Overall banking operations round on Receipt and Payment of Cash in different currency and denomination. Since the Cash Unit provides direct service to the customer during the transaction hours of the bank, Operation of this area should invite extra efforts while delivering the services to the customer. Cash area operation is most sensitive where customers have great expectation of the exceptional service to their favour. Cash unit projects the image of the bank, that's why Operational Risk associated with dealing in cash should be minimized to acceptable levels.
The main takeaway of the program is that the staff of the fraud prone area (department) will be aware of the possible fraud. They will have orientation on existing legal framework on banking fraud.
The country received the inward remittance of about Rs 550 billion in In FY 071/72 only, which is about 20% on the total GDP of the country. Notably, Nepal is ranked in the 7th Position in terms of remittance's contribution in the GDP.
Whilst the inward remittance is contributing significantly in the economy and enabling to uplift the life standard of people and supporting BFIs to increase FCY trading / revaluation gain and fee income, many operational risk events are also taking place along with increase in remittance business.
Cards, online banking etc. are new manner of transactions on these days but the importance of signature on cheque and other document is still on. Sometimes a single signature carries millions of dollars. In Nepalese banking scenarios, withdrawal money by forged signature is normal phenomenon today. And also the returning genuine cheques give bad impact to the customers in competition market and sometimes push them to go through other banks.