WEEKLY PROGRESS REPORT
WPR 6
Student Name: Manu Choudhary
Enrolment Number: A028165522008
Program: (BBA) BFSI
Project Title: Banking formalities for Export Oriented Business.
TARGETS SET FOR THE WEEK
• Compliance and documentation – This week our focus was
on adherence to compliance requirements and carefully
handling of documentation for export-oriented businesses to
maintain operational efficiency, regulatory compliance, and
financial security in their international transactions.
• Customer transactions – The focus was on offering a range
of financial services, ensuring compliance with regulatory
requirements, and providing support throughout the
transaction.
PROGRESS/ACHIEVEMENTS FOR THE WEEK
□ Submitted all necessary documentation to the relevant
authorities for compliance.
□ Filed export declarations and obtained necessary permits.
□ Gathered and organised documents for the upcoming internal
audit.
□ Ensured all banking transactions are accurately documented
and traceable.
□ Maintained compliance with international trade regulations.
□ Prepared for internal audit to ensure transparency and
accountability.
□ Followed up on outstanding payments from international
customers.
□ Reconciled customer payments with the accounts receivable
ledger.
□ Improved cash flow management by ensuring timely collection
of receivable.
□ Addressed any discrepancies in customer accounts promptly.
KEY CHALLENGES & OPPORTUNITIES:
Identified meeting stringent regulatory requirements and
completing extensive paperwork for transactions, including
export documentation, can be complex and time-consuming
as key challenges faced in banking formalities for export
oriented business and proposed strategies for mitigation.
Ensuring payment security and timely receipt of funds can be
challenging, especially in international transactions.
Dealing with multiple currencies can expose businesses to
exchange rate risks, impacting profitability.
Recognised tools for hedging against currency fluctuations
and optimizing foreign exchange transactions can minimize
financial risks as opportunities for streamlining banking
processes and enhancing customer experience to drive
export growth.
Banks offer tailored financing solutions such as export loans
and working capital facilities to support business expansion
and manage cash flow.
Access to specialized financial advice and services tailored to
international trade can help navigate complex banking
requirements.
COCLUSION:
This week’s banking formalities focused on ensuring the smooth operation of
financial transactions related to our export activities. All tasks were completed
efficiently, with a focus on compliance, risk management, and improving operational
efficiency.
In conclusion, KREEYA RETAILS PVT LTD successfully managed banking
formalities to support its export activities during the week. By ensuring compliance
with regulations, efficient documentation processing, and effective
customer communications, the business aims to sustain its export growth momentum.
FUTURE WORK PLANS-
□ Automation and Digitalization – explore opportunities for digital
transformation in banking processes to enhance agility and competitiveness.
□ Enhanced Risk Management – regularly identify and evaluate risks across
all areas of the organisation.
Faculty Guide Remarks:
Student Signature Guide Signature
