HOW TO WRITE A COMPREHENSIVE INTERNSHIP REPORT ON
Bank Of Punjab FOR INTERNSHIP
Internship Report submitted to the Faculty of Management and administrative
Sciences in Partial Fulfillment of the Requirements for the Degree of Bachelors of
Business Administration.
EXECUTIVE SUMMARY
The report is planned to cover the details associated with my internship at the Bank of Punjab
(BOP). Bank of Punjab is one of the top banks in Pakistan with branches all across the country
with a control center in Lahore, Pakistan. I accomplished my internship at a branch of the f BOP.
This branch has been opened considering the needs of a lot of people living in the zone. Now is
the first choice of the people around this zone. The Branch has been performing best by
continuously accomplishing its deposit goals efficiently.
This branch deals in several banking activities associated with deposits, home remittances,
Agriculture loans, debit card issuance, leasing, ATM services, e-and banking. I had the
opportunity to learn and work in almost every department of the branch. The staff at the branch
is helpful and I have learned a lot from them. I also have been assigned different tasks related to
the departments. This report includes the detail of the tasks that I have performed during my
internship. The knowledge that I have learned in the class room has assisted me in my internship.
It includes details related to the banking sector, the bank of Punjab and also different analysis
like PESTL analysis and SWOT analysis.
I found my skill very pleasing. I’ve been able to clear my bookish concepts a lot better by
relating my knowledge almost.
PART-I
1.1 Introduction
As a student of Bachelor of Business Administration, it is necessary to get the degree to
complete an internship in an organization and then later complete a comprehensive report on
all the significant details of the organization with details associated with activities learned at
the organization during the internship. I have done my internship at the Bank of Punjab’s
branch and in this part of the report, I will cover all the details related to the report’s scope
objectives Limitations and relevant details of the Bank of Punjab.
1.1.2 Scope
The internship report is used in several tasks. First of all, it improves writing skills. Then it
remains as a record of the internship experience. Moreover, it provides guidance regarding
professional skills.
1.1.3 Objectives of Report
The main objectives behind formulating this report are:
• To constitute a report containing facts about my internship skill.
• To examine banks' working based on my internship practice.
• To make improved endorsements based on my information.
1.1.4 Methodology
The methodology adopted in getting the data required to complete the study includes both
primary and secondary sources of data.
The following primary sources of collecting data were restored in the study.
• Personal debate with the staff at the bank
• Personal collaboration with customers
• Personal opinion and searching
Secondary sources that were used are the following:
• Internet researching
• Website of Bank of Punjab
• Articles
• Annual performance reports
• Handbooks available at the bank
1.1.5 Limitations
This report includes the information thoroughly collected to provide support for the study.
However other aspects that do not directly relate to the study have been ignored. So, this
report technically does not cover all the aspects rather it has more focus on the information
that relates to my internship at the bank specifically.
1.2 Overview of the Organization Bank of Punjab (BOP)
Bank of Punjab (BOP) Pakistan: It is a Pakistani bank with central command in Lahore,
Pakistan. What's more, is one of the nation's driving monetary foundations holding PACRA
(Pakistan Credit Rating Agency) AA appraisals. The bank suggests a broad size of banking
organizations containing close-by cash stores. Wide-reaching cash stores for customers,
refunds, and advances to associations, projects, and agriculture. First Punjab Modaraba
(FPM), an altogether guaranteed bank helper, was spread out in 1992. It works with its
customers through a spread-out extent of banking organizations like payments or clearing
and loans to agriculture, industry, and trade.
1.2.1 Vision
To offer great support to turn into a client/client-centered bank.
1.2.2 Mission
To encounter financial partners' hopes by supporting Punjab Government's relationship and
assigning a whole scope of skillful preparations focusing on program-driven items and
management enter-level business markets and agriculture management through an
influenced team.
1.2.3 Reward & Recognition
To fund high-performing and dedicated workers.
1.2.4 Respect
The bank provisions aware behavior for staff and customers.
1.2.5 Integrity
Respectability is continual in all bank actions and transactions.
1.3 Brief history
The Bank of Punjab was originated by Tajammal Hussain bank and is in progress working as
a scheduled commercial bank, with more than 587 branches in significant areas of the
nation. It is the country’s seventh-greatest business bank. The bank was set up in 1989
compliant with the Bank of Punjab Act 1989 and was given retail banking status in 1994.
The Bank of Punjab was begun in 1989 in Lahore, and from that point onward, it provided
its different branches the nation over. The bank has 300 branches all over the country. In
1994 the bank was given the title of a scheduled bank.
1.3.1 BOP: Downfall
The Bank of Punjab's management coordinated a question-and-answer session on Friday on
this very matter. To concept public confidence in the Bank of Punjab's issues by including
the bank's activities. As designated by a public statement, the Bank of Punjab turned into a
city talk in 2007. Because of deliberations relating to careless loaning, mismanaging, and the
theft of public cash during the bank's ex-president, Hamesh Khan's tenure. The nation was
shocked to hear the stories of misbehavior and political involvement in Punjab's
management-influenced bank activities. The overall population lost trust in the bank.
Bringing about the exclusion of stores worth billions of rupees from the bank amazingly
fast, shocking the bank's whole life.
1.3.2 Recovery
In early 2008 elections were taking place all over the country. The new government in
Punjab under Shahbaz Sharif's management was made. Being the larger part investor, the
issues associated with the Punjab Bank were high on the plan of the freshly enclosed Punjab
government. While examining the different choices available, the contract was shaped on
making a last attempt to save. The deposits of bank skilled solid development of 117% more
than in 2008 during the period 2009-Sep-2015 and arrived at the phase of Rs. 356.6 billion.
During that period, Bank ventures saw huge development of 71%.
Business volume, reward honors during last 5 years Awards
1.4.1 Excellence Award
The Central Board of Revenue granted the 'Greatness Award' to the Bank of Punjab to
perceive its strong commitment.
1.4.2 3rd Kissan-Time Award
For the Bank of Punjab's valuable services in the agricultural division's development and
advancement, BOP was awarded Bank Crop-Insurance,' and Top Bank for Agricultural
Loans' under the third Kissan-Time Awards in 2006.
1.4.3 Achievement Award
The Lahore Chamber of Commerce and Industry awarded BOP ‘LCCI Achievement Award.’
in 2006.
1.4.4 Sixteenth Bolan Excellence-Award
The BOP was awarded the Bank Award’ under the fifteenth Bolan Excellence Awards In
2006.
1.4.5 Best Corporate-Report Award
The BOP secured the fifth position in 2005 for having one of the best financial-report of the
year as per checked by the Pakistan Institute of Cost & Management Accountants and
Pakistan’s Institute of Chartered Accountants.
1.4.6 Central Board of Revenue’s Excellence Award
The Central Board of Revenue awarded the Bank of Punjab with the “Excellence Prize”
Recognizing the bank’s contribution towards the government exchequer. Moreover, the
Bank of Punjab has been assigned by PACRA a credit rating of AA- for a long period and
A1 plus for a short period.
1.5.5 Utility bills
Customers can pay their utility bills e.g., electricity, water gas,
telephone, and mobile, at any of the BOP branches across Pakistan.
For customers, convenience bills are collected on all working days
from 9:00 am to 5:00 pm (Monday to Friday).
1.5.7 Cash Management Services
Cash Management includes collections & payments for the customers utilizing the Bank
Network. The goal is to make the funds available to the customers at one point, which is the
customer operating Account Additionally, it works with dispensing of regular as well as
Bulk payments to various areas.
1.6 PESTL Analysis
PESTL analysis of BOP based on their political, economic, social, technological, and legal
aspects is as follows:
1.6.1 Political
America’s undue influence on Pakistan has been a major political factor that affects the
banking sector of Pakistan.
In addition to that, in current conditions, Pakistan will be facing potential sanctions from
America due to getting into import trade with Russia while Russia is in an ongoing war with
Ukraine and has invaded Ukraine. America and the international community can put
sanctions on Pakistan to limit its activities with Russia in the future due to the current World
War III condition that are taking the world under its influence.
1.6.2 Economical
Interest rates increment Pakistan has increased its interest rates by 1 percentage point, from
8.75% to an annual rate of 9.75%.
The rise in the level of inflation has also become a reason to limit the borrowing activities of
the bank and due to high-interest rates people avoid borrowing heavy loans which affect
banking activities.
Rapid and sudden change in the monetary policies Lastly, as Pakistan is a developing
country and for that reason for many of the state activities Pakistan has to take loans to form
the International Monetary Fund IMF to fulfill its needs and this creates an undue influence
of IMF on the activities of the state especially related to the banking activities.
This effect the independence of the state related to its many important and crucial decisions.
1.6.3 Social
Due to inflation, people have been less able to save their money which decreases the level of
deposits in the bank and affects its functions. In addition to that people in the country also
have a low habit of saving money people like to spend more than save. This is also a social
issue that reduces the level of deposits in the bank.
Different religious beliefs especially related to the prohibition of interest also lead to people
boycotting the activities of the banks that involve interest due to their strong religious
beliefs. This could also affect the conventional banking system that is based on the interest
system.
1.6.4 Technological
There is not enough IT infrastructure to support technological advancement in the banking
sector. Due to this, there is not effective communication in the sector and also the number of
trained staff related to IT is not enough which is causing problems and can lead to potential
loss to the sector in the future of advanced technology.
1.6.5 Legal
There are not enough laws that can be used to protect advanced digital payment systems.
With many banks now engaging in online banking in Pakistan, banks can be exposed to
cyber-attacks so cyber laws are needed to be made and strengthened to decrease this threat
and promote safe online banking.
1.7 Contribution of Organization towards Economic Development
1.7.1 Punjab Safe Cities Authority (October 2018)
In October 2018, the Bank of Punjab worked together with the Punjab Safe Cities Authority
to help the e-Challan collection through an electronic monitoring framework introduced in
Lahore. This was to make sure the collection of challan was right at the spot by Punjab's
administration branches, for example, Traffic police.
1.7.2 Karandaaz Pakistan (January 2015)
The Bank of Punjab has signed a contract with Karandaaz Pakistan to allow the government
to digitalize its payments. The Karandaaz software will help in allowing people to do digital
transactions.
1.7.3 1 Link Partnership (March 2019)
The Bank of Punjab teamed up with 1 Link in Pakistan to permit employees to receive, send,
or exchange payments across the county as in digitalized form.
1.8 Organizational Structure
1.8.1 Organizational Hierarchy Chart
1.8.5 Main offices
BOP has branches all over Pakistan. There are nearly 344 branches of the bank of Punjab
along with its Head Office at Registered Address (BOP) BOP Tower, 10-B, Block E-II, Main
Boulevard Gulberg III Lahore. One of the main branches of the bank is also in Lahore. Main
Branch, Lahore.
1.9 Introduction of all departments
1.9.1 Deposit Department
Borrowing from the banks is typically in the form of deposits. These deposits are further
loaned out by too many other people. The bigger difference between the rate at which the
deposits are acquired and the rate at which they are loaned out. The bank doesn't get these
deposits for safety's sake just, yet they acknowledge deposits as obligations. At the point
when banks get deposits from a client, the relationship between an account holder and the
lender is laid out where the client becomes the creditor and the bank a debtor.
1.9.2 Nature of Deposit
Current or Demand Deposits
Current deposits are deposits that can be withdrawn by the customer at any point at which
they want. There is no interest given to the customer on the current account. This deposit is
also known as a demand deposit because the amount can be demanded by the customer
whenever he/she wants.
1.9.3 Saving Deposit
This is the account in which the interest is offered. The deposit is available both in
conventional and Islamic banking. Saving accounts are one step towards the Islamization of
the banking system in Pakistan. These accounts are known as PLS Account in Islamic
banking and have two types.
Profit and Loss Sharing PLS Saving Account can be opened with a minimum of 100 Rs.
PLS-Term Deposit Receipts account can be opened for a sum of Rs. 1000 or above
In PLS accounts the person shares the loss and then earns the profit on the account. Profit is
paid on both types of the PLS account on a half-yearly basis.
Just like other deposits the bank can use this amount in further investing too but the amount
can be invested only in the non-interest channels.
1.9.4 Short Notice Term Deposit
This type of deposit is like a current deposit account except the depositor is allowed to earn
interest on the amount deposited in a short-notice term deposit. The deposit is for the short
term and can be withdrawn by giving seven days prior notice.
1.9.5 Fixed Deposits
The fixed deposit allows the customer to deposit the amount for a longer period and can earn
a high level of interest on this deposit. The deposit term is fixed in this type and the
depositor cannot be able to withdraw the money before the fixed time. Usually, a depositor
deposits the money in a fixed account that is high and the person is not supposed to use that
amount for a long period of time typically more than a year.
1.9.6 Account Opening Department
The different categories of accounts that are available at the Bank of Punjab are as under:
Individual Account
Joint Account
Partnership Account
Limited Company Account
Foreign Currency Deposit
1.9.7 Account Opening Procedure
One of the most important functions that the bank performs is customer account opening.
The bank opens an account for the person they find suitable. The process of opening an
account at the bank of Punjab is pretty much simple.
The person who wants to open the account will have to meet the account opening officer,
who will give him/her a detailed form to fill out that is specifically used for account
opening.
A customer is also required to fill out the specimen signature card. The signature specimen
card contains the signatures of the candidate, candidate account number, account type,
branch code, and title of account. The signatures on the card will be used by the officer for
avoiding any future fraud.
The customer is also asked to provide the detail regarding the reason for opening the account
and if the manager finds that information suitable then he has all the rights to accept or reject
the account opening request by the customer.
Only and only in the case of acceptance of the request the procedure of account opening will
be carried on and so the next step includes official account opening.
The account opening officer records the necessary details and sends the information to the
head office for further approval.
The compliance is also done to check any legal allegations against the person who wants to
open the account.
After the approval from the head office, the account opening officer is required to complete
the filling of account opening form and then fill the Annexure 47 which includes the fund
provider’s details.
1.9.8 Remittances Department
Remittance is another important function that the Bank of Punjab performs. It is the
exchange of cash starting with one spot to the other. The need for remittance is felt by
businesses as well as the common customer on an almost daily basis. The Bank of Punjab
earns a lot from service charges of provision of remittance service.
The following type of remittances are dealt with by the Bank of Punjab:
1.9.9 Demand Draft (DD)
Demand draft is a composed request which is given by one branch in the interest of the
customer to the other branch of the bank for a certain amount to a specific person.
1.9.10 Pay Order
A pay order is a written order that is issued by the bank towards any of its branches and it is
then payable by itself. The purpose of a payment order is the same as the other types.
Usually, the pay order is used for the transfer of money from one person to another locally. It
can be used for different purposes. The purposes can involve the repairs and renovation of
the branch.
1.9.11 Clearing and Collection Section
This clearing and collection department works to receive all the cheques that are drawn from
local branches of other banks (other than Bank of Punjab). SBP also provides the clearing
house, and representatives of different banks brought cheques and other negotiable
instruments. Then the mutual claims of every bank on the other are offset and finally, a
payment settlement is made.
In the case of the Bank of Punjab, the cheques that are drawn on BOP branches and drawn
by the BOP branch to another branch are the clearing. A clearing can is of two types:
Outward Clearing
Outward clearing means the cheques are drawn on others bank branches by any of the BOP
branches. The bank stores the whole schedule of outward clearing separately. The record is
maintained in the outward clearing register. After recording the information, the BOP branch
usually is intended to hand over the cheque to the respective branch. The branch when
receiving the information is supposed to credit the account of the customer and debits the
respective accounts.
Inward Clearing
Inward clearing means the cheques that are drawn on the branch of BOP by any other branch
of other banks. The information register maintained for the information is called as
“Inward clearing register”.
1.9.12 Reserves at State Bank
The deposit maintained at the State Bank of Pakistan is the source of providing the clearing
balance. Instead of transferring the funds between banks physically, the banks can avail the
service of SBP and the recording becomes easier by just debiting or crediting any bank’s
account at the SBP.
1.9.13 Cash Book
The cash book is a record that is maintained daily and vouchers are supposed to match the
entries in the cash book. Entries are made in the cash book after arranging the vouchers of
the day properly. Opening and closing balances are written in the cash book to complete the
record.
1.9.14 Manual Functions of the Accounts Department
Vouchers are prepared for all the activities of every department on daily basis. The officer of
the accounts department checks and have to tally daily transactions with the vouchers and
finally post the entries accordingly.
There are typically two types of vouchers
Debit Voucher
Credit Voucher
These types are further classified: -
Cash voucher
Transfer voucher
Clearing voucher
All the daily cash transfers and clearing related are done using the vouchers. A
supplementary sheet is required to be prepared and on which all the entries related to
vouchers are passed and summarized. Two types of supplementary sheets are.
Daily payment sheet: is for all the debit vouchers
Daily receipt sheet: is used for the credit vouchers
1.9.15 Daily Ledgers
For daily records of the data, the daily ledgers are prepared by the accounting department all
the daily transactions are recorded in the ledgers related to deposits, remittances, and loans.
The bank maintains the daily general ledger of
Expense
Assets
Income
Liability
These ledgers provide help in maintaining the daily, annual, semi-annual, and monthly
records of statements. In this way, these ledgers are helpful for the bank to maintain the
records.
1.9.16 Advances/Credit Department:
After deposits, providing loans to customers (whether a person or a business) is the other
important function of the bank. Because of the suspected loss due to bad debts, the bank has
to follow certain rules and principles while advancing the loans to the other party.
Banks focus on some principles like safety, liquidity, suitability, etc. while advancing loans.
There are two types of loans that are typically offered by banks:
Short-term loans with a maturity of less than one year
Long-term loans that mature in more than one year
1.10 Organizational Structure: Comments
The bank of Punjab hierarchical commands is based on upwards to downwards. Due to this
the majority of the decisions are taken by the board of the directors and top hierarchy in each
of the branch. The work decision is disseminated to the lower hierarchy for the fulfillments
of the required task. The lower hierarchy follows the tasks accordingly for the smooth
functioning of the bank. Top to the bottom hierarchical structures makes sure the proper
working is done even though there is more than expected control by the upper hierarchy.
The proper working of the bank and all of its branches is more achievable through this
structure. In my opinion even though if the top to bottom command structure is followed
still there should be a well room left for the innovative and effective suggestions by the
lower or downward hierarchy. Everyone should be appreciated and encourage to put some
suggestions in the decision making and implementations. For this purpose, proper
mechanism should be made to make sure the suggestions from the most of the employees
could be collected and taken into consideration.
2. PART-II
1.11 Internee Work the Branch of work
I choose one of the branches of BOP Deona Mandi to do my internship. The branch is
situated at main GT road. This branch has been established a few years ago taking into
consideration the needs of people in the area who previously had no banking facility in their
area. There was not any branch of the bank in the area before and the Bank of Punjab was
the first bank here to put up a branch. The branch has been successful from the time when it
started its operations back in 2017. This branch has quite the track record with having its
significant level of deposits and cooperative and hardworking staff. The branch is well
furnished with computers and the other necessary required things. It also has an ATM that
remains open 24/7. Some of the achievements of the branch are as follows.
The branch has the highest deposits in the area according to the regional deposit report
issued by the regional department of the Bank of Punjab.
The branch has been successful in not meeting the lowest deposits criteria and never actually
went down the table.
It has been successful in providing the banking facility to the people living in the rural areas
close to the branch.
The key role in the success of the branch is its cooperative and polite staff who knows how
to deal with the people even if they are illiterate or know less about how to avail the banking
facilities. That is the reason that more and more people have started saving their money by
opening an account in the branch.
The staff is provided with training whenever the new policy in the bank is introduced. The
regional office does the training sessions online as well as physically to make sure that
employees are up to date with the bank’s policy.
1.12 Details of Supervisors:
I have worked in more than one department of the bank so I have been able to work under
more than one supervisor each from their own department.
1.13 Weekly Timetables:
1.13.1 Week 1; Sales and Customer Care
In the first week I have been given a brief detail about the daily working of the branch with
overview of each department. The daily operations of the bank pretty much included most
part of opening the new accounts and remittances by the customers along with the customer
queries and managing cash within bank and ATM at the same time to make sure that the
branch never falls short of cash. Besides this there is customers who come to deposit the
money into their accounts. I have been taught how to fill the initial deposit form for the
depositors. Initial deposit receipt contains
Name of the Account
Account Number
Deposit Day Date
Amount that customer wants to deposit.
Currency of deposit (PKR, Euros, Chinese Yen, Pound)
Besides this in the first week I got the chance to communicate with the customers in general
to know how the branch has been dealing such a large customer most of whom are illiterate.
It is a real challenge to do the banking business among such customers but the branch’s sales
and customer care department has the credit in being successful at the job that it has. They
are really making things easy for a layman to not feel hesitant and reluctant to get the
services of the bank in 21st century.
1.13.2 Week 2; Operations department
In the second week of my internship, I worked in the operations department under the
supervisor of Sir Mustansar Ali. Operation of the bank includes activities related to many
aspects of the bank on daily basis. This includes the different nature of tasks which includes
handling the procedure of a deceased person’s bank account along with performing the
different commands of the head office. All the instructions regarding the documentation and
new rules regarding the opening of the bank account are received by the operating officer
and then dissented to the respective staff accordingly. I have learned the procedure of how to
block the account of a deceased person and this includes:
Block the amount of the account to get transferred for a short period of time.
Block pension (if any)
Return any excess amount
Deceased letter submitted by the family of deceased.
Stamp paper is required by the bank if less than a lac amount is in the account of the
deceased person.
If the amount is more than a lac there is need for a lawyer to be hired for the further
succession from the heirs.
Apart from this there are some other tasks that I have performed while working in the
operations department and that includes making the list of the inventory specially all the
stamps that are used in the hard documents of the banks. The list is prepared every month to
show the number of official stamps that are used by the branch. While making that list, I
have to go to each representative of the department and count their stamps that they use on
the documents. And then those stamps were put on the paper and along with the name of the
officer that uses those stamps. As stamps are very important part of the physical
documentation in the bank so it is necessary to update the records of the stamps by the
operations department.
Another task that I have done in the operations department was maintaining the registers of
all the fees and dues that have been paid in by the people through the branch in the last
month for maintaining the proper record.
Another task that is performed by the operations officer is the checking of daily vouchers. I
have been also given the task to check the vouchers during my working in the operations
departments. Vouchers are maintained by the accounts department of the branch every day
and is checked by the operations officer on daily basis. While checking the vouchers I was
supposed to make sure to mark every cheque and make sure the cheques and deposit slips
includes the correct dates of the day. In addition to that all the remittance slips attached to
the vouchers were also checked by me. This task was done to make sure that the physical
record of the branch is also correct along with the digital record.
1.13.3 Week 3; Account Opening Department
One of the busiest departments of the branch is account opening department. In the second
week of my internship, I have worked in the account opening department under the
supervision of Sir Qamar Abbas. I have been assigned different tasks related to customer
account opening. For opening of account there are number of forms and documents are
prepared and signed by the customer. The document I had to prepare in the account opening
department are:
Specimen Signature Card: This card is to be signed by the customer. If the account is
operated by the single person, then the card will be only signed by that person. If the account
is joint and will be operated by the two people then signature of both the people are required
rest of the card is filled by the account opening officer and stamped accordingly. This card
also contains the account title and account number of the customer but that part is filled after
the allocation of account number by the approval from the main office.
The signature at the specimen signature card is a way to minimize the chances of fraud in
future because the card contains the signature of the customer and whenever need arises the
signatures are matched with the signatures at the card.
Account Opening Form: This is the form that contains further sub parts. It is a
comprehensive document and is filled and stamped by the account opening officer. I have
also given the task to fill this form and that made me able to know the different aspects of
the account opening documents. The sub parts of the form are as follows:
KYC (Know Your Customer) This part of the account opening form contains the detail of
the customer. As I filled this part too so in this part the account opening officer write the
information like the address of the customer the amount he will deposit as an initial deposit.
I have also stamped the KYC’s as it is required.
FACTA Consent Form: This is the part that contains the customers signature and contains
the consent of the person to pay the tax according to the citizen of the Pakistan if the account
he is going to open is eligible to pay tax.
Cheque Book Requisition Form: This form is also signed by the customer and I have also
stamped the form as per requirement and the form is filled by putting the account
information of the customer after the approval from the head office.
Request for Debit Card Issuance the form is same like the cheque book requisition form but
this contains request for debit card issuance. I got this form signed by customers and filled
the details and lastly stamped it.
Screening
This is basically done by putting the name and national identity card number on a software
to check the criminal record of the customer in order to make sure that the customer has not
been involved in any illegal activity and has not been in the prison in the past. Screening
also stamped by the account opening officer and I have also done screening and stamped it.
Common Reporting Standard PEP and ultimate beneficial Ownership UBO / Fund provider
identification
This is a four-page information related form that is only filled after the approval of the
customer account from the head office. This form has two-part, first part is Common
Reporting Standard PEP that contains the person information if he is politically exposed
person or not. In case of person being not the politically exposed the all, the questions are
answered by marking at the no option given on the form. I have also filled this form.
UBO is the second part of the form that contains the details of the customer’s fund provider.
I have also filled this form and if the person has his own source of income, then the UBO is
filled by writing N/A (not applicable) and if the customer has any person sending money
into his/her account then the information of that person is filled in the form as he is the fund
provider of the customer. The details of the fund provider like his/her name, national identity
card, number phone number, address, business or occupation that he is currently doing.
Key Fact Statement:
This is basically an information form that contains all the necessary
details regarding opening of the account in the bank of Punjab all the rules’ regulations and
instructions are stated here. For the ease of customer this form is also available in in English
as well as Urdu language. Following are some important details that are stated in the key
fact statement.
Dormant Account: The account not used or operated since last one year with zero balance
will be closed to reactivate the customer has to visit the branch. In this case certain
restrictions are applied on the customer including withdrawal restrictions.
Surrender Deposits: In terms of section 31 of banking companies’ ordinance 1962. All the
deposits that have not been used by the customer and he/she neither withdrawn or deposited
any amount during the period of last ten years, except deposits in name of minors or a
government or a court of law are surrendered to state bank of Pakistan. These deposits can
be claimed through respective bank.
1.13.4 Week 4 Remittance Department
In the fourth week of my internship, I have worked in the remittance department. This is also
an active and busy department. In this department, I have worked under supervision of Sir
Fayyaz Hassan. He guided me about the software used for remittance named “Easy pay”.
Beside the use of easy pay compliance and biometric of every person coming for remittance
is done. I have given the task to complete the biometric, compliance and easy pay slip of
customers for the maximum days of the week. Biometric is done by taking the thumb
impression of the person and the software of NADRA gives the information that is then
printed afterwards. Compliance here is also done for the same purpose which is to check if
the customer has any criminal record.
Easy pay slip is then printed afterwards, for this purpose every customer has given me the
pin code that has to be entered in the software in order to generate the slip. After printing the
slip, the customer has to sign the slip and thumb impression is taken in case of illiterate
person. I then stamped the slip compliance and biometric and then get it signed by Sir
Fayyaz.
1.13.5 Week 5 Accounts and Cash Department
At the branch that I have worked have these both departments merged. The accounts
department contains a lot of operations related to the accounts while the cash department is
related to managing cash in the branch. I have worked under the supervision of Sir Omer
Riaz. Most of the data of the department is maintained manually as well as on computer.
Vouchers are one of the main tasks of the accounts department. Vouchers are maintained to
keep the record of all the daily transactions.
Vouchers are used for every transaction made in bank. The officer in account department has
to arrange the vouchers according to their heads. There are two main types of vouchers:
Debit vouchers and Credit vouchers.
These vouchers are similarly categorized into further three types.
Cash vouchers
Clearing vouchers
Transfer vouchers
These vouchers are used for every day transactions related to money transferring and
clearing.
A sheet is maintained on which all of the vouchers, surpassed throughout any officer’s
operating day are consolidated and summarized. This sheet is known as supplementary
sheet. It gives assist in the preparation of cash book. Two types of supplementary sheets are
prepared, debit supplementary sheet and credit supplementary sheet. Income account &
expenditure account are important heads of standard ledger and the check in is maintained
for each head of account. All transaction happens through ledgers. Account branch put
together and replace the subsequent standard ledger and different account books
In cash department I have worked under the supervision of Sir Ali Raza. Cash is a bit
sensitive department of any financial institution for every day operation and without the
permission of the cash officer; nobody is permitted to go into that department. Yet I was
guided thoroughly about the activities of the department. Typical activities of the cash
department include:
Maintaining the billing record
Maintaining the closing balance
Preparing the live sheet to be attached with vouchers
Keeping and updating the record of available (cash paid and received) at the branch
Record of cheques that are paid
Record of the deposit slips
Cash department also maintains the record of the cash in the ATM and also put the cash in
the ATM when the cash level goes down. I have also guided about the process too but as
only cash department related people can visit this department so I was not allowing to visit it
instead I have been given a detail introduction related to the tasks of the department.
1.13.6 Week 6 clearing and loan department
During the last week of my internship, I have worked in the clearing and loan department
simultaneously. I will talk first about the advance department and my work there. Loan is
basically an amount that is given to the customer on demand and on the promise that he/she
will pay back it on the fixed date at fixed interest rate. There are currently few loans that are
offered at Deona Mandi branch of BOP. These includes
Salary loan is the loan given to the person who is salaried and need money for any sudden or
unexpected need.
Loan for purchase of car is typically popular among the customers of the area this includes
provision of loan to the customer for the purchase of some specific cars. A person has to
make the promise to pay back the money and even before that he has to show the record of
any property or proof that he will be eligible to pay back the money in the future time.
Small business loans have relatively high interest rate and is given to the people who wants
to start a business or wants to expand the already existing business.
Besides this I worked in the clearing department, the department works on collection of the
payments and transfer of the money to the other banks using the clearing house facility of
the state bank. Bank of Punjab is the member of the clearing house provided by the state
bank. Clearing house facility is done at the region level and representatives of the bank of
Punjab takes part in it. This is a less time taking process rather than the actual transfer.
Though number of cheques drawn or paid to other bank are not large at the branch yet they
are enough to take help of clearing house facility of the state bank. This activity is really
helpful for the banks to be able to transfer the interbank funds smoothly and without any
hustle.
1.14 Summary of Learning
1.14.1 Skills and Qualifications gained through Internship
During my internship at the Bank of Punjab, I have got to know the more in-depth working
of bank and I have been able to clear a lot of my doubts related to working of banks. It
helped me to apply my theoretical data effectively. Even though six weeks is less time
period to gain the whole working knowledge still this internship has exposed me to so many
daily affairs of the banking sector that I had been able to see my theory knowledge
transferring into comprehensive practice.
Top of a lot of other skills the one that I have got the experience to practice is patience and
better customer handling. Along with this I also learned how to be more critical thinker and
analyse the different aspects as the job at bank need a person to be so careful and anticipate
more than usual to avoid risk. I have been able to sharp my skill of critical thinking along
with better observations.
The whole staff of the branch has the biggest part in helping me learn so many valuable
concepts that will be helpful for me throughout my life.
I have learned more practical knowledge through this six-week internship that I could have
hardly learned by just reading the data. From proper and better customer handling to how to
satisfy the customer and understand what he wants everything has added so many aspects to
my communication skills.
The knowledge about daily activities of the branch is vast an I have explained it in detail
above but I would like to sum up the important aspects here that have helped me to learn
some skills. As the working of the bank is risky so the dealing with the customer is a delicate
matter where you have to build a relation with customer without giving him the benefit of
doubt. Even though the customer is illiterate there is no room for discouraging or making the
experience of the customer awkward at any point.
1.14.2 Tasks and Responsibilities Undertaken during the Internship
I have worked in different departments of the bank and undertaken many responsibilities I
have explained them in the summarized way including the task that I have performed during
my internship.
I have been given a task to handle the customers and try to communicate them along with
pursuing them to open an account in the bank if they don’t have it already.
I also worked in the remittance department, where I have worked on the easy pay software
along with doing compliance and biometric of the customers.
I have done most of the responsibilities in the account opening department. I have been
given a task to get the account opening form signed from the customer and the afterwards
fill it along with stamping and getting the from signed by the respective officer. I have also
given the task to fill the Enhance Due Diligence form and Annexure-A which are prepared
after the opening of the customer account.
I have also been taught and asked to fill the deposit slip as well as to check the cheques if
they are filled properly or not.
Another important task that I performed in my internship was assembling the vouchers and
then checking the previous vouchers that has been assembled previously. This was the task
that took almost half an hour to complete. Cheques and deposit slips remittance slips and fee
forms are aligned and then attached to the respective live sheet accordingly.
In operating department, I have worked in preparing the stamp inventory lists. I have also
assisted the operations manager in maintaining the manual record that is prepared on the
register recording the list of the number of accounts opened in every month.
In cash department I have been guided about the general entries and closing of accounts
along with requesting of cash from the regional office.
I had also prepared the monthly billing record for the month that I have worked in the bank.
1.14.3 Internship’s Influence on my Career Plans
Internship has given me the exposure and helped me to understand the working of banks
more in depth and made me excited to become part of the financial institution like banks and
use my financial knowledge that I am currently gaining through my finance specialization. I
am interested in how the Islamic financing and Islamic banking can be reintroduced into the
current banking style in a way that it can become more common just like the interest system
has been flourished lately.
The internship has also inspired me to be in the field like banking where you got to
experience a mixture of marketing finance and human resource under one roof. This has
been influencing my career plans as I have never entertained the idea of being in the banking
sector before this internship.
Internship Activities Correlation with Classroom Knowledge
The knowledge that I have learned in classroom has assisted me in my internship. The
financial and accounting knowledge that I have learned in the class helped me to know the
working in the bank but I get to learn much more concepts by practically working in a bank
and that helped me to expand my knowledge in so many ways.
Before internship I had little knowledge of how specific activities like account opening is
done, what are the requirements to choose the account, what documents are required to
present to open the account, how accounts opening documents are filled, how much
documents there are their importance and much more like this.
Although much of the bookish knowledge that I have learned correlates with the internship
activities but when it comes to leadership and management theories, I have experience
management theories not fully adopted to make the working smoother. Most of the system is
based on the top hierarchy’s command there is no room for the innovative and participative
cooperation.
1.15 Conclusions of the report
Summary of Conclusions:
There are some conclusions that I have drawn from my whole experience of internship.
I have concluded that there is nothing impossible as we think and that’s because I used to
think that how a bank can do it’s working effectively if the majority of people around the
area are illiterate or knows how to write a name only. It is concluded that through patience,
effective communication and proper guidance along with enough assistance provided to the
customer it is possible.
Since bank of Punjab has a slogan of Passion Reborn it tells a lot about the corporate
priorities which includes to take the bank to the level of new heights that It touched in its
glorious past. Bank of Punjab has taken into consideration the dynamism and ever
innovating world. Along with this it stepped into competing the sector. I have felt strong
roots and traditional proficiency in the environment of staff at Bank of Punjab’s working
Style.
One of the key factors that I have observed is the customer care and efforts to make the
customer satisfied. This is an important thing that can lead a bank to acing in the sector
because providing quality customer service can help the bank to compete in the strong
competition of the market.
For a staff working in the conditions where they have to put efforts in guiding and advising
the customer there should be a proper pay and appreciation for the services of the
employees. I found lack of it. If monetary rewards and recognition is not given to the
employees then they can no longer stay committed and motivated towards their job and that
has negative effect on the consistent working of the bank. This is also the reason of job
switching among some employees of the Bank of Punjab. The issue should be addressed
properly otherwise this can cause the bank to stay behind in the competition in the long run.
1.16 SWOT Analysis:
1.16.1 Strengths:
Bank of Punjab has one of the largest networks of branches since it started working back in
1989. It has been able to build a trust in the eyes of customer for being good at customer
care.
Customer verification for every transaction that he/she performs, is such an effective
practice which reduces the chances of any fraud and reduces the possibility of facilitating
any customer who have criminal records.
The infrastructure of Bank of Punjab is effective and it has been seeking to become more
efficient in increasing profit margins.
Bank of Punjab is facilitating its customers in the corporate and retail banking to fulfill the
needs of customer at maximum level.
The management and products and services of the Bank of Punjab makes it distinguish in the
market.
1.16.2 Weaknesses:
The top to bottom instructions has been a norm in the bank of Punjab and this is a weakness
of the management because as the management styles are changing more and more
participative management is becoming common.
There can be observed lack of innovation in the way that Bank of Punjab works.
Employees are not well compensated for the jobs and services they offer while working in
the bank. Promotion of employees have been very low.
All the above points lead to the low motivation of the employees.
The employees have lack in specialized skill level because either they left the corporate or
allotted to the new branch just when they have adopted the environment of the previous one.
Lack of innovation makes the bank less effective towards responding the market situations
thus making hard for the bank to compete in the market most of the times.
1.16.3 Opportunities:
By going global the bank of Punjab can open a lot of doors toward success.
Liberalization is idea and is under dialogue round the sector as that is going to be enforcing
via way of means of WTO World Trade Organization in some years to come. When the
liberalization will start flourishing many industries are anticipated to be open in Pakistan and
with increased buying and selling lot of exchange is also anticipated. So, maintaining those
views there's incredible possibility for Bank of Punjab to be stronger.
Bank of Punjab can use its vast network of branches to promote the product and services
offered by BOP at different trade shows nationally and internationally to seek for new
opportunities and grounds to expand the area of work.
Bank of Punjab can also take part in building effective and informative community
involvement program to promote its goodwill and create word of mouth.
By increasing the range of customer product Bank of Punjab can explore the new horizon.
As the banking world is also becoming digitalize so if Bank of Punjab makes effort to adopt
this change with increasing effort it can be able to have a long run increase in the profit
margin.
1.16.4 Threats:
The quickly changing in innovation climate in the financial area and the fast-adoptive
reaction from different banks to embrace these progressions can be a danger for Bank of
Punjab.
It is something troublesome to distinguish that what customer truly needs as to recognize the
client discernment is complicated. In this way, the changing necessities of the client can be a
danger for the Bank of Punjab.
Change in the Polices of state bank and government along with the instability in the political
environment in Pakistan is a threat to banking sector.
Increase in the number of private banks in Pakistan is a threat to the market share of the
bank of Punjab as it can cause it to reduce.
1.17 Recommendations:
Recommendations are important to give directions for the future actions to work on the
critical SWOT analysis. The recommendations are considered important and this section is
based on the analysis and discussion of different points of the report. The recommendations
are based on the observation and discussion with the staff at branch, as they can best locate
the points where the management needs to focus for the better performance of the bank.
1.17.1 Online Banking:
Mobile/online banking is really banking that you can do yourself. You can perform different
activities of bank through cell phones or PCs. Client can move his/her cash starting with one
record then onto the next and comparably different exercises from only a call. An idea is
acquiring significance all through the World Pakistan is no special case. BOP should begin
dealing with this idea to keep up with their reality in the changing financial area.
1.17.2 International Expansion:
BOP already provide its services very well in abroad branches but UBL has internationalized
in few countries. BOP have big markets ahead of them and with their branches around all
over the world they can very easily access the people around the world. In the form of
European Countries and markets like CHINA where there is lot of chance for BOP to expand
their chains.
1.17.3 Employee Training and Incentives:
As the employees are one of the important parts of the organization, just like their
importance there should be proper mechanism of recognizing their efforts by giving them
the incentives. Besides this the training of the employees is also very important, this will
make them enable to perform the duties well and better.
1.17.4 Global Expansion:
Bank of Punjab as of now offer its services very well in abroad branches yet BOP has
internationalized in couple of nations. BOP have large business sectors in front of them and
with their branches all around the world they can undoubtedly get to individuals all over the
planet. As European Countries and markets like CHINA where there are many opportunities
for BOP to grow their chains.
1.17.5 Take on Pro-Active Approach:
Bank of Punjab’s executives ought to take on proactive methodology rather than responsive
way to deal with make due in the financial area. I have seen that Bank of Punjab is having
receptive methodology implies they respond as indicated by the circumstance that their
rivals have made. If there should arise an occurrence of purchaser financing BOP has
answered by having comparative plans that have been now sent off by their rivals for
example Vehicle financing however exceptionally late by the Bank of Punjab. BOP should
pursue new inventive thoughts rather than continuing on the very track that their rivals are
doing.
Educating the Account Holders and Customers:
Whether the account holders are new or existing bank ought to educate them with the
underlying data about how to deposit and withdraw cash from the bank. It will be helpful for
the bank in a way that it will save the time of bank in so many ways.
Promotions:
Bank should make aware its potential clients that all attractions for banking exist. This is
finished by publicizing on Television and getting media inclusion, related to regular postal
mail, window shows, flyer in branches, (for example, shops and so forth) and pamphlets for
explanation to existing clients with the expectation that they will educate potential clients
regarding the administrations given by the bank.
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