Detailed Roles and Responsibilities:
- Perform all operational activities as assigned by the Assistant Manager – TFD, in compliance with local regulations, and approved TF policies and procedures.
- Receive and check the duly filled LG/LC application forms and inward/outward collection documents from customers/corresponding banks (as applicable) for correctness of details against the terms and conditions.
- Ensure that the clauses stated in the applications/covering letter doesn’t conflict with the regulatory guidelines related to Letter of Credit/Guarantee.
- Initiate the lodging process by inputting necessary data onto the system along with commission/ charges, as applicable, in line with the request raised by the customer/corresponding bank and regulatory guidelines.
- Prepare the LC/LG documents as per the prescribed format for approval from the relevant authorities.
- Receive applicant’s instructions on prescribed form, generate transaction application and liaise with the RMs to obtain necessary approvals from the approving authority for initiating amendments.
- Prepare amendment instructions, and related SWIFT messages/mail confirmation, compute charges and dispatch copy of the amended/ extended LG advices to the customer/ beneficiaries’/correspondent of beneficiary with receipt of due acknowledgement, as applicable.
- Liaise /follow up with the applicants and/ or beneficiaries on matters related to the extension/amendments/expiry of LG’s, as applicable.
- Generate transaction application with a view to ascertain the financial position of the customer, as applicable to ensure fund availability.
- Coordinate with the respective stakeholders to obtain necessary approvals from the sanctioning authority (credit committee) if the customer position is not within the limit set by the management and/or for irregularities, if any.
- Initiate the processing of applications by inputting LC data into the system along with commission/ charges, as applicable, post approval from the relevant authorities.
- Prepare request letters addressed to the insurance companies on behalf of customers for insuring letters of credit, in line with terms and conditions of the trade.
- Prepare amendment instructions, and related SWIFT messages/mail confirmation, and compute the charges related to commission, and liability, as directed by the Senior LC Officer.
- Receive trade applications from customers and check for correctness of details including customer’s signature and supporting documents.
- Perform periodical follow up with customers with regards to the shipment of stale items.
- Notify the remitting bank/customer on account of any missing documents/ discrepancies, if any, found in the service requests.
- Prepare and provide currency position details to the Treasury department, facilitating to identify funding requirement.
- Prepare payment instructions and confirmations to the remitting bank, in line with the descriptions in the schedule.
- Send periodic reminders to/ follow up with the drawees on account of dishonor of bills within the prescribed time limit post-issuing of the advice.
- Prepare, verify and send SWIFT messages addressed to or reply to the foreign banks on queries received
- Process and follow up on claims (guarantees) without delay as per procedure.
- University graduate with a degree in Business or Banking or Finance or Economics or any other related discipline.
- Master’s degree in Management or any other related discipline will be an added advantage.
- 02-05 years of total experience in financial services/banking industry, entailing responsibilities pertaining to the specific area of discipline.
- Experience in Trade Finance operations/ processing.
- Local experience desirable.
- Certification in related area would be preferable
Key skill Required
- Banking Officer