1) Axis Bank is the third largest private sector bank in India with over 3,000 branches and 12,000 ATMs across the country as well as international offices in Singapore, Hong Kong, Dubai, Shanghai, and Colombo.
2) The document describes the author's 6-week internship working in the forex department of Axis Bank, where they handled tasks like processing inward and outward remittances and ensuring documentation was complete and exchange rates were applied correctly.
3) Through the internship, the author learned about Axis Bank's customer-focused approach, the internal software systems used, how different bank departments function, and the documents required for forex transactions.
1. A STUDY ON FOREX INWARD &
OUTWARD REMITTANCE IN AXIS
BANK LIMITED
UNDER GUIDANCE OF SUBMITTED BY
SUDINDRA SIR HARMANJEET SINGH
151137
2. COMPANY PROFILE
•Axis Bank Limited is the third largest private sector bank
in India.
•It was started in 1990 as “UTI”.
•And in 2007 its name was changed to Axis bank.
•. Axis Bank has its registered office at Ahmadabad.
•Shikha Sharma is MD & CEO of the company.
•Axis bank is traded as BSE: 532215 , LSE: AXBC ,
NSE: AXISBANK.
•Duration of internship – 28th March 2016 to 4th June
2016.
3. COMPANY GROWTH
• Indian Business: As of 22nd April 2016, the bank
had a network of 3062 branches and 12922
ATM’S.
• International Business: The Bank has eight
international offices with branches at
Singapore, Hong Kong, Dubai, Shanghai, Colombo
and representative offices at Dubai and Abu
Dhabi, which focus on trade finance, investment
banking and liability businesses.
• There are 42500 employees working in bank.
4. PRODUCT RANGE
• 1.Accounts–
• Saving accounts
• Current account
• Priority account,etc.
• 2.Deposits –
• Fixed deposit
• Recurring deposit
• 3.Loans offered by Axis bank -
• Home loan
• Car loan
• Education loan
5. • 4.Forex offered by Axis Bank
• Outward remittance
• Inward remittance
• Travel currency card
• 5.Insurance services offered by Axis Bank
• Life insurance
• Home insurance
• Health insurance
• 6.Other services
• Bill pay
• Online shopping
• E-statement
8. JOB DESCRIPTION
RTGS & NEFT DESK FOR 2 WEEK(28TH MARCH – 9TH APRIL 2016)
Receipt of
RTGS/NEFT
request
Checking
Date,account
no. signature,
• NO
Is it meeting as
per bank
norms
• yes SEND
APPROVAL OF
TRANSACTION
9. DEMAND DRAFT & TRANSFER DESK FOR 2 WEEK
(11th ARPIL 2016 – 19TH APRIL 2016)
Sending to the higher authority for further process.
Giving acknowledgement to customer with stamp
Doing the Z check - Date , Account no, Amount,
Signature.
Receipt for DD & transfer request.
10. FOREX DESK FOR 6 WEEKS
(20TH APRIL 2016 – 4TH JUNE 2016)
INWARD REMITTANCE
1
• Daily inward remittance comes in internal software(ARC) in
the form of swift message and M103.
2
• The documents is taken and check that all details are correct
or not.
3
• The customer submits the disposal instruction given by the
bank.
4
• All the documents and form are check once again and then it is
handover to higher authority for booking the rate and further process.
11. OUTWARD REMITTANCE
Then documents are verified and it is given to higher authority
for further process.
Then documents like A1 or A2 form is taken from customer and
attached with documents
If customer is satisfied with the rate then outward remittance
form is given to them and ask them to fill it.
Customer ask for currency rate if the amount is less then 5 lacks
then as per card rate it is given & if the amount is above 5 lacks
then live rate is given.
12. SKILLS REQUIRED FOR THE JOB
• To understand the customer’s need.
• To handle the customer & solve there problems very
quickly.
• Have a good knowledge of currency market.
• Have a proper understanding of specific currency &
their country.
• A basic knowledge of every department in the bank.
13. LEARNINGS
• In this study I found that the relationship of Axis bank
with its customers is very strong because Axis bank
mainly focuses on retaining their customers.
• Came to know about the internal software's used by the
bank.
• Understood how to fulfill tasks relevant to your desired
career path.
• Understand the functioning of various departments &
there process.
• More confidence in career guidance.
• Understood that which documents are required for forex
transactions.
