I am the student of MBA and doing specialization in human resource management (HRM), the subjects which we are studying in degree of master of business administration required some practical work related to it .in order to understand practical implication of these subjects, we have to complete six week duration of practice in the form of internship program. This internship program helped me in understanding the practical implication and to know the business world in reality which we only imagine in course subjects. This is an important requirement for my degree. The internship is followed by complete report writing, required to relegate to the head of the department of MBA department of University of Gujrat. I did my internship in bank of Punjab, Lalamusa branch code 0055.
5.1.1Scope of the study: (done)
Scope of my study is that it helped me a lot to understand operations and activities which are performed in bank of Punjab (BOP). This practical knowledge will helps me in my future employment. This internship program will provide aid to internee who is studying to get familiar with the work activities, operations of bank. This experience will help the internee in his/her future performance and can be able to perform its duties more efficiently and effectively. All the study is related to banking operations and activities. Through internship, Internees become knowledgeable about the whole mechanism of banking system. As internship program includes a lot of benefits as well as some limitations to which includes unable to access the financial and confidential data and information, general and specific statistics of the bank.
5.1.2 Aim and objective (likho ):
The main aim of the study is to work in real life situations and seek banking practice by doing it.
The objectives are:
To understand banking operations. I-e operational, cash, and financial operations etc.
To build solid, accurate and feasible recommendations.
To understand the practical/ professional life.
The objective of my study is getting thorough knowledge about all departments exist in that particular company where I did my internship
To enhance the writing skills in respect of reporting
Overview of the organization
Brief history:
Banking history in Pakistan and establishment of Bank of Punjab (BOP) bank: (concise it) done
A broader definition of a bank is any financial institution that receives, collects, transfers, pays, exchanges, lends, invests, or safeguards money for its customers. At the time of partition there were 38 commercial banks in Pakistan. Before the partition of Sub Continent the entire banking business was almost controlled and managed by non-Muslims. The Muslims were deliberately kept cut of banking profession by the wealthy Hindu community. When Hindu capitalists became sure of the division of Sub Continent, they secretly began transferring their capital to the safe places in India. Due to panicky withdrawal of deposits; some banks went into liquidation and the payments could not be made to the depositors. In order to regulate both of the banking on sound footings, two basic measures were taken to develop the banking system in Pakistan.
The State Bank of Pakistan, which is the central bank of the country, was established in July 1948.The National Bank of Pakistan was established on 1949, to serve as an agent to the SBP. The normal procedure of establishing a banking company under the Companies Law was set aside and the Bank was established through the promulgation of an Ordinance due to the crisis situation that had developed with regard to financing of jute trade. The Bank commenced its operations from November 20, 1949 at six important jute centers in the East Pakistan and then directed its resources in financing of jute crop. Karachi and Lahore offices of bank were subsequently opened in December 1949.State bank of Pakistan after its formation demanded from the Indian Reserve Bank the assets against the Indian currency retired from Pakistan territory. Government of India refused to hand over the assets worth about five hundred million rupees. The dispute is still unsettled and these assets are still not delivered to Pakistan. Until June 1950, the Bank was engaged exclusively on jute operation. Thereafter, it was felt that it could expand its business to include other commodities as well.
The bank of Punjab started its functioning with the inauguration of first branch of 7-Egerton Road, Lahore on November 15, 1989. The architect of the bank Mr. Nawaz Sharif then, the Chief Minister of Punjab, performed the inauguration. In Pakistan, over long periods of time the gap in saving and investment and balance of trade deficit has posed serious threat to the target levels of growth the ailments related to the budgetary deficit and public debt, both foreign and domestic are in addition. Interestingly even such adverse circumstances growth of real sector during the preceding year registered a favorable change, which speaks of hidden potential and strength of economy Fortunately, the banking sector of the country has the well organized and properly institutionalized system, which is the major vehicle not only for mobilization of resources to finance trade, agriculture, and industry but also for the effective conduct of monetary policy.
The emergence of new bank on the national scene in the early 1990s has done two important services to the nation. The saving base of the economy has effectively enlarged and hence the investment opportunities have increased. The services of the banks in the fact of severe competition have improved considerably so that now consumer are left with extensive choice to do or undo their business relations with these banks keeping in view quality of their services. The Bank of Punjab is working as a scheduled commercial bank with its network of 243 branches at all major business centers in the country. The Bank provides all types of banking services such as Deposit in Local Currency, Client Deposit in Foreign Currency, Remittances, and Advances to Business, Trade, Industry and Agriculture. The Bank of Punjab has indeed entered a new era of science to the nation under experience and professional hands of its management.
The Bank of Punjab plays a vital role in the national economy through mobilization of hitherto untapped local resources, promoting savings and providing funds for investments. Attractive rates of profit on all types of deposits, opening of Foreign Currency Accounts and handling of Foreign Exchange business such as Imports, Exports and Remittances, Financing, Trade and Industry for working capital requirements and money market operations are some facilities being provided by the Bank. The lending policy of Bank is not only cautious and constructive but also based on principles of prudent lending with maximum emphasis on security.
As agriculture is considered as backbone of our economy the Bank of Punjab has introduced "Kissan Dost Agriculture Finance Scheme" to small farmers. The Bank of Punjab has the privilege to discharge its responsibilities towards national progress and prosperity. Within the couple of years of its scheduling, the bank has not only carved out for itself prominent niche in the mainstream banking of the country but in certain areas it has the distinction of taking the lead. In the short span of time the Bank has been able to evolve a distinct corporate culture of its owned-based policies, which are realistic and are on highly professional footings.
Vision:done
With the passion for innovation and fortified pride in who we are, our aim is to deliver more and contribute to the prosperity of Pakistan and every Pakistani.
Mission:done
"We provide the service that enables people and businesses to extend themselves so they can reach new heights, fulfill their aspirations and achieve the best that's on offer. With our customer knowledge and insight, we are determined to be a truly customer-driven business. Revitalized passion at the core, we are committed to delivering customer satisfaction, developing business integrity, and establishing pride in the people."
Core values: done
Our customers: Customers are considered as our top and foremost priority.
Profitability: For the sake of prosperity of our stakeholders that allow us to constantly invest, improve and succeed.
Corporate social responsibility: we enrich the lives of community where we operate
Recognition and reward: for the high, top performing and talented employees.
Excellence: in everything we do.
Respect: for our customers and each other (employees)
Integrity: for our dealings
Start…………..
5.2.2 Nature of Organization:
Bank of Punjab (BOP) is a service providing organization in the financial institution market catering to the needs of vast majority of customers and businesses by offering products and services according to the specific needs of the targeted market. It is offering its solution like Deposits, Profit sharing products, financing in consumer, commercial, business and agriculture sectors
J.S bank of Pakistan provides commercial banking and related services. It provides different products and services. The Bank has a network of 153 branches in 82 cities with a total asset base of PKR 64.53 billion as of 30 June 2012. Jsbl give a lot of services to its customers that can satisfied them and reduce their time consumption by using such services. The Bank's key activities can be categorized into four Business Units:
Retail and Consumer Banking
Treasury
Corporate & Commercial Banking
Investment Banking
5.2.3 Business volume:
Rewards honors & success stories: (done)
Bank of Punjab has achieved many rewards which includes following:
Excellence Award by the Central Board of Revenue
3rd Kissan Time Awards
Best Corporate Report Award
16th Bolan Excellence Award
Achievement Award
Details of these awards are given below:
Excellence Award by the Central Board of Revenue:
The Central Board of Revenue has presented "Excellence Award" to the Bank of Punjab (BOP) in recognition of the contribution, the bank has made towards Government exchequer.
3rd Kissan Time Awards:
Bank has made many contributions in development and growth of agricultural sector through their efforts. In recognition of Bank's contribution in development and growth of agricultural sector, the Bank has honored with these awards under 3rd Kissan Time Awards "Top Bank for Agriculture Loans" and "Best Bank Crop Insurance" in year 2006.
Best Corporate Report Award:
Bank of Punjab (BOP) has won 5th position in annual report of bank for the year 2005 for "The Best Corporate Report Award" for the financial sector, determined jointly by the Institute of Chartered Accountants of Pakistan and the Institute of Cost and Management Accountants of Pakistan.
16th Bolan Excellence Award:
The Bank of Punjab (BOP) had achieved Best Bank Award in 2006 under 15th Bolan Excellence Awards distributed.
Achievement Award:
In the year 2006, The Bank of Punjab (BOP) has achieved "LCCI Achievement Award and given by "The Lahore Chamber of Commerce & Industry (LCCI).
5.2.4 Product/Service lines:
SWIFT SYSTEM:
Another important service of J.S bank is SWIFT system. The SWIFT system (Society for Worldwide Interbank Financial Telecommunication) has been introduced for speedy services in the area of home remittances. This system has built-in features of computerized test keys, which eliminates the manual application of tests that often cause delay in the payment of home remittances.
BILL PAYMENTS:
J.S BANK bill pay offers convenience to pay your utility and ATM Card Holder can easily pays their bills through the following convenient options of j.s bank easy bill pay. Pay your bills 24 hours a day 7 days a week.
PESTL analysis
Contribution of organization toward economic development
Organizational structure :
Organizational Hierarchy chart :
Branch Manager (BM)
Operation manager (OM)
Accounts Department
Clearing Department
Remittance Department
Cash Department
.S bank is performing its activities into four different business units. The head of all departments are directly in control of C.E.O or president of J.s bank. The branch of lalamusa of J.S bank mainly deal with retail and consumer banking
Retail and Consumer Banking
Treasury
Corporate & Commercial Banking
Investment Banking
5.3.2 Number of employees (done)
there were 6 employees at the Bank of Punjab (BOP) branch where I did my internship. Add more
Branch Manager Shakeel Ikram
Operational Manager Muhammad Ajmal
ARM 1 Miss Shazia Noreen
ARM 2 Qaiser Zia
Teller Muhammad Faizan
And some armed Guards and sweepers.
Main offices: done
The details of head office, Main branch, officer training program, ATM call centre, Retail Finance Division, Regional Office along their phone numbers ,Email Addresses and Faxes is Given below:
Head Office (BOP)
10-B, Block E-II, Main Boulevard Gulberg III Lahore
UAN: 111-200-100
Tel: (042) 35783700-10
Fax :( 042) 35783713
E-mail: [email protected]
Main Branch, Lahore
Chief Manager
Tel: (042) 99200419-99200187
Fax :( 042) 99200351
Officers' Training Institute
296- Upper Mall, Lahore (Pakistan)
Tel : (042) 35714180-35755625
ATM Call Centre
Toll Free: 0800 26700
UAN Number: 042-111 267 200
Retail Finance Division
Tel: (042) 99268090
Regional Office:
Regional Office Railway Road
Faisalabad , Pakistan
Phone: 9241-9201197 / 9201196 / 9201199
Fax: 9241-9200465
Email: [email protected]
URL: http://www.bop.com.pk
Introduction of all departments
These departments are included in our Bank of Punjab (BOP) branch in which I did my internship.
Accounts/Deposit Department
Cash department
Remittance department
Clearing department
Collection department
1. Deposits/Accounts Department:
Today, very few businesses are working and running their operations alone with the capital of the owners. Acquiring funds from different sources has becomes an important feature and issue of today business world. In banking system, bank having the borrowed capital is much more than their own capital. Banks borrows funds mostly in the form of deposits. These deposits are borrowed from different parties. Bank earns more profit due to availability of huge funds which increase the employment and lent out process. The main function of all commercial banks is to collect deposit. The bank does not collect these deposits for save keeping objective alone, but they collect deposits as debts. When banks accept deposits from customers and other parties, then the debtor and creditor relationship is established where customer play the role of creditor and the bank play the role of debtor. After collecting these deposits as debt, the bank has a right to use it in their best interest as an owner of it. But there is a clear agreement that the amount collected as a debt would be paid back by the bank to the depositor after a determined period.
Nature of Deposits
Current or demand Deposits
Saving Deposit
Short Notice Term Deposit
Call Deposits
Fixed or Term Deposit
Current or demand deposits:
Bank does not pay any profit on current deposits to account holders. Current deposits are paid to customers on their demand.
Saving Deposit:
Saving account is an initiative of Islamic banking system in Pakistan and known as PLS accounts. Not more than one PLS Savings Account may be opened at a branch in any one name except in the name of a parent or guardian for more than one child or for keeping funds of specified nature category by an entity, with the Bank's prior approval. There are two major types of PLS accounts.
PLS saving account
PLS TDR ( Profit and loss sharing term deposit receipts)
PLS saving Account:
PLS account is opened on the minimum amount of rs.100 and account holder admits to share the profit and loss earned by bank on these deposits. Profit is paid on semi annually basis. PLS Savings Accounts may also be opened by charitable institutions, for Provident Funds and other funds of benevolent nature by Local Bodies, Autonomous Corporations; there are few departments in the branch of bank of Punjab (BOP), where I did my internship. Detail of these departments is given below:
Deposit Companies, Associations, Societies, Educational Institutions, Firms etc. and in all other cases where such accounts are required to be opened under the orders of Competent Court of Law
PLS TDR (Profit and loss sharing term deposit receipts):
PLS TDR account is opened on the amount of rs.1000 or above. Profits is given on semi annually basis.
Short notice term Deposits (SNTD):
Short term deposits are of shorter period and can be withdrawal at any time. Customer can withdraw its amount from bank by giving seven days notice to bank.
Call Deposits:
Call deposits are deposited for any tender. Interest is not paid on it. Interest is paid in one case if depositor is agreeing on keeping his deposited amount for a fixed period in bank account.
Fixed or term deposits receipts (TDR):
Fixed or term deposits are similar to short term deposits. Main difference between Fixed or term deposits and Short notice term Deposits is duration period. Duration of Short notice term Deposits is 7 to 30 days while duration of Fixed or term deposits is 1 month to 5 years.
Functions of Deposit/Accounts Department:
This department performs following functions
Account opening
Account closing
Check book issuing
Account opening:
An account is opened on the request of customer and their purpose of opening account is required by bank. Bank opens different type of accounts for different purposes on customer request.
Types of Accounts:
Basically Bank of Punjab has two types of accounts
Current deposit account
Profit and sharing account
But Bank of Punjab (BOP) also opens following types of accounts
BOP current Account
Basic Banking Accounts
BOP pahlay Munafa Scheme
PLS SB Accounts
BOP senior citizen saving account
BOP Gharayloo saving Account
BOP ziada Munafa Saving Account
BOP Profit plus Account
Corporate premier account
Corporate premier term account
Munafa hi Munafa term Account
PLS supreme saving account
FCY supreme saving Account
BOP Bai missal term account
BOP Tijarat account
BOP karobaar dost account.
Procedure of account opening:
The function of account opening is most important in banking sector. In the branch where I did my internship, this function is performed by customer service department by Mr. Qaiser Zia and Mr. Shakeel Ikram. The individual who is interested in account opening meet with Mr. Qaiser Zia or Mr. Shakeel ikram (Manager).A introduction is required by either banker or existing account holder before opening account. An application form along specimen signature card is given to him after inquiring his purpose of opening account and assuring its ability to deposit amount in account. Complete application form is checked by Mr. Qaiser Zia and Mr. Shakeel Ikram against criteria whether to accept or reject the application form. After accepting the form, account number is generated electronically after fulfilling other requirements. Both manual and computerized record is kept for account holder. Specimen signature card is also scanned for record keeping purpose. Specimen signature card contains information of title of account, type of account, branch code, and applicant signature. This card is later used for comparison of signatures when account holder came with check for receiving amount for avoiding any fraud.
Bank of Punjab (BOP) offers different categories to applicant for account opening. Some of these are given below:
Individual Account
Joint Account
Partnership Account
Foreign Currency Deposit
TDR
SNTD
Limited company account
Account closing:
Account is closed on the request of customer and remaining amount is paid to customer after deducting the closing account charges.
Check book issuance:
A check book is issued after filling check book requisition form and request is sending for check book. A check book is used for the purpose of receiving amount by account holder. Check book requisition form is returned to bank after receiving check book by account holder. Every check book contains requisition form between the last 10 leaves. He can fill this requisition form and submit it to bank for check book issuance.
2. Cash Department:
This department deals with all cash payments and cash collection. This department includes different operations receiving checks and deposit receipts, utility bills and fees etc.
Remittance Department:
Remittance is a transfer of money from one place to another and it's a source of income for bank. Bank of Punjab (BOP) deals with following type of remittance
Demand draft
Mail transfer
Pay order
Telegraphic transfer
Demand Draft:
It is a written order given by one branch to another on the request of customer. For this purpose, a demand voucher is filled with signature of involved parties, date, amount to be sent and account number. Then depositor fills the debit and credit voucher and their receipts are sends to accounts department. After recording and authenticating the DD voucher, DD voucher is handed over to the sender and advice of this DD is send to branch.
Mail Transfer:
Mail transfer is a process of sending money from one branch to another branch through mail service. Advice is not required in this process. For this purpose, a voucher is filled which contains date, amount to be sent and account number then the sender deposits amount in cash department and fulfill their stamps signatures and recording formalities.
Pay Order:
Pay order is used to transfer funds from one branch to another locally and bank is liable to pay particular amount to individual to whom pay order is issued. For this purpose, pay order amount matters .if pay order is issued for huge amount then permission from zonal office is required and a publicity of it to attract parties. If amount is small then manager has authority to contract with any party. Then party submits the bill of work to bank and collect amount of pay order.
Telegraphic transfer:
It's the quick way of sending money from one branch to another on urgent basis. For this purpose, both manager and officer generate codes and after authenticating codes by concerned branch amount is paid to person.
Clearing department:
The task of clearing department is to collect checks, demand drafts, telegraphic transfer, and mail transfer and pay orders from other local branches. State bank of Pakistan (SBP) has department for collecting these instruments. Clearing is of two types
Inward clearing
Outward clearing
Inward Clearing:
In inward clearing, central clearing branch sends the checks and these checks are entered in inward clearing register after tallying the amount and date.
Outward clearing:
Instruments are collected according to schedule and then recorded in outward clearing register and central branch issues credit advice to branch for issuance of credit to individual.
Collection Department :
Comments on the organizational structure
Part-II
Internee work
Brief Introduction of internee's office/branch:
I Sana Gull student of Masters of Business Administration did my internship in Bank of Punjab (BOP) Lalamusa. The Bank is situated on main G.T road in Lalamusa. The branch code of bank of Punjab (BOP) is 0055. I have learned many bank operations there. The branch manager (BM) of the bank is Muhammad Shakeel Ikram. He is very good natured, polite and cooperative person. He has maintained a good culture of collaboration and coordination in the branch. All the staff members are very cooperative and help each other in coordinating the activities. He has maintained a friendly working environment where each employee did its work happily and enjoys its work. Friendly and collaborative culture has increased intrinsic motivation of employees. All the staff members respect each other. All the staff members are very good and respect me a lot. All members are co-operative and hard working. They helped me a lot in learning the operations and activities of bank. I have seen few departments in the bank. I have seen that how these departments perform their work activities and operations. I felt very secured and happy there as the environment was so friendly and I learnt so many things which I even didn't know before. I enjoyed the work and tenure of internship there due to friendly working environment which helps me in learning the activities and operations quickly. The women employee (Mrs. Shazia Noreen) of Bank of Punjab (BOP) and Branch Manager (Muhammad Shakeel Ikram) (BM) helps me a lot in adjusting in the new environment as well as in the bank. I have completed my intern ship program from 1th august, 2012 to 18th September, 2012.
Details of Supervisors:
The whole staff of the Bank of Punjab (BOP) branch is very hard working, cooperative and they all helped me a lot in learning operations of bank. But I pay special thanks and regards to Mr. Shakeel Ikram (the branch manager), who provide me chance of doing internship in the branch and provide guidance in learning operations of bank and supervise me well. He taught me the basic rules of doing job. I assist Mr., Qaiser Zia who was my supervisor and performs the operations of accounts department and helped me a lot in dealing customers as well. I also assist Mr. Umair Afzaal and Mrs. Shaazia Noreen. All of them helped me a lot in learning bank's operation and adjusting in banking environment. They explained me all the operations of bank in a simple manner that I can understand it easily. I am very thankful to all staff members of bank where I did internship.
Weekly timetables: A weekly timetable where each row in the table corresponding to a day in internship period. Each row should record the date, internship activity on that date. Weekly Schedule should explain the work accomplished each day of the week during the internship period and should contain: The name of department of the organization that the week was spent & Name and signature of the controlling supervisor for each week
This was basically the first week of my internship in the bank of Punjab (BOP). And I was also a little bit confused about banking sector. It basically started my internship program from 1st August and ends on 18th September, 2012.
First Week:
DATE
INTERNSHIP ACTIVITY
DEPARTMENT
NAME
COORDINATOR
NAME
COORDINATOR
SIGNS
Aug 1
Introduction to the staff members
Visit all different departments
Mr. Shakeel Ikram
Aug 2
Separation of bills+ Enveloping letter of thanks
customer service department
Mr. Qsiser zia
Aug 3
Form filling for opening a new account+ Signature on forms and on SS cards and stamps of bank and supervisors
Account opening or customer service department
Mr. Qaiser Zia
Aug 4
Arranging of debt and credit vouchers
customer service department
Mr. Umair Afzaal
Aug 5
Issuing Cheque book for current account+ account opening form
customer service department
Mr. Qaiser Zia
Aug 6
Cheque book for PLS account
customer service department
Mr. Qaiser Zia
Second week:
DATE
INTERNSHIP ACTIVITY
DEPARTMENT
NAME
COORDINATOR
NAME
COORDINATOR
SIGNS
Aug 8
Attaching vouchers
Customer service department
Mr. Umair Afzaal
Aug 9
Opening an account (current account & PLS saving account)
Account opening department (general banking)
Mr. Qaiser Zia
Aug 10
Filled opening form and pay-in slip
Customer service department (General banking department)
Mr. Qaiser Zia
Aug 11
Opening an account, demand draft
General banking department
Mr. Qaiser Zia
Aug 12
Filling checks and deposit receipts and opening an account
Customer service department
Mr. Qaiser Zia
Week 3:
DATE
INTERNSHIP ACTIVITY
DEPARTMENT NAME
COORDINATOR NAME
COORDINATOR SIGNS
Aug 15
Remittance work
Cash department
Mr. Umair Afzaal
Aug 16
Enveloped letter of thanks and make entries in register, prepare voucher for issuance of cheque book
General banking department
Mr. Qaiser Zia
Aug 17
Issuance of cheque book, closing of account, learnt about dormant account
General banking department
Aug 18
Opening an account , stamps affixed on opening account form and outward clearing
General banking department, clearing department
Mr. Qaisar Zia
Aug 19
Inward clearing, prepare vouchers
Clearing department
Mr. Qaiser Zia & Mrs. Shazia Noreen
Aug 20
Inward clearing and out ward clearing, pay-in slip
Clearing and General banking departments
Mr. Qaiser zia
Fourth Week:
DATE
INTERNSHIP ACTIVITY
DEPARTMENT NAME
COORDINATOR NAME
COORDINATOR SIGNS
Aug 22
Electronic recording of check books
Customer service department
Mr. Qaiser zia
Aug 23
Attaching vouchers with supplements + arrangement of check books for electronic recording
Cash department
Aug 24
Electronic checking of accounts for balance and for other information
Customer service department
Aug 25 onward
EiD Holidays
Fifth Week:
DATE
INTERNSHIP ACTIVITY
DEPARTMENT NAME
COORDINATOR NAME
COORDINATOR SIGNS
Sep 5
Filling online fund transfer forms
Cash department
Mr. Muhammad Faizan
Sep 6
Clearing checks of other branches
Clearance department
Mrs. Shazia Noreen & Mr. Qaiser Zia
Sep 7
Filling request forms for new check books and posting them
General banking department
Mr. Qaiser Zia
Sep 8
CASH RECEIPT: Filling deposit slip+ receiving utility bills
Cash department
Mr. Muhammad faizan
Sep 9
Revised remittance work
Cash department
Mr. Muhammad Umair Afzaal
Sixth week:
DATE
INTERNSHIP ACTIVITY
DEPARTMENT NAME
COORDINATOR NAME
COORDINATOR SIGNS
Sep 12
Summing up amounts of utility bills for recording
Cash department
Mr. Muhammad Faizaan
Sep 13
Revised account opening
Customer service department
Mr. Qaiser Zia
Sep 14
Filled ATM application form
Customer service department
Mr .Qaiser Zia
Sep 15
Revised check book issuance and their recording in registers work
Customer Service department
Mr .Qaiser zia & Mr. Muhammad Umair Afzaal
Sep 17
Filled check, pay in slip and revised my whole internship work with my supervisors.
Cash department + customer service department
Mr. Qaiser Zia & Mr. Muhammad Umair Afzaal
Detailed description of the departments alone with operations/activities of the department you worked in during your internship
These departments are included in our Bank of Punjab (BOP) branch in which I did my internship.
Accounts Department
Cash department
Remittance department
Clearing department
Collection department
Deposits/Accounts Department:
Today, very few businesses are working and running their operations alone with the capital of the owners. Borrowing funds from different sources has becomes an important feature and issue of today business world. In banking system, bank having the borrowed capital is much more than their own capital. Banks borrows funds mostly in the form of deposits. These deposits are borrowed from different parties. Bank earns more profit due to availability of huge funds which increase the employment and lent out process. The main function of all commercial banks is to collect deposit. The bank does not collect these deposits for save keeping objective alone, but they collect deposits as debts. When banks accept deposits from customers and other parties, then the debtor and creditor relationship is established where customer play the role of creditor and the bank play the role of debtor. After collecting these deposits as debt, the bank has a right to use it in their best interest as an owner of it. But there is a clear agreement that the amount collected as a debt would be paid back by the bank to the depositor after a determined period.
Nature of Deposits
Current or demand Deposits
Saving Deposit
Short Notice Term Deposit
Call Deposits
Fixed or Term Deposit
Current or demand deposits:
Bank does not pay any profit on current deposits to account holders. Current deposits are paid to customers on their demand.
Saving Deposit:
Saving account is an initiative of Islamic banking system in Pakistan and known as PLS accounts. Not more than one PLS Savings Account may be opened at a branch in any one name except in the name of a parent or guardian for more than one child or for keeping funds of specified nature category by an entity, with the Bank's prior approval. There are two major types of PLS accounts.
PLS saving account
PLS TDR ( Profit and loss sharing term deposit receipts)
PLS saving Account:
PLS account is opened on the minimum amount of rs.100 and account holder admits to share the profit and loss earned by bank on these deposits. Profit is paid on semi annually basis. PLS Savings Accounts may also be opened by charitable institutions, for Provident Funds and other funds of benevolent nature by Local Bodies, Autonomous Corporations; there are few departments in the branch of bank of Punjab (BOP), where I did my internship. Detail of these departments is given below:
Deposit Companies, Associations, Societies, Educational Institutions, Firms etc. and in all other cases where such accounts are required to be opened under the orders of Competent Court of Law
PLS TDR (Profit and loss sharing term deposit receipts):
PLS TDR account is opened on the amount of rs.1000 or above. Profits is given on semi annually basis.
Short notice term Deposits (SNTD):
Short term deposits are of shorter period and can be withdrawal at any time. Customer can withdraw its amount from bank by giving seven days notice to bank.
Call Deposits:
Call deposits are deposited for any tender. Interest is not paid on it. Interest is paid in one case if depositor is agreeing on keeping his deposited amount for a fixed period in bank account.
Fixed or term deposits receipts (TDR):
Fixed or term deposits are similar to short term deposits. Main difference between Fixed or term deposits and Short notice term Deposits is duration period. Duration of Short notice term Deposits is 7 to 30 days while duration of Fixed or term deposits is 1 month to 5 years.
Operations with above sited departments:
In my first week of internship program, all staff members of the branch are introduced to me and met them at 1st Aug. I worked under supervision of Mr. Qaiser Zia in Customer service department at 2nd August to 6th August. I learned about account opening and about its different types, and its procedure. Accounting opening work was very interesting experience for me and I enjoyed it very much.
In my second week of internship program, I worked under supervision of Mr. Muhammad Umair Afzaal in cash department and I learned about filling of checks and deposit slips, and of attachment of vouchers with supplements.
In my third week of internship program, I learned about inward and outward clearing under the supervision of Sir Qaiser Zia.
In my fourth week of internship program, I again worked in the supervision of Sir Qaiser Zia and Sir Muhammad Umair Afzaal and learned about issuance of check books and their recording both manually and electronically also learned remittance work in this week.
In my fifth week of internship program, I worked in the cash and customer service department under the supervision of Sir Muhammad Afzaal and Sir Qaiser Zia and learned about filling online fund transfer form and sending requests of issuance of new check books.
In my sixth week of internship program, I mostly revised the whole work that I did during my internship.
Detail description of the tasks assigned to you OR Detail description of the project assigned to you to you during your internship.
Summary of learning: (most curial part of report) In this section you should answer the following questions
What skills and qualifications you think that you have gained from the internship
What kind of responsibilities you have undertaken during the internship period?
How do you think the internship will influence your future career plans?
How do you think the internship activities that you carried out are correlated with your classroom knowledge?
Conclusions of the report
In this section you are required to describe the organization according to your evaluation/assessment in the light of critical and SWOT analysis.
A summary of key conclusions derived from the internship experience.
General observations about the sector in which your internship company/institution operates.
SOWT
Recommendations
In this section you are required to suggest a solution for all the problems or discrepancies that are found in the organization that you have pointed out in critical and SWOT analysis.
