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Internship Report
2008
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MCB
Internship Report
2008
Bank has a nationwide distribution network of over 1,050 branches. In 2008, MCB reported an after tax profit of PKR 15.3 billion on a consolidated basis.
Vision Statement
To be the leading financial services provider, partnering with our customers for a more prosperous and secure future.
Mission Statement
We are a team of committed professionals, providing innovative and efficient financial solutions to create and nurture long-term relationships with our customers. In doing so, we ensure that our shareholders can invest with confidence in us.
MCB VALUES
Integrity
We are the trustees of public funds and serve our community with integrity. We believe in being the best at always doing the right thing. We deliver on our responsibilities and commitments to our customers as well as our colleagues.
Respect
We respect our customers values, beliefs, culture and history. We value the equality of gender and diversity of experience and education that our employees bring with them. We create an environment where each individual is enabled to succeed.
Excellence
We take personal responsibility for our role as leaders in the pursuit of excellence. We are a performance driven, result oriented organization where merit is the only criterion for reward.
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MCB
Customer Centricity
Internship Report
2008
Our customers are at the heart of everything we do. We thrive on the challenge of understanding their needs and aspirations, both realized and unrealized. We make every effort to exceed customer expectations through superior services and solutions.
Innovation
We encourage and reward people who challenge the status quo and think beyond the boundaries of the conventional. Our teams work together for the smooth and efficient implementation of ideas and initiatives.
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2008
Mr. S. M. Muneer
Vice Chairman
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President / CEO
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MCB
Internship Report
2008
Audit Committee
Mr. Tariq Rafi Chairman
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MCB
Internship Report
2008
Member
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Mr. S. M. Muneer
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Mr. S. M. Muneer
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MCB
Mr. Shahzad Saleem
Internship Report
Member
2008
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Registrar's and Share Registration Office MCB 15 Main Gulberg, Lahore M/s. THK Associates (Pvt.) Limited State Life Building No.3, Dr. Ziauddin Ahmed Road,Karachi.
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MCB
Internship Report
2008
As a result of the transaction, based on latest available Performa numbers the total number of branches of combined MCB and acquired bank (RBS Pakistan) will increase to 1,139, the total consolidated deposits will increase to PKR 413 billion and consolidated gross advances to PKR 324 billion.
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MCB
Internship Report
2008
Commenting on the transaction MCBs Chairman, Mian Muhammad Mansha, said, This is an important transaction for us as it strengthens our franchise in the key urban centers and broadens our product offering to our retail as well as corporate customers. We have also managed to add a large number of experienced professionals to our existing strong team. As a result of this transaction, I am confident that MCBs position has been strengthened to deliver on our growth plans. MCB President, Mr. Atif Bajwa said that, MCB is very pleased to enter into this agreement to acquire RBS Pakistan as it allows the bank to significantly progress in its strategy of building a stronger share in key segments of the market. MCB is looking to play an increasingly progressive role in the economy by providing innovative and value added products and services to a diverse customer base. The RBS acquisition will be crucial in providing access to important customers, in making available a strong human resource pool as well as an evolved product development and technology infrastructure. We are convinced that this transaction will be beneficial to all stakeholders. Commenting on the sale, Muhammad Aurangzeb, Chairman of RBS Pakistan said, We are delighted to confirm today that we have successfully entered into a sale agreement with MCB for RBS Pakistan which comprises of Retail, Commercial, Islamic and onshore GBM and GTS businesses in Pakistan. MCB will be an excellent owner of the strong customer franchise we have established here in Pakistan. I am particularly pleased that our staff and customers will become part of one of the leading banks in Pakistan with a long standing banking history of over sixty years and which has such clear ambitions to grow further in its home market as well as internationally. Bank of America, Merrill Lynch and KASB Securities have advised MCB while Morgan Stanley has advised The Royal Bank of Scotland Group plc on the transaction.
Deposits
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MCB
Internship Report
2008
The MCB banking system performs various functions, out of various functions the most important function is the opening of an account in the bank. It is very easy and simple for any one to open the account in the bank without any difficulty.
Types of Customers
Individual Account Holders. Joint Account Holders. Partnership Account Holders. Joint Stock Company Account Holders.
Types of Accounts
There are following types of accounts in the MCB Ltd.:
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MCB
Internship Report
2008
Use your MCB Smartcard to shop at thousands of merchants across Pakistan. Hundreds of 9-5 full day banking branches. In addition, you have access to a countrywide ATM network convenient cash accessibility 24 hours a day.
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MCB
Internship Report
You will enjoy a steady income of your total deposit every month.
2008
Saving 365
The MCB Saving 365 account says that the higher you save, the higher you go. MCB Savings 365 Gold Account offers you a wide range of attractive profit rates. The characteristics of saving 365 account are: The higher your balance, the higher your rate. Profit calculated on daily basis. Profit paid into your account every month. Open your account with Rs. 500,000/- only. Cash deposit and withdrawal facility at hundreds of branches nationwide.
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MCB
Internship Report
Unlimited transactions at your branch. Free Foreign Currency cash deposit and withdrawal facility. Rate of Return directly linked with international market. Profit paid into your account every six months. Foreign Remittances facility available. Countrywide network of Foreign Currency Branches. Cash withdrawal in PKR equivalent.
2008
Your foreign currency account is exempted from Zakat and withholding tax.
Business Account
An upwardly mobile way to bring down costs on your way up. MCB Business Account lets you build your business through the accrued savings from discounted transaction fees, and more. The following are the key characteristics of business account: Higher the balance, the higher the number of free transactions. Open a Business Account with Rs.50,000 only.
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MCB
nationwide.
Internship Report
2008
When you maintain average monthly balance of Rs.100,000 or above than the following free services will be provided by the bank: Demand Drafts/Pay Orders. Cancellation for Demand Drafts/Pay Orders. Cheque Book. International ATM Gold Card.
Saving Xtra
Grow with MCB Xtra by saving more and earning greater profit. MCB Savings Xtra Account offers you a wide range of attractive profit rates. It has the following characteristics: The higher your balance, the higher your profit. Now avail attractive rates up to 8.5%. Profit calculated on monthly basis. Profit paid into your account semi-annually. No joining fee on Debit/ ATM Card. 50% Discount on Lockers. Cash deposit and withdrawal facility at hundreds of branches nationwide. Unlimited number of ATM withdrawal transactions. 3 Free withdrawal transactions through the branch every month.
Fixed deposits
Fixed deposits are those deposits which are by the bank under the conditions that they will not be payable on demand but will be payable under fixed or determinable future time date.
Loan
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MCB
Internship Report
2008
MCB provides the facility to the people who need advance money to meet their requirements. For getting the advance the following steps are there: Information required by the bank. Preparation of credit proposal. Sanction advice. Other terms and conditions.
Types of Loans
Following are the types of loans through which the MCB facilitates its customers:
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MCB
Internship Report
application along with documents.
2008
Doorstep service and assistance from our dedicated sales staff to fill and submit Access your Business Sarmaya account through our vast ATM and branch network anywhere in Pakistan. Available in all major cities i.e. Karachi, Lahore, Faisalabad, Rawalpindi and Islamabad. Get discounts if you are already a customer of similar facility at another bank.
MCB Car4u
Life in the fast lane can be really slow without a car. MCB Car 4 U makes it a breeze to finance/lease your new/used car. So get up to speed, because "Kahin Na Kahin Tau Hai 1 Car 4 You". Life is like a chess board. You plan your career options. You analyze your business moves. But when you really want to improve your life, you make a power move. MCB CAR4U Auto Finance is the power move that assists you in more ways than you ever imagined. The key points are: Option for financing or leasing. Financing tenures from 1 to 7 years. Option for new as well as used cars. Options for local as well as imported cars. Financing up to Rs. 2.5 million. Option for early payment. Option for replacement loan. Lower mark up rates. Lower insurance rates. Minimum 20% down payments. Fast and hassle free processing of application. Priority delivery on different vehicles. No processing fee if the case is declined. Pay your down payment after your loan is approved. Currently available in the major cities.
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MCB
Internship Report
or Business Sarmaya.
2008
Get discounted rate if you are already our customer for Personal Loan, Pyara Ghar If you are our branch customer, you can avail this facility anywhere in Pakistan.
Running Finance
MCB provides running loans to its customers. The key points are:
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MCB
Internship Report
2008
The max time of repayment is one year and it is according to will of customer. This type of advances is given to Trade, Commerce and manufacturing general purposes. These finances as evident by the name are given to meet their daily needs. The mark up is charged on daily balances. It is drawn through cheque.
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MCB
Agricultural Loan
Internship Report
2008
Bank provides the agriculture advances in order to enhance and support the agriculture sector of the country. Banks Agriculture division deals with the agriculture advances. These advances are of following types: Farm Credit Non Farm Credit Farm Credit These are the credits provided by the MCB or purchases of inputs for development of agriculture sector. Following are two main Sub classes of Farm credit: Production Finance Development Finance Non Farm Credit The second major form of agriculture advance is Non Farm credit. These loans are provided to boost up agriculture sector to provide the sources of earning of foreign exchange as well as to provide employment opportunities to people. These loans are providing against mortgage of land as security or pledge of equipment as collateral security. These are long term or medium term investment depending upon the project. Following are the different types of small industries for which loans are provided to improve the economy of the country. Fish Farm Cattle Farm Poultry Farm Khushali Scheme Under Khushali Scheme loans/finances are allowed for farm/non farm credits which include fixed investments/working capital requirements. Amount of finances sanctioned depend upon the credit requirement and collateral. Financing for land leveling/development, heavy equipments,
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MCB
Internship Report
2008
agriculture machinery, vehicles/transport for agri purpose are covered under this scheme. There may be other development projects proposed by the farmers falling with in the ambit of agri financing, which can be considered under this scheme. It has the following features: Short, medium and long term financing facilities are extended. The repayment is scheduled on the basis of farmers convenience on annual/ biannual basis.
With the MCB provides the following agriculture schemes: Shadabi Plan Tractor Finance Sheme Aabiari Scheme Growers Finance Dairy and Meat Plan Murghbani Scheme Baghbani Scheme Mahigeri Shceme
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MCB
by Travelers.
Internship Report
2008
MCB RTCs are safe to carry and can be used without any inconvenience especially At any designated MCB branch. In case of loss or theft, you can get the full amount back. Due to special printing and safety precautions, Cheques cannot be duplicated. Available in denominations of Rs 1000, Rs 5000, Rs 10,000. Validity is up to 10 years from the date of purchase. Customer Service Facility is available at (021) 111-000-123. More than 900 MCB Authorized branches are selling and purchasing Cheques all over Pakistan.
Gift Cheque
Now there is no need to worry about finding the right gift for your friends and loved ones. MCB Gift Cheques are the perfect gift for birthdays, weddings, graduation, religious festivals and many other occasions. Gift Cheque is beautifully packed in a Gold / Silver envelope with a personalized Gift Card designed to suit all occasions. They are safer than cash, because they can be replaced if lost or stolen. They are also available at all TCS Express centers round the clock.
Remittance
Transfer of money or equivalent to money from one branch to another branch of the same bank is called remittance.
Important Terms
Originating branch
It is the branch from which money is send to another branch or the point of origin of remittance.
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MCB
Responding branch
Internship Report
2008
The branch which receives the instrument or money for remittance is known as Responding Branch.
Types of Remittance
Remittance is classified into following four types: Inward Remittance Outward Remittance Inland Remittance Foreign Remittance
Types of Payment
MCB uses following types of payments: Demand Draft (DD). Pay Order (PO0. Electronic Mail Transfer (EMT).
Demand Draft
Demand Draft is used for the transfer of money outside station. A draft is an instrument drawn by a bank in favor of any person on a branch of its own bank or any other bank to pay a certain amount of money which is demanded to the person named on it. It is not necessary for the demand draft that applicant or recipient account should be open in originating and responding branches. It is one of the cheapest methods of transference of money within the country or outside the country.
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MCB
Internship Report
2008
Applicant has to fill in the application form for availing the facility of demand draft. After depositing the amount of draft, remittance officer prepares the cheque of demand draft.
Pay Order
Pay Order is used as an instrument for transfer of money within station or city. Pay order is written order, which is issued and received by the same bank or drawn and payable on same branch. For pay order it is not necessary that applicant should be account holder. It is used for local transference of money from one person to another. The bank charges excise duty and flat rate from the applicant.
Corporate Banking
The MCB performs various functions in corporate banking. Few of these functions are:
Term Loans
You as an individual can gain and benefit the most through MCB Consumer Banking. In MCB you get friendly, efficient and attentive personalized banking services - a unique banking relationship experienced by each MCB client. MCB offers Short to Medium Term Finance to meet capital expenditure and short term working capital requirements of our customers. The loans are structured on the basis of underlying project characteristics and cash flows of the business.
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MCB
Internship Report
2008
Cash Management
Our network of over 900 branches in Pakistan enables us to collect and disburse payments efficiently with our cash management services. This also enables us to offer you a choice of paper based or electronic fund transfer solutions including collection amounts, cross branch online transactions etc.
Investment Banking
Our Investment Banking Team has emerged as a leading player in Pakistan's Investment Banking arena. The Team handles advisory, corporate finance and capital markets related transactions. Within these areas, the team has developed expertise in: Private Placements Debt/Equity Underwriting Term Finance Certificates Loan Syndication Arrangement of Non- Fund Facilities
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MCB
Privatization
Internship Report
Mergers and Acquisitions Corporate Advisory
2008
MCB Services
The MCB provides following services to its customers:
Smart Card
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MCB
Internship Report
2008
MCB now brings you MCB Smartcard -a secure and convenient instrument of payment with unmatched functionalities. It provides 24-hour direct access to your bank account. The convenience and flexibility of MCB Smartcard will help you live a smarter life. It not only helps you manage your expenses, but also eliminates undue interest on your day to day credit card transactions. Your balance is always within your reach and you spend accordingly. MCB is the only bank to introduce a debit card that gives the option to choose from domestic and international cards for local and global usage respectively
SMS Banking
At the forefront of technological excellence, MCB proudly introduces MCB SMS Banking. The convenience of accessing your account balance information and mini statements whenever you want or wherever you may need them, with comfort and peace of mind. MCB SMS Banking service is available to all MCB ATM cardholders, 24 hours - 365 days. It has the following characteristics: Banking at a glance Banking on your fingers A free service This service is available for Mobilink and Ufone customers only.
Call Center
The state of the art MCB call center is the right choice to keep you in step with your ever hectic schedule by providing you services relating to your account and Smart card at any point in time. Our well-abreast and friendly call center team is available throughout the year to ensure that your daily financial obligations are taken care of guaranteeing you a good nights sleep. You can ask following information through call centers: General Inquires. Financial services and non financial services.
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MCB
Money Gram
Internship Report
2008
Money Gram is a global leader in worldwide money transfer services, working closely with specially chosen agents in 176,000 locations across 190 countries and territories, offering a customer-to-customer money transfer service which is fast, convenient and trusted. They provide a secure way to send and receive money to and from your loved ones worldwide and make sure that your money gets to where its needed quickly. Transactions are normally available in less than 15 minutes.
Special Features
Anyone can receive money through 100 designated MCB branches displaying the Money Gram logo across Pakistan. Receive Money in as little as 10-15 Minutes. No Bank Account needed. Fast, Secure and Easy. Compliant with State Bank of Pakistan regulations. MCB Bank Ltd. does not recover any charges from the Receiver against money received through Money Gram.
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MCB
Internship Report
2008
Vision Statement
To become a leader among Islamic Banks of the country in the coming years capturing major share of the domestic Islamic financial market.
Mission Statement
To play a dynamic role in promotion of Islamic Banking and win customers trust by providing sharia compliant financial services.
Shariah Advisor
Dr. Muhammad Zubair Usmani, working as Sharia Advisor in the bank since July 2000 is a prominent scholar having Ph.D. degree in Islamic Finance as well as Fazil Takhassus from Jamia Darul Uloom Karachi, (i.e. specialist of Islamic Fiqh and Fatawa). He has attended and
addressed several international and local seminars / conferences as guest speaker in Pakistan as well as abroad.
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MCB
Internship Report
2008
He has also worked as Research Scholar and member of various forums and committees formed for promoting the cause of Islamic Banking in Pakistan and abroad. All products are approved by our Sharia Advisor Dr. Muhammad Zubair Usmani and these are further approved and vetted by Dar ul Ifta, Jamia Dar ul Uloom Korangi Karachi. Majority of the products are signed by Maulana Muhammad Taqi Usmani.
Legal Advisor
M/s Mohsin Tayebaly & Co., Advocates & Legal Consultants, has vetted all documentation. The Co. for this purpose not only has expertise in legal and corporate affairs but also have competent lawyers possessing knowledge of Sharia.
Deposit Schemes
If you are looking for a deposit opportunity where you can purse your funds and reap HALAL returns, MCB offers following products:
IANAT Account
If you are looking for a chequing account that gives you the ease of doing unrestricted number of transactions, the bank offers Al-Makhraj Ianat Account. Ianat Account may be opened with a minimum of only Rs. 10,000. With all the features and facilities that this product offers, it is highly recommended for management of business funds.
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MCB
Internship Report
2008
Ijarah
MCBs Islamic Ijarah, analogous to the English term 'leasing, is based on the Ijarah wa Iqtina concept which means the sale of the asset to the lessee (customer) after the Ijarah has matured. Under this scheme, MCB will be the owner of the asset, and you (lessee) will be given the asset to use for a certain period of time in return for monthly rental payments. MCB will give a separate unilateral undertaking that it will offer to sell the asset to you (lessee) at the maturity of the Ijarah agreement at a price that may be equal to the security deposit amount, hence the term Wa Iqtina. We currently offer 2 types Ijarah Products: Car Ijarah Equipment Ijarah
Murabahah
It is a contract between a buyer and a seller under which the later first purchases the goods at the request of the former i.e., customer and then sells it to same customer after adding profit. Murabah Sale Price = Cost + Expenses incurred + Agreed Profit
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MCB
Internship Report
2008
It is a contract through which the bank and its client participate in the joint ownership of a property. The share of the Bank is further divided into a number of units and it is agreed that the client will purchase the banks share periodically, thus increasing his own share until all the units of the bank are purchased by him so as to make the client the sole owner of the property.
Up Coming Products
Following are the products which are expected to be in the near future: Diminishing Musharika Housing Guarantee Istisna cum Murabahah Istisna Post Shipment
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MCB
Internship Report
2008
Shariah-compliant manner. On the basis of approval from reputed Shariah scholars, who belong to internationally renowned university for Islamic education, products have been designed to not only suit the needs of depositors/ borrowers but also remain strictly in compliance with Islamic Shariah. Moreover, our Shariah Advisor, Dr. Maulana Muhammad Zubair Usmani would also monitor our transactions on a daily basis. Elements of Riba have been eliminated completely from the contracts so that income earned through investments in assets is completely halal and is shared by the depositors in a Shariahcompliant manner. A transparent system of weight ages is used to calculate the profit rates on the basis of which profits are disbursed to each customer. These weight ages are announced by the bank at the beginning of each month/ term and posted on the Notice Boards of Islamic Banking Branch as well as on our website.
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MCB
Internship Report
2008
MCB Virtual Internet Banking allows you to access banking services, 24 hours a day, 7 days a week and throughout the year.
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MCB
Internship Report
2008
Click on the register link on the MCB Virtual Banking page & complete the application form, suggest your MCB Virtual Internet Banking User ID choices and click submit. Visit any MCB ATM, select the option Service Requests and on the next screen select Internet Banking Reg. Wait a while for the Registration to complete and the appropriate message will be displayed. Check your registered email address for the registration confirmation containing your Virtual Internet Banking Password and Customer number. With your Customer Number handy, call the MCB Call Centre on (021) 111-000-622 to obtain your User ID. After verification User ID will be disclosed to you, enabling you to start using the MCB Virtual Internet Banking service. The virtual banking includes the users: Individuals Corporate
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MCB
progressive Bank.
Internship Report
2008
Corporate, Commercial and Consumer Banking - retaining its market leadership as Pakistan's
"On the technology front, we are impressed with SYMBOLS's multi-tier architecture. It gives us the scalability for future growth - a critical consideration in meeting the real-time needs of our extensive ATM network, over 1,000 branch network and growing online services. The adoption of Java-based technology also provides an added advantage for easy integration of our legacy systems" says Mr. Ali Munir, Senior Executive Vice President, MCB. SYMBOLS application architecture is centered on a customer relationship management foundation that facilitates customer knowledge, interaction, and relationship development and better management of risk at the customer level. Commenting on the business benefits, Mr. Ali Munir says, "The customer centric nature of SYMBOLS allows us to enjoy a complete 360-degree view of our customers' interaction profile across the Bank, with a consistent dialogue between our customers and the Bank across multiple service delivery points." "Muslim Commercial Bank requires a proven, scalable system that addresses both speed-tomarket for new products and services with excellent customer service levels across the bank in real-time. SYMBOLS has again proved itself to satisfy every aspect of technology and functionality as a true universal banking solution." comments Mr. Ramesh Nava, Senior Vice President, Asia-Pacific Operations, and System Access. System Access will provide implementation, training and support to Muslim Commercial Bank.
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MCB
Internship Report
2008
Branch Introduction
According to my experience of internship in a branch of MCB. I have seen that Departmentalization was not one clear and one employee was overall handling complete department. So I have working with the head of following department.
Learning as a Student
During my internship in MCB I worked hard and successfully completed all the task/duties that were assigned to me. I was highly motivated to perform practically about which I had some experience and exposure. I reached at branch at 8:45 am. I met with the branch manager. He introduced me with the whole branch staff.. The duties that I performed and the things I learned are given as follows:
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MCB
Internship Report
2008
REMITTANCES DEPARTMENT
I learnt about the remittances by the customer. It is very importance and earns a lot of commission and increase the deposit and transactions through MCB. What is Remittance? Remittances mean transfer of fund from one place to another place. The following modes are available to banker for transferring the money from one city to another city. 1. Demand Draft(DD) 2. Telegraphic/Telephonic Transfer(TT) 3. Pay Order(PO) 4. Mil Transfer(MT)
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MCB
y y
Internship Report
A copy of the ID card is required by the Bank.
2008
Against the submission of the form of Bank prescribed application duly presented in the manner prescribed and on the provision of these documents may be necessary and account can be opened. The Bank reserves to itself the right to refuse to open an account without giving any reason.
Each account is assigned a separate number must be quoted in all correspondence with the relationship bank account.
y y y
Recommendations
Although the MCB Ltd. is working very efficiently and effectively since its privatization in 1991. It becomes one of the leading private banks in the Pakistan. It purchases recently the shares of The Royal Bank of Scotland in Pakistan. It is contributing a lot in the economy of Pakistan. But there still something on which the management of the MCB should work on. The following should be needed to improve: The employees of the bank feel the boredom of doing same tasks. So the job rotation policy should be adopted frequently to create interesting working conditions.
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MCB
Internship Report
2008
The management of the bank must send its employees for different courses in the major cities of Pakistan or even abroad. This will contribute in the employee development and also in the organizational development. The management should send the employees on the training. This will help the employee to understand his work and perform his duties in an efficient way. The incentives to the employees should and must increase on the regular basis. So it will increase the employee retention with the bank and also increase the employee involvement. The management of the bank should design the proper internship program for the graduate students and also for the post graduates in way that they can learn a lot during their internship. With that the internship program should be in a way that the deserving students can get the chance for the internship. Recently the management is closing its non profitable branches frequently. So the management should try to minimize the problem and maximize the profit but should not close the branches. Because this will also cause the unemployment. The management should take care the shareholders of the bank and always keep an eye to maximize the wealth of the shareholders. Recently the management of the bank is not working on the policy to attract the foreign business. The management should also work on to expand its business internationally.
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