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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

INTRODUCTION...........................................................................................................................................1

COMPANY PROFILE......................................................................................................................................6

FUNCTIONING OF VARIOUS DEPARTMENTS..............................................................................................12

WORK ASSIGNED.......................................................................................................................................17

PROCESS FOLLOWED.............................................................................................................................17

RESULTS ACHIEVED................................................................................................................................19

CONCLUSIONS, LEARNINGS & SUGGESTIONS............................................................................................20

FUTURE POSSIBILITIES...............................................................................................................................21

BIBLIOGRAPHY...........................................................................................................................................22

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CHAPTER 1

INTRODUCTION

1.1 INTRODUCTION TO INTERNSHIP :

An internship is on-the-job training for many management professional aspirants more

often taken up by students during the master degree as a part of partial fulfillment of

graduation to supplement their formal education and expose them to the world of work.

Internships offers various occasion to interns during internship programs to expand

familiarity in their choose area of work , to find out what they have an importance in an

exacting in specific line of business, develop professional network links, build

interpersonal skill or get some credit points.

Through internship there is a possibilities of getting a permanent job where by dual

benefit to company as well as student in terms of less or modest cost. It brings sea

changes in business and academic culture in India, due to increasing presence of MNC,

rapid economic growth, globalization.

1.2 IMORTANCE OF INTERNSHIP :

Internship leads to the intern’s individual development through challenging global

environment.

Internship provides directions and mentoring on specialized area to gain exposure and to

get career consciousness.

It includes work experiences that go together with classroom learnings

It builds job related skills, ability to accept challenges.

It provides real world experience, personal development, networking choices option for

future career prospects.

1.3 OBJECTIVES OF STUDY :

To understand the working mechanism of various departments, procedures, systems

followed and administration on real time basis.

To study the flow mechanism of Inward and outward remittances in Banks.

To understand the role of forex/Treasury department in bank, the process, systems and

critical issues.

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To understand the documents required for inward and outward remittance.

1.4 SCOPE OF THE STUDY:

The scope of the study involves, analysis of various functional departments operates in an

organization with department objectives, activities, roles and responsibilities of each

employees in an organization

The present study involves analysis of banking operations in Byramji town branch of

Axis bank inward and outward remittances, Treasury operations, forex transactions in

axis bank.

To analyze the customer transactions in forex in axis bank.

To tap the inward & outward remittance of the bank.

Duration of the study from 28th march 2016 to 2nd june .

1.5 MEANING OF CONCEPTS :

Banking in India in the modern sense originated in the last decades of the 18th century. Among

the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in

1829-32; and the General Bank of India, established in 1786 but failed in 1791.

Without the sound and effective banking system in india it cannot have a healty economy. The

banking system of india should not only be hassle free but it should be able to meet new

challenges posed by the technology and any other external and internal factor. For the past three

decades indias banking system has several outstanding achievements to its credit. The most

sriking is its extensive reach. It is no longer confined to only metropolitans or cosmopolitans in

india . in fact, Indian banking system has reached even to the remote corners of the country . this

is one of the main reasons of Indias growth process.

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Nationalized banks in india

Banking system in india is dominated by nationalized banks. The nationalization of banks in

india took place in 1969 by Mrs.Indira Gandhi . the major objective behind nationalization was

to spread banking infrastructure in rural areas and make available cheap finance to Indian

famers. Fourteen banks were nationalized in 1969.

Before 1969, state bank of india was only public sector bank in india. SBI was nationalized in

1955 under the SBI act of 1955. The second phase of nationalization of Indian banks took place

in the year 1980. Seven more banks were nationalized with the deposit over 200 crores.

PRIVATE BANKS

All the banks in india were earlier private banks. They were founded in the pre-independence era

to cater to the banking needs of the people. But after nationalization of banks in 1969 public

sector banks came to occupy dominant role in the banking structure. Private sector banking in

india received a fillip in 1994 when reserve bank of india encouraged setting up to private banks

as part of its policy of liberalization of the Indian banking industry. Housing development

finance corporation limited (HDFC) was amongst the first to receive an ‘In principle’ approval

from the RBI to set up a bank in the private sector.

Private banks have played a major role in the development of Indian banking industry. They

have made banking more efficient and customer friendly. In the process they have jolted public

sector banks out of complacency and forced them to become more competitive.

FOREIGN EXCHANGE

In earlier days we have to think to go from one place to another but noe due to technology we

can now move from one country to other within few hours. Every country have different kinds of

currency. So as we travel or deal in different country we require specified contries currency.

Being in the main force driving the3 global economic market , currency is no doubt an essential

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element for a country . however in order for all the countries to trade with one another , a system

of exchange rate between their currencies is needed this system is formally known as foreign

currency exchange . all aspects of buying , selling & exchange of currency is done by foreign

exchange . FEMA regulates the forex.

The main function of forex is inward & outward remmittance

INWARD REMMITANCE

The inward remittances refer to the case where the money is sent from the foreign countries by

the migrant workers to their friends, families and relatives in India. For sending the inward

remittances, the most popular ways are via bank channels, wire transfer, foreign currency

cheques as well as rupees cheques

OUTWARD REMMITTANCE

The outward remittances refer to the process of sending money in foreign locations from the

home country to your family members, friends or relatives. This procedure is governed by lots of

regulations. The outward remittances in India are done mainly through banks. If you like to do

the outward remittance, you should ensure that you are dealing with the genuine people and

firms because you cannot trust any individual or a financial firm for sending your money. You

need to select a bank that has international footprint and good reputation for making your job

almost effortless.

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CHAPTER 2

COMPANY PROFILE

2.1 About the company

Axis Bank Limited is the third largest private sector bank in India. It is a public company in

banking and finanacial service industry . it was found in 1990 as uti as in 2007 its name changed

to axis bank.the headqaurtes are located at Mumbai Maharashtra india. Website is

www.axisbank.com. Axis Bank has its registered office at Ahmedabad. Shikha Sharma is MD &

CEO of the company. Products of the company are Credit cards, consumer banking, corporate

banking, finance and insurance, investment banking, mortgage loans, private banking, private

equity, wealth management. There are 42500 employees working in bank. Revenue of axis bank

is 44565 crore (US$6.6 billion) in 2015. Net income of axis bank is 7448 crore (US$1.1 billion)

in 2015. Total assests of axis bank is 467242 crore ( US$69 billion) in 2015.axis bank is traded

as BSE: 532215 , LSE: AXBC , NSE: AXISBANK.

Indian Business: As of 22 April 2016, the bank had a network of 3062 branches and extension

counters and 12922 ATMs .Axis Bank has the largest ATM network among private banks in

India and it operates an ATM at one of the world’s highest sites at Thegu, Sikkim at a height of

4,023 meters (13,200 ft) above sea level.

International Business: The Bank has eight international offices with branches at

Singapore, Hong Kong, Dubai (at the DIFC), Shanghai, Colombo and representative offices at

Dubai and Abu Dhabi, which focus on corporate lending, trade finance, syndication, investment

banking and liability businesses. In addition to the above, the Bank has a presence in UK with its

wholly owned subsidiary Axis Bank UK Limited.The total assets of the overseas branches were

US$7.86bn .

Axis Bank's stake holders include prominent national and international entities. As of 31 Dec.

2013, approximately 43% of the shares are owned by Foreign Institutional Investors. Promoters

(UTI, LIC and GIC), who collectively held approx. 34% of the shares, are all entities owned and

controlled by the Government of India. The remaining 23% shares are owned by corporate

bodies, financial institutions and individual investors among others

Unit : Axis bank limited,Nelson square,Nagpur-440017Tel :

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The corporate office :Axis bank limitedCorporate officeBombay dyeing mill compound

Worli,Mumbai – 4400025Tel : (022)24252525

2.2 VISION & MISSION

Mission

Progressive globalization and achieving international standards.

Customer service and product innovation tuned to diverse needs of individual and

corporate clients.

Continuous technology up grading while maintaining human values.

Customer satisfaction through providing quality service effectively and efficiently.

Vision

To be the preferred financial solutions provider excelling in customer delivery through

insight, empowered employees and smart use of technology & to become no.1 bank.

2.3 PRODUCT RANGE

1.Accounts–

saving accounts

current account

youth account

basic saving account

demat account

priority account,etc.

2. Deposits –

fixed deposit

recurring deposit

encash24

tax saver fixed deposit.

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3.loans offered by axis bank -

Home loan

Car loan

Personal loan

Loan against shares

Loan against gold

Education loan

4.Cards offered by axis bank

Credit cards – platinum credit card,easy credit card,silver credit card,eshop card

Debit card – priority debit card,gold plus debit card,business gold debit card,classic debit

card

Prepaid cards – travel currency card,payroll card,gift card,reward card,meal card,annuity

card,remittance card.

5. forex offered by axis bank

Outward remittance

Inward remmitance

Travel currency card

Foreign currency traveler cheque.

Foreign currency exchange

India travel card

6. investment services offered by axis bank

Gold mohrus

Silver mohurs

Mutual fund

Online trading

Demat accunt

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7.insurance services offered by axis bank

Life insurance

Home insurance

Motor insurance

Health insurance

Travel insurance

8. other services

Bill pay

Direct tax payment

Online shopping

E-statement

2.4 size of the company

Company Name Net Sales(Rs. cr)

ICICI Bank 49,091.14

HDFC Bank 48,469.90

Axis Bank 35,478.60

Yes Bank 13,533.44

Kotak Mahindra 9,719.87

IndusInd Bank 9,691.96

Federal Bank 7,419.47

JK Bank 7,061.13

Karur Vysya 5,395.88

South Ind Bk 5,286.22

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Sources: http://www.moneycontrol.com/stocks/marketinfo/netsales/bse/banks-private-

sector.html

Inference: Axis bank stands at 3rd place in terms of turnover among various banks in India.

Table 2.2 Table showing size of AXIS bank in terms of number of employees

Sources: Business standard

Inference: during 2015 AXIS bank employess strength reduced, over 5 years.

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2.5 MARKET SHARE AND POSITION OF THE COMPANY:

COMPANY NAME LAST PRICE

% CHANGE

52 WK HIGH

52 WK LOW

MARKET CAP

HDFC Bank 1174.50 -0.06 1194.80 928.80 297,058.54

ICICI Bank 241.85 0.73 321.00 180.80 140,662.07

Kotak Mahindra 743.20 -0.28 754.90 586.50 136,361.60

Axis Bank 523.50 1.98 613.40 366.65 124,901.33

IndusInd Bank 1111.30 0.70 1112.00 799.00 66,148.20

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CHAPTER 3

FUNCTIONS OF VARIOUS DEPARTMENT

3.1 FOREX DEPARTMENT

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.

Chapter 7

BIBLIOGRAPHY

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www.axisbank.com

www.economitimes.com

www.rbi.org

http://www.businessinsider.in/8-things-to-take-away-from-your-summer-internship-that-

will-help-you-land-a-job-in-the-future/articleshow/48702717.cms

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