Escolar Documentos
Profissional Documentos
Cultura Documentos
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BUSINESS INTERNSHIP REPORT
ON
AUTHOR
MASTER OF COMMERCE
SESSION 2008 ± 2009
ACKNOWLEDGEMENT
The report is being made for the fulfillment of course the course No: 600 Business
Internship Report of M.Com (Final).
The Business Internship is prepared on ³ MCB¶s performance in competitive banking
sector & its products & services at MCB Pakistani Chowk Branch Larkana.´
I would like to thank the following people at MCB Pakistani Chowk Branch who
provided me help to learn as much as possible during a sho rt span of time.
Mr. Nazeer Ahmed Shaikh (Branch Manager)
Mr. Aamir Ali Mangi (Operation Manager)
The Business Internship Report is prepared under the supervision of ³Professor Dr.
GHULAM MURTAZA MAITLO´ Chairman Department of Commerce, Shah Abdul
Latif University Khairpur, Mir¶s.
I would like to extend my gratitude¶s to my teacher for his advice, encouragement
and valuable suggestions which made it possible for me to complete my Business
Internship Report.
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c ABSTRACT
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The purpose of research work is to analyze the organization and the performance of
MCB Ltd. since 2008-09. This Business Internship Report is prepared on ³MCB¶s
performance in competitive banking sector & its products & services´. The Business
Internship Report contains Executive Summary, Introduction, History of MCB Ltd,
Product & Services of MCB.
During the Internship, I worked in various operations as general banking including
cash operation, clearing remittances, ATM, account opening procedure and
advances. The bank will have to work hard and to meet the challenges of
competition and to satisfy the customer to accelerate the business.
In this report primary and secondary data is used. In primary data the information is
collected by getting briefings from Branch Manager and from the Operation Manager
and in secondary data published literature of MCB and the electronic data on MCB¶s
website.
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³MCB¶S PERFORMANCE IN COMPETITIVE BANKING
SECTOR & ITS PRODUCTS & SERVICES AT MCB
PAKISTANI CHOWK BRANCH LARKANA´.
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TABLE OF CONTENTS
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TOPICS PAGE #:
Acknowledgement I
Abstract II
Table of Contents III
Executive Summary 01
M About MCB 01
M Our Vision and Mission 02
M Vision Statement 02
M Mission Statement 02
Introduction 03
M Achievements 03
M Company History 03
Main Departments and Their Jobs 04
M General Banking 04
m Remittance 04
m Pay Order 04
m Demand Draft 04
m Mail Transfer 05
m Telegraph Transfer 05
m Payment of Pay Order and Demand Draft 05
m Cancellation of Pay Order and Demand Draft 05
m Vouchers 05
m Inward Clearing 06
m Outward Clearing 06
m Token 06
m Issuance of Cheque Books 06
m Issuance of ATM Cards 07
m Cancellation of ATM Cards 07
m Sale of RTC 07
m Short Notice Term Deposits 08
m Amount, Rate, Number of Days / 365 Days 08
m Call Deposits 08
M Foreign Exchange 08
m LC¶S Establishment 08
m Payment or Retirement 08
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m Foreign Currency Deposits 08
m Foreign Remittances 09
M Advances / Credit 09
m Basic Banking Account 09
M Pak Rupee or Foreign Currency Account 10
m Saving Account 10
m MCB Rupee Maximizer Account 10
m Current Account 10
m Khushali Bachat Account 10
m MCB Enhanced Saving Account 10
MCB¶s Partners in Bill Payment 11
Investment Banking 11
About Remit Express 11
Features 12
Personal Loan 12
Products and Services 12
M On-line 12
M MCB Full Day Banking 12
M 365 12
M MCB Special Rupee Term Deposits 12
M MCB Lockers 13
M MCB Remit Express 13
M MCB Islamic Banking 13
M MCB Cards 13
M Cirrus 13
M Maestro 13
M MCB Virtual Internet Banking 13
M MCB Call Centre 14
M MCB Mobile Banking 14
M MCB ATM 24-Hour Cash 14
M MNet 14
M MCB Smart Cards 14
M MCB Easy Bill Pay 14
M Corporate Financing 14
M Instant Financing 14
M MCB Rupee Travelers Cheque 15
M MCB Business Sarmaya 15
M MCB Pyara Ghar 15
M MCB Car4u 15
Six Years Progress 16
Balance Sheet 18
Profit and Loss Account 19
Cash Flow Statement 20
Statement of Changes in Equity 22
Conclusion 24
Recommendations 25
Bibliography 26
Copy Right 27
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EXECUTIVE SUMMARYc
ABOUT MCB
MCB (Formerly Muslim Commercial Bank Ltd.) is the largest private sector bank in
Pakistan. The Adamjee group incorporated in 1948. It proposed during the 1950¶s
and 60¶s. In 1975 it was nationalized with all other private s ector bank. Then 1991 it
was privatized. Since the bank has been headway in improving of technology. In the
year 2006 bank name was changed to MCB Limited. The bank is now included as
one of the top most bank of the nation.
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MCB has been awarded as a Euromoney Award 2008 for the Best Bank in Asia
The Chairman of MCB is Mian Mohammad Mansha and the President / CEO is Mr.
Atif Aslam Bajwa. MCB is one of the leading banks of Pakistan with a deposit base
of about Rs. 280 billion and total assets of around Rs .300 billion. Incorporated in
1947, MCB soon earned the reputation of a solid and conservative financial
institution managed by expatriate executives. In 1974, MCB was nationalized along
with all other private sector banks. The Bank has a customer base of approximately
4 million and a nationwide distribution network of 1,026 branches, including 8 Islamic
banking branches, and over 300 ATMs, in a market with a population of 60 million.
During the last fifteen years, the Bank has concentrated on growth throug h improving
service quality, investment in technology and people, utilizing its extensive branch
network, developing a large and stable deposit base.
I have learnt a lot in Pakistani Chowk Branch about Opening of Accounts, Clearing
and Transferring of Cheq ues, Issuing the Cheques Books, Demand Draft s other
Documents etc. The exposure has given me a lot of knowledge especially about
consumer banking operations in branch. Bank was previously working on MIB¶s
software. In the year 2004 bank introduced new latest software ³SYMBOL´. Now
most of the branches located in Karachi, Lahore and Islamabad regions are working
on SYMBOL software. MCB is the leading entity of the country that has always been
at the forefront of economical, technological, financial growth an d stability.
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OUR VISION & MISSION
³To become the preferred provider of quality financial services in the country with
profitability and responsibility an d to be the best place to work´
M VISION STATEMENT
To be the leading financial services provider, partnering with our customers for a
more prosperous and secure future.
M MISSION STATEMENT
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INTRODUCTION
Banking industry is one of the fasting growing industries of the last decade. We have
seen many ups and downs in the banking industry. This is the requirement of Shah
Abdul Latif University to do Eight Weeks Internship in any organization to gain
practical exposure of the theoretical aspects studied in the semesters.
MCB is one of the leading banks of Pakistan with a market share of 12.5%. It is also
the pioneer in innovative consumer banking in Pakistan. It is the largest private
sector bank in Pakistan. It is the most preferred provider of quality financial services
and is usually considered the best place to work. It has developed a large stable
deposit base. The bank today boasts of largest online branch and ATM network in
the country.
ACHIEVEMENTS
MCB is the only bank in Pakistan that has achieved 7 Euro Money Awards and 5
Asia Money Awards for being ³The Best Domestic Commercial Bank in Pakistan´,
along with several other Awards including the Best Trade Finance of Pakistan for two
consecutive years. These accolades are the proof of our consistent effort in
providing the customers with utmost care and quality.
COMPANY HISTORY
Muslim Commercial Bank Limited. (MCB), the largest private sector bank in
Pakistan. Incorporated in 1948 by the Adamjee group, MCB soon earned a
reputation of solid and conservative financial institution . During the 1960s the bank
grew rapidly with a concentration on trade finance products. In 1947, MCB was
nationalizes along all other private sector banks. MCB was the first bank to be
privatized in 1991 during the Nawaz Sharif¶s government financial sector
deregulation policies. During the first five years, the private management
concentrated on growth utilizing its extensive network of branches and developed a
large and stable deposit base. Since privatization, the bank has made tremendous
headway in improving the operational efficiency through human resource
development and employment of technology. The bank today boasts the target
online brand and ATM network in the country.
MCB¶s main focus remains on consumer banking and its growing reputation as a f ull
service provider gives the bank an edge in front of increased competition in the
banking sector in Pakistan. With a network of over 1200 branches and a team of
dedicated professionals, MCB with an international outlook and a regional focus
ensures prompt customer service and innovative solutions to business and personal
needs.
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The consumer banking provides customers with innovative saving schemes,
products and services. The ATM network is the largest in Pakistan and the Pak
Rupee Travelers Cheques are market leaders. MCB was the first to introduce the
photo card with the introduction of MCB Master Card. Corporate banking ensures
assistance from a dedicated team of professional financial advisors for underwriting,
project finance or corporate advisory services.
M GENERAL BANKING
M FOREIGN EXCHANGE
M ADVANCES/CREDIT
GENERAL BANKING
M REMITTANCE
M PAY ORDER
Pay order is the property of person/company that has to take the benefit of the
amount being pay ordered by the concerned person. Pay orders are made for the
payment of fees, tender or issued for the payments of dealings. These are required
for the proof of payments made between the bank and the customer in the favor of
beneficiary. These are noted in printed block letters and yearly serial numbers are
issued from computerized system.
M DEMAND DRAFT
Demand drafts are made for the beneficiary for payments, funds etc, these are made
for outstation branches of the concerned banks. An advice is also made for the
confirmation of the draft send. These are also approved and safe way of sending
amount to the beneficiary.
These are also noted by computerized system and a serial number is issued from
the computer system.
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M MAIL TRANSFER
Mail Transfer is made with in the city for transfer of amount. An advice is also made
for the confirmation of the draft send. These are also approved and safe way of
sending amount to the beneficiary. These are also noted by computerized system
and a serial number is issued from the computer system.
M TELEGRAPHIC TRANSFER
Telegraph Transfer is telegram message for transferring the amount from one
branch to other branch. A message advice and a confirmation advice both are made
with TT numbers that are issued for TEST. TEST depends on two steps:
. First TEST is on Day, Date and Code Number of branch.
2. Second TEST is on Currency, whether Pak rupees or foreign currency, amount
and TT number issued from manual registers and confirmed from computerized
system.
Pay-Order and Demand Draft both could be paid in shape of physical payment of
cash and in case transfer of amounts; the amount could be transferred in the
beneficiary account. In case of physical payment authorized signature of beneficiary
are taken for the proof of amount being paid to him and in case of transferring of
amount authorized signature of the beneficiary are checked and verified for reducing
risks.
M VOUCHERS
Vouchers are made for records and they should be completed in all respects, the
amount, date, its head, particulars, amount in words, authorized signatures and
contra advice or voucher should be present. Vouchers are advice either debit or
credit slips. They are contra of each other. If any voucher of debit is p assed its
contra credit voucher should also be passed for the balancing of accounts, their
respective sheets.
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M INWARD CLEARING
It depends on those checks that are cleared inter branch and with in the city. As the
concerned branch receive any type of clearing check first of all physical checking is
taken place. For clearing procedure there should be two days margin. These
cheques have their vouchers and the amount of the cheque and voucher should be
identical. Than these cheques are stamped and noted on receiving sheet as well as
feed in to the computerized system.
M OUTWARD CLEANING
It depends on those cheques that are cleared out side the city. For outward clearing
cheques are send because the home branch has there accounts but checks are of
other banks. Contras of these cheques are vouchers that are recordrd in the home
branch.
M TOKEN
Any account holder that has opened the account he/she cou ld credit his/her account
and for this purpose there should be a cheque book, so he/she could be able to
credit the needed amount whatever he/she wishes. For the issuance of the cheque
book a person is advised to fill a requisite slip with his/her full nam es and the
account number with two verified signatures. These signatures are checked and then
another requisite slip prep ared by the bank staff send to t he NIFT, and it issues the
printed cheque books after completion of the procedure in two or three days.
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Account holder can take it by singing on the issuance register or if the absence of
the account holder another person could also take the cheque book only if he/she
has authorized signature of the account holder. When th e cheque books are issued
they are feed in the computer system from the requisite slip so when the cheques
are given for the credit/transfer of amount they could checked. In this way neither the
cheques could be repeated nor could the invalid cheques be cl aimed.
M SALE OF RTC
The selling of the RTC has been described in step wise as follow:
In this step the bank initially seeks the information whether the person is going to
purchase the RTCs on cash or on account basis. If the transaction is based on
account then initially the cheque has been cleared than if the amount is sufficient
than RTC has been issued after deducting after the amount from the account.
If the amount of RTC is more than Rs. 25000 than tax has levied by 0.3% in case of
absence of the tax deduction form. After this the bank handed over a form for RTC
sale dully filled by the concerned person and after this RTC number has been noted
on the form as well as their amount and quantity. After this we note down the sold
RTC in the concerned register. MCB Pak rupee travelers cheques the fastest way to
carry cash for high value cash transactions. MCB rupee travelers, the market leader
in the rupee travelers cheque market in Pakistan is celebrating nine years of
leadership in July 2002. Launched in July 1993, MCB RTCs have been preferred
choice of the rupee travelers cheques target market. With over 1.5 million satisfied
customers in five years, MCB has been striving hard to package their product better
and better each year.
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We now have RTCs with maximum security features, we have incorporated tele
verification with the product where customers can call and check whether the RTC is
valid. At the same time, our RTC team anywhere in Pakistan ensures superior
quality service.
There are short times either for seven days or for thirty days and the profit is
calculated by the given percentage from the head office at the payment time. If the
customer fails to complete the duration of seven days or thirty days then no profit is
given. If any amount is outstanding, only in case of automatic continuity, then the
profit is calculated for the whole period by the rate given from t he head office
multiplying from the numbers of days divided by the 365 for the one -day profit.
Profit is calculated for the six months only for outstanding SND. Zakat is also
deducted but if Zakat deduction form is submitted to the bank, no Zakat will be
deducted then, 10% with holding tax is also deducted from the profit to calculate net
profit.
M CALL DEPOSIT
It is highly liquid instrument, it can be cashed at any time when ne eded. This
instrument bears no profit on it. It is mostly used for the purpose of tenders.
FOREIGN EXCHANGE
M LC¶S ESTABLISHMENT
Any company can provide its documents containing e -form, bill of lading, short
shipment notice in case of short shipment, packaging list etc. the information
provided from the documents is recorded in the LC establishment portion or section
in the computer.
M PAYMENT OR RETIREMENT
When the transactions have been completed then approved documents from the
concerned bank are sent to the home bank for the payment or retirement of the LC.
These transactions have recorded in the payment or retirement section of the
computer.
The Foreign Currency Deposit relates with the foreign currency accounts, cash
deposit or credit and foreign remittances.
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M FOREIGN REMITTANCES
In this we received the messages through SWIFT for foreign remittances, which we
record in their respective accounts, if these are relates with Pak rupees than it was
transferred in Pak rupees with the latest rate and if this relates to the foreign
currency than it is dealt with accordingly. The amount has been credited to the
respective account and the head office has been debited against it. After crediting
the amount to the respective account. All the subsequent entries have been made in
the registers and also in the computer record as the system now have been
upgraded on computers. As we are reporting daily to the head office, so an annexure
has been maintained a nd faxed to the head office.
ADVANCES / CREDIT
This department deals with the approval of different kinds of loans to different
business entities. The loans, which are being approved by the department, are kept
with some securities such as bonds, propert ies and any other type of asset, which is
equally valuable or more than this as a guarantee. Every branch has its own limit, if
the amount of loans is with in the limit of the branch then it is being approved by the
branch but if the amount of loan is exce eding the limit then it has to make it approved
by the head office. In this case the branch stored all the required papers and sent
them to the head office for necessary action. If the head office approved the loan
then mostly the period contains a year. And if the party requires more loan than after
a year the loan has been re-approved required that they should have the limit. In
case if the head office do not approve the loans then the return letter came back with
the reasons of not approval of loan and if the reasons have been made approved by
the concerned party then it could be sent again for approval. This whole process is
recorded in the back remain with the bank until the party has not refunded all the
amount of loan and bank has the authority to liquidate those assets for preventing it
from loss.
In compliance with the directives of State Bank of Pakistan via BDP Circular No. 30,
issued on 29 th November 2005, the Basic Banking Account has been launched with
effect from 27th February 2006. This product has been introduced to facilitate the low
income group as well as the existing account holders who wish to convert their
regular savings or current account into Basic Banking Account.
The Basic Banking Account is a current account and can be opened with a minimum
initial deposit of Rs. 1000/ - only. Account holders will be allowed 2 deposit
transactions (each cash or through clearing) and 2 withdrawals (cash or clearing)
each month. All customer-initiated transactions over and above this limit will be
charged a transaction fee. However unlimited free charge cash withdrawals are
allowed through MCB¶s own ATM¶s.
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PAK RUPEE OR FOREIGN CURRENCY ACCOUNTS
M SAVING ACCOUNT
MCB¶s Foreign Currency Savings Account offers you attractive returns on your
foreign currency investment. Unlimited transaction facility, profit credited to your
account on a half yearly basis. You can avail a credit facility up to 75% of the total
deposits value. A foreign currency accou nt can be opened at any of our foreign
exchange dealing branches.
M MCB RUPEE MAXIMIZER ACCOUNT
MCB Rupee Maximizer Account provides you an opportunity to convert your the
recent changes in the economic scenario MCB launched the Rupee Maximizer
Account exclusively for its Foreign Currency Account Holders. MCB Foreign
Currency Account holders now have an opportunity to convert their Foreign Currency
Account balances into Pak Rupees and earn a profit at the rate of 12.6% per annum.
Other features include prof its calculated on a daily product basis, no restrictions on
the number of the withdrawals, no minimum deposit required. Special benefits
include one free ATM card and locker facility free of cost. MCB Rupee Maximizer
Account is being advertised in leading daily newspaper as well as local papers.
Foreign Currency Account into Pak Rupee and earn profit at the rate of 12.6% per
annum.
M CURRENT ACCOUNT
MCB¶s Foreign Currency Current Account offers you the convenience of unlimited
withdrawals i.e. access to your funds whenever you want without any notice. There
is no limit on the number of transactions you make in a day.
Open a Khushali Bachat or Dollar Khushali Account, both require low minimum
income deposits plus you receive profit on daily product basis. Get a saving with
current account facilities through saving 365 or double your investment through
capital growth and receive monthly profits through monthly Khushali.
Keeping in view the small savers, looking for higher returns on their savings, MCB
introduces the Enhanced Saving Account (ESA). This account can be operated via
all the channels available at the MCB such as Cheques, Virtual Banking, Mobile
Banking, MCB Smart Card and ATMs/Point of sales all across Pakistan. MCB ESA,
governed under PLS rules, can be opened with a minimum initial deposit of Rs. 5000
and the profit shall be calculated on an average basis maintained by the customer
during that month.
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Following shall be the slabs used for profit calculation:
M If average balance is greater than Rs. 20,000 standard PLS rates will apply.
M If average balance less than Rs. 20,000 (or equal to 20,000) with up to 4
withdrawal transactions per month (excluding ATMs, PSO, and VB) 4.0% p.a.
M If average balance is less than Rs.20, 000 (or equal to 20,000) with over 4
withdrawal transactions per month (excluding ATMs, PSO, and VB) then
standard PLS rates will apply.
The rates mentioned above are expected and shall be revised at least every six
months. Average account balances can exceed Rs. 20,000 during a month.
However, in that case, they shall be paid profit as per the standard PLS rates, as
mentioned in slabs above. Profit shall be calculated on average basis and shall be
credited to the account after each calendar quarter.
Pay your bills 24 hours a day, a day, 7 days, and a week. Make total payments of up
to Rs. 20,000 per day. Carry out up to 10 transactions per day per card. Make either
full or partial payments. Full payment is required for PTCL only. Recharge your pre -
paid account for Mobilink, Ufone and Telenor as per their fixed slabs. Pay as a
registered or non-registered user. Registration will help you avoid the time delay in
entering details each time you carry out a transaction.
Pay with MCB ATM
Pay through MCB Virtual
Pay through MCB Call Centre
M INVESTMENT BANKING
Fastest to Pakistan, anywhere in Pakistan, the fastest way of getting your money
across to Pakistan. Remit express offers low cost remittance from U.A.E and Saudi
Arabia. Your relatives¶ friends or business associates receive drafts within 72 hours.
MCB remit express has been specifically designed to meet the needs of the
expatriate Pakistani community residing in the gulf countries.
M FEATURES
Easiest and safest way to remit funds, remittance within 24 to 74 hours, personal
delivery to the beneficiary, delivery confirmation to the remitter, message facilities for
both parties. Your beneficiary will receive the amount even if he/she does not have
an MCB account.
M PERSONAL LOAN
³The more you praise and celebrate your life, the mor e there is in life to celebrate´
MCB personal loan shortens the distance between your dreams and your
celebrations. It is fast, flexible and affordable, speedy loan approval . No guarantor /
security / collateral required. Borrow up to Rs. 1,000,000. 1 to 5 year tenures, partial
and full adjustments allowed anytime during the tenure, optional insurance, equal
monthly installments, lower interest rates, higher loan limits, loan amount re newed
anytime after nine months. You as an individual can gain and benefit the through
MCB consumer banking. In MCB you get friendly, efficient and attentive personalized
banking services, a unique banking relationship experienced by each MCB client.
M ON-LINE
The largest network of over 315 on -line branches in the country and growing.
Providing customers with 24 * 7 real time on-line transaction facilities.
M 365
A deposit account for customers with substantial balances, of fering profit on a daily
product basis with the facility of unlimited withdrawals.
MCB¶s Special Rupee Term Deposits offer a very attractive term investment option
with ease and convenience. Tenor¶s options available are o f 3 months, 6 months, 1
year, 3 years and 5 years. You can also avail a credit facility up to 75% of your total
deposits.
M MCB LOCKERS
The best protection for your valuables. Lock ers of different capacities are available
nationwide.
M MCB CARDS
M CIRRUS
MCB Smart Card and ATM card holders can avail cash withdrawal facility at over
900,000 ATMS worldwide.
M MAESTRO
MCB Smart Card and ATM card holders enjoy the convenience of shopping at over 5
million POS locations globally.
M MCB CALL CENTRE
Call now for answers to your queries about banking services. ATM services, mobile
banking services, RTC services, tele-banking services and MCB product informat ion.
Banking at your fingerprints. Dial in anytime to get information regarding balance and
mini statements.
M MCB ATM 24-HOURS CASH
The nation¶s largest network of over 210 ATMs and growing. Get 24-hour
convenience of cash withdrawal, mini-statement, bill payment and funds transfer
services.
M MNET
MCB Easy Bill Pay is an easy solution to pay Utility and Mobile
Phone bills. MCB ATM Card or MCB Smart Card holders can easy
pay their bills through MCB ATMs, MCB Virtual -Internet Banking and MCB Call
Centre with security and peace of mind.
M CORPORATE FINANCING
M INSTANT FINANCING
Get a loan instantly at any MCB branch. Offering same day financing facility against
liquid collateral at competitive pricing.
M MCB RUPEE TRAVELLERS CHEQUE
The most widely accepted way to pay cash for travel-related purposes. A safe and
secure way to make payments nationwide.
MCB Pyara Ghar is an ideal Home Finance product that lets you
purchase, renovate or construct your home the way you have
always wanted. Financing available is up to Rs. 20 million.
M MCB CAR4U
MCB CAR4U Auto Finance is your move that gets you not only a car
of your own choice but leads you to the best in life. It is affordable
with competitive mark-up, flexible conditions, easy processing and
above all, no hidden costs.
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CONCLUSION
RECOMMENDATIONS
1. Training can be provided with job rotations so each of the employees is capable
of doing others work in case of emergency, this will ensure no delays are met.
2. As MCB earning a lot of profit stock options should be given to every employee.
3. Workers need more computer training.
4. MCB need to invest more in technology and bring all banking procedures up -to-
date.
5. They should implement advance technology and make it one window shopping or
one window service where each teller is capable of handling every transaction for
example payments, deposits, transfers, bill payments, foreign exchange, ATM
card issue and opening of new account. This will make MCB more proficient in
customer service.
6. ATM network needs to be updated more to handle transfers, deposits, bill
payments and print statements. This will free up a lot staff time.
BIBLIOGRAPHY
1. News Letters
2. Magazines of MCB
3. Annual Report of MCB 2008
4. Website: www.mcb.com.pk
5. Review of President of MCB 2004 Page No: 08 to 12
6. Personal interview with Nazeer Ahmed Shaikh (Branch Manager)
7. Personal interview with Aamir Ali Mangi (Operation Manager)
Attention is drawn to the fact that the copy right of this report rests with author. This
copy of report has been supplied on condition that any one who consults it is the
understood to recognize that its copy right with its author a nd no information derived
from it may be published without the prior written co nsent author.
This report contains material, which is the property of the MCB Limited, Karachi and
is clearly marked as such. Although they have given me their kind permission f or its
reproduction. This material remains protected under their copy right.
This report may be made available for consultation within University / Department of
Commerce library and may be published on or lent to other libraries for the purpose
of consultation.