this

internship program, I got some practical Knowledge. I was sent to the Southeast Bank Ltd.,

Bandar Bazar Branch, Sylhet to take the practical experience of the activities of banking from

26th November 2013 to 25th February 2014. I am supervised by Wahida Akther, senior

lecturer, Leading University, Sylhet.

1.3 Objectives of the Study

The main objective of the study is to obtain a clear idea and reveal the true picture about the

foreign remittance service of SEBL and to know type of remittance, systems of sending

remittance, uses of remittance, impact on economy, negative impact etc.

The other objectives are as followers:

To fulfill the requirement of My BBA Program.

To analyze the data of Bandar Bazar Branch about remittance.

To know the accounting system used in foreign remittance service

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1.4 Scope of the Study

My Internship report basically based on the Foreign remittance. While working closely with

the Southeast Bank Limited (Bandar Bazar Branch) for three months I found the practical

environment to see the system of foreign remittance service of SEBL.

This report covers the organizational structure, history, function. The customer satisfaction

about the service’s and contribution of foreign remittance in Bangladesh.

1.5 Methodology of Data Collection

I have collected various types of Primary and Secondary data. Data has been collected

through different sources by communicating with the responsible officers and from

customers.

The Southeast Bank Ltd., Bandar Bazar Branch, Sylhet is the Study Area

The Primary Sources of Data

Direct observation.

Practical Banking working.

Face to Face conversation with the respective officer of the SEBL.

The Secondary Sources of Data

Annual Reports of the SEBL (2012)

Internet, official website of the bank.

Documents of Southeast Bank Ltd., Bandar Bazar Branch, Sylhet

1.6 Data Collection and Presentation Techniques

After collecting data from primary, secondary sources , I presented the data by percentage,

chart , graph . By analyzing the data I have shown some findings, provided recommendations

and conclude the report.

1.7 Limitation of the Study

There are some limitations in an every study, I also faced some limitations or obstacles in the

way of completed my internship report. Some limitations of my study are:

The study area was limited.

Lack of opportunity to visit more than one branch.

Time constraint.

Although Officer’s have tried their best to help me, their nature of job is such that

gives them little time to discusses

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2.1 History of Southeast Bank Limited

Southeast Bank Limited is a scheduled Bank under private sector established under the ambit

of bank Company Act, 1991 and incorporated as a Public Limited Company under

Companies Act, 1994 on March 12. The Bank started commercial banking operations

effective from May 25, 1995 . During this short span of time the Bank had been successful to

position itself as a progressive and dynamic financial institution in the country. The Bank had

been widely acclaimed by the business community, from small entrepreneur to large traders

including the top rated corporate borrowers for forward-looking business outlook and

innovative financing solutions. Thus within this very short period of time, it has been able to

create an image for itself and has earned significant reputation in the country’s banking

sector.

2.2 Slogan

“A BANK WITH VISION”

2.3 Vision

To stand out as a pioneer banking institution in Bangladesh and contribute significantly to the

national economy.

2.4 Mission

The missions of Southeast Bank Limited are as follows:

High quality financial services with the help of latest technology

Fast and accurate Customer service

Balanced growth strategy

High standard business ethics

Steady return on shareholder’s equity

Innovative banking at a competitive price

Deep commitment to the society and the growth of national economy

2.5 Objectives

Make sound investments.

Meet capital adequacy requirement at all the time.

Ensure a satisfied work force.

Ensure 100% recovery of all advances.

Focus on fee-based income.

Adopt an appropriate management technology.

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2.6 SEBL’s Core Values

Integrity

Respect

Fairness

Harmony

Team spirit

Courtesy

Commitment

Service Excellence

Insight and Spirit

Enthusiasm for Work

Business Ethics

2.7 SEBL’S Core Strengths

Transparent and quick decision making;

Efficient team of performers

Satisfied customers

Internal control

Skilled risk management

Diversification

2.8 SEBL’s Client Commitments

SEBL’s commitments to the clients are the following:

Provide service with high degree of professionalism and use of modern technology.

Create life-long relationship based on mutual trust and respect.

Response to customer needs with quickness and accuracy.

Sharing their values and beliefs.

Grow as our customer’s grow.

Provide products and services at Competitive pricing.

Ensure Safety and security of customer’s savings.

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2.10 Hierarchy of SEBL

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2.11 SEBL at a Glance

Corporate Information’s at a Glance-

            (Information as per Annual Report 2012)

Name of the Company                    : Southeast Bank Limited

Chairman                                         : Alamgir Kabir, FCA

Vice Chairman                                 : Ragib Ali

Managing Director                           : Shahid Hossain

Company Secretary                        : Muhammad Shahjahan

Legal Status                                      : Public Limited Company

Date of Incorporation                      : March 12, 1995

Registered Office                             : Eunoos Trade Centre, 52-53, Dilkusha  C/A

                                                              (Level 2, 3 & 16), Dhaka-1000

Line of Business                              : Banking

Authorized Capital                          : Tk.10000.00 million

Paid Up Capital                               : Tk 8732.86 million

Number of Branches                       : 94

Year of Initial Public Offer             : 1999

Stock Exchange Listing                  : April 10, 2000 (DSE) & April 24, 2000 (CSE)

Phone                                               :9571115, 7160866, 7173793, 9555466 &

                                                        9550081

Fax                                                    :  9550086, 9550093, 9563102

SWIFT                                              : SEBDBDDHXXX

E-mail                                               : info@southeastbank.com.bd

Website                                             : http://www.southeastbank.com.bd/owa

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3.1 Remittance

Remittance is transferred fund from one place or person to another place or person. Banks

provide remittance service to people whether they have account in that bank or not.

One who send remittance is called remitter and who receive the payment is remittee.

A remittance is a transfer of money by a foreign worker to an individual in his or her home

country. Remittance is the 2nd largest source of foreign currency of our country.

3.2 The Top Recipients of Remittance

The top recipients of officially recorded remittances for 2013 are India (with an estimated $71 billion), China ($60 billion), the Philippines ($26 billion), Mexico ($22 billion), Nigeria ($21 billion), and Egypt ($20 billion). Other large recipients include Pakistan, Bangladesh, Vietnam, and Ukraine. By GDP percentage, the top recipients of remittances, in 2012, were Tajikistan (48 percent), Kyrgyz Republic (31 percent), Lesotho and Nepal (25 percent each), and Moldova (24 percent). The bank listed Bangladesh among the four countries whose remittances are larger than the national foreign exchange reserve.

Remittances to Bangladesh were moderately higher in the first seven months of 2013 than previous year, and growth is expected to accelerate during the rest of the year.

Statistics of Wage earner's Remittance in our country are as follow:

Monthly data of Wage earner's remittance

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Year/MonthRemittances

In million US dollar In million Taka

2013-2014

   January 1250.56 --

   December 1210.21 94095.00

   November 1061.45 82528.70

   October 1230.68 95686.10

   September 1025.69 79747.90

   August 1005.77 78202.30

   July 1238.96 96337.86

2012-2013

   June 1058.24 82283.42

   May 1087.19 84629.58

   April 1194.40 93199.16

   March 1229.36 96605.19

   February 1163.18 91904.24

   January 1326.99 105559.90

   December 1287.31 103667.10

   November 1102.15 89770.10

   October 1453.69 118199.50

   September 1178.83 96345.80

   August 1178.65 96078.80

   July 1201.15 98218.00

2011-2012

   June 1070.86 87671.30

3.3 Type of Remittance

Mainly two types of remittance are there. These are:

3.3.1 Inward Remittance

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The remittance that enter into our country from other country is called Inward Remittance.

Inward Remittance may be as export proceeds, wage earners, investment, tourisms etc.

3.3.2 Outward Remittance

The remittance that goes out from our country to other country is called Outward Remittance.

Outward Remittance may be as import payment, treatment, education, tour etc.

Remittance can also be classified as followed:

Family Remittances: It refers to remittances that are sent by individual immigrants working

in the foreign locations to their family, relatives or friends in their home country. These

remittances are sent every month and they assist the families of the migrants to survive.

These remittances also help the poor families to fight against the poverty. The family

remittances are regarded as the major form of remittances across the world where millions of

workers are working hard in distant land away from their home for earning their livelihood.

Community Remittances: It refers to the remittance that is sent by individual immigrants

generally and also includes the remittance sent by various hometown associations to

organisations and communities in their home country. This money has been used for the

developmental activities of communities such as in building infrastructure, church, parks, and

roads. It also offers health care to the poor. The community remittances are also used for

offering health benefits, education; and employment to big communities who need these

facilities in the home countries.

Migrant worker Remittances – These remittances refers to the cash transfers done by migrant

workers for sending the money to the families, friends and relatives back home. The migrant

worker remittances make up a large chunk of money inflows into home country by the people

who have migrated to foreign locations in the search of money, job or education.

Social Remittances – These remittances basically comprise of various ideas, practices, and

social capital that make up the backbone of many remittances that flows from workers of one

country to another. Thus social remittances assist the traditions and culture of one race or

community, to socialize with the cultures and traditions of another community. Social

Remittances help in the bonding of people and do not have money associated with them.

3.4 Remittance Sending Systems

There are two systems of sending remittance. They are described in below:

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Formal system

Demand draft, traveler’s check, telegraphic transfer, postal order, direct transfer, Automatic

Teller Machine (ATM) etc are the formal way to send remittance.

Informal system

Hundi refers to the illegal money exchange not supported by the international or national

legal structure. Hundi or money carrier system is informal procedure of remittance sending in

most of the cases. They do not charge anything for transaction. It is the fastest method of

transaction. In urgent situations this is the quickest method for sending money.. The hundi

operators provide door to door services. It was interesting to note that there are other social

reasons for sending remittance through hundi. Few mentioned they send money to wives,

fathers or brothers separately and preferred to keep the amounts sent secret, as it creates

tension among the family

3.5 Characteristics of Foreign Remittance

This service has some specific characteristics for which it‘s become more popular. Like:

Quicker process to transfer.

It is reliable and trustworthy.

Free of charge

Easy procedure

It can be used by all customers having account or not

Secrecy can be maintained

Instant cash payment

3.6 Accounting Systems

Step1: Head Office –Debit

T.T Payable –Credit

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Step2: T.T Payable – Debit Instant cash payment–Credit

Other Account –Credit

Pay Order –Credit

They first debit Head Office and credit T.T Payable. Then they pay the money those are

entered into T.T Payable in cash by debiting T.T Payable and crediting Instant cash payment

or crediting Other Account or credit Pay Order Account,

3.7 Steps of Receiving Money

3.8 Drawing Arrangement

Drawing arrangement is made to facilitate accounting relationship between a bank and corresponding or exchange house, these may be in the following form:

1 NOSTRO A/C: A foreign currency account that a local bank maintains with another bank abroad is called NOSTRO A/C.

2 VOSTRO A/C: A foreign bank maintains an account with local bank is called VOSTRO A/C.

3 LORO A/C: An account which a third party maintains with a foreign bank is called LORO A/C.

3.9 Duties Performed in Receiving Cash

Provides PIN No that is sent by the sender.

Officer match The PIN No if match then request to give national ID card, driving

license, passport or any other photographic identification.

ID is checked.

Customers have to fill a form, provide the ID copy

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Sender

Money Transfer Company

Receiver

Head office

Branch

After submitting the form ,customer receive payment instrument

Then goes to the cash counter

3.10 Process

The process of the service may be divided into three parts these parts are discussed below :

Part 1:

Remitter must go to the specific agent for example Trans-fast

Remitter must provide details of the beneficiary to the agent and pay money which

will be remitted

Remitter then receives a PIN Number given by specific agent and details about

bank.

Remitter then provides Pin number to the beneficiary details about bank.

The agent then deposits the total amounts of remittance to NOSTRO A/C of SEBL

Then provide details to be made by Email

Part 2:

After receiving email , the head office of SEBL match them with amount deposited

in the NOSTRO A/C

The head office of SEBL then provide details information branch wise for payment

Part 3:

Email is received by branch

Inserts Pay-order No. & Controlling No.

Issues Pay-order

Fillet the transaction details

Log in book of payment made

At the end of banking hours provides feedback .

3.11 Agreement with bkash

SEBL have entered into remittance distribution agreement with bkash limited through which one million registered customer would get instant remittance service from almost every corner of the country. This service would help to transfer money faster to the beneficiary. If the money is transferred, then an SMS would be generated to all concerned automatically informing that the money is safely delivered even beyond the banking hour.This service would make money transfer

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accessible to all. This service would allow eligible beneficiary to access regardless of whther they have an account.

3.12 Own Exchange House of SEBL.

Southeast Bank Limited have completed all regulatory formalities to open banks own exchange house in Sydney, Australia, Johannesburg, South Africa. Southeast Bank Limited functions successfully with its own exchange house in UK. They also explore the USA, Malaysia,Middle-East markets to set up its own exchange house.

3.13 Company from Those the Money is Remitted to SEBL.

WESTERN UNION, Ria, MoneyGram, Xpress Money, Trans-Fast, AL ANSARI EXCHANGE, AftabCurrency, Malik Exchange are those company from which the mony is collected by Southeast Bank Limited.

3.14 Southeast Bank Limited ( Bandar Bazar)

Southeast Bank Limited ( Bandar Bazar) was established on 4th December 2003. It is situated at Karimulla Market Bandar Bazar. It stared its operation with a deposit of TK 10 crores. It is a Islamic Banking Branch. It maintain its operations on the basis of Shariah Laws. The large space ,neat and clean floor are the most attractive feature of this branch.

3.10 Features of Remittance Services of Southeast Bank Limited

Southeast Bank Limited is continuously striving to build its remittance business by rendering

quality services through a network of reputed banks and exchange houses around the globe

along with an extensive network in the country to deliver money to the beneficiaries in the

safest form and quickest possible time.

No service charge from beneficiaries in Bangladesh;

Instant Cash Withdrawal facility from any branches of Southeast Bank;

Confidentiality of transactions;

Instant credit to beneficiaries accounts with Southeast Bank;

Same day cash withdrawal facility from the branches of One Bank, Mutual Trust

Bank, Jamuna Bank, Al-Arafah Islami Bank, BRAC Bank, Bank Asia, Shahjalal

Islami Bank, Mercantile Bank and First Security Islami Bank;

Same day cash payment facility from 600 outlets of reputed NGOs (RDRS, Society

for Social Services - SSS and Jagorani Chakra Foundation - JCF);

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Direct communication with both Sender and Receiver for solving queries relating to

cash payment/account deposit (if any);

Disbursement of foreign remittance through ATM booths using My Remit Card;

Provide Anti-Money Laundering (AML) and Combating Terrorist Financing (CTF)

advice.

3.11 Foreign Remittance of Southeast Bank Limited

In below total remittance amount are shown:

2007 2008 2009 2010 2011 2012

11040.17 15221.87 23779.20 28082.25 49544.10 41455.40

(Taka in million)

In 2012 the remittance flow was lower than in 2011. But the flow was increasing from 2007

to 2011.

This can be shown by the following graph:

3.12 Inward Remittance Flow of Bandar Bazar Branch

The Inward Remittance flow of Bandar Bazar Branch from August-13 to January-14 is:

Month Aug,13 Sep,13 Oct,13 Nov,13 Dec,13 Jan,14Amount

(Tk)

16034231.9

2

25902516.98 29015695

.87

15785962.35 17760127.86 19495150.36

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The Inward Remittance flow of Bandar Bazar Branch from August-13 to January-14 is

shown by the above graph.

3.13 Use of foreign remittance:

Use in households:

The portion of remittance, the families use in consumption in different purposes such as food

and clothing, purchase of land, marriage and ceremonies, trading, education, health care etc.

Savings/Fixed deposit:

The portion of remittance received by our country people save in different banks.

Investment in Business:

They also use remittance money in existing business or to open a new business. The business

may be small or big. It depends on the remitted money them received

Repayment of loan:

Most of the cases remittance money is used for payment of lone that takes from different

banks or people.

Gift/donation to relatives:

This money is used for present gift to relatives or for donation for a while.

Furniture:

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Most of the low or middle classes people depend on this money to obtain home furniture.

Home construction / repair:

In major cases most of remittance money is used for construction of new home and

repairing of hous

3.14 Benefits to the Bank

By rendering remittance service it increases deposits,

By rendering remittance service bank increases it’s account holder,

Bank earns profit by rendering remittance service

Banks helps the wage earner and also to the beneficiaries thus create good

relationship with customer.

Bank earn in the form of fees, commission, exchange gain.

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4.1 Impact of Remittance in Economic Development

Satisfactory level of reserves of foreign currencies has positive impact on the macro

economic condition of a country. We have limited sources of earning of foreign currencies.

Our import is high but export is low. Every year we have to take loan. But now remittances

help a great to have the reserves at satisfactory level. In recent years, it is recorded that our

reserve is at the maximum level where remittance is the largest contributing sector. Hence

there is no doubt that remittances and reserves have a positive correlation. Moreover, reserves

and remittance are rising over time.

The contributions of foreign remittance are as follow:

Increase GNP:

As foreign remittance increases it also increases the national income of people. As the

national income increase the consumption of goods by the people also increases in

that country. So, production of goods by the different organizations increases. It

increases our country’s GNP. So it has more contribution on GNP.

Impact on consumption:

As the remittance increase the consumption of goods by the country people also increase.

Increase saving

People save some some part of remittance so foreign remittance is increasing the level of

our savings. The remittance received by our country people is saving in

different banks. As a result account holder of bank increases.

Increase Capital:

As the saving are increasing in banks, capital will be available for investment. This huge

amount of money is investing is different project by the bank.

Impact of remittance on investment:

People can invest their collected money by establishing their own small business.

Increase employment:

The people of our country are getting jobs in different project, firm or industries as the

investment increase.

Impact of remittance on import:

Sometimes people will become more eager to buy foreign product. So it

increases the import.

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Remittance as Percentage of GDP

The share of remittance to gross domestic product (GDP) has been increasing over the years

but the incremental rate of growth is following a downward trend after FY 2004-05. In FY

2011-12, the GDP was BDT 914780 million and remittance as percentage of GDP was 11.14

percent which was 0.72 percent higher than that of FY 2010-11. Since FY 2006-07, the

incremental rate of growth of remittance as percentage of GDP has been decreasing. The

incremental rate of growth of remittance as percentage of GDP was -0.53 percent and 0.10

percent respectively in FY 2010-11 and FY 2009-10, from 1.38 percent in 2005-06.

Figure 1: Remittance as a percentage share of GDP

Comparison between the rate of growth in remittance, inflation and GDP

In FY 2011-12, the rate of growth in remittance was 22.74 percent while the rate of growth

in GDP remained at 6.32 percent and the rate of inflation increased to 10.62 percent. In FY

2003-04, the rate of growth in remittance and GDP were respectively 12.08 percent and 6.27

percent whereas, the rate of growth in inflation was only 5.83 percent.

Figure 2: Comparison between growth rate of remittance, inflation and GDP

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Remittance as a Percentage of Export Earning

In FY 2011-12, export and remittance as a percentage of export earnings were respectively

USD 12843.43 million and 52.84 percent which was only 2.04 percent more than that of FY

2010-11. On the other hand, merchandise export, remittance and service invisible receipt as a

percentage of total exports of goods and services were 61.72, 31.36 and 6.92 percent in FY

2010-11. In FY 2010-11, remittance and service invisible receipt as a percentage of total

exports of goods and services were 5.67 and 1.43 percent respectively less than those of FY

2009-10. A upward trend of remittance as percentage of export earning was observed after

FY 2000-01. In FY 2000-01, remittance as percentage of export earning was only 20.64

percent whereas it stood at 37.03 percent in FY 2009-10.

Figure 3: Remittance as a percentage of export earning

4.2 Roadblocks in Current Remittance Process

The major roadblocks of a smooth and efficient payment of foreign remittances are as

follows:

There are poor infrastructure in rural and semi-urban economy

Massive information asymmetry in the market

‘Hundi’ market is active in our country.

There are inefficiency of financial institutions

exchange houses are poorly regulated

Low literacy rate in the country

Uneven competition among financial institutions

There are lack of investment in IT backbone development for market efficiency

4.2 Negative Impact of Remittance

Problems created by remittance are as follows:

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Brain drain: Brain drain is one of the most significant problems though we get an

important portion of remittance from our educated skilled person. After all it is not

favourable because educated people are very important for developing country.

Income inequality: Income inequality may be occurred because there may be

emigrants’ families and non-emigrants families in same area. Thus the gap between

poor and rich will increase.

Regional disparities: In the same case regional disparities occurred.

Increased demand for imported goods: The people of remittance earning families are

more willing to purchase foreign goods which increase import.

Remittance’s misuse: Some times the young people collect remittance and get

money on their hand and misuse that money in various types of immoral and illegal

activities.

Exploitation by the dalals: Sometimes remittance earning families are suffered by the

dalals and have to pay unreasonable amount of money or a portion of their income to

the dalals for helping to send a person abroad

4.3 Findings

There are some problems in rendering foreign remittance services. The reasons are explained

in below:

Most branches are in urban area, so people have to come to those branches from

remote area to collect money

Sometimes in unavoidable circumstance ( Hartal or Strike) there are shortage of fund

in rural branch. In that case customer become dissatisfied.

Sometimes network is not available, so service can not be rendered.

If server fails to work, the service of foreign remittance can not be rendered.

Sometimes customer arrive after service hour (4pm).

The present system is time consuming both for banker and client. They must fill form.

ATM facility is not sufficient. Sometimes the fund is not available.

Although remittance is very important to our country, authority does not undertake a

high project for enhancement it.

The process of service is complex.

There are no longer plan to increase remittance by providing skilled labor.

Bankers sometimes fall in trouble as a result of lack training.

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5.1 Conclusions

In Bangladesh about 45% of the population lives below the poverty line and each year natural

calamities like devastating flood, cyclone, drought, etc. push millions of people below the

poverty line. A big percentage of its 70.86 million labors are either unemployed or nominally

employed. Currently, about 6 million Bangladeshis work abroad, and when they send money

to their families back home these are in foreign currencies, and for the government these

remittances are one of the most important sources of foreign exchange earnings. As one of

the Least Developed Countries (LDC), foreign currency is needed for socio-economic

development. Remittances help Bangladesh to make investments for industrial development,

modernize its industries by importing high-tech machineries for export-oriented

manufacturing, modernize its agriculture, invest in education, etc. A World Bank analysis

said: "Remittance has been a key driver of economic growth and poverty reduction in

Bangladesh." The migrants send back billions of dollars and the country can then use these

resources for investment for industrial development, improvement of educational facilities

and services, and extend and improve its health services. The money that is sent back is also

beneficial to the families and to the country in that it helps reduce poverty and also allows for

investment in small businesses and chances for furthering education. So government,

concerned authorities and the people of Bangladesh have to take proper steps about

remittance to improve its procedure.

5.2 Recommendations:

Since there are huge opportunities of rural banking, branch may be set up in rural

area.

They should set up a better server for better networking facilities.

They should compare their service with other service

They should make the procedure easier.

They should apply modern technology, improve speed and security.

Labor must be made skilled. Then they can send more remittance.

Remittance must send in formal way.

Authority must undertake a high project for enhancement of remittance.

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Sufficient fund on ATM must be insured.

More training must be organized for bankers.

EXECUTIVE SUMMERY

The services of a commercial bank primarily revolve round mobilization of deposits and

lending the same to those needing finance for their business and other activities. Banking

services are extremely important for operation of a free market economy. Bank facilitates

savings, investment and payments. By mobilizing deposits from individuals and business and

recycling money by way of loans and credits bank perform the role of a catalyst for the flow

of money from the savers to productive use and investments.

The range of services rendered by bank is very long and it is getting longer with almost every

passing day. What started out as a safe place to deposits valuables in the ancient temples has

now branched out in many other activities.

One of the important services offered by bank is remittance of fund from one person to

another, one centre to another. Old systems are giving way to faster and convenient means of

transfers like electronic fund transfer.

The topic of this report is “Foreign Remittance Management and Impact of Remittance to the

Economic Development: A Study on Southeast Bank Ltd (Bandar Bazar, Sylhet). I’ve made

this report after completing my internship program in Southeast Bank Ltd (Bandar Bazar,

Sylhet) for fourteen weeks.

I tried to describe the remittance service of SEBL, specially in Bandar Bazar, Sylhet, features

of rendering remittance services.

There are seven chapters in this report. First chapter is the introduction chapter where I

described the background of the study, methodology. Second chapter show the

organizational overview. In third chapter I described about bank , in fourth chapter I

described about remittance, top recipients countries, remittance service process etc ,in fifth

chapter I discussed about remittance service of SEBL(Bandar Bazar) .Then I showed some

findings in chapter six and follows chapter seven which is conclusion chapter.

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http://en.wikipedia.org/wiki/Remittance

http://www.remittance.in/types-of-remittances.html

http://bdnews24.com/bangladesh/2013/10/04/bangladesh-may-get-15-billion-in-

remittance-in-2013

http://www.worldbank.org/en/news/press-release/2013/10/02/developing-countries-

remittances-2013-world-bank

http://www.bdresearchpublications.com/journal/

http://archive.thedailystar.net/newDesign/print_news.php?nid=116239

https://www.southeastbank.com.bd/remittance_business.php

Annual Report of Southeast Bank Ltd

http://mamunseraji.wordpress.com/2010/05/12/foreign-remittance-of-bangladesh/

http://www.unnayan.org/documents/Governance%20Capability/MEU_APRIL

%20%20_2013.pdf

http://www.gfmag.com/gdp-data-country-reports/321-bangladesh-gdp-country-report.html#ixzz2w88GtoaX http://www.gfmag.com/gdp-data-country-reports/321-bangladesh-gdp-country-report.html#ixzz2w87zTPUG http://www.unnayan.org/documents/Governance%20Capability/MEU_APRIL

%20%20_2013.pdf

Bank

A broader definition of a bank is any financial institution that receives, collects, transfers, pays, exchanges, lends, invests or safeguards money for its customer.

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Commercial Bank

Commercial Bank specialize in loans of commercial nature especially short term loans to industries and business.

Central Bank The Bank of England was the first central bank established in 1694 but it had a very narrow objectives.

Islamic Banking

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