INTERNSHIP REPORT

ON

SUMMIT BANK LIMITED

JHELUM CANTT BRANCH (187)

SUBMITTED TO:

Talent Management Department

Human Resource Division

SUMMIT BANK LTD

SUBMITTED BY:

Rimsha Touqeer

BBA (Hons)

PUNJAB UNIVERSITY JHELUM CAMPUS

 ACKNOWLEDGEMENT

All praise to ALMIGHTY ALLAH alone, the Omnipresent and the most Merciful
and compassionate. The words are bound, knowledge is limited and time is short
to express His dignity. It is one of infinite blessings of ALLAH that he bestowed
me with the potential and ability to contribution towards the deep oceans of
knowledge already existing. Who is forever torch bearer and spring of guidance
in every sphere of life. I offer thanks to the HOLY PROPHET (PBUH) WHO i s t h e
b e a c o n of enlightenment a n d t h e g r e a t e s t b e n e f a c t o r t h e mankind ever
had. W h o brought for us revelation and unlimited knowledge and
civilized the barbarian human being.
I am deeply indebted and also express my gratitude to my respected teachers at
University Of The Punjab Jhelum Campus for their support. I would like to
present a token of thanks for the staff member’s of Summits Bank
Jhelum Cantt branch, They were cooperative to me in the completion of
this report and provide me their complete guidance. As banks are very
much sensitive about their secrecy, even then after taking an
understanding, but they proved so helpful in all operations. My special
thanks to Branch Manager ,Operations Manager ,H e a d Te l l e r &
Customer Services Officer of Jhelum Canttbranch .

Once again Thanks to all

 TABLE OF CONTENTS

Dedication…………………………………………………………………..…....01

Acknowledgment………………………………………………………….…….02

Table of contents ………………………………………………………….……03

History………............…………………………… …………………….……..04

Vision & Mission………………………………………….……………….…….04

Organizational structure ………………. ...……………………………….....05

Products & …………..…………………………………………………….…….06

Account opening Department ………………………...……………….……...06

Cash Department……………......………………………………………....…...07

Clearing Department…………...………………………………………...……..08

Remittance Department…………………......………………………………….09

Recommendations……………………......……………………………………..10
 History of Summit Bank Ltd

Summit Bank is one of the fastest growing commercial banks of Pakistan, which,
in a very short span of time, has expanded its network across the country and
built an infrastructure based on state of the art “Risk Management Framework”
as well as “IT platform,It commenced its operations in August 2006.

The Pakistan operations of Rupali Bank Limited were acquired by Arif Habib
Securities Limited under the Scheme of Amalgamation approved by the State
Bank of Pakistan. The name of Rupali Bank Ltd was subsequently changed to
Arif Habib Rupali Bank Ltd and then finally to Arif Habib Bank Ltd in October
2007. On 31st March 2010, Suroor Investments Ltd, a company incorporated in
Mauritius, acquired 59.41% stake in Arif Habib Bank Ltd from Arif Habib
Securities Ltd, and on 18 th August 2010, Arif Habib Bank Ltd was re branded as
SummitBankLtd.
Suroor Investments Ltd, also entered into share purchase agreements (SPAs)
with majority shareholders of My Bank Ltd and Atlas Bank Ltd, who after
completion of the transactions have merged in Summit Bank Ltd expanding the
Bank’s geographical outreach with a network of almost 190 Real – Time Online
branches across the country. In line with the management’s vision of making this
bank a front runner amongst its peer banks, this merger has brought synergies
and access to a wider range of markets and customers
 Vision

To be the preferred provider of financial products and services to the market.

Mission

 To be a financial institution based on Trust, Integrity, and Good

Governance.
 To deliver financial solutions to our customers.
 To provide equal opportunities & professional working environment to our
employees.
 To serve the community at large.
 To discharge corporate social responsibility.

“Organizational Structure”

President & CEO Muhammad Zahir Esmail

Group Head Information Technology Syed Mohammad Anwar Lutfullah

Group Head Operations, CAD & Service Quality Ahsan Raza Durrani
Chief Financial Officer Irfan Saleem Awan

Group Head Internal Audit and Inspections Gulrays Khan

Group Head Treasury & Financial Institution Faisal Shaikha

Group Head Retail & Branch Banking Kamran Ashraf

Group Head Islamic Banking Imran Ahmed

Acting Head Corporate & Investment Banking Ghazzanfar Ahsan

Group Head Risk Management Aziz Morris

Acting Head Credit Farrukh Ayaz

Group Head Special Asset Management & Habib-ur-Rehman

Fraud Management
Acting Head Compliance Muhammad Farhan Babar

Head Information Technology Shahid Sumar

Chief Digital Officer Syed Adnan Ali

Head of Country Operations Rashid Qureshi

Head Human Resource Syed Shafaat Husain

Head Legal Nazia Butt

Acting Head SME & Commercialm Muhammad Asim Maniar

Head of Consumer Banking Faisal Murad

Resident Sharaih Board Member Resident Sharaih Board Member

Company Secretary Syed Muhammad Talib Raza

Products and Services”

  BBA Account
 Current Account
 Saving Account
 Summit Classic Current Account
 Daily Product account
 Mahana Amdan ( TDR)
 Summit Advantage (TDR)
 Hamara Family Saving Account
 Young Bee Account ( For Minor )
 Senior Citizen Account
 Daily Stock Account
 Summit Asaan Account
Areas I observed during my six weeks internship at Summit Bank Jhelum.

“Account Opening Department”

The procedure of opening the account is as given under:
First of all, the customer fills the account opening form (AOF). Filling of account
opening form includes account number,title of account, type of account, nature of
account, currency of account, status of account ,name, mother name, DOB,
CNIC, Cell no, Address, Next of Kin, and address, signature of customer and
signature of introduce. He also signs an undertaking that he will follow the rules
and regulations of the bank. The signature and account number of the account
holder introducing the account to the new person is obtained on the account
opening form.
Kyc (Know your customer) form is filled to get some information about your
customer.
The signature of the client is obtained on a specimen signature card (S.S
Card). The card is obtained with two signatures from the customer. Every time a
cheque is received for payment from the client, the signature on the cheque is
verified by comparing it with S.S Card.

CDD is required to fully identify the customer. To get full information about the
customer bank makes due diligence check list of the customer. Every account
holder fills this form. The basic purpose of this form is to get some basic
information about the customer’s business and source of incomes.
The client deposit cash in the account. For this purpose cash pay-in-slip is used.
The minimum initial deposit is fixed for each account according to the nature of
account. For example for Current account the minimum requirement is Rs.100
only.
Summit bank issues Cheque books from 25 leaves to 100
leaves. When he used this book completely then he can apply for another known
as subsequent Cheque Book. This process takes 03 working days because the
Cheque books come from the Karachi head office.

Before issuance of a Cheque book the bank stamp every leaf with the account
number of the customer, enter it in the cheque book register and computer and
issues the cheque book to the customer after his signature on the register.
A letter of thanks is prepared. One letter is for the
customer and one for the introducer. One copy is send to the customer and the
other copy is kept in the record along with other documents.
“Cash Department”

Head Teller proved so helpful to me in this department

CashDeposits:
Cash receiving officer receives cash along with pay-in slip from the customer. He checks
if the deposit slip is properly filled up containing title of account, account number, date
and amount in word and figures. He also verifies signature. Detail on both counter file
and cash receipt voucher should be the same. Cash is received by the cash receiving
officer, twice counted and matched with the deposit slip. The cash details are written on
the back of the deposit slip and are also entered in cash receiving register. Cash
received stamp is affixed on the face of the deposit slip along with the signature of the
cash receiving officer.

Again proper scrutiny is made by the officer cash department. Deposit slip is credited
and posted in the concerned account in the system.

Payment of Cheques
The process for payment of cheques for local and foreign currency is same. First the
customer presents the Cheque or holder to branch and the particulars of cheques are
properly filled in. Signature of the holder is taken on the back of the cheques. Cheque
handed over to the officer cash department for scrutiny where officer checks the date,
amount in words and amount in figures, payee’s name, crossing if any, account number,
cheque serial number, any material alterations, endorsements and signature of the
customer. Account is debited and then the officer cancels cheque. It is posted in the
system and posting stamp and number is affixed on it. Cheque is handed over to the
cash payment officer for payment. One more signature on the back of the cheque is
taken from the holder to match with the first one, and then cash is paid to the payee.
Cash paid stamp is affixed on the face of the cheque.
If the payment is of Rs. 50000 the cashier can make it on its own. If the amount is
greater than Rs. 50000 the cashier and an authorized officer will verify the check and
will sing it. Then the payment will be made. Otherwise the payment will not be made.

“Clearing Department”

The clearing process majority involves receiving the cheques and making payments.
This process can be inward or outward.

Clearing Process(Inward/Outward)
Here the local Cheques are received that are drawn on Summit Bank. All the cheques
are received on one counter along with the paying slips duly filled in properly containing
particulars of cheques and account holder. These Cheques are scrutinized and cheques
for local clearing are separated from OBC.
Clearing officer checks and verifies title of all the cheques deposited by the customers to
confirm the title of the cheques. Cheques are scrutinized properly and paying slips are
separated from cheques.crossing, endorsement and clearing stamps are affixed on the
cheque. All the cheques are then entered into the clearing system of the bank. Print out
of the clearing is taken and details are attached with the cheques of each bank. Details
of these banks are then entered into the clearing schedule containing number of
cheques presented and their total amount against the name of each bank.
Next morning, these cheques are delivered to the respective banks through NIFT in
clearing house of State Bank of Pakistan between 9:00 to 9:30AM. In the same manner,
other banks present their clearing drawn on Summit Bank. Total number of cheques and
their amount delivered to other banks and received from them are written on the
Clearing House schedule branch for their payment. After proper scrutiny of cheques,
verification of signatures and confirmation of balance in the account, the Officer Cash
Department pays these cheques by canceling and posting them in the system.
If any cheque is not passed due to insufficient balance or any other reason, Officer
clearing Department returns the same cheque by attaching a cheque return memo
containing reason for return. This cheque is entered into the cheque returned register
and bank charges Rs 200 are deducted according to the schedule. Second
clearing is called at 2:30PM to check the fate of the cheques presented to other banks
in the morning. If any cheque is to return, that is delivered to the same bank in second
clearing. In the same manner, if any cheque presented by Summit Bank in first clearing
is returned, they receive it and once again give schedule of clearing figure to the Officer
Clearing House SBP containing number of cheques and their amount delivered and
received unpaid.
Outwards Bills for Collection
cheques are collected, scrutinized and cheques for local clearing are separated from
OBCs. Special crossing and bank endorsement stamps are affixed on the cheque.OBC
schedule is attached with the cheque and dispatched to the main branch of that city for
collection. If they do not have any branch in that city, then cheque will be sent to the
Collecting Agent of Summit Bank for that city, and if they do not have any collecting
agent even, then cheque can be sent directly to the drawing branch. Instructions are
given on the OBC schedule for the payment of that cheque. When OBC is realized,
collection bank pays the amount through pay order if it is the same bank or through DD
if it is another bank. If DD is received against OBC, it is presented in the clearing for
collection.

“Remittances Department”
The need of remittances is commonly felt in today’s business. The main function
of remittance department in a bank is the transfer of funds. In remittances,
following banking instruments are used:

 Pay order
 Demand draft
 Online transfer
 Call deposit receipts
 Traveler cheque
Pay Order
A pay order is a written order issued by a bank, drawn upon & payable by itself,
to pay a specified sum of money to or to the order of a specified person. Pay
orders are made to transfer money within the city and this is a safe
way to transfer money as the person who makes the transfer through
pay order pays in advance. The procedure that is carried out in transferring
money through pay order is as follow.
Procedure for Pay Order
Remittance form is given to the customer to fill. Two signatures are taken on the
form one for request and other for receiving the instrument. All the particulars of
application form are checked and bank commission charges and withholding tax
is written on the top of the application form. If the customer is maintaining his
account with the branch, he can give cheque for total amount of instrument plus
bank charges. Cheque and application from is then given to the officer Cash
Department for the payment of cheque. After proper scrutiny, Officer Cash
Department posts the cheque and signs the application form in token of payment
received. If the customer wants to pay cash, then cash is deposited by the
customer along with the bank charges and withholding tax. Application form is
then given to the Remittances. In charge for issuance of instrument. He enters
all the particulars of the application form in the system and computer gives an
Auto Control Number to the instrument. Printout is taken on the block of payment
Order. Two authorized officers of the branch then sign it. Instrument is then
protecting graphed, and given to the customer. When instrument is presented for
payment, it is posted in the system and canceled by the In charge after proper
scrutiny. The officer checks all the details in the application, makes out the
charges for the transfer that the customer will pay and then make the pay order
for the customer.
Demand Draft
A Demand Draft (DD) is an instrument, which is drawn by one bank upon
another bank for a specific sum of money payable on demand. It is made by the
bank, given to the purchaser against cash or cheque.
Procedure for Issuing DD
Issuance procedure of Demand Draft is same as of pay Order.
When DD advice is received, signatures of both signatory on the DD are
verified. All the particulars of the DD payable are entered in the system. Prints
out of vouchers (DD payable) are taken. When instrument is presented for
payment, signatures of the attorneys are verified on DD and after proper
scrutiny; it is posted in the system and cancelled by the Remittances In charge.

Online Transfer
Sometimes, when the remittance is urgently required by the remitter, online
Transfer is made.
Call Deposit Receipt
Call Deposit Receipt is a form of non-profit bearing
guarantee certificate issued to Government & Semi-Government Institutions,
Corporations and Semi-Autonomous Bodies as a security deposit in favor of any
tender. The beneficiary can at any time deposit the CDR in their account.
Summit Bank facilitates all customers to avail this service without having an
account with the bank.
"Recommendations”

I also conducted ratio analysis ,vertical and trend analysis. I also Observed
Some strengths, weaknesses and opportunities and threats to summit Bank.

 Credit Card service for Bank customer to be initiated.

 The Network should be increase like other fast growing banks for
competition purpose and meet the modern banking strategy.

 Islamic desk /Counter should be start in conventional branches .

 Stipend for Internee should introduce for motivation purpose for bank
Job.

“Thanks”