General Banking Division of JAMUNA BANK LTD

Abstract

Jamuna Bank Limited is a private commercial bank in Bangladesh. It was established on June 3, 2001. Being one of the most well-known private banks in Bangladesh, Jamuna Bank has been operating 91 branches as on April, 2014. The bank from its inception from way back to 2001,continuously supporting all types of banking transactions for the greater and faster development of the country. Above all, in case of ensuring services the bank always go through its objectives such as earning and maintaining strong CAMEL rating, establishing relationship banking, introducing fully automated systems, ensuring an adequate rate of return on investment, maintaining adequate liquidity to meet maturity obligations, pursuing an effective system of Management by transparency and accountability at all levels. In order to best support its customer base JBL offers the following accounts: Current Deposits, Savings Bank Deposits, Fixed Deposits, Short Term Deposits, Monthly Term Deposits, Any other deposits as may be approved by Head Office. The branches of the bank operate as independent accounting unit. They submit statement of affairs and other prescribed returns direct to Head Office where these are consolidated in the form of a statement showing assets and liabilities of the Bank at the time of closing business on Thursday and at the last working day of each month. The bank follows the modern method of accounting to record its transaction. But for quick and accurate recording as well as for arriving at daily financial position specialized form of double entry system of book keeping, named slip system under self‐balancing method is followed by the bank. The golden principle of debiting or crediting is the same as those of double entry system. In the bank, instead of recording transactions in a journal initially, these are directly recorded and posted in the ledger (computer) separating the debits and credits by slips or voucher system. Foreign exchange is an important department of Jamuna Bank Limited, which deals with import, export and foreign remittances. It bridges between importers and exporters. This department is playing an important role in enhancing export earnings, which aids economic growth and in turn it helps to develop the economy.