Internship Report on “Impact of Foreign Remittances in Development of Bangladesh”

Abstract

SCB BD (formally M/S Standard Chartered Bank Bangladesh Pvt. Ltd.) is a banking and financial services company it’s headquarter located in Dhaka, Bangladesh and it’s an entirely owned subsidiary of Standard Chartered. Standard Chartered has been performing in Bangladesh for over a century. Initially, I have get started my task to spell out how they were gross up there payment and the importance of it. Last a decade the bank has been acquiring great quantity of remittance. Here , I also covered about the functions of remittance unit of SCB BD in our country included in the developing international locations of remittance. Moreover, I actually used diagram for displaying flow chart of remittance of final decade. Here, I have been described about Remittance collecting process of Standard Chartered Bank. Remittance receiving procedure is categorized into two fundamental class.

First one is inward remittance and another one is outward remittance. Moreover, Bangladesh Bank have been tied up the limitation of the fees of the other bank for inward and outward remittance. I actually have manifest the sorts of information about outward remittance. SCB BD received remittance from different countries. But the most of the remittance received from USA. Furthermore, the overall performance of the bank is inspected in terms of remittance flows. After that, a diagram has been used to represent the country’s smart wage earners remittance inflows of 2018-2019 . Mainly the remittance is transferring from the formal and informal technology. Then I tried to cover the reason why migrant glimpse informal channel to vessel remittance and the hazards of casual technique. I have also referred to the listing of trade homes via which the bank collect and deliver emittance. explained Proper logic in details have been provided for determinants of remittance. Effect of remittance in our economic system, financial sectors and in micro-economic level, household level and community level have been represented with cogent illumination.Widely covered the position of some establishments (along with MoF, BB, FEPD and so on) in perspective of remittance and socio economic impact of remittance. Remittance control system have two principal forms which are EFT (Electronic Fund Transfer) & SWIFT (Society for Worldwide Interbank Fund Telecommunication). SCB already has its own strong control mechanism over its remittance management system but as per my finding during the internship period there are some scope for improvement under the remittance management system.