A STUDY ON FOREX RETAIL INWARD & OUTWARD REMITTANCE IN ‘AXIS BANK LIMITED’ A Summer Training Report submitted to ISME, BANGALORE in partial fulfilment of the requirements for the award of the POST GRADUATE DIPLOMA IN MANAGEMENT Submitted by – Harmanjeet singh Sandhu Your name (151137 ) Under the guidance of Sudindra (Faculty Guide) International School of Management Excellence Sy. No. 88, Chembanahalli, Near Dommasandra Circle, Sarjapur Road, Bangalore-562125 June 2016
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A study on retail inward & outward remittance in axis bank
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International School of Management Excellence Sy. No. 88, Chembanahalli, Near Dommasandra Circle,
Sarjapur Road,Bangalore-562125
June 2016
CERTIFICATEThis is to certify that the Summer Training Report entitled
“A STUDY ON FOREX RETAIL INWARD & OUTWARD REMITTANCE IN AXIS BANK LIMITED”
, in partial fulfilment of the requirements for the award
of the Post Graduate Diploma in Management is a record of original training
undergone by Harmanjeet singh sandhu ( 151137 ) during the year 2015-2017 of his/her study at the
International School of Management Excellence, Bangalore under my
supervision and the report has not formed the basis for the award of any
Degree/Fellowship or other similar title to any candidate of any University.
Place: Bangalore-125 Signature of GuideDate: 04.06.2016 Your Guide name with qualification and designation
International School of Management ExcellenceBangalore
Countersigned
(Principal)ISME, Bangalore
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DECLARATION
I, Harmanjeet singh sandhu, hereby declare that the Summer Training Report, entitled
““A STUDY ON FOREX RETAIL INWARD & OUTWARD REMITTANCE IN AXIS BANK LIMITED”” ,
submitted to the
International School of Management Excellence, Bangalore in partial
fulfillment of the requirements for the award of the Post Graduate Diploma in Management
is a record of original training undergone by me during the period
April-June 2016 under the supervision and guidance of
Your Guide name with qualification and designation,
International School of Management Excellence, Bangalore
and it has not formed the basis for the award of any Degree/Fellowship or other
similar title to any candidate of any University.
Place: Bangalore-125 Signature of the Student
Date: 04.06.2016
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ACKNOWLEDGEMENT
I am extremely thankful to the “designation of the officer under whom you were doing the
project and others who helped you in the organization” for their invaluable support and
guidance in the completion of this project. I wish to thank Mr. Nitin Garg, Director, ISME
Bangalore, for enabling this endeavor. I wish to express my profound gratitude to our Principal
Dr. Swaroop Reddy for their kind permission to take up this project work. I express my heartfelt
thanks to Prof. H. S. Mishra, COC-Placement and his team at ISME, Bangalore who provided all
facilities for carrying out this project.
I immensely thank our Project Guide (Your Guide name with qualification and designation), for
his/her valuable suggestions and for guiding me throughout the work.
Harmanjeet singh sanshu
(151137)
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ContentsCERTIFICATE.................................................................................................................................................. i
COMPANY CERTIFICATE............................................................................................................................... ii
DECLARATION............................................................................................................................................. iii
ACKNOWLEDGEMENT................................................................................................................................. iv
3.1.1 DEPARTMENT OBJECTIVE: to ensure the customer forex transactions are
smooth in all respect, to satisfy customer as well as generate profit for bank and to
meet statutory requirement.
3.1.2 DEPARTMENT STRUCTURE
3.1.3 ACTIVITIES OF FOREX DEPARTMENT:
To understand the customer requirements Providing services on forex currency, completing legal formalities Collecting necessary documents and completing application process Verifying all the statutory requirement Sending the file to next level for auditing
3.2 RTGS/NEFT DEPARTMENT 3.2.1 DEPARTMENT OBJECTIVE: To satisfy the customer by doing rtgs and neft.3.2.2 DEPARTMENT STRUCTURE
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MANAGER-TREASURY OPERATIONS ASSISTANT MANAGER
3.2.3 ACTIVIES OF RTGS & NEFT Checking the cheque and slip by z check. It it is proper accepting it by giving stamped acknowledgement to customer. Entry on the internal software(finacle) Sending it to another level for further process.
3.3 SALES DEPARTMENT
3.3.1 Objective of department – to make maximum customer & satisfy there needs.
3.3.2 Structure of department
3.3.3 Activites of sales department To understand the customer requirement To verify the form filled by the customers
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OPERATIONSHEADBRANCH SALES MANAGER
To verify documents of customers. Documents are Send to higher authority to open the account.
3.4 DD/TRANSFER DESK
3.4.1 DEPARTMENT OBJECTIVE - To satisfy customer needs and give them proper service.
3.4.2 Structure of the department
3.4.3 Activities of department To know about the customer need. Checking the cheque & slip and giving them acknowledgement with stamp on it. Entering the data in the system. Sending it to higher level for verification & signature.
3.5 CASH COUNTER
3.5.1 Objective of department – To do the work very fast and with maximum accuracy.
3.5.2 STRUCTURE OF THE DEPARTMENT
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OPERATION HEAD
3.5.3 ACTIVITES OF THE DEPARTMENT Accepting the cash from the customers who deposit it. Giving the cash to that customer who wants to withdraw. Doing the work very carefully. Calculation & tally cash daily Data entry of every transaction.
3.6 CLEARING DEPARTMENT
3.6.1 OBJECTIVE OF THE DEPARTMENT – To recive inward clearing & giving the best service to the customer.
3.6.2 Structure of the department
3.6.3 Activities of the department
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OPERATION HEADOPERATION HEAD
Accepting the cheque and slip by the customer. Doing the z check. Data entry on excel. Send for clearing in the service office.
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CHAPTER 4
WORK ASSIGNED
4.1 PROCESS FOLLOWED
ASSIGNEMNT 1: 2 weeks RTGS & NEFT DESK
Assignment 2 :1 week for DD/ TRANSFER DESK.
Assignment 3 – 5 weeks in forex department
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yes
There are two type of transaction in forex inward & outward remittance.
Process of inward remittance
Process of Outward remmitance
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1Daily inward remittance comes in internal software(ARC) in the form of swift messeage and M103.2The documents is taken and check that all details are correct or not.3The customer submits the disposal instruction given by the bank. 4All the documents and form are check once again and then it is handover to higher authority for rate booking and further process.
4.2 Result achieved
1. Learnt about how banking operations are done.
2. Understand that which documents is required foe forex transaction.
3. Done RTGS/NEFT process and send it to higher authority for further process.
4. Verified the documents of inward & outward remittance.
5. Checked the slip and cheque of transfer and gave acknowledgement to customers.
6. Arranged the receipts and payment of the bank in sequence order.
7. Data entry on excel of inward clearing.
8. Setting up the ATM pin of customers.
9. Have good knowledge about the process of banking operations.
10. Come to know about the internal softwares used by the bank.
Chapter 5
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CONCLUSIONS, LEARNINGS & SUGGESTIONS
5.1 CONCLUSIONS:
Inward and outward department is most essential for banking.
The study was mainly on how customer uses facility of forex in the axis bank.
Forex department is major sources of revenue for bank. Bank makes heavy profit due to
spread etc. etc… some of the conclusion of your learning.
In this study I found that the bound of axis bank with its customers is very strong,
because axis bank mainly focuses on retaining their customers.
Trade forex transaction of inward remittance is much more then the outward remittance..
Bank should make more forex customer because facility is there is the branch so to raise
more profit they should make more forex customers.
Through the study conclude that customers are treated as friendly and problem is solve
quickly.
5.2 LEARNINGS:
Knowing how to fulfill tasks relevant to your desired career path
How to navigate the working world in real life, working in office environment.
Reference for future job
Industry connections which provides guidances, advice, future job search.
Understand the functioning of various departments,
More confidence in career guidance,
Business etiquette, disciplined, professionalism attitude
Ability to work under deadline, feedback and improvement for future.
Chapter 6
Future possibilities
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Banking is a vast growing sector. it’s a new age banking there are lot of opportunities to
have the advance technicalities in banking solutions.
No of forex customers are increasing day by day so that they will have a large forex
customer base.
No of branches and ATM are increasing rapidly.
The assets in their international operations are growing at a very faster pace with the
growth rate of 9%.
As now the world is becoming globalized so people are dealing with different countries
that’s why in future there is very vast scope of foreign exchange.