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.
Understanding deposit marketing is highly critical to any Bank to ensure effective management of resources to fund their businesses by making loans so as to continue to maintain the bottom line as well as diversify & manage various risks. With competition amongst banks heating up ever more coupled with a rapid advancement in technology, in order to stay relevant, Banks need to review their deposit products and deposit marketing strategies.
The rapidly changing technologies in the form of internet, mobile phones and smartcards have revolutionized our lives through the changes banking operations with its services and products delivered to its consumers. This has led to customers expecting even demanding superior experience from various service providers and banks are no exception.
In order to be able to remain relevant in these changing times banks need to ensure that they are prepared to adopt the latest cutting edge technology and adapt themselves to the newer ways of doing things.
COVID-driven travel restrictions and social distancing have had an immediate and dramatic impact on the cashflows of many corporate and SMEs, from airlines to retailers to restaurants. Banks are already being inundated with requests for credit and must make urgent and “distressed” credit decisions. Near-term bank decisions on how to respond to clients’ financing needs will have a huge impact on the economic consequences of the crisis, including whether companies survive and continue to employ staff.
The Institute of Chartered Accountants of Nepal (ICAN) has announced the implementation of NFRS in Commercial Banks from fiscal year 2016/17. However, Nepal Rastra Bank has issued its directive to microfinance conducting wholesale transactions to prepare their financial statements of 2020/21 based on NFRS. NFRS is principle based a high quality standard which is divergent to local GAAP.
In consideration to the directives issued by Nepal Rastra Bank (NRB), Commercial banks are required to prepare their financial statements of 2017/18 , and going forward, based on NFRS. The NFRS is principle based- a high quality standard which is divergent to local GAAP and it is designed to apply to the general purpose financial statements.
The present age of business is extremely competitive and the only tool for survival is adaptability which comes through constant change. Vested deeply in leadership styles, culture and communication, successful change is vital and yet hard to describe. The role of human resource as an active partner, focusing on the com-pany's vision and ensuring open communication channels is fundamental for change in the organization. Change in any organization may be a result of a combination of elements; social, cultural, economic and/or environmental.
As the size and complexity of financial institutions have increased, so too have the challenges of understanding and reducing operational risks down to truly manageable levels. Increased regulatory concern and scrutiny have also increased the cost of operational risk events in the shape of outright financial loss, regulatory fines and declining customer confidence.
