Sonali Bank Report

Topics: Bank, Central bank, Fractional-reserve banking Pages: 60 (13069 words) Published: March 15, 2013
Executive Summary:
Sonali Bank Limited is the largest State-owned commercial bank in Bangladesh. It was established under Bangladesh Banks Nationalization Order-1972, President’s Order No.26, 1972 consisting of National Bank of Pakistan, Bank of Bhawalpur and Premier Bank. Sonali Bank Limited was registered on June 3, 2007 as a Public Limited Company under Companies Act, 1994 with the joint stock companies and firms for managerial efficiency and developing bank service. Bangladesh Bank issued Banking license on June 5, 2007 under the Bank Company Act.1991. The main focus of the Sonali bank Limited is to provide all types of banking services to the door-steps of the people. The bank participates in various socio-economic activities and development programmed. It also takes part in implementation of various plans and programmed made by the Government. As the largest state owned commercial bank, Sonali Bank Limited has the responsibility to run it as a service-oriented and professionally managed leading profitable organization of the country.

As a part of fulfilling their objectives through their customer SBL offers the following accounts: Current Deposits, Savings Bank Deposits, Fixed Deposits, Short Term Deposits, Monthly Term Deposits, Any other deposits as may be approved/ advised by Head Office.

The system of transactions of the bank is essentially double entry system of book keeping. But for quick and accurate recording as well as for arriving at daily financial position specialized form of double entry system book keeping, named slip system under self‐balancing method is followed by the bank. The golden principle of debiting or crediting is the same as those of double entry system. In the bank, instead of recording transactions in a journal initially, these are directly recorded and posted in the ledger (computer) separating the debits and credits by slips or voucher system.

Foreign exchange is an important department of Sonali Bank Limited, which deals with import, export and foreign remittances. It bridges between importers and exporters. This department is playing an important role in enhancing export earnings, which aids economic growth and in turn it helps for the economic development. On the other hand, it also helps to meet those goods and service, which are most demandable and not adequate in our country.

SBL Transfer their customers money various way. Client transfers their money in metropolitan area by Pay Order, outside the Metropolitan area client transfer money by Demand Draft. Client also transfer money by Telegraphic Transfer, Mail Transfer which is called Local remittance. Who is live in abroad they send their money in bank. If people send money from abroad which is called foreign remittance.

Origin Of the Report:

The development process of a country largely depends upon its economic activities. Banking is a powerful medium among other spheres of modern socio – economic activities for bringing about socio – economic changes in a developing country like Bangladesh. Three different sectors like Agriculture, commerce, and industry provide the bulk of a country’s wealth. The nourishment of these three is only possible through an adequate banking facility. For a rapid economic growth a fully developed banking system can provide the necessary boost. The whole economy of a country is linked up with its banking system. SBL now give their service in online. Client sends their money one area to another area for few seconds. Various businessman everyday send money their client by telegraphic transfer. For online system client get money in few times. For this service many client (upokritho hose),they save their time, they are doing their business quickly. Otherwise businessman or client hamper mainly time passing.

There are many service existing how client transfer their money immediately. These are Mail Transfer (MT), Telegraphic Transfer (TT), Demand Draft (DD), Pay Order (PO),...
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