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Banking Scenarios in Bangladesh

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Banking Scenarios in Bangladesh See discussions, stats, and author profiles for this publication at: https://www.researchgate.net/publication/325180704 BANKING SCENARIOS IN BANGLADESH Article · January 2013 CITATIONS READS 7 6,754 3 authors: Md. Jahangir Alam Siddikee Sasan Parvin Hajee Mohammad Danesh Science and Technology University Ruhr-Universität Bochum 8 PUBLICATIONS 25 CITATIONS 5 PUBLICATIONS 11 CITATIONS SEE PROFILE SEE PROFILE Md Shamim Hossain Hajee Mohammad Danesh Science and Technology University 15 PUBLICATIONS 68 CITATIONS SEE PROFILE Some of the authors of this publication are also working on these related projects: International Journal of Science and Business View project International Journal of Science and Business View project All content following this page was uploaded by Md Shamim Hossain on 16 May 2018. The user has requested enhancement of the downloaded file. BANGLADESH RESEARCH PUBLICATIONS JOURNAL ISSN: 1998-2003, Volume: 8, Issue: 1, Page: 89-95, January - February, 2013 BANKING SCENARIOS IN BANGLADESH M. J. A. Siddikee1, S. Parvin1 and M. S. Hossain2 M. J. A. Siddikee, S. Parvin and M. S. Hossain (2013 Banking Scenarios in Bangladesh. Bangladesh Res. Pub. J. 8(1): 89-95. Retrieve from http://www.bdresearchpublications.com/admin/journal/upload/1308104/1308104.pdf Abstract The study focuses on banking system in Bangladesh. Banking sector as the major sector contribute to the national economy. The business of banking is expanding in Bangladesh and the activities of bank are being explored to serve the clients. The study has been made based on using information taken from annual reports of Government Banks, the Commercial Banks, Islamic Banks and Foreign banks, and information taken from different journal, articles, publication paper, and other sources. It has been emphasized and tried in a great manner to find out the true picture of banking industry in Bangladesh. However, there are a lot of secret matters in the banking sectors. As it the researcher cannot reach to secret information that was needed for the core analysis. Key words: Bank, Business, service product, deposit and activity. Introduction Banks are among the most important sources of short term working capital for businesses and have become increasingly active in recent years in making long-term business loans (Rose & Hudgins, 2005). The main function of a commercial bank is to mobilize deposits and to provide loans to people and organizations to finance their consumptions and business activities. Thus banks encourage the flow of money to productive use and investment which accelerates the flow of economic growth (Ashraf Ali & Howlader, 2005). Shahid, Banerjee & Mamun (2004) state that the economy of Bangladesh has been growing gradually and as such it needs the support of a financial structure. Samina and Alam (2011) state that Banking industry in Bangladesh up to now is leading the financial system. Based on the time of inception all the commercial banks have been divided into three generations. Banks of all the three generations are introducing new and new products to meet the dimensional demands of customers. After the liberation, the Bangladesh government initially nationalized the entire domestic banking system by Presidential Order No. 26 titled Bangladesh Banks Nationalization Order, 1972 and proceeded to reorganize and rename the various banks. Foreign owned banks were permitted to continue doing business in Bangladesh .At birth, Bangladesh inherited an interest based banking system, which was introduced here earlier when the country was a part of British Colony. Since its inception Bangladesh saw a new trend in banking both at home and abroad. Islamic banking was successfully tries in Egypt. After the Mit Ghamar Model, Naser Social Bank was in the process of establishment (Sarker). The Banking sector in Bangladesh is different from the banking as seen in other developed countries. This is one of the Major Service sectors in Bangladesh economy, which divided into four categories of scheduled Banks. These are Nationalized Commercial Banks (NCBs), Government Owned Development Financial Institutions (DFIs), Private Commercial Banks (PCBs), and Foreign Commercial Banks (FCBs). Banks across the globe have received the considerable amount of pressure from its diverse stakeholders including shareholders, investors, media, NGOs and customers (Bhattacharya et al., 2004 ;) to carry out business in a responsible and ethical manner. Siddique and Islam (2001) states that Banking sector of Bangladesh is one of the major sectors, which contributes significantly to Corresponding author’s email: [email protected] 1Department of Finance and Banking, and 2Department of Marketing, Hajee Mohammad Danesh Science and Technology University, Dinajpur, Bangladesh Siddikee et al. 90 the national economy. The sector comprises a number of banks in various categories. As bank is service is always treat as a pure service. Services have some exceptional characteristics that make them different from physical products (Zeithaml and Bitner, 1996). A bank connects customers with capital deficits to customers with capital surpluses. Bangladesh Bank supervises and regulates the country’s banking sector where it has significant improvements (Ahmed, 2006). Green (1989) revealed that a bank's responsibility extends to Government, customers, shareholders, staff, and the community. Companies do have ethical responsibility, but it is not protected by limited liability from the consequences of their actions. Lyne, Nielson, and Tierney (2009) evaluated and analyzed10,000 Multilateral Development Banks (MDBs) loans from 1980 to 2000. They found that (MDBs) dramatically increased social lending for health, education, and safety nets after 1985. Yet the great powers’ social policy preferences remained relatively static from 1980 to 2000. This contradicts the conventional view that powerful states control International Organizations (IOs). They argued that highly institutionalized IOs like MDBs require a complete model of possible member-state coalitions encompassing the preferences of all member states—not just major powers Objectives The study is aimed at knowledge enhancement as well as gathering real life banking environment in Bangladesh. The objectives of this study are focused - i. To introduce with banking business in Bangladesh. ii. To know the knowledge of banking activities practically. iii. To know the overview activity of prime bank limited Methodology The study is a descriptive research in nature and thus it is really made on the information from secondary sources of data. Yet, this study has the implications of primary data based on personal observation of banking of banking policies, discussion with the stakeholders of bank from different departments. Secondary data has the major implications in the study to be prepared. Secondary data were gathered from the annual reports of banks, relevant published books, journal, newspapers etc. Private commercial banks: Islamic and traditional, public commercial banks, foreign commercial banks, specialized development Banks, grammeen bank and the central bank of Bangladesh had been included in this study. Results and Discussion Concept of bank Bank is the financial institution that deals with money and money worth instruments. A bank is a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly or through capital markets. “A bank is a financial establishment which uses money deposited by customers for investment, pays it out when required, makes loans at interest” – Oxford Dictionary (2008). "Banking means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise” – According to Section 5(b) of Banking Regulation Act, 1949. "A bank is an establishment which makes to individuals such advances of money as may be required and safely made, and to which individuals entrust money when not required by them for use” – According to Professor Kinley. Brief history of Banking in Bangladesh The banking history of Bangladesh (super Admin, 2006): The banking system at independence consisted of two branch offices of the former State Bank of Pakistan and seventeen large commercial banks, two of which were controlled by Bangladeshi interests and three by foreigners other than West Pakistanis. There were fourteen smaller commercial banks. Virtually all banking services were concentrated in urban areas. The newly independent government immediately designated the Dhaka branch of the State Bank of Pakistan as the central bank and renamed it the Bangladesh Bank. The bank was responsible for regulating currency, controlling credit and monetary policy, and administering exchange control and the official foreign exchange reserves. The http://www.bdresearchpublications.com/journal/ Banking Scenarios in Bangladesh 91 Bangladesh government initially nationalized the entire domestic banking system and proceeded to reorganize and rename the various banks. Foreign-owned banks were permitted to continue doing business in Bangladesh. The insurance business was also nationalized and became a source of potential investment funds. Cooperative credit systems and postal savings offices handled service to small individual and rural accounts. The new banking system succeeded in establishing reasonably efficient procedures for managing credit and foreign exchange. The primary function of the credit system
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