Areas of General Banking
General Banking is the core function of any commercial bank. It includes the day-to-day operations that facilitate customer transactions, fund management, and compliance. Below are the key areas of general banking that ensure smooth financial services:
1. Account Opening
This area involves the opening of different types of customer accounts such as savings, current, fixed deposit, and others. It requires proper documentation and Know Your Customer (KYC) compliance.
2. Cash Department
The cash department handles all kinds of cash deposits and withdrawals. It ensures accuracy, security, and quick service for customers dealing in cash.
3. Remittance
This includes both inward and outward remittance services. Banks facilitate money transfers through demand drafts, pay orders, telegraphic transfers, and electronic fund transfers.
4. Clearing Section
This section deals with the processing of cheques and other negotiable instruments. It handles both outward and inward clearing with the help of the Bangladesh Bank’s clearing house.
5. Bills and Collection
Banks collect utility bills, tuition fees, and other receivables on behalf of organizations. They also process bills for collection and discounting.
6. ATM and Debit Card Services
Modern general banking includes automated services such as issuing debit cards, maintaining ATM networks, and resolving card-related issues.
7. Online and Mobile Banking
With digital transformation, banks now provide online and mobile banking for balance inquiries, fund transfers, and bill payments.
8. Customer Service
This area focuses on providing assistance, resolving complaints, and ensuring customer satisfaction through personal and digital channels.
Conclusion
General Banking ensures the efficient operation of a bank by managing customer needs and ensuring compliance with regulatory requirements. It is the front-line service that builds trust and financial inclusion.
