Sonali Bank PLC, India Operation

About Sonali Bank PLC, India

Sonali Bank PLC, India Operation is one of the parts of the largest and leading nationalized commercial Bank of Bangladesh which is doing banking business through providing various quality banking services to the exporters, importers and general mass of India from its inception. Since we are operating our banking business in India as a foreign bank category with a very limited capital base since its inception, we strongly responded to the opportunities and accepted the challenges by maintaining our strong connection with our Vostro-banks, valued customers and stake-holders which have enabled us to keep pace in Indian commercial banking arena.

Sonali Bank PLC, India Operation has started its banking operation at Kolkata in 1974 as per the Reserve Bank of India (RBI) License No: Cal. 16/74 under Section 22(1) of the Banking Regulation Act, 1949. Sonali Bank PLC, India operation is the member of Indian Banks Association(IBA), Banking Codes and Standards Board of India (BCSBI) and Foreign Exchange Dealers Association of India (FEDAI). Sonali Bank PLC, India Operation is a regular corporate Tax payer to Indian Government under GSTN: 19AAECS8723P1ZK and PAN: AAECS8723P. In Financial Year We have another branch at Siliguri, Darjeeling which has opened on 30 March, 2001. Comprising of the two Branches (Kolkata Branch and Siliguri Branch) Sonali Bank PLC, India Operation has been formed. Sonali Bank PLC is providing retail banking services to the Indian nationals i.e opening and maintenance of different types of deposit accounts, SME loan, SOD, Foreign Bills Negotiation, Discounting, Collection and all Demand loan, Consumer loan, House Building loan etc. In addition, L/C advising is another significant service from which we have earned a large amount of commission in each financial year. Our bank is also a small player of the Money at call and Short Notice, Govt. of India (GOI) Securities market and placing short-term FD with other Indian scheduled commercial bank as well. Beside these, for executing Foreign Exchange dealing we are placing only Spot Deal with the UCO Bank, Mumbai through empanelled brokers in Kolkata for buying & selling of US Dollar that comes from realization of FBP and FBC of Kolkata Branch and Siliguri Branch and thus we maintain NOOP (Net Open Overnight Position) limit upto Rs 120.00 lakh.

As most of the Indian commercial Banks are doing export-import business with neighboring country Bangladesh and they are engaged with aggressive marketing to capture more business within their grip, we are maintaining harmonious relationship with VOSTRO Banks of Bangladesh for settlement of their payment. For maintenance of the accounts no minimum balance or maintenance fee is required. We are maintaining harmonious relationship with the officials of VOSTRO Banks to route more export-import business and payment of Sonali Bank PLC, Kolkata and Siliguri Branch, WB, India.