Meaning and types of communication, and channel of communication used in banks. Communication is the exchange of ideas, opinions and information through written or spoken words, symbols or actions. Business Communication is any communication used to promote a product, service, or organization – with the objective of making sale. Communication is the lifeblood of an organization. It is needed for: • Exchanging information • Exchanging options • Making plans and proposals • Reaching agreement • Executing decisions • Sending and fulfilling orders • Conducting sales When communication stops, organized activity ceases to exist.

1. Business CommunicationReserve Bank of IndiaPriya SoniPGDM- 1st Trimester03/10/2011<br />Business Communication<br />Communication is the exchange of ideas, opinions and information through written or spoken words, symbols or actions.<br />Business Communication is any communication used to promote a product, service, or organization – with the objective of making sale.<br />Communication is the lifeblood of an organization. It is needed for:<br />Exchanging information<br />Exchanging options<br />Making plans and proposals<br />Reaching agreement<br />Executing decisions<br />Sending and fulfilling orders<br />Conducting sales<br />When communication stops, organized activity ceases to exist.<br />Types of Business Communication<br />There are two types of business communication in an organization:<br />Internal Communication<br /> Communication within an organization is called “Internal Communication”. Under Internal Business Communication types there come;<br />Upward Communication<br />Downward Communication<br />Horizontal/Lateral communication<br />External Communication<br /> Communication with people outside the company is called “external communication”.<br />Customers<br />Vendors<br />Government<br />Shareholders<br />Insurance company<br />etc.<br />In order to explain this, I have taken example of RBI.<br />Communication Strategy of RBI (Reserve Bank of India)<br />The principal goals of the Reserve Bank’s communication strategy are:<br />Truthfulness– provision of true information, corresponding with reality<br />Transparency – furnishing clear, entire and actual information<br />Quality – willingness to provide accurate, comprehensible and complete information<br />Promptness – timely reaction to a request for information<br />Availability – building-up and securing system, allowing to provide feed-back at adequate time<br />Responsiveness – willingness to supply information at a request of an internal or external entity<br />Proactive approach – capability to anticipate needs and supply adequate information to entities, showing interest in particular issues<br />Communication tools and channels used by RBI <br />The Reserve Bank of India releases information on areas relating to the economy, banking and the financial sector.<br />The Reserve Bank of India communicates with various types of audiences. In order to reach out to the common person, the Reserve Bank releases information in 11 regional languages spoken by a large section of the population, apart from in English and in Hindi.<br />Dissemination of information takes place through traditional and non-traditional channels such as:<br />- Press releases<br />- Notifications<br />- Publications: regular and occasional<br />- Advertisements in print and electronic media<br />- Posters in bank branches and<br />- Through participation in exhibitions.<br />The under mentioned external and internal channels and tools of communication used by RBI are as follows:<br /> For Internal communication:<br />internet<br />in-house journal or bulletin<br />electronic correspondence<br />telephone communication<br />discussions, interviews and meetings<br />Upward communication channel:<br /> <br />Downward Communication channel:<br />Horizontal Communication channel:<br />For External communication:<br />mass media (TV spots, press)<br />promotional documents<br />direct marketing<br />press releases<br />press conferences<br />internet<br />professional conferences and seminars<br />questionnaires<br />electronic correspondence<br />correspondence in writing<br />telephone communication<br />discussions, interviews and meetings<br />special–purpose publications<br />exhibitions and other events<br />