OVERVIEW ON NATIONAL BANK LIMITED
Background National Bank Limited is one of the fronts ranking first generation private sector bank in Bangladesh. The Bank started its commercial operation on 23 rd March 1983. The head office of the National Bank Limited is located at 18, Dilkusha C/A, Dhaka, Bangladesh Corporate information . National Bank Limited with an authorized capital of Tk. 10.00 crore and a paid up capital of Tk. 4.00 crore. Authorized capital of the Bank now stands at Tk. 245.00 crore, paid-up capital at Tk. 80.55 crore and reserve capital and surplus at Tk. 251.81 crore. Business of NBL At present, NBL has been carrying on business through its 85 branches spread all over the country. Besides, the Bank has drawing arrangement with 415 correspondents in 75 countries of the world as well as with 32 overseas Exchange Companies. NBL was the first domestic bank to establish agency arrangement with the world famous Western Union in order to facilitate quick and safe remittance of the valuable foreign exchanges earned by the expatriate Bangladeshi nationals. NBL was also the first among domestic bands to introduce international Master Card in Bangladesh. In the meantime, NBL has also introduced the Visa Card and Power Card. The Bank has in its use the latest information technology services of SWIFT and REUTERS. NBL has been continuing its small credit programme for disbursement of collateral free agricultural loans among the poor farmers of Barindra area in Rajshahi district for improving their lot. Alongside banking activities, NBL is actively involved in sports and games as well as in various Socio-Cultural activities. Upto September 2006, the total number of workforce of NBL stood at 2239, which include 1689 officers and executives and 550 staff. Social obligation and commitment Inspired by its social obligation and commitment and responsibility, NBL has been running a School and College upto Class XII solely on its own guardianship. From the very inception, this institution has been maintaining a good track record of results at the SSC and HSC Examinations. Conducted by an well-educated and trained team of teachers, reputation of this institution has been increasing bayby-day as a result of their relentless and sincere endeavor.
Awards Transparency and accountability of a financial institution is reflected in its Annual Report containing its Balance Sheet and Profit & Loss Account. In recognition of this, NBL awarded Crest in 1999 and 2000, and Certificate on Appreciation in 2001 by the Institute of Chartered Accountants of Bangladesh. Services of NBL Consumer Credit Scheme National Bank's Consumer Credit Scheme gives you a great opportunity to buy household and office items on easy installments. This scheme gives you the advantage of part Payment to cope with the high price tags of many necessary home and office appliances. Television, Refrigerator, VCR, Personal Computer, Photo-Copier, Washing Machine, Furniture, Microwave Oven, Car, and a number of other expensive items are now within your buying range. With this Scheme NBL makes better living possible for people living on fixed income. Customers can buy those home and office equipment's without over taxing their budget. Special Deposit Scheme For most of the people on fixed income the opportunity to supplement their monthly earning is a golden one. And NBL Special Deposit Scheme gives a customer just that. Under this scheme, customers can deposit, money for a term of 5 years. The deposited money is fully refundable at the expiry of the term. At the same time, during the term period they can enjoy a monthly profit corresponding to their deposited amount. As for instance, under this scheme a deposit of Tk,55,000/- gives a monthly income of Tk.500/-. Monthly Savings Scheme(FDR) This scheme is specially designed for the benefit of the limited income group members. This helps to accrue small monthly savings into a significant sum at the end of the term. So, after the expiry of the term period the depositor will have a sizeable amount to relish on. A monthly deposit of Tk.500/- or Tk.1000/- for 5 or 10 years period earns in the end Tk.40,100/- or Tk.2,24,500/- respectively. Through its Credit Card. National Bank Limited has not online initiated a new scheme but also brought a new life style concept in Bangladesh. Now the dangers and the worries of carrying cash money are memories of the past. Credit Card comes in both local and international forms, giving the client power to buy all over the World. Now enjoy the conveniences and advantages of Credit Card as you step into the new millennium
National Bank Limited ATM Service National Bank Limited has introduced ATM service to its Customers. The card will enable to save our valued customers from any kind of predicament in emergency situation and time consuming formalities. NBL ATM Card will give our distinguished Clients the opportunity to withdraw cash at any time, even in holidays, 24 hours a day, 7 days a week. NBL ATM card - your access to prompt cash. Saving Insurance Scheme This is an uncertain World and the threatening silhouettes of future catastrophes are always looming around. This NBL scheme gives your family protection against the insecurities of the world. This scheme is the first of its kind in Bangladesh. It combines the benefits of regular savings and insurance scheme, so, you get the usual rate of interest on the deposited amount while you enjoy the protection of a comprehensive insurance coverage. Under this scheme, the beneficiary(ices) get equal the deposit in case of natural death of the account holder whereas in the event of accidental death of the account holder the beneficiary(ices) will receive twice the deposit. As for example, if a customer picks up Easy Class (Tk.50,000/-) he/she will get Tk.50,000/- for natural death and Tk.1,00,000/- for accidental death apart from his/her deposited amount and interest. Western Union Money Transfer Joining with the world's largest money transfer service "Western Union", NBL has introduced Bangladesh to the faster track of money remittance. Now money transfer between Bangladesh and any other part of the globe is safer and faster than ever before. This simple transfer system, being on line eliminates the complex process and makes it easy and convenient for both the sender and the receiver. Through NBL - Western Union Money Transfer Service, your money will reach its destination within a few minutes. Definition of the Bank Bank is an establishment for the custody, loan, exchange, or issue, of money, and for facilitating the transmission of funds by drafts or bills of exchange; an institution incorporated for performing one or more of such functions, or the stockholders (or their representatives, the directors), acting in their corporate capacity. Bank is an organization, usually a corporation, chartered by a state or federal government, which does most or all of the following: receives demand deposits and time deposits, honors instruments drawn on them, and pays interest on them; discounts notes, makes loans, and invests in securities; collects checks, drafts, and notes; certifies depositor's checks; and issues drafts and cashier's checks. Bank is very old institution that is contributing toward the development of any economy and is treated as an important service industry in modern world. Now days the function of bank is not limited to with in the same geographical limit of any country. Due to globalization and free market economy, this industry is facing severe competition in any country and implementation of WTO will further increase competition. The overall performance of Bank does not only depend upon the banking industry itself but also on the performance of economy where it is operating.
Bank can be defined as1. An establishment for the custody, loan, exchange, or issue, of money, and for facilitating the transmission of funds by drafts or bills of exchange; an institution incorporated for performing one or more of such functions, or the stockholders (or their representatives, the directors), acting in their corporate capacity. 2. The building or office used for banking purposes. 3. A fund to be used in transacting business, especially a joint stock or capital. Let it be no bank or common stock, but every man be master of his own money. 4. (Gaming) The sum of money or the checks which the dealer or banker has as a fund, from which to draw his stakes and pay his losses. Before introduce National Bank Ltd. I would like to focus some light upon the growth and development of banking system since independence. Growth and development of our banking system may be divided into three phases. The complete government ownership and excessive government interference, absence of prudential regulation and inadequate legal support for debt recovery. The first phase between 1972 and 1982. The performance of our banking system during 1972 and 1982 was commendable in respect of expanding network and providing easy credit to the socially desirable sector but equally frustrating with regard to maintaining viability and customer service. The second phase from 1983 to 1989 was characterized by denationalization and privatization of banking system without broad-basing the prudential and information regulatory framework. However these measures of denationalization and privatization could not bring viability and operational efficiency of the banking system. Under the above circumstances and using the recommendation of the World Bank, a Financial Sector Reform Project (FSRP) was undertaken in 1989 by the government that can de identified with third phase development of our banking system. FSRP including the following measures: • • • • • • •
Gradually allowing financial institution to up financial product prices according to market forces. Raising the loan classification standard in phases. Improving level of the financial institution to international standard in phases. Improving the capital positions of Nationalized Commercial Bank (NCBs) and private commercial Bank (PCBs) and fixing it at international standard level. Delegating grater autonomy to banks especially in terms of selecting their loan portfolio. Strengthening the role of Bangladesh Bank in the field of supervision and necessary action in case of any fault. Ensuring enabling legal environment by enacting Bank companies Act, 1991 and Financial Loan Court Act.1990 etc.
The government to Bangladesh has also enacted some important acts namely Financial Institutions Act, 1993, Security and Exchange Commission act, 1993, The companies Act, 1994 and recently Bankruptcy Act, 1997.
These reform measures have been aimed at imposing financial discipline on the banks in the short run and making the banks operate increasingly on the basis of market forces as to achieve operational efficiency. The bankers and bank management are yet to be guided adequate by market forces. The financial discipline has not yet been brought bank. The collapse of share price indexes during later part of 1996, show pace of industrialization, lack of potential commitment, flood of 1998, the attack of 11 th September, 2001 in New York all have been further worsening growth to our financial and economic system. However, there has been some positive side of financial sector reform. New Management tools like, performance planning System (PPS), Lending Risk Analysis (LRA), New Loan Card (NLLC), Management Information System (MIS) are contributing to improve loan portfolio management through a package deal. PPS plans for lending on goods and profitable loan portfolio LBA analyses risk before lending, NLLC records loan performance of borrower with an early warning system through overdue aging and MIS ensures timely and accurately loan information flow. The Banking sector in Bangladesh is different from the banking sector as seen in developed countries. This is one of the major service sectors in Bangladesh economy and can be divided mainly in to four categories- Nationalized Bank, Local Private Bank, Specialized Financial Institutions and Foreign Banks. However, the journey of private commercial banks is not very older than two decades. Financial sector of Bangladesh like most developing countries is dominated by banking enterprises. Banks at early stages of history of Bangladesh were nationalized and there was mismatch between assets and liabilities. The central bank of the country had limited tools to manage monitory policy. Most banks pursued a policy of financial deepening through extending bank branches to the remote and rural areas without considering financial feasibility. In this situation, causality between economic growth and performance of the financial sector could not be established. Banking and financial sector in Bangladesh is under intensive monitoring of the govt. to improve performance and efficiency. Bangladesh Bank (BB) has been working as the central bank since the country's independence. Its prime jobs include issuing of currency, maintaining foreign exchange reserve and providing transaction facilities of all public monetary matters. BB is also responsible for planning the government's monetary policy and implementing it thereby. The BB has a governing body comprising of nine members with the Governor as its chief. Apart from the head office in Dhaka, it has nine more branches, of which two in Dhaka and one each in Chittagong, Rajshahi, Khulna, Bogra, Sylhet, Rangpur and Barisal. The Bangladesh bank has been given reasonable functional autonomy to bring dynamism in this sector. The Bank Companies Act 1991, the Financial Act 1881, the Public Demand Recovery Act 1913 and Securities & Extension Commission act 1993 have been amended. To provide more securities to the depositor, Bank Deposit Insurance Act has been enacted. • The banking system dominates the financial sector accounting for about 97% of the market in terms of assets. • Govt. has undertaken major reform initiative to improve the regulatory and legal environment for bank. • Several specialists’ development financial institutions have been providing long term debt, equity-financing and leasing. The share of banking and financial sector in GDP is only 1.63% constituting of banking 1.22%, insurance .35% and other financial services .06%. However the sector experiences an overall growth of 6.96% in 2002-03 with the highest growth (12.28%) in insurance.
To conclude we can say reforms are going process because there are always changed in banking business and situation . We most try at our best to prepare ourselves for accepting the challenges of the new century knocking at the Have been assigned to complete an Internship Report on National Bank Ltd. As my internship program requirement. So, I have selected NBL Saver Branch with main focus on the overall banking activities of the Bank. I tried my best to get as much information as possible and complete this report in due time. As partial requirement for completion of the BBA program (Marketing department) of Dhaka International University Required to complete the Internship program as well as the paper. Objective of the Study 1.5. jective of the Study • To understand and learn the Banking activities, management efficiency and overall performance of National Bank Ltd. • To submit a complete term paper for fulfillment of Internship program as well as BBA program. • To gather clear concept and practical knowledge on over all Marketing activities to apply in the future. • Find out some current problems and analyze them to facilitate the future bankers. Limitation 1.6. Limitations There were some limitation concerning the description and analysis of the organizational particulars for the complete picture of the bank’s current state, which were beyond control of the researcher and need to be mentioned. Information generation of the organization did not revealed any kind of financial information regarding the product pricing therefore promotion budget could not be prepared. Moreover, the respective bank did not provide the relevant data of the different banks including NBL, which were necessary for the complete industry analysis. Scope 1.7. Scope 1.2. The term paper is focused on to provide relevant information about banking activities in the relevant industry of my choice. The paper includes various information regarding Bank business. 1.8. Methodology Mythology The report has been written on the basis of information collected from the Primary sources and Secondary sources. In conducting the study I have followed the exploratory approach. 1.8.1. Primary Sources of Information: • Face to face conversations with the employees of NBL. • By personal interviewing and interacting customers at NBL. 1.8.2. Secondary Sources of Information: • NBL Saver Branch & Head office • The official records of NBL • Website of NBL
• • • •
NBL annual reports Printed documents supplied by the executives and officers of NBL Relevant books, Journals, booklets Bangladesh Bank
Overview of National Bank Limited 2.1. Overview of National Bank Ltd. National Bank Ltd. is the first private sector commercial bank of Bangladesh, fully owned by local entrepreneurs. NBL started its never-ending journey from 23 March 1983. The Board of Directors of the Bank consists of the finest intellects of the country’s business, commerce and banking areas. NBL brought a change in services in the banking sector besides the traditional Govt. banks with its excellent difference. The success of NBL is for its cooperative, helpful approach, understanding the real banking needs of each and every client and concern for their benefits and welfare. From the beginning NBL had the great objectives about the Share holders- to maximize their facilities as well as dividend. Now NBL is bigger concern compare to others in the same industry holding 91 branches in the inland area. In 1995 NBL acquired equity and management of Nepal Arab Bank Limited and in 1996 NBL opened a representative office at Myanmar. In different countries NBL has some exchange booths to facilitate the foreigners. With a string sense in all business area of commercial banking NBL could foresee tremendous growth in home bound remittance from Bangladeshi expatriates in USA, UK, Middle East and in different countries of the work. Consequently, NBL established a unique money remittance system with Western Union of USA for inbound and outbound remittance. Still now, NBL has this sort of novelty service facilities. NBL always is committed to fulfill its ethical responsibility to the society, country and to the whole world. NBL has participated in the Brained Multi Purpose Project, a major enterprise undertaken for improving the ecological balance and the socio- economic conditions of the farmers the northern region of the country. Establishment of NBL Foundation, which operates National Bank Public School & College and sponsorship of various sports tournaments are few of the mentionable projects that display NBL’s commitment to the society. Besides the different types of Accounts, NBL has some special schemes that really represent bank’s concern about the clients, some of them are - MSS, SDS, SIS Credit Card, ATM services. Vision Mission and Objective of NBL 2.2. Ensuring highest standard of clientele services through best application of latest information technology, making due contribution to the national economy and establishing ourselves firmly at home and abroad as a front ranking bank of the country is our cherished vision. Efforts for expansion of our activities at home and abroad by adding new dimensions to our banking services are being continued unabated. Alongside, we are also putting highest priority in ensuring transparency, accountability, improved clientele services as well as to NBL’s commitment to serve the society, through which NBL want to get closer and closer to the people of all strata, Winning an everlasting seat in the hearts of the people as a caring companion in uplifting the national economic standard through continuous up gradation and diversification of our clientele services in line with national and international requirements is the desired goal we want to reach. Objectives Of NBL •
Offering quick and improved clientele services through application of modern information technology.
• • • • • • • • •
Playing an important role in the national progress by including improved banker customer relationship. Ensuring highest possible dividend to the respected shareholders by making best use of their equity. Pursuing the policy of nurturing balanced growth of the Bank in all sectors. Consolidating our position in the competitive market by introducing innovative banking products. Ensuring highest professional excellence for our workforce through enhancement of their work efficiency, discipline and technological knowledge. Expanding the Bank’s area of investment by taking part in syndicated large loan financing. Increases finances to small and medium Enterprises (SME) sector including agriculture and agro based industries, thus making due contribution to the national economy. Upholding the image of the bank at home and abroad by pursuing dynamic and time benefiting activities. Ensuring maintenance of capital adequacy, comfortable liquidity, asset quality and highest profit through successful implementation of the Management Core Risk program.
NBL at a Glance (2005-2008) 3. NBL at a Glance (2003 to 2 [Taka in Million] Particulars Authorized Capital Paid up Capital Reserve Fund Deposits Total Advance Investments Import Business Export Business Remittance Business Total Income Total Expenses Profit (before provision & Tax) Profit (after provision & Tax) Fixed Asset Total Asset Book Value of Share Market Value of Share Income per Share Dividend Paid
2005 1000.00 430.27 1270.63 27762.12 22257.15 4044.20 19264.50 16341.80 7637.50 3622.31 2677.22 336.09 88.12 889.61 47929.57 395.31 226.61 17.07 20% (Bonus Share)
No. of foreign correspondents No. of employees No. of Shareholders No. of Branches
358.00 2185.00 9276.00 76
2006 1000.00 516.33 1345.99 28973.39 23129.65 4374.17 22028.30 17105.30 9035.50 3715.21 2980.06 484,21 170.02 895.35 48024.96 360.68 475.25 27.44 20% (Bonus Share) 410.00 2133.00 9491.00 76
2007 1000.00 619.59 2115.03 32984.05 27020.21 3564.82 31648.20 21344.10 13618.20 4202.52 3351.19 581.13 271.67 1431.23 55046.13 441.36 746.50 43.85 30% (Bonus Share) 391.00 2183.00 9564.00 76
2008 2450.00 805.47 2468.79 40350.87 32709,68 5730,38 42458.50 28019.20 21311.10 5728,82 4582.04 1058.73 507.49 1627.29 66533.80 406.50 760.50 63.01 50% (Bonus Share) 400 2270 1040 91
Branches of NBL Branches of NBL On 23 March 1983 NBL was first started at Dilkusha Branch. At the age of 19 years it has established a total of 75 branches over the country and made a smooth network in side the country as well as throughout the world. The number of branches as territory-wise is mentioned in the following table: Name of the Area Dhaka Chittagong Rajshahi Khulna Sylhet Total
Number of branches 32 19 14 13 13 91
Organization Structure Board of director In NBL, the board of directors has been conceived as the sources of all power headed by its chairman. It is the legislative body of the bank. Board can delegate its power and authority to professional, but cannot delegate, relinquish or avoid their responsibilities. Management The board delegates its functional responsibilities to the professional management team headed by the Managing director. He has to take the full load of carrying out the guidelines, rules, regulation and directions given by the Board from time to time and provide all vital information to the Board of directors for their knowledge and effective decision-making. Now NBL has over 2000 employees. Almost all are good salaried.
Organ gram of NBL Chairman Top Level Board of Directors Managing Director Deputy Managing Director Executive Managing Director
Executive Level Executive Vice president Senior Vice President Vice President Asst. Vice President Senior Principal Officer- Grade-I Mid Level Principal Officer- Grade-II Senior Officer-Grade-III Senior Officer-Grade-IIIA Junior Level Senior Officer-Grade-IIIB Probationary Officer
Junior Officer (JO) Typist Office Assistance Security Staff, Driver 2. 6. S Some Targets NBL would like to achieve
To be the no. 1 in the Banking sector Provide best quality customer services Encourage small, medium, & large industries by providing financial assistance Giving best facility to its shareholders and maximize their wealth Boost up its own strengths Maintain high standard corporate business ethics Create and maintain a favorable atmosphere so that people can be proud and eager to work in NBL Maximize its capital. Participation in many social & economic activities.
2NBL-4 Years Performance in 4 Major Sectors •
Deposit Position: (From 2003 to 2006) The deposit of the Bank increased over the years. In 2003 it was 27762.12 million taka and at the end of 2006 its balance was 40350.87 million taka. Total deposits mobilized by the NBL in 2006 stood at tk. 40350.87 million, which is higher by the tk. 7366.82 or 22.33% than in
2005. Keeping in view the element of profitability, priority is given to mobilization of costless and low cost deposits. Deposits resources are raised by undertaking special saving mobilization programmers at the intervals throughout the year. •
Loan and Advance Position: (From 2005 to 2008) Loans and advance also showing the upward trend over the years, which indicates a positive signal for a bank. Total loans and advances disbursed by the NBL during 2006 increased by tk. 5689.47million to tk 32709.68 million. the rate of growth was 21.06%. 35000 30000
15000 10000 5000 0
Profit Position (after tax): (From 2005 to 2008) During the year Bank’s profit after tax has also increased i.e. Tk. 88.12 million in 2003 to Tk. 507.49million in the year 2006, a positive balance. And the growth of profit 2006 is too high than 2005.
Export & Import Position: (From 2005 to 2008) A huge source of bank’s income, both has increased over the years. In 2006 Export earning was 28019.20million- a golden period. NBL financed export trade worth US$ 405.33 million equivalent to tk. 28019.2million in 2006.as compares to us $ 329.00 million equivalent to tk. 21344.1 million in 2005. The rate of growth stood at 23.20% in terms of dollar and 31.27% in terms of tk. 45000 40000 35000
30000 Export Import
The volume of import trade financed by NBL in 2006 amounted in us$ 606.30 million equivalence to tk. 42455.5 million as against us$ 485.00 equivalent to tk. 31648.2 million in 2005.
35000 30000 25000 20000
10000 5000 0 2002
Sources and Uses of Fund The Banks main sources of funds are shareholders equity and savings of the public, which the bank mobilizes as deposits and deploys as short and long-term loan and advances as well as invites in different financial institution including Bangladesh Bank to earn profit. Total funds of the Banks is controlled by and utilized through the Treasury Division, Loan Division And Merchant banking division. As per the latest directives of Bangladesh Bank 18.0% of the total demand and liabilities are required to the maintained as statuary Liquidity Ratio (SLR)
Sources Of Fund (%) 5.32
Paid-up Capital Deposits & Other Account Reserve Capital Borrow ings 86.23
of which 5.0% are to be maintained in cash as CRR in current Account with Bangladesh Bank ( on which no interest in receive) and the rest 13% are maintain in different approved securities, treasury bills, bonds, debenture and foreign currency. In utilizing its resources the Bank keeps in view the need for maintaining required liquidity and earning maximum profit through lending and investing.
Use of Fund (%) 2.07 3.48
Loan & Advance Call Loan
Investment Fixed Asset
Cash & Bank Balance Other asset
Account Opening Department A department which has direct interaction with customers, deal with opening of different types of Accounts. After getting all required papers Officer go to the senior executives for taking the permission of open the A/C. in the mean time s/he verify all papers and finally if the client is eligible for a A/c holder then Bank permit him to open the A/C. Name of the different types of Accounts: • • • •
Current Account ( CD) Short Term Deposit A/C(STD)–rate of interest 5.5%- 6% Saving A/C ( SD)- rate of interest 6% Fixed Deposit Receipt (FDR).
3.1.2. How to open an account: • First interact with the client and understand his/ her interest to open an A/C, address, profession, social status and also his referee. • Must have logical explanation to open the A/C • Current Photograph 3.1.3. Asked for some papers: • Tax Identification Note (TIN) • Photocopy of passport • Trade license • Introduce mark on the form, from any employee of NBL • Employment certificate 3.1.4. If joint A/C: • Declaration – who will withdraw money? • Notice from client - if client want to withdraw more then ¼ of their deposits or more then 50 thousand, notice must give before 1 week of withdrawal • If it is a company’s A/C then MA is must After fulfillment of all requirements a client is permitted to open an Account. 3.1.5. Different types of Current Accounts: • Individual • Proprietorship • Partnership • Company
Club, society etc.
3.1.6. Who can open an FDR? Any legal, mentally fit persons can open FDR. In time of opening FDR no photo and introducer is needed. FDR is made for any amount. Duration & Interest rate; Fixed Deposit Recite is made for different maturity containing different interest rate: Duration
9% (below Tk.10 lac), 11% (above Tk.10 lac)
9.5% (below Tk.10 lac), 11.5% (above Tk.10 lac)
10% (below Tk.10 lac), 11.5% (above Tk.10 lac)
3.1.7. Rules for FDR: • • • • • •
Normally after maturity and following necessary rules holder of FDR can withdraw total money with interest rate. But if the holder want to withdraw his money before maturity then he does not get any interest, but withdraw deposited money In case of premature FDR no penalty, no IR in 3 or 6 months FDR. But in case of 12 or 24 months bank cut up 6 months. After that if any slab then according to this he gets IR. Upon interest rate 10 % income tax must cut up. There are some rules incase of Excise duty (yearly charged)
Amount Up to 10000/10000 – 100000 100000 – 1000000 1000000 – 10000000 10000000 – 50000000 50000000 & above
Excise Duty Nil 120/250/500/2500/5000/-
3.1.8. Some Special packages: •
Monthly Saving Scheme (MSS):
Under this scheme one customer can open an account for 3 years @ 9% interest rate, 5 years @ 9.25% interest rate, and 8 years @ 9.5% interest rate. The monthly installments are – Tk. 500, Tk. 1000, Tk. 2000, Tk. 3000, Tk. 4000, Tk. 5000, and Tk. 10000. For opening an account customer need to submit only one copy of his/her recent photograph (passport size). Same person can open more than one account in the same branch or bank on different monthly installment.
National Bank Limited Deposit Scheme (NDS)
The scheme will be titled as NDS. The period of deposits will be 3 years. Credit facilities up to 80% are allowed against lien on balance of NDS A/C, at 15% rate of interest of quarterly rest. NDS Amount (in Taka) 50000
Monthly Benefit Payable (in Taka) 450
100000 200000 300000 400000 500000 1000000 2000000 5000000
900 1800 2700 3600 4500 9000 18000 45000
3.2CASH DEPARTMENT Number of Register Name of registers
Cash register Receive register Payment register Receive – Payment register Vault register Cash balance register Cash remittance register Prize bond register Insurance register
3.2.1. The activities of Cash Department: This cash Department deals with cash, maintain the registers of Incoming and outgoing of cash flows. Cash department has to properly maintain cash management policy. Within this policy cash department performs activities through some steps and follows some policy, especially insurance policy. 3 types of Insurance Policies maintain in this department for getting insurance coverage: Cash in safe insurance: up to Tk. 5000000 coverage Cash on counter insurance: up to Tk.1000000 coverage Cash in transit insurance: up to Tk. 10000000 coverage In cash department above mentioned registers are maintained. For example, in receive register there are two heads. One is receive from branch and other banks, other are receive from customers. Hence in payment register there are also two heads. One is payment to branch and other banks and another is payment to the customer. Generally cash balance register is two types: • Day cash balance book – incase of large branch this book is maintained one after one day, but in case of small branch this book is maintained on current date.
Evening cash balance book - in case of emergency receive from customers, bank has to maintain this special kind of book for party services.
Calculation of Closing cash balance: Opening balance…………… +Cash received…………….. Grand total……………………. Total balance…………………
Closing cash balance……….. 3.3. Deposit Department 3.3 Deposit Department This Dept. plays an important role in deposit all cash, cheques, bills, DD, TT, PO or anything. Not directly interacted with customers but deals with the customers’ tasks. Mainly Debt, credit and transfer is the major part of their task. After collecting cheque at first it goes to the computer operator. The officer entry the cheque no, judge validity of the cheque, check the current balance. If computer shows “good for payment” then cheque is approved for cancellation process. If computer shows “do not pay” then no amount is debited from the A/C. If the cheque amount is 25,000 and above and it is transfer cheque then second cancellation is needed Otherwise first cancellation is enough. From this department anyone knows his current balance in his account by a balance slip. Deposit department has to furnish / bills master card formalities. Every day take printout of previous day’s works. Statement of last 6 months may be printed out if it is neede Section of department: Operation Procedure:
No. of work station :
Savings account (SB) Current account (CD) Short term deposit account (STD) Operation is divided two parts; one is manually and other is computerized. 2 (with LAN)
3.4. Inland Remittance Department nland Remittance Department Inland Remittance Dept. Always busy to remit customers money from one destination to another destination with a minimum charge. Mainly money sent through TT. PO, DD, SDR etc. Though Pay Order is an unconditional instrument so when a customer presents PO to this dept. Bank bound to pay the money unless any injunction of court. Without An account PO purchase is not allowed .If a PO of same bank another branch is presented then one branch has to send a credit advice to the paying branch. Incase of TT minimum 3 parties are related. After getting a TT must justify the test number, TT number. After matching the test number “test agreed” seal is given upon telex message, then voucher has to prepare. At last paying branch debit its issuing branch and credit its customers account.
In case of DD, there is no responsibility of bank. Party has to bear DD of his own responsibility. In this case paying and issuing branches are different. Pay slip is issue for meeting internal payment, FDR interest, a/c closing amount etc. Number of Register:
Name of the Register:
Cheque receive register Internal cheque receive register TT payable DD payable. 2 Inland remittance dept. Performs its work on different five types of instruments. These are::
No. Of work station : Different types of instruments:
o o o o o
Charges of different instrument:
Pay order (PO ) Security deposit recite (SDR ) Pay slip (PS ) Telegraphic Transfer (TT ) Demand Draft (DD).
For Pay Order- Tk.12, For DD- Commission 0.10%, Vat 15%. For TT - Commission 0.10%, Vat 15% & Telephone charge Tk.40. For PS – No charge required.
3.5 Bills and Clearing Department 33.5ills and Clearing Depar The bills and clearing department performs their duties for collection purpose. This purpose happens through two ways: 3.5.1. Through clearing house: Clearing House is a combined place where all listed banks represent themselves and distribute all cheques drawn on the banks and collect cheques drawn on their own bank. Clearing house’s works are monitored by Bangladesh Bank. Every listed bank has account with Bangladesh Bank. Through clearing house every bank clear their liability. Mechanism of operation of the Clearing House is by now an well developed one. Generally the mechanism is as under: • •
Every member bank of the Clearing House prepares a bank-wise list of cheques and drafts received from its customers and drawn on different banks. Representative of each bank visits the Clearing House with the cheques and their list in the morning and delivers the cheques and drafts to the representatives of the respective banks. Similarly, he/she also receives the cheques drawn on his/her bank from the representatives of the other banks. The representatives return to their respective banks to meet again in the afternoon to return the dishonoured instruments, if any, to the representatives of the respective banks.
The representative of each bank computes the final balance payable or receivable by his bank or other bank from other banks after taking into account the various amounts of receipts and payment. The final settlement is effected by the supervisor of the Clearing House by debiting or crediting, as the case may be, the accounts of the respective banks as maintained with the Clearing House. 0
• • 3.5.2. Registers: For collection purpose maintains some register such as – • Local bills for collection (LBC) • Outward bills for collection (OBC) • Inward bills for collection (IBC)
HGFKBOKHGFKOHH3.6. Loans & Advance Department 3.6 Loans and advanced section Loans & Advance is a major earning source of a Bank. NBL is also very careful to provide loan, normally NBL sanction loan to individuals, small/medium or large industries. Actually loans give out of the Bank’s deposits, against valuable security. 3.6.1. NBL follows some general rules/principle to provide loan to its client. • The bank shall provide suitable credit services and products for the markets in which it operates. • Loans and advances shall normally the financed from customers’ deposits and not out of the share, temporary funds or borrowings from other banks. • Credit will be allowed in manners, which will in no way compromise the Bank’s standards of excellence and to customers who will complement such standards. • All credit extension must comply with the requirement of banking companies Act 1991 and Bangladesh Bank’s instructions as amended from time to time. • The aggregate of all cash facilities shall not exceed 80% of customer deposits. It is further governed by the statutory and liquidity reserve requirement of Bangladesh Bank. Classification of Loans & Advances
Cash credit section Credit information bureau (CIB) Secured overdraft section (SOD) Loan general section ADB loan Employee house building loan (EHBL) House building loan (HBL) Bank guarantee section (local) Recovery wing section Law department and recovery section IT section for advances.
3.6.2. Cash Credit (CC) Section What is CC: Types of CC :
Actually cash credit is one kind of credit facilities to the customer. CC is a fully continuous loan. Generally this loan issued for providing working capital of a business. Two types of cash credit are used: Hypothecation (Hypo) Pledge
Some discussion Generally hypothecation is used in a large scale. In hypo stock acts as a about CC primary security and keeps under borrowers full responsibility. In case of pledge stock possession is kept under bank and bank guard it own cost. After submitting bills by party bank pay bill amount to the supplier and party collect money from supplier. Party has to maintain certain % of margin to the bank. Papers required Party application to give the CC: Application in bank’s prescribed form Stock report Trade license Audited balance sheet for last 3 years Income tax clearance certificate VAT For limited company – M/A, A/A, Incorporation Certificate, Commence Certificate For Partnership Business – Deed, For Club society – Resolution Bio-data and Photography of management body Accounts statement for last 1 year CIB report Undertaking Confidential opinion regarding borrower Project profile Permission of Investment Board (BOI) Clearance of environment directorate Valuation of Property Schedule of collateral security Documentation For registered mortgage:: for giving the A proposal CC: Original sale deed Original Title deed Original Via/transferred deed CS, RS, SA, Porch Mutation Unto-date Math Porch Non encampment certificate Rent receipt Duplicate carbon copy (DCR) Rajuk approval CC Recovery: When borrowers are unable (unwillingly) to repay the loan then bank liquidate the mortgaged property. Before this bank make a personal interaction with borrower and in some case facilitate him/ her some time to improve his condition. But those party do not repay the loan willingly bank issue letter in favor of them for quick repayment of loan. Or facilitate them renewal of loan amount or make some arrangement to
adjust their loan. There are 3 kinds of arrangement:
In case of first arrangement borrower has to pay 15% of loan amount to the bank, then he /she can goes to arrangement. In case of second arrangement borrower has to maintain 30% of loan amount to the bank In case of third arrangement this percentage is 45%.
If borrower does not pay his/her liability although taking this reminder action then bank goes to legal action (file case).
3.6.3. Secured Overdraft (SOD) Department The securities Can be:
Secured Overdraft works on : Fixed Deposit Recite (FDR) Savings Certificate Wage Earners Development Bond (WEDB)
Different interest rate of different securities:
FDR: Loan against FDR between 80% - 90% interest rate is 2% 3%. If loan issued above 90% Interest Rate is 3.5% - 4.5%. Savings Certificate: Interest Rate is 16% WEDB: Interest Rate is 16%
The steps of providing the SOD:
Generally SOD guarantee is issued for tender purpose Having SOD guarantee party has to submit work order Along with other required papers. If party needs advance payment to finish work, he needs APG, PG etc. party never paid total work value at a time, paid on a step by step after submitting bills. If bank wants every cheque drawn on bank then employer and party notarize it. On total bills employer cut up followings: Retention money: 10 % * Advance income tax: 4 % VAT: 4.5 % 18.5 % * After service period this is refundable So party’s net bill receivable (NBR) is determined after cutting 18.5% charge on work value & this value is distributed step by step.
Terms & Conditions for SOD:
Necessary conditions of SOD advances :: Nature of limit Amount of limit Purpose Validity Rate of interest Mode of repayment Security Other condition
a Before sanctioning guarantee-lending risk analysis (LRA) and proposal preparation is must. Branch sends the LRA report with the proposal to the board meeting (if loan is above 20lac) to finalize the decision of providing Loan.
3.6.4. Bank Guarantee (BG) Department 1) Different types of Bank Guarantee: 2) 3) 4) 5) Party involvement:
Conditions for BG:
Validity of BG:
Bid Bond: Actually in the time of tender bid bond is used. It’s one kind of instrument. Performance Guarantee (PG): Generally bank gives PG upon party’s work ability for a certain time period. PG gives on total work value. Advanced payment guarantee (APG): APG gives for the initial amount. Security Bond: Sometimes a security bond is issued to secured “ Bid Bond , PG , APG ,” Counter Guarantee: A Guarantee against a Bank guarantee.
There are three parties related with bank guarantee: Beneficiary / Employer Party / Applicant Bank / Financial Institution
Assurance for completion capacity of work Within the validity period, work must be done Bank must be responsible for any lapses, disorders. Inability of party & treated as failure.
Work order must have a valid period and within this valid period party has to finish his work. But if employer wants he can extend this valid period.
validity Extension of validity may be made on : Beneficiary’s request Party’s request Both party and beneficiary’s request
3.6.5. Loan General Section Types of General:
Loan There are 3 types of general loan are seen : ADB loan EHBL HBL
Theme of ADB Asian Development Bank distributes a handsome fund to different loan: developing countries. Generally in case of ADB loan charges 12% interest rate for 6 years repaid on monthly installment basis. Loan repayment starts after 1 year. Theme of EHBL:
In case of EHBL purpose, loan provides employees having 8 years permanent/confirms services. Loan provides on the basis of 100 months basic salary (Basic salary*100). Installment pays Tk. 750 per lac. Within 18 years repayment must be made. Interest rate is 9% (simple)
Value delightment After retirement repayment can continue factors: Safety Scheme: If any employee died on servicing then installment cut down from this scheme. If not died then after loan adjustment this deposit (70%) return with interest. For this regulation following rules must be followed: If loan is 2 lacs Safety money is Tk. 100 per month. If loan is (2 – 4 ) lacs Safety money is Tk. 300 per month. If loan is (4 – 6) lacs Safety money is Tk. 400 per month. If loan is (6 – 9) lacs Safety money is Tk. 500 per month. If loan is (9 –12) lacs Safety money is Tk. 600 per month. If loan is (12-15) lacs Safety money is Tk. 700 per month If loan is above 15 lacs Safety money is Tk. 800 per month.
In case of Flat loan, loan repayment starts after 6 month In case of land /house loan, loan repayment starts after 18 month Some Rules for If installment exceeds 50% of total salary then he/she does not permits EHBL: provide EHBL facilities. Loan for purchase of land is restricted to 40% of total value of land.
Papers Procedures EHBL:
& Photocopy of agreement of sale/allotment letter from concerned for authority. Up to-date clearance from Rajuk/CDA/KDA for Dhaka/Narayangonj/Chittagong and Khulna areas or from local development Authority/Municipality for others areas stating that the land is freeHBL fromisacquisition. Theme of HBL: Generally issued for customers. Sale permission frombuilding Housingloan estate if the plot is leased by Housing / Interest rate of house is 17% other Govt. body. Clearance certificate from the Bank’s approved lawyer about the Required papers genuineness To build house on existing of of thethe existing of the right titleland etc./extension of the seller land house: of HBL: 1) Whether the land is under direct possession of owner. Possession Whether the land is under direct possession of the seller and buyer will certificateon from authority after spot verification. get possession therecommending same immediately after purchase. 2) Whether the landofisland fit for immediate construction Valuation Certificate signed by a bank official. or requires earth filling. Whether the land is fit for immediate construction /requires 3) cost of earth filling /development of plot if necessary Earth filling. 4) Copy of approved plan from RAJUK/CDA/KDA/Purchaser /an engineer. Estimate for earth filling /development of plot , if required , duly signed 5) a PWD Estimate cost not of below the proposed construction by Engineer the rank of an assistantsigned engineerby a PWD engineer not below the rank of Asst. engineer. 6) Clearance certificate form the Bank’s approved lawyer regarding the genuineness of the right, title etc. of the owner of the land.
3.6.6. Loan General (House Building Loan) Section
To buy a Ready flat / Apartment:(Papers & Procedures) Photocopy of agreement of sale duly attested by the Recommending Authority.
Clearance certificate form RAJUK/CDA/KDA for Dhaka/ Narayanganj/ Khulna and Chittagong areas and from competent authority for other areas for sale where necessary. Sale permission from Housing Estate if housing & settlement or other Govt. body leases the plot and house where necessary. Valuation certificate of ready- made / apartment signed by a PWD engineer not below the rank of Asst. engineer. Clearance certificate form the Bank’s approved lawyer about the genuineness of right, title etc. on the land and house. Whether the house is in habitual condition. Whether the house is under direct possession of the seller and the buyer will get the possession immediately after purchase
3.6.7. Different Securities for Different Types of Advances:
Types of Advances Inland Bills Purchased (IBP) Payment Against Document (PAD) Loan Against Imported Merchandise (LIM) Trust Receipt (TR) Export Cash Credit (ECC) Foreign Bills Purchased (FBP)
Securities Bill itself Shipping documents for import Pledge of imported merchandise
Interest Rate 16% 16% 16%
Trust receipt obtained in lien of import documents. Pledge or Hypothecation Shipping documents for export
16% 7% 7%
3.6.8Recovery of Secured Overdraft Section Rescheduling Rules:
After receiving rescheduling application bank has to query why loan account becomes defaulted. Considering rescheduling bank has to observe borrowers liability with other bank. Bank must have to observe borrower’s cash flow statement, Income statement, Balance sheet. Sometime bank can inspect borrower’s industry/firm physically to ensure borrower’s repayment capacity of rescheduling liability. Bank must preserve this report .if bank satisfied with above conditions, and then loan can be rescheduled. Otherwise legal action must be taken, keeping sufficient provision and write off the loan. Rescheduling must be for minimum time period.
Rescheduling Term loan:
Between maximum 15% of overdue installment or 10% of outstanding – which is lower pain in cash then 1 st rescheduling considered. Between maximum 30% of overdue installment or 20% of outstanding – which is lower pain in cash then 2 nd rescheduling considered. Between maximum 50% of overdue installment or 30% of outstanding – which is lower pain in cash then 3rd rescheduling considered.
Rescheduling of In case of demand and continuous loan’s rescheduling rate of down demand and payment vary in order to loan amount. continuous loan: Overdue loan amount Rate of down payment One Crore taka 15% One – five crore taka 10% Five crore and above 5%
Classified Loan and keeping Provision [Phase wise Program]
A. Classification 1st Phase Status Length overdue
2nd Phase of Length of Overdue
3rd Phase Length overdue
4th Phase of Length of Overdue
5th Phase Length overdue
Less than 12 Less than 9 Less than 9 Less than 6 Less than 3 months months months months months
12 months or more but less than 36 months
9 months or more but less than 24 months
9 months or more but less than 24 months
36 months or more but less than 48 months
24 months or more but less than 36 months
24 months or more but less than 36 months
48 months or 36 months or 36 months or more more more
6 months or 3 months or more but less more but less than 12 than 6 months months 6 months or 12 months or more but less more but less than 12 than 24 months months 12 months or 24 months or more more
Bad/loss: B. Provision Requirement
C. Frequency of classification Annual
3.6.9. Classified Loan Section Some Statement of Classified Loans: A) Statement of recovery against CL advances B) Statement of Term loan C) Statement of position of newly classified account D) Statement of classification of loan E) Statement of rescheduled loan. 3.6.10. Preparation of Consolidated Statements To meet up Bangladesh Bank requirement A consolidated statement as per Bangladesh Bank requirement sends it through Head Office as a continuous basis. As when required others additional statements have to prepare. Some important Statement that send in regular basis: Statement of highest 20 defaulter (monthly) Statement of Fraud & Forgery (monthly) Bangladesh Bank inspection compliance report Statement of loan between 1-10 crore (quarterly)
Statement of loan above 10 crore (quarterly) Statement of directors liability Statement of other bank’s directors liability Statement of Ex-directors liability Statement of sector-wise advances Statement of suit file Statement of decreed suit file Statement of year-wise fresh loan disbursement 1997 to Up to date Statement of consumer credit scheme ( half-yearly ) Statement of Bank reform program &credit development (half-yearly) Statement of sector-wise outstanding & overdue Statement of deposit analysis Statement of trend deposit analysis Statement of contingent liabilities Statement of term loans Statement of unclaimed non-transactional deposit a/c of above 10 years Statement of SOD loan & advances against cash/quasi Cash security Statement of loan & advances in Govt. & private sector at Inspection date.
3.7. Card Division NBL provide both Credit card & Debit Card Basically this department deals with credit cards, and now days only the ‘Master Card’. But NBL recently is starting the operation of VISA Power Card as a Debit Card. Master Card is using as an alternative of cash. In the real world cash carrying is not safe always that’s why credit card is very popular in the modern world and also in Bangladesh. People can draw cash from the ATM with out any involvement of human, by credit card one can buy anything from the shop. - NBL has 2 types of Master cards: Silver & Gold, both has local & International range. - Interest rate is 2% for both Local and International. 3.7.1. Application and proposal prepare to open a card: • Application receive from a party • Verify the securities (FDR, Saving Certificate, CD or SD A/C) • For exporter lien will be his F.C A/C and payment of card will be through USD. • Send the certificate to the top management • If approved by the management the card will punch and deliver after 1 day to the Clint. 3.7.2. Charging procedure of Master Card: Gold International $50 + 15% (vat)
Local Tk. 2000 + 15% (vat)
Silver International $ 25 + 15% (vat)
Local Tk. 1200 + 15% (vat)
3.7.3. Debit Card (Visa Power Card): NBL Power Card Issued to a cardholder to avail of services and to purchase or to draw cash by properly presenting the same at the notified Member Establishment / Bank/ATM. Three types of Power Card is available –
The card holder may avail any of the above Cards subject to fulfillment of necessary requirements. Salient Features of the NBL Power card: •
NBL Power Card can be used for purchases at merchants where VISA Cards are accepted through electronic point of sales terminals.
NBL Power Card can be used for withdrawing cash from Automated Teller Machines (ATM) s.
Personal Identification Number (PIN) necessary for withdrawal of cash will be provided by the bank
For Local Card there is no issuance fee for the 1 st year and from the 2nd year only Tk. 200 will be charged.
For the International Card highest charge will be $ 40 & lowest will be $ 15.
To get a NBL Power Card customer has to submit only two copies of his/her recent photograph and the TIN (Tax Identification Number).
3.7.4. About Merchant marketing: Here merchant is our client who has a shop/ outlet. Merchant uses our NBL card machine. NBL take 3% interest from the merchant. 2 types of machine are using in this business: • POS (Point Of Sales)- Automatic machine • Manual machine For manual machine phone call come from the merchant to take the approval, whether the card is valued or not, card has sufficient balance or not And person of this Dept. Check the cardholder’s current situation and give the decision to the merchant. For POS merchant can know the current situation of the cardholder in his computer. Merchant marketing people always keep on follow to find the problems in the market and doing their maintenance and servicing job. 3.7.5. Indemnity: The Merchant will indemnify and not will NBL responsible for any claims, demands, actions, suits or proceeding, liabilities, losses, costs, expenses, legal fees or damages asserted against NBL by any holder on account of acts or omissions by the Merchant in connection with the sale of goods and services and the performance of this agreement. The indemnity provided herein shall service the termination hereof in so far as it pertains to events, which transpired during the subsistence hereof.
3.7.6. Imprinters: Imprinters for use by the Merchant will be provided on request. The imprinter provides to the Merchant must be returned on termination of this agreement. Any other Imprinter used by the Merchant not provided by NBL must be one, which can accommodate MasterCard charge slips. or email or fax/telex. CCD will stop function of that stolen card. 3.7.9. Cash Advance by Master card: Cash drawing is very easy in Master Card. People can draw money from ATM or from the bank also. For using the ATM pin code is require punching into the machine. 3.7.10. About Supplementary card: Cardholder can get a supplementary card for another person. But the main cardholder will carry all charges.
3.7.11. Nominee of a card: One cardholder cans delegate his authority to get the insurance coverage after his death, so that nominee will get all insurance payment after cardholder’s death. 3.8esternUnion Money Tran 3.8.1. Advantages: •
No bank account is needed.
Money can be send with Master Card or Visa Card.
Fastest & safest way to transfer money.
People can collect money from any branches of the National Bank Ltd.
3.8.2. Sending Process of money: Sender has to fill up a form supplied by the agent of Western Union. After filling up the form sender has to give the form and money to the agent. Sender has to collect a recite of MTCN (Money Transfer Control Number). Sender has to inform the recipient about the amount of money and the MTCN. 3.8.3. Receiving Process of money: Receiver has to collect the MTCN and information about the amount of money. Then recipient has to fill up a form after presenting his/her identity in any branch of NBL. After examining the identification through the computer network the agent of the Western Union will give the money to the customer.
33.8.4 Necessary Identity of the recipient: To receive money the recipient has to show any of the following legal identity • • • •
Passport Voter Identity Card. Driving License Local Commissioner Certificate.
4.1 PROBLEMS AND LIMITATION 4.1. Problems/ • No privacy for party to talk personality with the officers. • No Advising facility for new party/ Importer. • All manual register- a lengthy process of keeping accounts. • No online facility. • No services recovery system. • Completely absent of employee motivation. • Telex message goes after 1 or 2 days. • Sometimes communication gap between officers and executive. • No marketing activities to Boost up Export & Import activities. • No promotion or features for the valued parties. • All amendment goes through Telex not through E-mail. • No analysis for competitors – what they are doing. • No alternative arrangement for customer during rush hour. • Poor customer services, poor care of customers. • New competitors entry into the same market with greater facilities. • Advising charge is high compare to other Bank. • LIM / LTR interest rate seems to high. • No Local Area Network (LAN) system within the computers. • Customers’ always run from table to table with their files not the employees. • No good Photocopy machine inside the department. All problems that I mentioned may not the real problem at all or not the present problem and the solutions and recommendations may not match with the organizational goals and objective. I just tried to do a study as a part of my internship program. I expect if at least one problem of NBL match out of my findings and with the solutions that will be my success of the story. I believe some of the problems of my point of view are really practical problem of the departments 4.1.1 Analysis of National Bank Limited. SWOT is an acronym for the internal strength and weakness of a firm and the environmental Opportunity and Threat facing that firm. So if we consider NBL as a business firm and analyze its strength, weakness, opportunity and threat the scenario will be as follows: Conclusion Firm can motivate employee in various way. But rewarding employees financially improves level of employees work.. Renowned organization of the world gets success by using this motivating tool. But
use of other tools re also very important. Because need of money is not important I all level of employee. Higher-level employee want something more than money. Bibliography: