Write an essay in English: The Role of Banking Sector for Sustainable E-Commerce Management in Bangladesh.

Created: 3 years ago | Updated: 9 months ago
Updated: 9 months ago
Ans :

                                                                             The Role of Banking Sector for Sustainable E-Commerce Management in Bangladesh

Information technology has been playing an important role in the future development of financial sectors and the way of doing business in a turn-up economy like Bangladesh. Smartphones or the other smart devices and the internet worth of our country are going to reduce the day by day and in the purchase of people, it is increasing the use of technology among us. Because of that. during recent years E-commerce has opened a new dimension in the history of shopping trends in Bangladesh. It has created a huge opportunity for both consumers and sellers. Now the whole world is in a challenging moment that is the coronavirus. So that's why we all have to stay at a safe distance for this pandemic. At this current moment, we are not going to go out to buy our daily necessities goods, and at the moment the online shopping system or E-commerce is working as a good platform. People will gradually become dependent on online shopping. So, to speak that Ecommerce is a boom in modern business. 

E-commerce means electronic commerce or business system. E-commerce platform business is a term for a business transaction that is performed via the internet. Using E-commerce consumers can exchange goods or services electronically without any hassle. We can also say that Ecommerce is the use of electronic communication and digital information processing technology in a business transaction to create, transformation and redefine relationships for value creation between or among organizations and between organizations and individuals. Nowadays, numerous numbers of sellers are selling their tangible and intangible goods through the E-commerce system. As we see, a transaction is needed for every commerce or trade, the role of banking sector for e-commerce management is very much significant in our country. 

Globalization has brought in many changes in the business scenario with the whole world inching towards one big market place. Communication between the buyers and sellers has become critical as each can select to explore a greater number of alternatives than ever before. E-commerce through Internet, e-mails, websites, and other facilities, enables a businessman to be linked with every corner of the world, and thus opens up greater opportunities in the world market. Another important factor is the time required for completing a business transaction. As markets are becoming competitive and information is more readily available, a quick, reliable and replicable transaction implies availing of prevailing opportunities. On the contrary, delays in processing a transaction might become synonymous to wasting an opportunity. Therefore, a fast and alternative mechanism of communication, contract, and payment is an integral part of a globally competitive business organization. How important or relevant is e-commerce to the economy of Bangladesh developing economy a in general and to the export market in particular? The Information Technology (IT) revolution has been too phenomenal to predict its future growth and its use in an economy like Bangladesh's. In the light of the recent spate of globalization and the initiation of the World Trade Organization (WTO), assessing the immediate and short or medium term relevance of e-commerce to Bangladesh becomes imperative.

There are three types of export financing in Bangladesh such as, pre-shipment financing in local currency by commercial banks; pre-shipment financing in foreign currency by commercial banks through the Export Development Fund (EDF); and back-to-back letter of credit (L/C) facilities. Exporters can access credit in local currency from private and nationalized commercial banks at a concessional rate determined by the Bangladesh Bank (BB). The Interest Rate Policy introduced in 1992, which liberalized interest rate ceilings for all categories of lending except to export, agriculture, and small and cottage industries, permitted individual banks to differentiate interest rates charged to individual borrowers. The interest rate bands for exports have been set in the range of 8 percent to 10 percent since 1994-95. Exporters can obtain export credit for up to 90 percent of the value of their irrevocable L/C or sales agreement for a maximum period of 180 days. The Export Development Fund (EDF), administered by the Bangladesh Bank (BB), provides pre-shipment financing for imports of necessary raw materials, spare parts, and packaging materials for exporters of nontraditional items. Like other export credits, the time limit for repayment is usually 180 days, extendable to 270 days in exceptional cases. 

In Bangladesh, electronic fund transfer is at an early stage and used on a very limited scale. Electronic banking, which is highly dependent on the application of IT, has been pioneered by the foreign commercial banks. The local banks are yet to be fully automated. Most local banks use computers on a stand-alone basis. The extent of computerization in the local banks is limited to database management and electronic communication (through e-mails) only. A few foreign commercial banks and local banks are offering on-line banking facilities in the form of Automated Teller Machines (ATM) and local credit cards. Also, the banks now offering ATM facilities have formed a common ATM pool. Under this system, a customer of any bank in the pool can receive the services using the same ATM. 

An off-line computerized reconciliation and data management system has been implemented by the Central Bank of Bangladesh (Bangladesh Bank). However, a network system between Bangladesh Bank and the commercial banks is yet to be developed. On-line fund transfer between banks and between banks and other institutions are yet to be introduced. The development of electronic banking within the country as well as outside the country is saddled with various infrastructural, institutional and regulatory constraints. A selected list of these constraints is provided below: Lack of network infrastructure of commercial banks

  • Absence of a centralized clearing system of the Central Bank 
  • Absence of EFT legislation 
  • Exchange controls are too restrictive to promote e-commerce 
  • Absence of a need based business plan for on-line banking 
  • Inadequate qualified manpower to set up and maintain the network 

The Central Bank's main concern against issuance of international credit cards is flight of capital from Bangladesh. However, the Central Bank has no objection on issuance of a generally accepted credit card, which will be honored by all commercial banks for local use only. Lack of internationally accepted credit card facilities deprives genuine businessmen from initiating businesses or making international transactions smoothly. Furthermore, it also sends wrong signals to their foreign counterparts about the inability of Bangladeshi businessmen to make speedy payments through international credit cards. The concern for abuse of credit cards for transfer of capital is weak since all credit cards have a maximum credit limit. As per the above discussion it can be said that, though the banking sectors have some limitations, they have important contribution to the e-commerce and e-payment or e-transaction and we strongly can say that they have also some important role on management of ecommerce in our country. They can make some ways of secured payment system for both the companies and customers. 

The followings are some of the recommendations that will ensure the smooth functioning as well as the widespread use of e-commerce management in Bangladesh. 

  • Bangladeshi e-commerce sites should provide greater layers of security for their payment procedures. 
  • Upper level business courses in different disciplines such as e.g. accounting, marketing, finance. management; economics should be modified by integrating e-commerce topics. 
  • The government should provide the necessary support to e-CAB (E-commerce Association of Bangladesh) so more people can be trained in this sector. 
  • E-commerce businesses require high-speed internet, which is still absent. It must ensure low- cost, high-speed internet for rural people to turn its vision of Digital Bangladesh into reality. 
  • Bangladeshi e-commerce sites should focus more on timely deliveries.
  • Bangladeshi e-commerce sites should not only update and evolve, but also address the growing concerns like managing increased visits and purchases during the holidays, payment methods. Effective IT security system should maintain by adopting latest IT technology. 
  • Bangladeshi e-commerce sites should aim to improve customer service and address areas of concern to reach out to the part of the population which is not opting for e-commerce yet. 
  • Fashion and electronic products are currently dominating the e-marketplace; products of e- marketplace should be diversified. 
  • To penetrate into the global market, the government has to reform its regulations regarding online transactions and upgrade the entire system. 
  • The Bangladesh Bank should formulate policies to ease the loan process for e-commerce entrepreneurs 
  • It is important for Bangladesh to update the ICT law relating to e-commerce. It should be done focusing on international practices. 

And for these the banking sector especially central bank can play a very significant role in sustainable management of e-commerce in Bangladesh by implementing or by helping or by consulting the proper authority to implements above mentioned recommendations as per need basis.

2 years ago

English

চাকরি প্রস্তুতির জন্য ইংরেজি বিষয়ের পাঠ্যসূচি মূলত দুইটি অংশে বিভক্ত— English GrammarEnglish Literature। English Grammar অংশে ইংরেজি ভাষার গঠন ও নিয়ম শেখানো হয়। এর মধ্যে রয়েছে Parts of Speech, যেমন Noun, Pronoun, Verb, Adjective, Adverb ইত্যাদি; Tense (Present, Past ও Future); Voice (Active ও Passive); Narration (Direct ও Indirect Speech); Article (A, An, The); Right Form of Verb ও Subject–Verb Agreement; Preposition; Degree of Comparison; Sentence-এর প্রকারভেদ; Transformation of Sentence; Conditional Sentence এবং Modal Verbs। এই অংশে মূলত নিয়ম জানা ও নিয়মভিত্তিক বহুনির্বাচনী প্রশ্ন অনুশীলন করা জরুরি।

অন্যদিকে ইংরেজি সাহিত্য (English Literature) বলতে মূলত ইংরেজি ভাষায় রচিত বিভিন্ন যুগের সাহিত্যকর্মকে (কবিতানাটকউপন্যাসপ্রবন্ধ) বোঝায়যার সূচনা ৮ম-১১শ শতাব্দীতে ‘বিউলফ’ (Beowulf) নামক মহাকাব্যের মাধ্যমে । জিওফ্রে চসারকে ইংরেজি সাহিত্যের জনক বলা হয় । বিভিন্ন সাহিত্য যুগের (যেমন: রেনেসাঁরোমান্টিকভিক্টোরিয়ান) মাধ্যমে এটি বিবর্তিত হয়ে বর্তমান রূপ পেয়েছে । 

Content added || updated By

Related Question

View More

1 . The Importance of Press Freedom (Write an essay)

Created: 3 years ago | Updated: 6 months ago
Updated: 6 months ago

Press freedom takes influential place in a country. It represent citizen’s freedom of speech. Media can expose news without obstructer or any controls by government and organizations. There should not be control over the press. As press freedom is necessary for the preventability of corruption, development of economy and maintenance of democracy. One of the advantages of press freedom is it can help to control on the level of corruption. A country which has higher press freedom tends to lower corruption in government or some private’s agents (Brunetti & Weder, 2003). Sometimes countries might think press free threats the stable of political and it might easy be controlled by different organizations. However, again the most persuasive idea come.

2 . Health for all by the year 2000 (Write an essay)

Created: 3 years ago | Updated: 6 months ago
Updated: 6 months ago

“Health for all” implies the removal of the obstacles to health that is to say, the elimination of malnutrition, ignorance, contaminated drinking-water, and unhygienic housing quite as much as it does the solution of purely medical problems such as a lack of doctors, hospital beds, drugs and vaccines. Health for All in Bangladesh contains the most comprehensive information available about primary health care services in Bangladesh, including activities in maternal and child health care, Family planning, reproductive health care, nutrition, quality of care, and health care financing.

3 . Cluster Villages (Write an essay)

Created: 3 years ago | Updated: 1 year ago
Updated: 1 year ago

Cluster Villages

 

A majority of the Bangladesh population are farmers who are settled in villages. They toil to make both ends meet and produce crops for the entire nation. Bangladesh has about 68,000 villages, which are scattered throughout the country.  A village is called the rural part of the country. It is called rural because it does not have modern facilities like cities. The main occupation of the villagers is farming. They are the primary source of the nation's agricultural production.

 

Description of Villages

Villages have either tiny hamlets of thatched huts or large settlements of tiled roofs, stones, and brick homes. An impression has been created by artists and filmmakers that an Indian village is a simple cluster of mud-plastered walls, shaded by trees, overlooking the large expanses of green fields with a few people moving slowly and of course, bullock carts. They portray a village woman with a pot on her head and walking gracefully, her skirt swaying gently. The reality is that a village is the hub of nonstop activity, with their stronger work ethics. Agriculture is tough and requires hard work. The villagers work very hard and are always trying to find innovative methods of growing wheat, rice, and lentils. 

 

Importance of Village

The village is important because it is the primary sector of agricultural production for our country. The village is the backbone of Bangladesh economy. It also plays a major role in maintaining the ecological balance of the environment. Villages are mostly covered with trees and plants. They are covered with green grasslands. One can see acres of green fields as far as the eyes could see. They provide shelter to many animals. 

Life in Village

The village life is full of contentment and happiness, as people are not in a hurry like in city life. Village people live a very simple life. Villages are mostly situated far from the hustle and bustle of urban civilization. The beauty of nature can be experienced in a village as it is surrounded by trees, flowers, mountains, streams, and farmlands. There is no pollution in the village and one can feel the freshness in the breeze. The demands of the villagers are not too high but they are still deprived of basic facilities. Clean drinking water, electricity, health center, schools, proper sanitation are a few facilities that are lacking in the villages. Their poverty is always visible in the atmosphere. 

Conclusion

My village is a small abode for happy people.  Here they live in harmony and peace. The village people are very hardworking and thus they must have a good source of upliftment. Like the village’s schools and clinics should be maintained and increased in number. The farmers should be facilitated by helping them to leverage their sales, make them notified about the modern techniques used in farming, and give them compensation and knowledge of the true market price of their crops. Thus, I would request governmental authorities to come forward and uplift the medical, educational, and farming facilities in the village.

4 . Problems of urban living in Bangladesh (Write an essay)

Created: 3 years ago | Updated: 1 year ago
Updated: 1 year ago

Problems of urban living in Bangladesh

Cities in Bangladesh are faced with the challenges of rapid population increase characterized by crises such as lack of economic dynamism, governance failure, severe infrastructure and service deficiencies, inadequate land administration, massive slums and social breakdown. However, urban centers continue to grow, despite the severity of these obstacles. As a result, urban areas in Bangladesh have exceptionally high population density, but relatively low economic density. High population density, combined with rapid urbanization, implies a large and fast-growing urban population to manage. Dhaka city, the largest urban conurbation in Bangladesh, is one of the most densely populated urban areas in the world. However, the economic density of Bangladesh’s urban areas (GDP or value-added per square km) is relatively low from an international perspective. Economic activity is concentrated in Dhaka and Chittagong. About 9% of the Bangladesh population lives in the Dhaka metropolitan area, which contributes to 36% of the country’s GDP. An additional 11% of the Bangladesh GDP is generated by Chittagong, the second-largest city and home to 3% of the population. The economic gap between Dhaka and Chittagong compared to other medium  and small-size cities is large and widening.

 

Bangladesh needs to build an urban space that is capable of innovating, is better connected and more livable in order to make cities competitive. Bangladesh’s urban space is falling behind in all three of these drivers of competitiveness. The Dhaka metro area needs to evolve into a diversified economy with skilled human resources and an innovation capacity fueled by the cross-fertilization of ideas typical of large metropolitan areas. Dhaka metro area also needs to be better connected internally and with its peri-urban areas, and both Dhaka and Chittagong have to strengthen their connection to the global economy. Improved connectivity within Bangladesh’s system of cities is also important for productivity and export competitiveness. The development of an economically dynamic urban space, in particular in the Dhaka metro region, has occurred at the expense of livability. The livability of the urban space will become an even more binding constraint to sustained growth as Bangladesh transitions to a new business model based on higher-value industries and services, which need a highly skilled and internationally mobile workforce. This  is a tall order for Bangladesh, but planning needs to start today for Bangladesh’s cities to become more competitive in future.

 

Urbanization have crucial role to play in the economic development of Bangladesh. The circumstances under which population in Dhaka and Chittagong are growing without proportionate infrastructural development will begin to wipe out most of the gains associated with urbanization. That is, relative high levels of urbanization may not be sufficient to ensure higher levels of economic welfare in Bangladesh. This has happened in Latin America with levels of urbanization, above 80%, yet with real per capita incomes about a third that of developed nations. It could happen in Bangladesh as well unless the urban managers rise from their prolonged slumber.

5 . My school days (Write an essay)

Created: 3 years ago | Updated: 1 year ago
Updated: 1 year ago

My school days

School is said to be a temple of knowledge, the very first place that introduced you to the world and more so your own self. My school life is all about the memories I deeply cherish. The memories of not only the fun, friendship and all the sport and extracurricular but also the way it helped me find my interests. I owe it all to my school life. It has made me who I am today.

My school life has been full of different experiences over the years. It gave various opportunities to develop not only my scholastic abilities but also the art and sport side. It supported me in my sports as well as exposed me to numerous types of people. All of this accounted to make me understand how to behave socially and in building a personality which I have today.

There are numerous things that make school life the best phase in one’s life. All of this eventually is because we are young to do mistakes again and again till we realize, dumb enough to not think about people and do what we feel like doing, curious to know everything we can and most importantly still not exposed and contaminated with the evil feelings of this world. And all of this makes us build a personality of our own.

6 . Our export trade (Write an essay)

Created: 3 years ago | Updated: 10 months ago
Updated: 10 months ago

<p style="text-align:center;">Export trade means selling goods and services to other countries. It is very important for a country’s economic growth, as it brings in foreign money, creates jobs, and promotes international relationships.</p>

Our Export Trade

Export trade is a key part of any nation's economy. It refers to the process of sending goods and services produced in one country to be sold in another. India, with its rich resources, skilled workforce, and growing industries, is actively involved in export trade.

India exports a wide variety of goods to different parts of the world. These include agricultural products like rice, tea, and spices; textiles and garments; gems and jewellery; pharmaceuticals; engineering goods; and even software and IT services. These exports not only bring money into the country but also help in building India's reputation globally.

Export trade has many advantages. It earns foreign exchange, which helps us import important goods like oil and technology. It creates employment for millions of people in farming, factories, shipping, and logistics. Exporting also motivates industries to improve their quality and standards, making Indian products more competitive worldwide.

The government supports export trade through incentives, special economic zones (SEZs), and by signing international trade agreements. Organizations such as the Directorate General of Foreign Trade (DGFT) and Export Promotion Councils guide and assist exporters.

However, India faces some challenges. Global markets are highly competitive. There are issues like transport delays, customs procedures, and foreign trade restrictions. To grow stronger, India must invest in better infrastructure, promote digital trade, and support small businesses in exploring new markets.

In conclusion, export trade is very important for our country's growth. It helps build a stronger economy, supports industries, and connects India to the world. With smart planning and effort, India can continue to grow as a leading exporter on the global stage.

শিক্ষকদের জন্য বিশেষভাবে তৈরি

১ ক্লিকে প্রশ্ন, শীট, সাজেশন
অনলাইন পরীক্ষা তৈরির সফটওয়্যার!

শুধু প্রশ্ন সিলেক্ট করুন — প্রশ্নপত্র অটোমেটিক তৈরি!

প্রশ্ন এডিট করা যাবে
জলছাপ দেয়া যাবে
ঠিকানা যুক্ত করা যাবে
Logo, Motto যুক্ত হবে
অটো প্রতিষ্ঠানের নাম
অটো সময়, পূর্ণমান
প্রশ্ন এডিট করা যাবে
জলছাপ দেয়া যাবে
ঠিকানা যুক্ত করা যাবে
Logo, Motto যুক্ত হবে
অটো প্রতিষ্ঠানের নাম
অটো সময়, পূর্ণমান
অটো নির্দেশনা (এডিটযোগ্য)
অটো বিষয় ও অধ্যায়
OMR সংযুক্ত করা যাবে
ফন্ট, কলাম, ডিভাইডার
প্রশ্ন/অপশন স্টাইল পরিবর্তন
সেট কোড, বিষয় কোড
অটো নির্দেশনা (এডিটযোগ্য)
অটো বিষয় ও অধ্যায়
OMR সংযুক্ত করা যাবে
ফন্ট, কলাম, ডিভাইডার
প্রশ্ন/অপশন স্টাইল পরিবর্তন
সেট কোড, বিষয় কোড
এখনই শুরু করুন ডেমো দেখুন
৫০,০০০+
শিক্ষক
৩০ লক্ষ+
প্রশ্নপত্র
Promotion

Are you sure to start over?

Loading...