Executive Summary

The internee report is on Electronic Funds Transfer Network and Plastic Money of Shahjalal Islami Bank Limited. The report analysis the products and services of General Banking Divisions and internal activities of General Banking of Dhaka main branch of Shahjalal Islami Bank Ltd. Shahjalal Islami Bank Limited (SJIBL) commenced its commercial operation in accordance with principle of Islamic Shariah on the 10th May 2001 under the Bank Companies Act, 1991. During last twelve years SJIBL has diversified its service coverage by opening new branches at different strategically important locations across the country offering various service products both investment & deposit. Shahjalal Islami Bank Limited has been started Plastic money system in 2006. And also Electronic Funds Transfer has been started in 2011. Bangladesh Electronic Funds Transfer Network (BEFTN) will operate as a processing and delivery centre providing for the distribution and settlement of electronic debit and credit instruments among all participating banks. The BEFTN Network is envisaged as a system of participating banks connected with the EFT Operator via communication lines. This network will facilitate the transmission of payments between the banks electronically, which will make faster and efficient means of inter-bank clearing than the existing paper-based system. The Network will start with simple credit transactions and gradually progress to debit transactions. This will dramatically bring down the operational cost, reduce risk and will also increase the efficiency of the payments process. The plastic money generally a credit or debit card with a magnetic strip many people carry in their wallets or purses is the result of complex banking process. Holders of a valid card have the authorization to purchase goods and services up to a predetermined amount, called a credit limit. However, the concept plastic money has different instruments like Credit Card, Debit Card, Smart Card and Charge card etc. Plastic money is much more convenient to carry around as do not have to carry a huge some of money. It is also much safer to carry it along or to travel with it as if it is stolen one canconsult the bank whose service are using and get it blocked hence saving money from getting stolen or even lost. Nowadays even developing countries like Bangladesh are encouraging theuse of this plastic money more than cash due to these reasons. Furthermore these credit and debit cards also have plastic used in their making and that is where the name 'plastic money' hasoriginated from.There has been a growth on electronic payment due to the shift in technology, growing access to internet among the customers and convenient modes of delivery and payment. Plastic money also known as Plastic cards acts as a vital tool for every day transaction of people today.