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1.1 Introduction
The emphasis is on the theory and practice of international banking, because of its critical importance in the modern banking framework. International banking is not a new phenomenon; international bank activity can be traced back to as early as the 13th century. In this topic we understand the difference between Indian banking and international. International banking helps us to know how important international banking for the progress of India and also for the counter. It is one of the most important factors responsible for economic growth of the nation. Banks in many nations have internationalized their operation since 1970. The quantum of operation has increased in such a manner that the concept evolved into a subject in itself. The term multinational banking signifies the presence of banking facilities in more than one country. Aiber has defined International banking as a subset of commercial banking transactions and activity having a cross border or cross currency element. Domestic operation such as the currency of denomination of the transaction, the residence of the bank customer and location of the banking office the range of transactions comprised by International banking can be easily distinguished. A deposit or a loan transacted in local currency between a bank in its home country and a resident of that same country is termed as pure domestic banking.
1.2 History
The origin of international banking dates back to the second century BC when Babylonian temples safeguarded the idle funds and extended loans to merchants to finance the movements of goods. The loans extended by the Florentine banking houses were the first instance of international lending by the prerunners of the modern banks to the forerunners of the modern governments. During the nineteenth century many innovations were witnessed in the international lending, leading to trade financing and investment banking. Trade financing started as short term lending. Of the two investments banking accounted further great bulk of the international lending and financial companies acted as agents or underwriters for the placement of funds and thus originated the concept of Capital Markets. By 1920, American banking institutions dominated international lending, and the European nations were the major borrowers. There was perfect international banking system existing till the time of First World War. The Britton system had installed a secured financial framework and revolutionized the economic life by creating a global shopping center. International banking speeded up after the first oil crisis in 1973. Progress in the telecommunications sector across the world supplemented the growth of international banking.
1) Customer Related Functions: a) Trade Finance: Trade finance includes gamut of services
which include credit for both pre shipment and post shipment activities. These include: i. Export Avenue
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Pre-shipment Export Credit(Packing Credit) Pre-Shipment Export Credit in Foreign Country(PCFC) Post-Shipment Export Credit Export Bill Rediscounting Letter of Credit Value Added (Gold Card, etc.) ii. Import Avenue
Letter of Credit Facility Guarantees a. Bid Bond Guarantee b. Advance Payment Guarantee c. Performance Guarantee d. Retention Money Guarantee e. Maintenance Guarantee f. Overseas Borrowings Guarantees ii. Fund based Pre-Shipment credit Rupee-Foreign currency suppliers credit Buyers credit
continuously monitor all the transaction to ensure adherence to regulatory provisions (e.g. FEMA in India) act and also relevant central bank circulars (RBI circulars).
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3) Inter-bank Functions: banks maintain correspondent banking relation with many banks in many countries. The accounts such as Nostro, Vostro and Loro and also mirror accounts are to be financed and monitored. We will understand these accounts in detail in subsequent chapters. 4) Internal Functions: These include branch management and communication, accounting, risk management n forex markets, settlement within various offices, money market investments of the banks, etc. Apart from this it also includes one important function Treasury Function.
developed countries, even for foreign currency denominated bonds. 6) Importance of international interbank market (IIBM) as source of liquidity and funding for banks: Interbank transactions in multiple currencies are common in International Banking. In effect bankers enjoy better liquidity solutions. 7) Role of risk management activities (swaps, options, futures): Being in forex market, banks deal with additional hedging instrument such as currency futures/options, etc.
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Eletic theory of productions says that, banks can take ownershipspecific and location-specific advantages while operating abroad. Market imperfections due to domestic rules, regulations and taxations along with the drastic reduction in the cost of communications prompt the banks to set up operations abroad. Inter-country differences in the cost of capital attract banks to set up their operations in different countries. The multi-lateral system of payments came into existence after the creation of the IMF and the World Bank. Resources were new raised through financial markets for financing the development projects in member countries. Effectively it was the commercial banks which mobilized savings and channelized them to these institutions for development use. With the introduction of the flexible exchange rate system, exchange rates were determined by market demand- supply forces. Since all transactions went through the banking system involved with International Banking were ideally placed to establish the demand supply equilibrium. The role of establishing exchange rate was therefore transferred from central banks to commercial banks.
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Chapter 2:
Overview of UCO Bank
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of January 1943, when The United Commercial Bank Ltd. was born with its Registered and Head Office at Kolkata. A commercial bank and a Government of India Undertaking, it comprises of government representatives as well as renowned professionals like accountants, management experts, economists, businessmen, and so on, in its Board of Directors. United Commercial Bank has stretched out to of all segments of the economy - be it agriculture, industry, trade and commerce, services or infrastructure. Along with 13 other major commercial banks of India, United Commercial Bank was nationalized on 19th July, 1969, by the Government of India. Thereafter the Bank expanded rapidly. To keep pace with the developing scenario and expansion of business, the Bank undertook an exercise in organizational restructuring in the year 1972. Under the act of Indian Parliament, in 1985, its name changed from United Commercial Bank to the present name, UCO Bank. As of 2005, the bank has 2000 Service Units spread all over India. A distinctive feature of UCO bank is its introduction of 'NO HOLIDAY' branches. These bank branches work on all the 365 days of a year. With the age of global banking, UCO bank has also changed to be adept with the newest technology, boasting of specialized computerized branches in both India and overseas.
2.3 Heritage
The idea of a truly Indian bank was first conceived of by Mr. G.D Birla, the doyen of Indian Industrial renaissance, after the historic "Quit India" movement in 1942. Soon this nascent idea came into reality and, on the 6th of January 1943, The United Commercial Bank Ltd. was born with its Registered and Head Office at Kolkata. The very first Board of Directors
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was represented by eminent personalities of the country drawn from all walks of life, and this all-India character of the Bank has been assiduously maintained till this day not only in the composition of its Board but also in the geographical spread of its 1700 odd branches in the country as well as in its overseas centers in Singapore and Hong Kong. Having traversed periods of expansion and consolidation, the Bank was nationalized by the Government of India on the 19th July 1969 whereupon 100 per cent ownership was taken over by the government in UNITED COMMERCIAL BANK. This historic event brought about a sea-change in the entire fabric of the bank's thinking and activities, commensurate with the government's socio-political approach of mass banking as against class banking hitherto practiced. Branch expansion started at a fast pace, particularly in rural areas, and the bank achieved several unique distinctions in Priority Sector lending and other social upliftment activities. To keep pace with the developing scenario and expansion of business, the Bank undertook an exercise in organizational restructuring in the year 1972. This resulted into more functional specialization, decentralization of administration and emphasis on development of personnel skill and attitude. Side by side, whole hearted commitment into the government's poverty alleviation programmers continued and the convener ship of State Level Bankers' Committee (SLBC) was entrusted on the Bank for Orissa and Himachal Pradesh in 1983. The year 1985 opened a new chapter for the Bank as the name of the Bank changed to UCO BANK by an Act of Parliament. The customer friendly and socially committed character, however, remained even with this change in name which has, over the years, been regarded as one of the well known and
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vibrant banks in the country. Today, with all its inner strengths, UCO Bank has come a long way to symbolize friendliness for customers and efficiency in its banking business. Truly, UCO Bank HONOURS YOUR TRUST.
Chapter 3:
Channels through Product and Services Offered By International Bank
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All the facilities are subject to the prevalent rules & guidelines of the Bank and RBI. Brief details of services provided are as under:1. NRI Banking 2. Foreign Currency Loans 3. Finance/Services to Exporters 4. Finance/Services to Importers 5. Remittances 6. Forex & Treasury Services 7. Resident Foreign Currency (Domestic) Deposits 8. Correspondent Banking Services 9. All General Banking Services
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Customers overseas earnings remain fully repatriable in an FCNR (B) Deposit account with UCO bank.
Reparability
Tax Exemption
The Deposit is exempted from Indian Wealth tax. Interest is exempted from Indian Income tax.
Choice of Currency
Place your deposit in any of the six international currencies USD, GBP, Euro, JPY, AUD & CAD. For deposit at any of our authorized branches in India, please remit money to our Treasury Branch Mumbai accounts with full details.
Customers can remit in any convertible currency. UCO Bank shall convert it in any of the above six currencies of your choice. During the customers visit to India the customer may also tender foreign currency notes/travelers cheques to UCO banks branches.
There is no upper ceiling; customer can put any amount in these deposits. The minimum amount for each currency is:
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Pease check the list of UCO Banks branches spread across India accepting FCNR Deposits.
From a minimum period of 12 months to a maximum period of 60 months, customer has the choice of keeping the deposit with the bank. Bank also allows the customer the flexibility of closing the customers Fixed Deposit account before the due date but the interest rate payable will be subject to a penalty of 1%. Customers deposit should have run for a minimum period of one year to be eligible for interest.
Automatic Renewal
Customers deposits are automatically renewed on maturity for the same tenure in case no other instructions are received before due date.
Joint account
Customer can open a joint account with the bank with other Non-Resident Indian(s).
Nomination
Banks offer Rupee as well as Foreign Currency Loans in the currency of Deposit against security of your FCNR Deposits in UCO banks authorized branches in India. The overseas branches also offer foreign currency loans against these deposits, subject to rules, if any, applicable in that country.
Retain their savings in foreign currency in a RFC account with UCO Get the proceeds of FCNR (B)/NRE Deposits credited to this account
Reparability
Permitted for bonafide purposes for self & dependents including exchange required for travel, other personal purposes and investments
On becoming an NRI again, customers can transfer these funds into an FCNR (B) or NRE account.
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Choice of Currency
Place the deposit in any of the six international currencies USD, GBP, Euro, JPY, CAD and AUD.
Customers can remit in any convertible currency. Bank shall convert it in any of the above six currencies of your choice.
4) NON RESIDENT ORDINARY (NRO) DEPOSITS: NRO account may be opened in the following manner:
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Where an Indian citizen having a resident account leaves India and becomes non-resident, his resident account should be designated as NRO account. Where non-resident Indian receives income in India, he can open a NRO a/c with such funds. NRO a/c may also be opened by foreign exchange remitted through normal banking channels. All types of a/c like SB, CD and all term deposits as applicable to domestic deposits can be opened Interest rates are as per domestic deposits. Interest is taxable. Rupee Deposits - HIGHLIGHTS
Type of Accounts
You can open Savings Bank, Current, Recurring and Fixed Deposit accounts with us.
Authorized Branches
For our Indian branches accepting Indian Rupee NRE Deposits, please get in touch with NRI Relationship Centre at our Head Office or the respective Regional Offices of your choice.
Interest Rate
For NRE accounts you can remit in any convertible currency. We shall convert it in Indian Rupees.
NRE Accounts Same as in case of FCNR (B). NRO Accounts Joint accounts with residents permitted, Nomination facility available.
Just send full remittance instructions to your bank for a direct credit into our Treasury Branch Mumbai Account with correspondents. Through Drafts/Cheques Send your Bank Drafts or Cheques to any of our branches in India with full particulars of remittance/beneficiary. If you are remitting from Singapore or Hong Kong, avail the facility of remittance provided by our overseas branches. 1. LOANS TO NRIs Against Deposits Bank gives loans against NR deposits to NRI deposit account holder and third parties in Indian Rupees. Bank gives loans against FCNR (B) deposits to NRI deposit account holder in foreign currency in India. This facility is available at our overseas branches, subject to local directives, if any in that country. NRI Home Loans Bank has attractive schemes to accommodate the housing needs of NRIs. 1. Loans for Residential Property NRIs can avail of loans for i. ii. Construction of a new residential house Purchase of a residential flat or residential house
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iii.
2. Renovation
Loan for Plot of Land for residential use NRIs can avail of loans for purchase of a residential plot of land for residential use. 3. Loans against existing residential property NRIs can avail of loans by mortgaging an existing residential property for any of the following purposes. The loan shall be utilized for meeting the borrower's personal requirements or for his own business purposes. Education Business Medical treatment Prohibition: The proceeds of rupee loan should not be utilized for any of the following activities: i. ii. The business of chit fund, or Agricultural or plantation activities or in real estate business, or construction of farm houses, or iii. Trading in Transferable Development Rights (TDRs), or
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iv.
2. FOREIGN CURRENCY LOANS a) In India (FCNR 'B' Loans): The foreign currency denominated loans in India are granted out of the pool of foreign currency funds of the Bank in FCNR Deposit etc. accounts as permitted by Reserve Bank of India. These loans are commonly known as FCNR Loans. UCO has a broad base of NRI customers/depositors. Therefore, with the resource base of FCNR deposits etc UCO is in a position to offer the Foreign Currency Loans in India to our customers as an alternative to loans in Rupees. These loans are denominated in foreign currency such as US Dollars and are offered as short term loans. The interest is fixed with a reasonable spread over LIBOR UCO also allows loans in foreign currency to NRIs against their FCNR Deposits at the Indian Branches. The details are available in NRI banking section. b) From Outside India: With presence at two major financial centers of the world, UCO has foreign currency resources to arrange /grant Foreign Currency Loans to Indian as well as multinational Corporates at the competitive rates.
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The foreign currencies denominated loans are granted by our overseas branches to Indian Corporates as per External Commercial Borrowing (ECB) Policy of Govt of India. 3. FINANCE/SERVICES TO EXPORTERS UCOGOLD CARD FOR EXPORTERS UCO launches Gold card for creditworthy exporters - Simplified access to export credit on very good terms: Better terms of credit including rates of interest than those extended to other exporters by the Bank. Processing of applications for credit faster than for other exporters Simpler norms, subject to specific requirements in each case, if any In-principle' limits for a period of 3 years with a provision for automatic renewal, subject to fulfillment of the terms and conditions of sanction. Preference for grant of packing credit in foreign currency (PCFC), subject to availability of foreign currency funds Lower charges schedule and fee-structure than those provided to other exporters. Relaxations in the norms in respect of security and collaterals, wherever feasible other facility/benefit to the exporters, subject to the fulfillment of extant rules and regulations applicable to export finance
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Features: In the PCFC drawls permitted in a foreign currency other than the currency of export, exporter bears the risk in currency fluctuations. The foreign currency drawls are restricted to major currencies at present. In case, the export order is in a non-designated currency, PCFC is given in US$. For orders in Euro, Pound Sterling and JPY, PCFC can be availed in the respective currencies or US$ at the choice of exporter. Multi-currency drawls against the same order are not permitted at present due to operational inconvenience. Repayment: PCFC is to be repaid with the proceeds of the export bill submitted after shipment. In case of cancellation of export order, the PCFC can be closed by selling equivalent amount of foreign exchange at TT selling rate prevalent on the date of liquidation. The PCFC in foreign currency are granted at our various branches through our Integrated Treasury Branch in Mumbai. c) Negotiation of Bills under L/C: UCO's International Banking Branches and Authorized Forex Branches are active in negotiation/discounting of sight /Usance international export bills under L/Cs opened by foreign banks as well as branches of Indian banks abroad. UCO offers the most competitive rates.
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These transactions are undertaken by our branches within the Bank/Country Exposure ceilings prescribed by UCO. d) Export Bill Rediscounting: UCO provides financing of export by way of discounting of export bills, as post shipment finance to the exporters at competitive international rate of interest. This facility is available in four currencies i.e. US$, Pound Sterling, Euro and JPY. The export bills (both Sight and Usance) drawn in compliance of FEMA can be purchased/ discounted. Exporters can avail this facility from UCO to cover the bills drawn under L/C as well as other export bills. e) Bank Guarantees: UCO, on behalf of exporter constituents, issues guarantees in favor of beneficiaries abroad. The guarantees may be Performance and Financial. For Indian exporters, guarantees are issued in compliance to RBI guidelines. 4. FINANCE/SERVICES TO IMPORTERS a) Collection of Import Bills: UCO has correspondent relationship with reputed International Banks throughout the world and can thus provide valuable services to importers who may be importing from any part of the Globe. The import bills are collected by our International Banking Branches and Authorized Forex Branches at very competitive rates. The import bills drawn on customers of other branches are also collected through these branches.
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b) Letter of Credit: On account of UCO's presence in international market for decades, UCO has established itself as a well known international bank. L/Cs of UCO are well accepted in the International market. For any special requirement UCO can get the L/C confirmed by the top international banks. Thus UCO's L/C facility for the purchase of goods/services etc. fulfills the requirements of all importers to arrange a reliable supply. UCO offers this facility to importers in India within the ambit of FEMA and Exim policy of Govt. of India. UCO uses state of the art SWIFT network to transmit L/Cs and with a worldwide network of correspondents and our overseas branches facilitates prompt & efficient services to the importers. L/C facility is granted to the importers on satisfying credit exposure norms of the Bank. c) Financing of import: Usance L/C facility UCO's Usance L/C facility provides the importer an opportunity to avail credit from their supplier/supplier's bank. Deferred Payment Guarantee/Standby LC UCO's Deferred Payment Guarantee/Standby LC facility also provides the importer an opportunity to avail credit from their supplier/supplier's bank.
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Foreign Currency Loans Short term External Commercial Borrowings or Trade Credits for less than three years as permitted by RBI for imports into India is allowed by our overseas branches to Indian importers at very competitive rates. These are generally backed by L/Cs opened by importer's bank. Indian importers can also avail this facility from our overseas branches as roll-over credit on their bank agreeing to extend the L/C in favor of our overseas branches. d) Bank Guarantees: UCO, on behalf of importer constituents or other customers, issues guarantees in favor of beneficiaries abroad. The guarantees may be both Performance and Financial. 5. REMITTANCES UCO, through its worldwide network of correspondents, Indian branches and overseas branches, offers prompt inward and outward foreign remittance facilities at very competitive rates. The use of SWIFT network adds to reliability and efficient handling. The remittances are handled by our Internal International Banking Branches and Authorized Forex Branches. The outward remittances of customers of other branches are also remitted through these branches. Through our wellspread network of branches in India, inward remittances reach every nook & corner in India. UCO has tie-up arrangements with Western Union Money Transfer.
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6. FOREX & TREASURY SERVICES UCO operates in the Forex Market in India as well as abroad. In India the inter-bank forex operations is centralized at our Integrated Treasury Branch in Mumbai, country's undisputed financial hub. UCO's International Banking Branches and Authorized Forex Branches undertake customer transactions. The forex requirements of customers of other branches are also routed through these branches. Overseas branches undertake the forex treasury operations in Singapore and Hong Kong centre. All the forex treasuries are equipped with state of art technology and professionally skilled staff to handle forex treasury operations efficiently. UCO deals in all the important international currencies. Our Forex Treasuries generally undertake the following treasury related activities: Forex Inter Bank Placements/Borrowings Sale & Purchase of currency on behalf of customers Forward Cover Bookings Cross Currency Swaps Interest Rate Swaps (IRS) Forward Rate Arrangements (FRAs) Forex Money Market Operations
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hedging products to hedge the market risks i.e. interest rate risk and foreign exchange risk in Bank's balance sheet. 7. RESIDENT FOREIGN CURRENCY (DOMESTIC) A/Cs UCO also offers Resident individuals in India, the facility to open noninterest bearing current account in foreign currency at the selected Indian branches as permitted by RBI. A joint account with a resident eligible to open RFC (D) account is permissible. Nomination facility is also permitted. Thus UCO will provide an option to resident individuals to retain their receipts from abroad in foreign currency as permitted by RBI. 8. CORRESPONDENT BANKING SERVICES The extensive network of branches in India and presence in two important international centers enables UCO to offer correspondent banking services to the banks. The International Banking Branches and Authorized Forex Branches in India as well as our overseas branches are capable of providing the services that an international correspondent Bank can offer. UCO can provide the following main services:i) Collection of bills both Documentary and Clean. ii) Advising/confirming of L/Cs opened by banks iii) Discounting of Bills drawn under L/Cs iv) Maintenance of foreign currency accounts in S$ and HK$
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v) Maintenance of Rupee accounts in India vi) Making foreign currency payments/remittance on behalf of customers of banks. UCO's excellent service with competitive charges provides a good Correspondent Banking solution. UCO's overseas branches are active in discounting of Usance international trade bills. With foreign currency resources of overseas branches, UCO offers the most competitive rates for discounting of these bills. The bills under the L/Cs of the most of the Indian Banks as well as International Banks are also discounted at competitive rates. These transactions are undertaken by them within the Bank/Country Exposure ceilings prescribed by UCO.
iv) Lines of Credit from foreign banks and financial institutions v) Import loans, loans from the export credit agencies of other countries. UCO is very active in granting and arranging various forms of ECB facilities for the Indian Corporate. UCO can offer following services to the Indian Corporates in respect of cross border financing:i) Arranging/granting External Commercial Borrowings by way of Foreign Currency Loans, FRNs, and Bonds for the Indian Corporates. ii) Arranging/underwriting International Syndicated Loans for the Indian Corporates. iii) Participating in the International Loan Syndications. iv) Granting loans backed by Export Credit Agencies. v) Providing import finance for Indian Corporates. vi) Issue of Guarantees such as Bids, Bonds, Performance, Advance Payment etc. for the overseas projects bagged by the Indian Corporates.
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Chapter 4:
Merchant Rates and Fees
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4.1 Merchant Rates and Fees With Regards To International Banking: A Merchant Account has a variety of fees, some periodic, others charged on a per-item or percentage basis. Some fees are set by the merchant account provider, but the majority of the per-item and percentage fees are passed through the merchant account provider to the credit card issuing bank according to a schedule of rates called interchange fees, which are set by Visa and MasterCard. Interchange fees vary depending on card type and the circumstances of the transaction. For example, if a transaction is made by swiping a card through a credit card terminal it will be in a different category than if it were keyed in manually. 4.2 DISCOUNT RATES The discount rate comprises a number of dues, fees, assessments, network charges and mark-ups merchants are required to pay for accepting credit and debit cards, the largest of which by far is the Interchange fee. Each bank or ISO/MLS has real costs in addition to the wholesale interchange fees, and creates profit by adding a mark-up to all the fees mentioned above. There are a number of price models banks and ISOs/MLSs use to bill merchants for the services rendered. Here are the more popular price models:
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4.3 3-TIER PRICING The 3-Tier Pricing is the most popular pricing method and the simplest system for most merchants, although the new 6-Tier Pricing is gaining in popularity. In 3-Tier Pricing, the merchant account provider groups the transactions into 3 groups (tiers) and assigns a rate to each tier based on a criterion established for each tier. 4.4 QUALIFIED RATES A qualified rate is the percentage rate a merchant will be charged whenever they accept a regular consumer credit card and process it in a manner defined as "standard" by their merchant account provider using an approved credit card processing solution. This is usually the lowest rate a merchant will incur when accepting a credit card. The qualified rate is also the rate commonly quoted to a merchant when they inquire about pricing. The qualified rate is created based on the way a merchant will be accepting a majority of their credit cards. For example, for an internet merchant, the internet interchange categories will be defined as Qualified, while for a physical retailer only transactions swiped through or read by their terminal in an ordinary manner will be defined as Qualified. 4.4.1 MID- QUALIFIED RATES Also known as a partially qualified rate, the mid-qualified rate is the percentage rate a merchant will be charged whenever they accept a credit card that does not qualify for the lowest rate (the qualified rate). This may happen for several reasons such as:
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A consumer credit card is keyed into a credit card terminal instead of being swiped A special kind of credit card is used like a rewards card or business card
A mid-qualified rate is higher than a qualified rate. Some of the transactions that are usually grouped into the Mid-Qualified Tier can cost the provider more in interchange costs, so the merchant account providers do make a markup on these rates. The use of "rewards cards" can be as high as 40% of transactions. So it is important that the financial impact of this fee be understood. 4.4.2 NON- QUALIFIED RATES The non-qualified rate is usually the highest percentage rate a merchant will be charged whenever they accept a credit card. In most cases all transactions that are not qualified or mid-qualified will fall to this rate. This may happen for several reasons such as:
A consumer credit card is keyed into a credit card terminal instead of being swiped and address verification is not performed A special kind of credit card is used like a business card and all required fields are not entered
A merchant does not settle their daily batch within the allotted time frame, usually past 48 hours from time of authorization.
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A non-qualified rate can be significantly higher than a qualified rate and can cost the provider much more in interchange costs, so the merchant account providers do make a markup on these rates.
Chapter 5:
International Banking With the Case Study of UCO Bank
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The international linkage from India is supported by a large Indian network through Integrated Treasury Branch, International Banking Branches and Authorized Forex Branches. UCO Banks other branches in India also provide international banking facilities through the Authorized Branches of UCO bank.
This international network is further augmented by correspondent arrangements with leading Banks at all important world centres in various countries. Thus UCO has a true global presence and can offer a variety of international banking products, services and financial solutions to all cross-sections of clients, tailor-made to their banking requirements through one of the best
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CHAPTER 6:
Conclusion
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Banks have influenced economies and politics for centuries. Historically, the primary purpose of a bank was to provide loans to trading companies. Banks provided funds to allow businesses to purchase inventory, and collected those funds back with interest when the goods were sold. For centuries, the
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banking industry only dealt with businesses, not consumers. Banking services have expanded to include services directed at individuals, and risk in these much smaller transactions is pooled. International banking has become an important aspect of world economy. It deals with various aspects of financial services. Banks offer many different channels to access their banking and other services. Though international banking concept is quite old, it has acquired certain new characteristics and dimensions. Now international banking has become a very important for international trading and financial transaction. Its importance is increasing through the globalization of world economy and we will see its benefits in the near future very soon.
BIBLIOGRAPHY
1. BOOKSa. International Banking Finance By ICFAI
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b. Merchant Banking By K.C. Gupta c. International Banking & Finance By Dipak Abhyankar
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