Mcb Internship Report

[pic] INTERNSHIP REPORT ON MUSLIM COMMERCIAL BANK Instructed by: Mr. Naveed Ahmed Lecturer Comsats Institute of Information Technology Presented by: Muhammad Hussain MBA-A Roll No. 65 Semester 3 DEDICATION I dedicate whole of my education along with my life to my beloved parents and respected teachers, who were always kind to me. May God Bless Them (Aamin). Muhammad Hussain TABLE OF CONTENTS 1. Preface 2. Introduction Of Bank 3. Types of Bank 4. Executive Summary of MCB 5. History of MCB 6. Vision & Mission Statement of MCB 7. Commercial Bank 8. Branches & ATMs 19 9. Product & Services21 10. Department in MCB25 11. Management Hierarchy28 12. Investment Banking 13. Know Your Customer 14. Remittance Department 15. Financial Statements 16. SWOT analysis 17. Work Performed By Me 18. Findings 19. Recommandations PREFACE Banking sector owes a pivotal importance in the economy of any country through its variant functions. This basic motivator that stressed me to join any bank for Internship Training. Moreover, the experience and practice learned during this tenure also prove very helpful and facilitating in the forthcoming professional life. This report is the result of two months Internship will, Muslim Commercial bank, Kot Fareed, Sahiwal. The motive behind selecting this bank is that it is one of the Top 10 Asia, Bank‘s. The fact remains that Muslim Commercial bank, posses an excel/cut and historical importance being the most senior and leading in terms fluids and services to Pakistan at all ages of life. I had with the strong belief that this report will guide and facilitate the readers to understand the functioning of banking system and more importantly have good knowledge about Muslim Commercial bank. My utmost efforts to elaborate this report wit, material read, listened and observed. Yet, I feel that this period was not long enough to learn and understand the complex and widespread functioning of banking sector. I am really thankful to the entire staff members of the aforesaid branch for the friendly and cooperative behavior during my internship. Muhammad Hussain MBA-A Roll No. 65 w ell-developed banking setup plays very significant role in the economic development of a country. Banking sector is precondition for the development of any country. The banking sector helps in proper utilization of resources of the country by financing the less developed sector. It also helps to keep cumulative demand in proper balance with the supply of those resources, which are responsive to monetary demand. DEFINITION OF BANK. â€Å"A bank is an institution, which deals in money. † I BROADLY SPEAKING â€Å"Banks draw surplus money from the people who are not using it at that time, and lend to those who are in a position to use it for productive purposes. † 2 IN OTHER WORDS â€Å"Bank also accepts the deposits from public repayable on demand or otherwise and withdrawal by cheques. Drafts order and include any post office saving bank. † BANK. The word bank is said to have been derived from the Italian words â€Å"Bancus† or â€Å"Banque†. The History of banking is transacted to be as early as 200 B. C. PEGETS DEFINITION: no one anybody. Corporate or otherwise can be a banker who does not: I Open current account 2 Pay cheques drawn on him 3 Collect cheques for his customers. HARTS DEFINITION. â€Å"A hanker is one who is in the ordinary course of his business, honors cheques drawn upon his by persons from and for whom he receives money on current account. † ACCORDING TO THE BANKING COMPANIES ORDINANC, 1962: SECTION 5(B): â€Å"Banker means a person transacting the business of accepting, for the purpose of lending or investment, of deposits from the public, and withdrawal by cheques, drafts, order of otherwise, and inclined any post office saving banks. † IMPORTANCE OF BANKING. Banks play very important role in the economic life of a nation. The growth of the economy is dependent upon the soundness of its banking system. Although banks so not create new wealth but borrow, exchange and consume. These make generation of wealth. In this way. They become most effective partners in the development of that country. To encourage the habit of saving and to mobilize these savings is its basic purpose. Banks deposit surplus from the public and then advances the surpluses in the form of loans to the industrialists, agriculturists, businessmen and unemployed people under different schemes so that they setup their own business. Thus banks help in capital formation if there are no banks, and then there would be concentration of wealth in few hands great portion of wealth of a country would be idle. In the fewer developing countries rate of saving is very low and due to this rate of investment and rate of growth is very low. We can take hank just like a heart in the economic structure and capital provided by it is like blood in it. As long as the blood is in circulation, the organs will remain sound and healthy. If the blood is not provided to any organ then the organ would become useless. So if the finance is not provided to agriculture sector or to industrial sector, it wills he destroyed. Loan facility provided by bank works as an incentive to the producer to increase production. Banks provide transfer of payment facility, which is cheaper, quicker and safe. Many difficulties in the international payment have been overcome and volume of transactions has been increased. These facilities are very much helpful for the development of trade and commerce. EVOLUTION OF BANKING IN INDO PAK SUB-CONTINENT: The Indian society was quite familiar with the banking, right for the beginning. There is also sufficient evidence to show that during 51h century people were accustomed to use 1-lounds as a credit investment. Loans were given to the people against personal and other Securities such as ornaments, goods and other immovable properties. TYPES OF BANK: Following is the list of various types of banks: Central Bank Commercial Bank Exchange Bank Industrial Bank Agriculture Bank I. COMMERCIAL BANK: The banks in any country speeded over with an objective to get the excessive money Form the public in the form of deposits and providing finance to the investors. These Banks are in the ground for profit earning motive and in competition with each other. These banks are providing the basic services to the customers in the form of deposits, Advances, remittances and others. Commercial Banking Scenario In Pakistan: At the time of Independence in 1947. ther were 38 scheduled banks with 195 offices in Pakistan. But by December 3l†, 1973 there were 14 scheduled Pakistani Commercial Banks with 3233 Branches in Pakistan and 74 Branches in the Foreign Countries Nationalization of banks was done on 1st January 1974 under the Nationalization Ac 1 947 due to certain objectives. But it had negative effects on the efficiency of the banking sector. Afterwards, a Privatization Commission was set upon January 22nd, 1991. The Commission transferred many banks to the private sector, i. e. Muslim commercial Bank and Allied Bank Limited. The Govt. approved and permitted the establishment of 1 0 new private banks in August 1991 Functions of commercial Banks: I borrowing of money from customers in shape of term deposits (PLS Saving Current Deposits and Notice Deposits). 2 Lending of money to borrowers in shape of finances, short-term finances, and long-term finances under various names such as Demand Finance , Small Finance, Cash Finance. 3 Agency services. 4 Remittance of money. 5 Foreign exchange business, foreign currency deposits. LCS, Imports and exports etc. ROLE OF COMMERCIAL BANKS IN THE ECONOMIC DEVELOPMENT OF A COUNTRY: Banks play an important role in the economic development of a country. If the banking system is unorganized and inefficient, it creates market adjustments and impediments in the process of development. In Pakistan, the banking system is organized in well manner. The State Bank of Pakistan since July 1st. 1984 stands at the apex and is responsible of the operation of the banking system. The other bands, which form the banking structure in Pakistan, are playing role in h he economic development of the country. The role of the commercial bank in the growth and development of the economy on sound and steady footings is discussed briefly as follows: Mobilization of Resources: The commercial banks are the most efficient organization of the economy in the mobilization the resources and making a profitable pool of these resources. Taking the Money from the savers and lending it to the investors is the most prominent job of the hank Financing Development Projects: The banks and other financial institutions advance loans for the development projects that enhance the pace of overall development of the country. These advances are made in both public and private sectors for the purpose of achieving a good and strong economic field to catty on the other activities of trade and business. Creating Climate For Capital Formation: Capital formation is done by the act of accepting people’s money and putting into Profitable ventures. This money so accumulated, make possible the availability of the needed capital by the investors. The investors on the other hand are able to get the needed funds that shortfall their requirements. Planned Development: With the help of well-organized banking sector the government is able to make good Implementation of its economic planning and can execute developmental activities for the welfare of the society. Promotion of Saving Habit: There are persons who have money but cannot put them in profitable use. The banks attract these persons by offering a variety of accounts. They provide them not only the safety of the funds but also higher returns on them. The banks, in this way, promote the habit of saving among the people. Effective Implementation of Monetary Policy: With the help of a good banking system in the country the government and the central Banks regulate the monetary supply and demand of the money. A good system helps in the implementation of the policies that are formulated by the government. l through these banks using different techniques of credit control makes credit expansion and contraction. Narrowing Regional Disparity: The banks help in bridging the country. The surplus fund of on Region is sent to the centers of deficit. The less developed areas acquire funds, put them into productive channel and increase production. The banks help in a balanced growth the economy. Executive Summary CORPORATE   PROFILE Mian Mohammad Mansha Chairman S. M. Muneer Vice Chairman Tariq Rafi Shahzad Saleem Sarmad Amin Aftab Ahmad Khan Atif Yaseen Dr. Muhammad Yaqub Mian Raza Mansha Atif Bajwa President / CEO Board Committees : Audit Committee Dr. Muhammad Yaqub Chairman Tariq Rafi Member Mian Raza Mansha Member Atif Yaseen Member HR Committee Mian Muhammad Mansha Chairman Dr. Muhammad Yaqub Member Mian Raza Mansha Member Atif Bajwa Member Risk Management Committee Mr. Tariq Rafi Chairman S. M. Muneer Member Mian Raza Mansha Member Aftab Ahmed Khan Member Committee on Physical Planning, IT System and Contingency Arrangements Sarmad Amin Chairman Atif Yaseen Member Aftab Ahmad Khan Member Atif Bajwa Member Business Strategy & Development Committee Mian Mohammad Mansha Chairman S. M. Muneer Member Tariq Rafi Member Mian Raza Mansha Member Atif Bajwa Member Credit Committee Shahzad Saleem Chairman Sarmad Amin Member Tariq Rafi Member Mian Raza Mansha Member Chief Financial Officer Tahir Hassan Qureshi Company Secretary Abdus S. Sami Auditors KPMG Taseer Hadi & Co Chartered Accountants Riaz Ahmed & Co. Chartered Accountants Legal Advisors Mandviwalla & Zafar Advocates & Legal Consultants History of Muslim Commercial Bank The Muslim Commercial Bank Limited was incorporated on 9th July 1947 in Calcutta in Bengal. After partition, the Registered Office of the bank was hifted to Dhaka where it commenced business from August 1948. The Bank transferred its registered/Head office from Dhaka to Karachi in 1956. In 1999, its registered / Head office was transferred to Islamabad and Karachi office was named as principal office. The government transferred a 26% management stake to a group of leading industrialists, collectively named National Group of which Mian Mohammad Mansha is the Major stakeholder. In 1992 a further 24% was sold to the National Group. The current shareholding structure is 50% Nationa l Group, 25% government and 25% floated on bourses. NATIONALIZATION OF MCB Muslim Commercial Bank Limited was nationalized by the Government of Pakistan in January 1974 under the Banks Nationalization Act, 1974. Subsequent to nationalization the operations of premium Bank Limited were merged with the Muslim Commercial Bank Limited in June 1974. PRIVATIZATION OF MCB The previous Government declared the privatization policy as one of its main objectives and in accordance with its policy, the Government offered Muslim Commercial Bank Limited for privatization. The Bank was the first Public sector bank, which was privatized on 2nd April 1991. The Government of Pakistan transferred management of the bank to Private Industrialists and Entrepreneurs, â€Å"National Group† by selling 26% shares of the Bank at Rs. 56 per share. Present Status Over the years Muslim Commercial bank fostered strong bonds with its customers. MCB understands them; their needs. They feel comfortable with MCB; its their bank; it responds to them; listens to them; partners with them; grows with them. That is why it is one of the leading commercial banks of the country, providing a wide range of modem banking services. At present, the banking network consists of over 1000 branches along with – controlling offices known as Area Head offices and Regional Head offices. These controlling offices are responsible for the smooth operation of the bank on National & international levels. The entire financial and operational objectives are achieved with the Human Resources strength over 12000 employees. The bank is known as the major credit provider, best place of working and paymaster in the financial (money market) of the country. Over the past few years, MCB's profits have been hit by the need to increase provisions coverage and restructuring costs associated with the downsizing of the workforce and branch network, whilst there is some need to boost provisions, these charges (necessary to bring the bank back into shape) are largely over. It has also slowly received permission from the SBP to shut down a number of unprofitable branches. In 1999 EURO MONEY recognized MCB as the best domestic bank in Pakistan. The banking sector has been worst hit by the external account crisis that Engulfed the country following the nuclear tests. Due to the nature of banks as a Medium for debt transactions the country's technical default and subsequent rating downgrade impacted them the most. Those core concerns are still not fully alleviated in the view of the investors. The closest that investors have come to positive expectations regarding external account sustainability and a possible re- rating was back in the fourth quarter of the year 1999, and this led to MCB climbing to Pakistani rupees 56 per share. Resumption of the IMF funding and a possible rescheduling of bilateral debt will positively impact the banking sector and especially MCB. State Bank of Pakistan continued the process of Banking Reforms, which included strengthen of Prudential Regulations and focus on recovery of defaulted loans. In 1999 return on Government Savings Scheme and Treasury Bills was reduced, which led to a lowering of lending rates, resulting in erosion of margins for banks but it is likely to give a boost to economic activity. MCB Rupee travelers Cheques continued to maintain their leadership position in the industry and sales registered a 45% growth over last year. MCB successfully introduced the Rs. 100, 000 denomination cheque countrywide and introduced RTC dialup tele-verification facility from Lahore city as well. Mainly there are three types of Banking in MCB. These are: CORPORATE AND INVESTMENT BANKING Corporate Banking Group of MCB is focusing on top tier local corporate groups and multinationals in a structured and focused manner building relationships leading to increased market share. Branches having Advances of Rs. 100, 000,000 per party relationship and monitoring such advances are called as Corporate Branches. These branches include corporate clients and their requirements are looked after. There are about 20 corporate branches of MCB in Pakistan. OUR VISION & MISSION 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 in us with confidence. COMMERCIAL BANKING The Commercial Banking Group of MCB continues to service the trading Community and middle market, with sustained focus on developing new customer relationships and increasing the asset portfolio. CONSUMER BANKING The Consumer Banking Group focuses on the lower end of the market and micro credit. Individual customer needs are being serviced through the introduction of diverse lifestyle consumer loans and introduction of new products and partnerships with service providers. Customers will continue to use the extensive branch network, which in turn will generate deposits to feed the asset development and liquidity requirements of the Bank through its diversified and stable deposit base. ATM TECHNOLOGY At MCB, technology has a direct relationship with the needs of the customers, it is a mean of creating value and convenience for the customer. Over the last few years MCB has invested heavily into strengthening its technology backbone. Today it is leading the way in banking technology and setting new standards for the banking industry, penetrating into the local market, listening to the needs of the people. MCB’s strength lies in providing technological base at a grass root levels of the society with a challenge to educate and assimilate such systems across vast cultural and economic backgrounds. With over 768 automated branches, 243 online branches, over 151 MCB’s ATMs in 27 cities nationwide and a network of over 16 banks on the MNet ATM switch, MCB continuously innovates new products and services that harness technology for the customer’s benefits. Additionally in order to enhance the utility of the ATM services they successfully linked their ATM network to the MasterCard, Cirrus and Maestro, effectively becoming part of the largest ATM network in the world. MasterCard and Cirrus/Maestro users can now access their ATM's network. Together with the above MCB made a strategic decision to establish an ATM switch and open their ATM network to other banks. The ATM switch has been named MNET. It has following banks in MNET switch: Standard Chartered Citi Bank MCB ATM  SERVICES MCB ATM Card Welcome to a world of convenience with the MCB ATM 24- Hour Smart Card. â€Å"It Works. Anytime in Pakistan and abroad. † With an ever growing number of ATMs operating across the nation, the MCB ATM Network is the largest and most advanced of its kind in the country, and is part of MCB's continuing efforts to provide you with convenience that suits your requirements most. And now the MCB ATM has gone global. MCB's affiliation with Master Card International brings about added facilities for the MCB traveler abroad with the Cirrus and Maestro networks. So go ahead! Use your MCB ATM 24- Hour Cash Card day or night, at home or abroad. MCB ATM Regular Card The MCB ATM Regular Card allows withdrawal of up to Rs. 10,000 per day and a maximum of 3 withdrawals per day per card. BRANCHES & ATMs Mnet MNET enables all the member banks to share their electronic networks. Which means customers of member banks can use MNET as well as 1-Link ATMs Nationwide. MNET member banks ATM machines accept cards issued by MCB Bank Ltd, Citibank, Standard Chartered, HSBC, Saudi Pak Bank Limited, Habib Metropolitan Bank, JS Bank, Deutsche Bank, SME Bank, Arif Habib Rupali Bank and First Women Bank. MNET customers can use over 600,000 ATMs worldwide that carry the logo and shop at over 5 million outlets that carry the logo. M-Net switch has currently 612 ATMs in 50 cities. We plan to have the network grow in faster pace in future as MCB itself will be adding more ATMs by the end of the year. The ATM deployment has been planned in such a manner that a customer will be only a few minutes away from an ATM in major cities. This coupled with geographic coverage provides the largest convenient spread in the country, because of which we are very strongly concentrating on Diverse Coverage & Convenience. M-Net Switch ATMs are present in all the major cities of the country. They are available in the hilliest and northern areas of the country such as Murree, Abbottabad and Swat etc thus providing convenience of accessing 24 hours cash to the customers across the country. M-Net switch also has its Service Centers in the main cities of the country providing support to member banks customers. M-Net Switch ATMs are also present in all 3 main Airports of Pakistan i. e. , Jinnah Terminal (Karachi), Allama Iqbal International Airport (Lahore) & Islamabad International Airport. MEMBER BANKS & their ATM Locations In Pakistan, the ATM facilities can be availed at any of the following locations: MCB Bank Ltd. Standard Chartered CITIBANK Saudi Pak Bank limited HSBC Habib Metropolitin Bank Arif Habib Rupali Bank Deutsche Bank First Women Bank SME Bank CORPORATE IMAGE BUILDING In view of Goals established through mission and vision statement, the first step taken was to change the corporate image of the Bank, which inclined following aspects: In 1991 Bank changed its logo from to current logo which is: Which signifies the growth and prosperity? The change of logo was part of effort to change image of the Bank as a progressive bank in the minds of people of country. A comprehensive electronic media campaign was launched with a logo â€Å"Good Banking getting even better† stressing on the improvement. An on going process of Face Lifting and renovation of MCB branches was started which is still going on. The purpose of it was to ensure the overall outlook of the bank changes and employees get a better environment to work and customers of the bank feel more comfortable. NEW PRODUCTS AND SERVICES SINCE PRIVITIZATION In order to achieve long-term goals of expansion and penetration in the market. Bank introduced various new products for its customers, which cater to the needs of various segments of the society. In order to do so, a constant process of market research, evaluation and development of New products was started which resulted in introduction of various new products which were earlier not introduced by any other Bank in the country. Introduction of these products was indeed a major source of penetration for the bank and turned out to be a differential factor as compared to other banks: Prime Currency Accounts – For foreign currency deposits, (since 1991) Mahana Khushali Scheme – A monthly income plan through deposit of a fixed sum in the account, (since 1991) Hajj Mubarik Scheme – For intending Pilgrims, (since 1991) Capital Growth Certificates – It doubles the deposit of depositor in 5 years. It offers high rate of return and was introduced for fetching long-term deposit, (since 1991) PLS 365 Savings Accounts. – Introduced high earning product with feature of calculation of profit on daily product basis. No restriction on deposit withdrawals and Minimum deposit of Rs. 300,000/- (since 1992) Fund Management Scheme – To generate funds to develop secondary market for Government Securities (from 1991 to 1992) MCB Khushali Bachat Accounts – Savings accounts with added value to customers due to profit application of daily product basis. MCB Dollar Khushali Accounts – For foreign currency deposits, (launched in 1993) FAXPRESS – A fast inter-city Remittance Service, (since 1991) MCB Rupee Travelers Cheques – The most popular product of MCB, introduced Rupee Traveler cheque for the very first time in the country and it immediately fetched high share of the market and MCB share is still growing – (launched in 1993) Consultancy Services For intending buyers of State-owned enterprises being privatized, (since 1991) Self-Financing Scheme – Mark-up free finance from 5000 to 25000. (since 1991) Night Banking Services (since 1991) Utility Bills Collection Centers – Separate utility Bills collection centers were established for collection of utility bills (since 1994) MCB MasterCard – (since 1994) EXPORTMOR – Financing facility for exporter (since 1994) REMITEXPRESS – A fast remittance service between Pakistan and Middle East. (Since 1994) Personal Banking Services- In order to promote Consumer Banking system in the country a proper personal Banking service was started for High Net worth clients of Bank in selected branches (since 1995) MCB Custodian Services – Launched for local and international capital market clients. Online- The largest network of branches in the country and growing. Providing customers with 24Ãâ€"7 real time online facilities. MCB Call Center- Call now for answers to your queries-banking services, ATM services, mobile banking services, RTC services, telebanking services and MCB product information. 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 24 x 7, 365 days a year to ensure that your daily financial obligations are taken care of guaranteeing you a good night’s sleep. Cash Plus-Cash management services for corporate customers help customers substantially reduce their receivable collection time frame, improve cash flow and business management. Islamic banking services through exclusive units/ branches offering a range of liability and asset based sharia compliant products like musharika, murabaha, ijara and istasana. MCB Mobile banking- Banking at your figure tips. Dial in anytime to get information regarding balance and mini statements. At the forefront of technological excellence, MCB proudly introduces MCB MOBILE 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 Mobile Banking service is available to all MCB ATM cardholders, 24 hours – 365 days. Just call our Help Line on 111-000-MCB(622) or any MCB online branch for assistance. Mobile Banking at a Glance MCB Mobile Banking gives you easy and quick access to your account(s) at a time you find convenient, including all holidays. Banking at your Fingertips With MCB Mobile Banking you can: Check your balance View the last 4 transactions of your MCB account(s). A Free Service MCB Mobile Banking is a free service for MCB account holders who have an ATM card. All you pay for is the cost of an SMS message if charged by the service provider. MCB lockers- The best protection for your valuables. Lockers of different capacities are available nationwide. Pyara ghar- Flexible and competitive home financing facility with options of home purchase, construction and renovation. MCB car cash- Car financing and leasing at competitive rates with flexible options. Largest ATM Network- of 100 ATMs connected to worldwide ATM network of about 350,000 ATMs along with Cirrus and Maestro facility enabling MCB ATM card to be used All over the world & anywhere in the country. CUSTOMER SATISFACTION For any organization to succeed, it is extremely vital to ensure Customer Satisfaction. Banks being in service sector, it is highly important that high service standards be maintained and real value to their money is provided to its customers. In order to do so MCB took three revolutionary steps: Provision of comparatively batter service to its customers as compared to other banks through value added features of low cost, quick disposal of work and friendly environment. Modernization, Computerization of most of the branches enabled Bank stay abreast with the technology and provision of better service at the root level to its customers. Bank also started an ongoing process of Branch face lifting creating a better congenial environment for its customers. In order to be more customers' conscious, MCB started a very effective and timely action system on Customer Complaints Departments in MCB Brief functions and responsibilities of departments at MCB are as follows. Human Resources and legal group: ? Recruitment. ? Training. ? Transfer & posting. ? Promotions. ? Disputes. ? Staff loans. Banks operations group: ? Policy. ? Premises. ? Capital & operating expenses processing. ? Return & consolidation. ? Reconciliation. ? Product sales. Relationship co-ordination. ? Service standards. ? Customer complaints. Financial Institution & overseas group: ? Inter-bank exposure. ? Forex licensing. Financial control & Audit group: ? Audit & internal control. ? Budgeting & planning. ? Monitoring of expenses. ? Financial reports. Credit & risk management group: ? Credit proposal evaluation & analysis. ? Project financing. ? Monitoring of credit portfolio of bank. . Corporate banking group: ? Placement of all multi-national & public sector companies. Consumer banking group: ? Penetration in high net-worth customers. ? Earning increase. Customer retention. Commercial banking group: ? Conduction of normal retail operations. Treasury & FX group: ? Funds management. ? Investment management. Assets management group/ Fraud control group: ? Classified portfolio looks after. ? Special assets management. ? Restructuring / Rescheduling. ? Out of court settlements Information technology group: ? ATM / CIRRUS facilities. ? I. T. related franchise management. ? SWIFT system. ? On-line branches network look after. ? Hardware / software support. MCB’s Management Hierarchy Business of MCB MCB is in it’s over 50 years of operation. It has network of over 1,100 branches all over the country with business establishments in Bangladesh, Sri Lanka and Bahrain. The branch break-up province wise is Punjab (57%), Sindh (21%), NWFP (19%) and Baluchistan (3%) respectively. MCB has an edge over other local banks, as it was the first privatized bank. The State Bank of Pakistan has restricted the number of The Consumer Banking of MCB provides customers with innovative saving schemes, products and services. The ATM network of MCB 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 launch of the MCB MasterCard. The Corporate Banking of MCB ensures assistance from a dedicated team of professional financial advisors for underwriting, project finance or corporate advisory services. When it comes to banking practices, the consumer can depend on MCB, because it'd been around for over fifty years. The State Bank of Pakistan has restricted the number of branches that can be opened by foreign banks, an advantage that MCB capitalizes because of its extensive branch network. Eight years after privatization, MCB is now in a consolidation stage designed to lock in the gains made in recent years and prepare the groundwork for future growth. The bank has restructured its asset portfolio and rationalized the cost structure in order to remain a low cost producer. MCB now focuses on three core businesses namely Corporate, Commercial and Consumer Banking. Corporate clientele includes public sector companies as well as large local and multi national concerns. MCB is also catering to the growing middle class by providing new asset and liability products. The Bank provides 24 hour banking convenience with the largest ATM network in Pakistan covering 9 cities with around 100 ATM locations. The Bank's Rupee Traveler Cheques have been market leaders for the past six years. MCB looks with confidence at year 2002 and beyond, making strides towards fulfillment of its mission, â€Å"to become the preferred provider of quality financial services in the country with profitability and responsibility and to be the best place to work†. Corporate Banking MCB's Corporate Banking Team consists of dedicated professionals with the requisite expertise to take care of the banking needs. The Corporate Bank with 20 branches has its presence in all major cities of Pakistan. The Area Offices are located in Karachi, Lahore and Islamabad. Corporate Platforms have been established in the three principal cities where teams of dedicated Relationship Managers have been posted. These Relationship Managers have been entrusted with the complete responsibility for managing the risk of their allocated portfolios, acting as allusion between the customer and the bank, and providing you with the entire range of products/services offered by the bank. The products/services of the Corporate Bank are broadly divided into the following categories: Working Capital Loans: The working capital loan includes Running Finance, Cash Finance, Export Refinance, Pre-shipment and Post-shipment etc. Term Loans: Offer Short to Medium Term Finance to meet capital expenditure of the customer business needs. Trade Finance Services: Trade finances services that include an entire range of import and export activities including issuing Letters of Credit (L/Cs), purchasing export documents, providing guarantees and other support services. Cash Management: The network of about 1100 branches in Pakistan enables the bankers to collect and disburse payments efficiently with the MCB cash management services. This also enables. the bankers to offer the customer’s choice of paper based or electronic fund transfer solutions including collection amounts, rose branch on- line transactions etc. Investment Banking The Investment Banking Team of MCB 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 investment banking team of the MCB has developed expertise in the following areas of the investment: Private Placements Debt/Equity Underwriting Term Finance Certificates Loan Syndication Arrangement of Non- Fund Facilities Mergers and Acquisitions Financial Highlights The results for the year 2001 are reflective of sustaining all-around efforts over the few years, to maintain profitable growth along with prudent and proactive risk management and expansion of product range of customers. Pre-profit for the year 2001 was Rs. 2. 0 billion as against Rs. 1. 32 billion in 2000-a healthy increase of 59%. Growth in profitability is primarily due to fund-based activities through efficient assets and liability management. Fee based income was lower despite increase in volumes due to competitive pricing and discontinuation of charges on PLS accounts. Administrative expenses grew by 3% generally attributed to absorb effect of inflation and enhancement in Govt. levies. Pr agmatic efforts are, however, under way to manage costs in relation to revenues to further improve the revenue/expense ratio. Higher level of provisions was in the line with the Bank’s policy to upfront recognize problem lending. In 2001, the Bank managed to recover Rs. 2. 19 billion as against Rs. 1. 97 billion in 2000. The balance sheet footings have increased to Rs. 187 billion from Rs. 175 billion primarily based on deposit growth. Deposits have registered a substantial increase of 14% and stand at Rs. 154. 5 billion in 2001 as against Rs. 136 billion in 2000. Despite of low PLS deposit rates, branch network has shown a commendable performance by increasing and managing the deposit mix. This has been possible by improvement in customer services and targeted sales of products like ATM cards. Net advances as at December 31, 2001 stood at Rs. 76. 6 billion, a reduction of Rs. 9. 8 billion. Demand for credit from manufacturing and export clients fell considerably, post September 11,2001, which led to a reduction in advances as on the balance sheet date from a higher level during the year. Leadership in Rupee Travelers Cheques: Sales have grown by 26% in the year 2001 and continue to reflect meteoric growth. With the extension of the generic brand, increase in the range of denomination backed by a powerful verification system and over 900 branches involved in this business. Leadership in ATM’s: With around 100 ATMs and 170 online branches, MCB is again an undoubted Indus leader with connectivity extended to 16 cities of Pakistan. In the year 2002 further ATM will be deployed and connectivity increased to other cities. MCB ATMs not only serve 24-hour cash convenience but also improve on the counter services and turn around time at cash counters. The MCB ATM Master Card with Maestro and Cirrus networks has become a global ervice furthering the convenience to our customers. Traveling customers can access their account from a large number of internationally deployed ATMs and point of Sale (POS) units. The MCB ATM Switch – MNET is now operational. IT GROUP of MCB has been able to create the largest network for secure electronic financial transactions in Pakistan. Local branches of six international banks are connecting to this network. This will enable participating banks to use each others' ATMs resulting in an increased convenience to MCB customers and customers of other banks. The IT Group is currently expanding the network capability to provide the customers access to banking through multiple electronic channels. American Express Bank enters into an ATM sharing alliance with Muslim Commercial Bank: Muslim Commercial Bank Limited and American Express Bank Ltd. signed a Memorandum Of Understanding creating a mutually beneficial alliance, which will enable customers of American Express Bank to use ATM facilities offered by Muslim Commercial Bank. Mr. Taufiq A. Hussain, Country Manager, American Express Bank Ltd. , Pakistan in a simple ceremony in Karachi, signed the MOU. MCB has setup an ATM Switch called MNET and American Express Bank is the fourth foreign bank to sign the sharing MOU. Speaking at the ceremony – AEB Country Manager said, â€Å"Customer service quality is the cornerstone of AEB's philosophy and this initiative will significantly enhance our customer service capability for our consumer banking clients†. He added â€Å"After having considered various routes to acquire this capability AEB selected MCB as an ideal partner keeping in view the large network capability and long standing relationship with MCB†. MCB with a network of over 1000 branches in the largest private sector bank of the country. The Bank is a market leader in 24 hour banking convenience with the largest nationwide ATM network covering 11 major cities in all provinces of the country. CITI bank and Muslim Commercial Bank sign ATM sharing agreement: Muslim Commercial Bank and CITI Bank signed an ATM sharing agreement today. By the middle of this year, both Banks’ customers will be able to use the services of either Bank's ATMs. Seen at the signing  ceremony are Mr. Haroon Basheer Sheikh, Head of Consumer Banking and Information Technology – MCB and Mr. Nadeem Hussain, General Manager Global Manager Global Consumer Banking – CITI Bank Pakistan with their respective team members. Standard Chartered Grindlays and Muslim Commercial Bank to launch co-branded credit card: Rated as Pakistan's best banks (‘domestic' and foreign' respectively) by Euro money magazine Muslim Commercial Bank (MCB) and Standard Chartered Grindlays signed a Memorandum of Understanding to launch the first-ever joint servicing co-branded credit card in Pakistan. Under the arrangement the partnering banks will have shared as well as distributed responsibilities to service the customers in line with their respective strength's. The Partnership will derive its strength by combining the large diversified customer base of MCB and the track record of Standard Chartered Grindlays in managing a successful credit card business in Pakistan. MCB, the largest Private Bank in Pakistan, has over four million accounts domiciled in 1100 branches across the country. Standard Chartered Grindlays, the largest foreign bank in Pakistan, has over ninety thousand satisfied card members and is a leading international player in the cards business. With this new initiative the customers product of the two leading banks in Pakistan. This agreement further strengthens the relationship between these two banks; earlier this year Standard Chartered Grindlays signed an agreement to join MCB's switch/ATM network, the largest in the country. FAYSAL BANK LIMITED to sell Muslim Commercial Bank’s Rupee traveler’s cheques: Muslim Commercial Bank Limited and Faysal Bank Limited signed an agreement for the Sale and purchase of MCB Rupee Travelers Cheques at all 11 Faysal Bank branches in Pakistan. Main categories of Account opening form: Type of Account There is a category of â€Å"Type of Account â€Å", the customer can check any option to open a certain account. Following are certain kinds of accounts: Current PLS-Saving MCB Saving-365 Khushali Bachat PLS Term Deposit New Foreign Currency Account (Current/Saving) Currency There is a category of â€Å"Currency† in the form: In this section there are four kinds of currencies are given in which MCB opens account. They are: Pakistani Rupee US dollar Nature of Account There is a category of â€Å"nature of account† i. e. Individual Partnership Sole proprietor Joint stock company Introduction Before opening an account a banker should ascertain weather or not the person desirous of opening the account is a desirable customer. There is Reference section in the form in which the person who wants to open an account must provide a reference of a person who has already an account with MCB. For current account only reference of current account holder is accepted whereas for saving account reference of any whether current or saving is allowed. Preliminary investigation is necessary because of the following reasons: ? To avoid frauds ? Safe guard against unintended overdrafts ? To avoid negligence ? To replay inquiries against clients ? To comply with Prudential Regulations/Laws There is a specimen signature card with the bank on which the signature of account holder is to be taken while opening of his account. And then he is issued with a cheque book. It is advised that one must keep his cheque book under proper care but there are cases that people sometimes lost their cheque books. In that case there is an application form in the name of manager is available and the customer who wants to get a new cheque book fills that form and gives it to the manager then he is provided with a new cheque book. In other case a requisition slip is present in the cheque book and whenever the customer wants a new cheque book he simply fills that requisition slip and presents it to manager and gets a new cheque book. Know your Customer In view of recent heightened global efforts to prevent the possible use of the banking sector for money laundering, terrorist financing, transfer of illegal/ill-gotten monies and as a conduit for white collar crime etc, the importance of â€Å"Know your Customer† has increased. The objective of knowing a customer is to have a fair idea about the identity, financial resources and general information about the customer at the time when the relationship is established. A banker must have following information about the customer: Customer’s Name: Enter complete name as mentioned in original Identity Card/other business documents. Nature of Business/Profession: If the customer is of salaried class then banker will enter his employer’s name. If the customer is a businessman, trader, sole proprietor, then the banker will enter the business name. Also enter the customer’s title/position and address of the employer/business. Addresses with P. O. Box are not acceptable. Similarly remarks like â€Å"Private Service†, â€Å"Business† are not acceptable, rather specify what type of company/business the customer is associated with. In case of individual his attested Photocopy of national identity card or passport is required, in case of salaried person, attested photocopy of his sarvice card. In case of partnership attested photocopy of identity cards of all partners is required and attested photo copy of â€Å"Partner ship Deed† along with a copy of Registration certificate with registrar of firms. In case of Company, Memorandom and Article of association, certificate of incorporation, certificate of commencement of business and attested photocopy of identity cards of all the directors is required. Address: Enter the complete residential/business address. Within the brackets you may also provide prominent address identification marks for ease of physically locating the address. Contact Number: Enter home, official, mobile, fax numbers and e-mail address (if available). Special Instructions: Clear-cut operational instructions must be obtained from the customers. If the customer has not given any special instructions in specified column, the column must be cancelled by drawing a line, as this column must not be left blank under any circumstances. The bankers considered the following points while opening the accounts: Remittances Department The next department I worked in is Remittances department. The incharge of this department, Mr. Khalid told me that there are four kinds of remittances they deal in: ? Telegraphic Transfer ? Mail transfer ? Demand Draft ? Pay order Another task of this department was to issue the traveler cheque and to give the ATM card numbers. Here is a little detail of all of these works: Telegraphic Transfer: It is a facility provided by the bank through which a customer can send or transfer any amount immediately. The procedure for the customer is simple. And more importantly the person who wants to transfer the funds may not have the account in the bank even then he can avail this facility. The procedure is like this, a customer walks in and fills an application form named as â€Å"APPLICATION FOR REMITTANCE† in which he mentions the bank to which he wants to transfer the funds also the name of the payee, his account number, also he has to mention his own address etc. then there are charges for this special facility provided by the bank and the bank receives these from the person who is sending the funds. Further there are two kinds of telegraphic transfers: Ordinary TT TT The ordinary TT reaches to its destination after two days of its dispatchment whereas simple TT reaches to its payee immediately because the payee branch is informed immediately through telephone and fax. For ordinary TT only two vouchers are prepared: Commission Voucher Postage Voucher Whereas for TT three vouchers are prepared: Commission Postage Telephone charges In the application form of TT there are two options available for the person who is sending the funds i. e whether the payees account is credited for the same amount or payee is simply to receive the payment in hand. Documents Prepared: The documents that are prepared for the TT are: TT register Remittances Confirmation of cable sent And afterwards whole of these information are recorded in a big register named as: Branch outward remittance register And after this procedure the respective branch is informed through telephone. Recommendations This whole procedure is quite lengthy and hectic. So the only recommendation that could be given is, it must be computerized Another task of the accounts department is to give the customers the ATM card number. The procedure is like this that when a customer applies for the ATM card, he is given a certain time to collect the card. On due date the customers gets his card from manager and for safety purpose the ATM number remains with the account department and the customer gets his number from there. Traveler cheque In account deptt there are two people working. One’s job is to issue the traveler cheque and the other is suppose to make the payment of TC. This work is separated for the purpose of safety and to prevent the frauds. When RTC is issued it is written in Traveler cheque register and when it is paid it is posted in MBIS. Traveler cheque register is used to maintain the stock of RTC’s. When RTC is issued HO RTC deptt. Is credited and when RTC is purchased it is debited. One of the person has the complete register of staff’s salary he maintains a staff salary register. The remittance facilities of the MCB are according to the need of the customer. Your beneficiary will receive the amount even if he/she does not have an MCB account. The Remit Express facilities the MCB can be avail in the following Bank/Companies: Demand draft Demand Draft can be explained as the instrument which is payable on demand as its name implies the same, the value of which has already been received. This instrument is issued by one branch and payable at other branch of same bank or other bank’s branch e. g. DD issued by MCB payable by ACBL. Procedure of issuance: The customer wants to make the DD fills in the same form or application i. e of remittances in which he mentions the DD, the beneficiary’s name, the place, the mode of payment i. e, whther he wants the payee to receive the cash, cheque or debit his account, signature and his name and address Check the application form. Commission is charged as per bank policy. Also excise duty & withholding tax are recovered as per applicable rates. Entry is then made in DD issued register. In the DD issued register, separate folio is allotted for each drawee branch and a serial control number is applied. The entries made is DD payable account is credited and cash is debited and when the payee receives the cash against DD, DD payable account is debited and cash is credited. Procedure of Cancellation of D. D. On receiving the application for cancellation in writing along with original DD the signature of the applicant is verified This signature should tally with the signature on DD application form. Then cancellation is marked in DD issued register and the drawee branch is Informed about cancellation. Issuance of Duplicate DD In case of Lost/Stop Payment: Application is received and signature is verified, then the drawee branch is informed about the loss of DD and further they are advised to tell the branch the status of DD i. e whether it has been paid or not. Then a duplicate of DD is issued with â€Å"Duplicate in lieu of original DD No____ dated____ reported lost† written on its face. The duplicate DD will have the same control number. PAY ORDERS: Pay order is a kind of instrument issued and paid in the same branch. It is normally issued for payment in the same city. Procedure of Issuance of Pay order: The customer fills the remittances application form and mark check on pay order. On receiving application he is issued with a pay order after receiving charges. All pay orders are crossed i. e â€Å"Payees a/c only† Procedure of Cancellation of Pay order: On receiving application for cancellation of pay order along with the pay order, it is cancelled and cancellation charges are recovered. Duplicate Pay Order: If the payment of pay order has not yet been made a duplicate copy of it can be made on receiving application from the customer. The duplicate charges are recovered from customer. Clearing Department Clearing: Clearing implies a system by which banks exchange cheques and other negotiable instruments drawn on each other within a specified area and thereby secure payment for their clients through the clearing house at specified time in an efficient way. Clearing House: In past State bank was indulged in clearing function i. e for the settlement of mutual obligations of different commercial banks. As all banks have their accounts and keep a certain percentage of the cash deposits as a reserve with Central Bank, it become easy to set up their mutual obligations by off-setting their accounts. The claim of banks against each other is settled by simple transfers from and to their accounts. These methods of settling accounts though the central bank, apart from being convenient is economical as regards the use of cash since account are adjusted through accounts, there is usually no need for cash. At present this function of state bank is performed by NIFT. And now clearing house is a place where NIFT’s representatives of all scheduled banks sit together and interchange their claims against each other with the help of controlling staff of State Bank of Pakistan and where there is no branch of State Bank of Pakistan the designated branch of National Bank of Pakistan acts as controlling member instead of State Bank of Pakistan. Reasons of Cancellation of Membership: When a bank is no longer a scheduled bank. When any bank fails to meet its liabilities. When It is prohibited to receive fresh deposits by State Bank of Pakistan or Central Government. Advantages of Clearing: dAs clearing does not involve any cash etc and all the transaction takes place through book entries, the number of transactions can be unlimited. dNo cash is needed, as such the risks of robbery, embezzlements and pilferage are totally eliminated. dAs major payments are made through clearing, the banks came manage cash payments at the counters with a minimum amount of cash in vaults. dA lot of time, cost and labor are saved. Since it provides an extra service to the customers of banks without any service charges or costs, more and more people are inclined and attracted towards banking. Rules & Regulations of Clearing House: Timing: -Monday through Saturday 1st Clearing 10. 00 A. M. 2nd Clearing 2. 30 P. M. ? Cheques and other negotiable instruments are sent through NIFT’s representative for exchange. ? All the cheques and negotiable instruments must be properly stamped and suitably discharged ? Each and every Cheque must be accompanied by an objection memo when returned unpaid duly initialed. ? Each bank is required to maintain sufficient funds in the principal account with SBP to meet the payment obligations. The State Bank of Pakistan debits the account of each member of the clearinghouse with the proportionate working expenses incurred on the operation of clearing house. These expenses are very nominal. Functioning of Clearing House: All the scheduled banks which are the member of clearing house, must maintain accounts with SBP, by debit and credit to which the clearing settlements are made. If on a particular day, a bank delivers Cheque and other negotia ble instruments worth more than the total amount of Cheque received by it that banks account with State Bank of Pakistan will be credited with the differential amount. If on the other hand the total amount of Cheque and other negotiable instruments drawn on a certain bank by other banks is more than the total amount receivable by it from other banks, then this bank's account will be debited on that day. The Cheque delivered to the other banks through NIFT’s representatives for clearing are called outward clearing; whereas Cheque received from the representatives of other banks for payment are called inward clearing. How settlement is done in NIFT? Presume that MCB got the Cheque, which are drawn on UNION BANK, UBL and ACBL for amounts Rs. 50,000/-, Rs. 30,000/-, Rs. 5,000/- respectively, its total being Rs. 95,000/-. It means that this amount is to be credited to MCB A/c with S. B. P. On the other hand the Cheques drawn on MCB are from UNION BANK, UBL & ACBL of Rs. 15,000/- Rs. 75,000/- and Rs. 30,000/- respectively, its total being Rs. 1,20,000/-. It means that this amount is to be debited from MCB A/c. The difference between Rs. 95. 000/- credit and Rs. 120. 000/- debit is Rs. 25,000/- debit, which means the house, is against MCB for Rs. 25,000/-. If we separately show it then, MCB has to receive Rs. 50,000/- from UNION BANK and to pay Rs. 15,000/- to UNION BANK so difference is Rs. 5,000/- credit. MCB has to receive Rs. 30,000/- from UBL and to pay Rs. 75,000/- to UBL so difference is Rs. 45,000/- debit. MCB has to receive from ACBL Rs. 15,000/- and to pay Rs. 30,000/- to MCB so difference is Rs. 15,000/- debit. GRAND TOTAL: + 35,000, – 45,000, -15,000 = -25,000 i. e. Rs. 25,000/- debit. Hence MCB A/c with State Bank of Pakistan will be debited with Rs. 25,000/- and the contra will be other banks accounts respectively. This is called as â€Å"Debit and Credit Rule†. The amounts and number of instruments received are entered in the House Book from the main schedules of the respective banks. The State Bank of Pakistan maintains two major books for clearing house purpose :- HOUSE REGISTER. This book contains the information about the amounts and number of cheques received and delivered by each bank is noted down. Its columns are just like our clearing house-page. HOUSE BALANCE BOOK: This book contains the amount and number of cheques received and delivered by each bank as well as the amounts which are to be received and paid to respective banks through their accounts by State Bank of Pakistan is written down. This book has the following columns:- |Initials |To Pay Amount |No. f Cheques Received/Delivered |Name of Bank|Received Amount |To Received Amount|Initials | Both sides of this book are balanced. Vouchers are prepared from the slips received from the respective banks and the amounts are compared with this balance book. Summary of Clearing House Working: The working of clearing house may be summarized as under:- ? The instruments are delivered to the respective banks. ? The instruments drawn on our Bank are received from other banks. ? The amount and number of instruments received are entered in the House Book from the main schedules of respective banks. The amount of instruments delivered, received and the difference is written on a Figure slip provided in the clearinghouse and the slip is returned to the supervisor. ? The instruments are arranged branch-wise. ? Schedules are detached and kept safely. OUTWARD CLEARING AT THE BRANCH: The following points are to be taken into consideration white an instrument is accepted at the counter to be presented in Outward Clearing: ? The name of the branch appears on its face where it is drawn on. ? It should not be stale or post dated or without date. ? Amount in words and figures does not differ. Signature of the drawer appears on the face of instrument. ? Instrument is not mutilated. ? There should be no material alteration if so, it should be properly authenticated. ? If order instrument, suitably endo rsed and the last endorsee's account being credited. ? Endorsement is in accordance with the crossings if any. ? The amount of the instrument is same as mentioned on the paying-in-slip and counterfoil. ? The title of account on the paying-in-slip is that of payee or endorsee (with the exception of bearer cheque). If an instrument is in order then our bank's special crossing stamp is affixed across the face of the instrument. Clearing stamp is affixed on the face of the instruments, paying-in-slip and counterfoil (The stamp is affixed in such a manner that half appears on paying-in-slip and half on counterfoil). The instrument is suitably discharged, where a bearer cheque does not require any discharge and also an instrument in favor of a bank need not be discharged. The instrument along with paying-in-slip is retained while the counterfoil is given to the customer duly signed. Then the following steps are to be taken:- ? The particulars of the instruments and the pay-in-slips or credit vouchers are entered in the Outward Clearing Register. Serial number is given to each voucher. ? The register is balanced, the credit vouchers are separated from the instruments and are released to respective departments against acknowledgement in the register. ? The instruments are arranged bank-wise. ? The schedules are prepared in triplicate, two copies of which are attached with the relevant instruments and the third i s kept as office copy. ? The house page is prepared from schedules in triplicate. ? The Officer Incharge with branch stamp signs the schedules and house pages. ? The grand total of the house page is taken and agreed with that of the outward clearing register. The instruments along with duplicate schedules and house-page are sent to the Main Office. ? However the amount is kept in float till final status of various instruments is known from respective paying banks in second dealing. The entry of the instruments returned unpaid is made in Cheques Returned Register. If the instrument is not to be presented again in clearing then a covering memo is prepared. The covering memo along with returned instrument and objection memo is sent to the customer who deposited the same in his account. INWARD CLEARING OF THE BRANCH: The particulars of the instruments are compared with the list. The instruments are detached and sorted out department-wise. ? The entry is made in the Inward Clearing Regis ter (Serial Number, instrument number, Account number and amount of instrument is written). ? The instruments are sent to the respective departments against acknowledgement in the Inward Clearing Register. ? The instruments are scrutinized in each respect before honoring the same. OUTWARD CHEQUES RETURNED UNPAID: These are the cheques returned unpaid by us presented to us in Inward Clearing due to some objections. INWARD CHEQUES RETURNED UNPAID: These are the cheques returned unpaid to us, which were lodged by us in Outward Clearing. RETURN OF CHEQUES AFTER CLEARING HOUSE: Suppose all cheques received in the inward clearing are passed and later on it is found that a cheque should have been returned. In such cases, we contact the collecting branch and request them not to make payment against the proceeds of the cheque which was not returned unpaid by us in due time. The cheque with objection memo along with a covering letter is sent to the collecting branch, making request to issue a payment order in our favor. To balance the cash-cum-day book we may debit Suspense A/c Sundry Debtors with the approval of the manager. When the payment order is received, it is lodged in clearing and the Suspense A/c -Sundry Debtor is adjusted accordingly. SPECIAL CLEARING: In addition to the normal clearing function at Clearing House it is mutually agreed to hold an extra clearing at the Clearing House on a particular day and time, which is known, as â€Å"Special Clearing†. It is arranged due to rush of work arising out of say, m

My Educational Philosophy Essay - 1186 Words

Socrates warned his students over 2000 years ago that the unexamined life is not worth living. (Kreis) This statement, though made so many years ago, mirrors my own beliefs about learning and knowledge acquisition in today’s society. In my own personal philosophy of education, I believe that individuals must continually examine their surroundings and learn from the things they find. I do not believe that just knowing random facts or bits of information is true education. Just as the ancient Greeks believe, I think that education should teach a child to think and learn independently. The underlying purpose of an education should be to teach a child to think for himself. According to the Socratic Method, educators must pull knowledge†¦show more content†¦The better we prepare them through education, the more our society will flourish in the future. Unfortunately, teaching children to think independently can be a very difficult task, especially in today’s educational system. We are expected to teach students to think independently and to follow the school and classroom rules at the same time to ensure order. With the set-up of American schools, often teachers have as many as 30-31 students in a single classroom; students must learn to comply with the rules that are in place to ensure order and safety. In addition, teaching of compliance helps students learn to live peacefully in society and follow the laws of the society. We want to create individuals who strive for excellence in their personal and professional lives. The â€Å"educated† individual should also strive for excellence in their community. 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Using Qualitative Feedback Of Grades - 3184 Words

Letters Over Words: Using Qualitative Feedback Instead of Grades Paige M. Bartlett University of Washington Teaching to Transgress April 9th, 2015 Oppressive Classrooms The year was 1987. My mom was a freshman in college. She felt virtually invisible in her Intro to Anthropology course of around 300 people. It wasn’t her best class, but she was still surprised when she received a C- on the paper she wrote. She hadn’t thought she’d done that badly. Confused, she scheduled an appointment to talk to her professor about it. She walked into his office asking where she’d gone wrong, so she could understand and improve. The professor took the paper and changed the grade to an A. â€Å"I thought you were someone else,† he told her†¦show more content†¦It gives students a better understanding of their academic abilities and prevents students from being powerless in their own education. Grades have served to dehumanize students. Instead of being seen as full, complete beings they are reduce to A students, C students, and students failing the class. This judgment is not only made by their teachers but by society as a whole. Parents often set standards for what their kids grades need to be and punish them if they don’t reach the mark. Friends and classmates compare the results of tests and report cards, making learning into a competition where some are â€Å"better† than others. Additionally, and perhaps the most disturbingly, for some students, grades become a reflection of their own worth. It doesn’t help that in many ways our future is defined by our GPA. In a world where grades carry such weight, they can seem awfully fatalistic. A streak of bad ones can look like the end of a dream career. A friend of mine is facing just that reality. Her GPA is lower than she expects and lower than what it takes to get herself to grad school. With the added possibility of disappointing her parents or losing her scholarship, each assignment is an anxiety provoking threat, which could take her closer to failure. The way we’ve set up schools, once your grades drop, it becomes incre asingly hard to bring them back up. Many students faced with mounting

Anti Divorce - 3362 Words

The Anti-Divorce Revolution: The Debate on Marriage Takes a Surprising Turn Pia Nordlinger The Weekly Standard, March 2, 1998 Town amp; Country, a glossy magazine for the well-heeled, touted a special feature in its January issue: Tamp;Cs Guide to Civilized Divorce. Placed just before photos of society newlyweds in the monthly Weddings section, the guide highlights how to choose the right attorney, minimize costs, and spare the children mental anguish. The 16-page insert even includes a compilation of Americas top divorce lawyers, complete with their professional nicknames: Your Worst Nightmare, The Hired Gun and The Stealth Bomber. Readers of slick magazines may be interested in the mode of divorce, but the rest of the†¦show more content†¦During the 1970s, when more and more states were adopting no-fault laws, the annual number of divorces shot from 708,000 in 1970 to 1,181,000 in 1979, an increase of 66 percent. Even as divorce was becoming commonplace, public opinion remained ambivalent. Between 1970 and 1995, the minority who oppose divorce as a solution to marital difficulty rose slowly from 22 percent to 34 percent, according to CBS News polls. More striking, through the 80s and 90s roughly half the respondents to National Opinion Research Center surveys agreed with the statement, Divorce should be more difficult to obtain than it is now, while the share who thought it should be even easier hovered around 25 percent. Still, the public may not be ready to repeal no-fault. Most attempts to toughen state laws have failed. The notable exception came last July, when Louisiana enacted covenant marriage. Couples in that state now have the opportunity to choose between a standard marriage and a covenant marriage, which includes premarital counseling and, if the marriage should break down, counseling before a divorce can take place. 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Kouzes and Posneer

Question: Discuss about theKouzes and Posneer. Answer: Introduction: Leadership can be explained as a variable practice of determining a target or an aim, motivating a team to achieve the set goal, sharing a vision, supporting the team, and motivating them to achieve the targeted aim. In a day to day routine of a nurse, this could mean coordination of day and night work shifts, and the team of nurses, and supporting the staff on duty under the direction of a leader (Abraham, 2011). The leadership skills of a nurse are to successfully operate the shifts, enhancing the staff morale, and managing and giving hundred percent of dedication in a case of challenging or difficult situations. Kouzes and Posner have designed a model of leadership called Kouzes and Posner (2012) that can define in the best way the required skills of an effective leader. Some have inborn leadership skills, and some have to develop these skills to be an effective leader. The Kouzes and Posner (2012) have divided its model into five practices that a leader should excel in his field. Here in this report, the same has been explained with the help of an example of leadership and the progress made in leading (Abu-Tineh, Khasawneh and Omary, 2009). Example of Leadership I am working as a registered nurse with a reputed Hospital in Hong Kong. Under my stature, there are about five male and seven female nurses whom I have to lead as per to the day to day requirements. 7th September was a usual working day, when I was called by the head nurse and was told that a train accident had happened, and many of the victims would be coming to our hospital. She asked me to be ready with my team and other arrangements. I gathered my team and directed them with the duties, they were supposed to handle. Along with the duties I also told them that most of the victims are away from their family, so they need the sympathy, support, and love from us. Everybody is of different nature, and so many of them together will be testing our patience thus, it is necessary that all of us should understand the tough situation all patients are in and behave accordingly. There were about hundred patients that came from the accident site. It was really a challenging process to provide the necessary first-aid to them and then send them to doctors for further treatment. I stood there with my team and started treating all the victims of the accident. A tireless and emotional day was ahead of us, but I encouraged my team members regularly for their efforts they were putting along with that completing my duties also. Once all the patients were treated and set. I gathered my team and thanked them for their support and hard work which they showed in such a difficult situation and asked them to be like this in future also, as it would help them to improve their work. As a reward of their hard work I told that next coffee party will be on me. This experience made me learn a lot as it helped me to know where I stood with my team, and how well I was leading them to face the upcoming circumstances and be a better person in work and in life. In this experience, the exemplary level of the leadership is displayed. This could be explained with the help of the leadership model Kouzes and Posner (2012). How a leader has followed the five practices of the leadership model and the commitments that a leader should make with him-self or her-self to lead his or her team in an effective way is being well explained in the example. Kouzes and Posner Model (2012) Model the Way- The personal credibility of a leader is one of his essential qualities and also the base on the leadership. The team members or the subordinates should have a belief on their leader, then only they will be able to clearly understand the message that a leader want to communicate. A leader should be able to clearly state the right path that his or her subordinates should take. As given in the example I had the responsibility of leading a team of twelve members and when I realised that a particular situation needs my leadership quality where I had to guide my subordinates the best way to treat the patients I tried to put my best foot forward and explained them the situation (AL-Dossary, Kitsantas and Maddox, 2014). My leadership had proved successful as my team was able to successfully understand the sensitivity of the situation and performed in the best way. I had successfully fulfilled the commitments of the model. I shared my idea of practice with my subordinates whom they were able to replicate and I my-self worked with them with the same rigour to achieve the target set by us. An example was set by me for my team members to follow which was a necessity at that moment (Bensfield, Solari-Twadell and Sommer, 2008). Inspired a shared vision- A leader should be able to pass on the vision he has to his subordinates. If his or her vision is clearly passed and understood by his or her team members then they will be able to change the vision into a reality (Waite and Brooks, 2014). It is necessary that the communication level between the members and the leaders has to be very comfortable and clear. In the above-given example, (Kouzes and Posner, 2011) I passed on my vision of treatment that was needed to be given to the patients and how to deal them with sympathy and sensitivity. My vision was delivered to my team, and they were able to cope with the sensitive and challenging situation standing in front of them. I tried to fulfil both the commitments of this practice as I assumed the situation and what lie in the future and delivered my vision to my subordinates also and replicate it into a reality (Brightman, 2007). Challenge the process- The life is full of challenges and a leader should always be prepared to face the upcoming challenges that life throws in front of him or her. The commitments of this practice also state that a leader should grab the opportunities by doing experiments, taking risks, and learn from their mistakes. Same as in the example, when a challenging situation came in front of me and my team, I took the challenge and boosted my team, to follow my instructions to easily pass through the situation and help all the patients (Player and Burns, 2015). I tried to prove my leadership skill by setting an example for my team to follow and grow in their work experience. There were a lot of chances of the failure in handling the difficult situation, but my faith in myself and on my team lead me to success. This challenge had also helped in proving that I as a leader and my team can tackle any challenge thrown at us (Bruno and Lay, 2008). Enable other to act- A leader needs a team to show his or her leadership skills. A leader knows very well that a good team is a necessity to achieve any target set by the management. A team is a group of people who have their own ideas and nature. It is very necessary for a leader to make individuals form a team and work with each other by respecting each others thoughts and nature (Butko, 2012). The commitments of this practice also state that a leader should be able to make his people work as per the given directions given by collaborating with the group members and strengthening the team by supporting each other in all types of circumstances. Treating hundred of patients was not an easy task, but me, and my team was able to conquer the task because we all worked like a team and I as a leader was able to get my team work as per my directions. I welcomed any suggestion coming from my team and told them how to work with a lot of patience and sympathy with the patients. My directions not only helped my team to work through a difficult situation but also helped the victims by supporting them and giving them sympathy and cure (Castille, 2012). Encourage the heart- Sometimes people get irritated, frustrated, and disappointed with the work they are doing, then it becomes the leaders responsibility to encourage his or her subordinates and boost their morale. A leader should recognize the contribution of his or team and should appreciate their efforts. In the above-given example, the situation where I as a leader and my team were supposed to show our efficiency was very difficult as well as challenging (Chang and Lin, 2008). The disappointment of the victims would had easily affected the team members, but not only I encouraged my team members by appreciating what they were doing and a small token of appreciation was given by in the form of a coffee treat for their hard work and work efficiency. This way the example displayed both the commitments of the practice which is to recognize the efforts of the workers and celebrate their victory with the coffee treat as a reward which I promised them. (Click, 2014). Leadership Practice Inventory Here, the practices and their commitments of the leadership model of Kouzes and Posner (2012) are scored as per the progress I made in my leadership skill while working as a registered nurse. Score- 1= Bad, 2 = OK, 3 = Good, 4 = Very Well Done, 5 = Best Practices of the Model Commitments Score Model the Way Clarify values by finding your voice and affirming shared ideals 4 Set the example by aligning actions with shared values 4 Inspire a Shared Vision Envision the future by imagining exciting and ennobling possibilities 3 Enlist others in a common vision by appealing to shared aspirations 4 Challenge the Process Search for opportunities by seizing the initiative and by looking outward 5 Experiment and take risks by constantly generating small wins and learning from experience 5 Enable Others to Act Foster collaboration by building trust and facilitating relationships 4 Strengthen others by increasing self-determination developing competence 3 Encourage the Heart Recognise contributions by showing appreciation for individual excellence 4 Celebrate the values and victories by creating a spirit of community 2 As per the inventory I have scored myself 4 in both the commitments of the practice Model the Way as I am able to guide my team with the right directions and also I myself work hard with them to set an example. In inspiring other with shared vision I scored myself 3 where I have to assume what is coming in future because I feel, I still have to work on my skill and 4 in the commitment where I have to share my vision with my team which I am able to do well. Third practice I excelled because I feel that I am ready to deal all types of challenges with the support of my team. I have full support and trust of my team which allowed me to score myself 4 in the commitment of Enable Others to Act but in the second commitment I still have to work in developing the self-determination. In Encouraging the Heart practices I scored myself 4 in recognizing the hard work that my team members always show but in the reward section I feel I could do better to encourage my team. In all, there are few fac tors where I have shown remarkable efforts in leading my team, but in some factors I still have to work very hard and achieve the success. Critical Analysis For a leader, it is necessary to know all the pros and cons of the ways and skills he or she is using to lead the team. A decision or a method used by a leader is not necessary to prove to be a success in all the situations. A leader should evaluate the circumstances and then decide the method or the practice that could be used and determine the expected result out of it. Here a critical analysis for some of the leadership skills is being done to explain the course of action one could take to achieve the target (Criscitelli, 2013). Personal Values- a leader always set an example for his subordinates to follow. Ones personal values and thoughts affect the decision, he or she takes. If a leader evaluates all the aspects of the circumstances of the present time and also the affects of the decision taken in the future, then the success of the decision is expected more than a failure. But one never know what lay ahead in the future, a decision taken in the present times can go totally wrong in the future. It becomes very important that how a leader is using and displaying his or her personal values because the subordinates will be following the same example and that can lead them to the failure (Ellis and Abbott, 2013). Skills and Qualities- If a leader lacks the skills and qualities of an effective leader than he can never attain the target expected from them. This is because an effective leader needs to have skills like effective personal values, good communication level, clear vision of target, and also one should be an example that can be followed on (Ricketts, 2005). If a leader lacks all these qualities and skills, then he will not be able to share the vision of targeted aim with his subordinates. It is very important for a leader to make his vision clear with the subordinates because if the team members will not have a clear idea of the vision of the leader to attain the target or they didnt have the belief in the skills of their leader, then the targeted aim will never be achieved. Thus, it becomes very necessary that the leader should have skills and qualities to share a vision with the team members (Grossman, 2007). Challenging the Process- The self-belief, experience, learning from ones mistakes, and grabbing the opportunity are the factors that help a leader to challenge the regular process. If a leader lacks the self-confidence or risk taking quality than one will never be able to challenge the process and make people believe in the changes that the leader wants. If a leader displays the factors like experience and learning from the mistake than the management also listens to the point a leader want to communicate to challenge the regular process (Humpris, 2011). Empowerment- a leader has to give directions to the subordinates that lead them to the success. To give directions it is necessary that the leader should have the clear vision and idea of the goal set by the organization. A leader should be able to gain the trust of the team members and also strengthen the belief one has on their leader. If the team members do not believe in the vision of their leader, or do not trust the judgment or decision taken by him or her, then they will never be able to work like a team (Illies and Reiter-Palmon, 2007). Positive working environment- A positive working environment enhances the work efficiency of the worker. It is very necessary for the leader to make sure that the working environment is stress-free, amiable, and positive for his or her team- members. If the environment is not work friendly and the efforts made by the team is not appreciated by the leader, then a team will not be able to give the hundred percent of work efficiency that is expected from them (Jones, 2014). Conclusion Kouzes and Posner have come up with a leadership model Kouzes and Posner (2012) that explains the practices and the commitments that a leader should follow to show an effective leadership quality. The example of my life shared in the report explains and displays how a leader should tackle a situation and lead his or her team members also in showing their hundred percent work efficiency. The example shared in the report follows all the practices and its commitments that a leader should follow as per the leadership model designed by Kouzes and Posner. The example also shows the exemplary development of the leadership skills working as a nurse. The critical analysis of various factors that helps a me to attain an effective leadership describes the pros and cons of all the factors that help in diagnosing the situation and then deciding the course of action that I should take in a certain circumstance or a situation. In the end, the report concludes that various skills and qualities are r equired by a leader to achieve an effective leadership. References Abraham, P. (2011). Developing Nurse Leaders.Nursing Administration Quarterly, 35(4), pp.306-312. Abu-Tineh, A., Khasawneh, S. and Omary, A. (2009). Kouzes and Posners Transformational Leadership Model in Practice.Journal of Leadership Education, 7(3), pp.265-283. AL-Dossary, R., Kitsantas, P. and Maddox, P. (2014). The impact of residency programs on new nurse graduates' clinical decision-making and leadership skills: A systematic review.Nurse Education Today, 34(6), pp.1024-1028. Bensfield, L., Solari-Twadell, P. and Sommer, S. (2008). The Use of Peer Leadership to Teach Fundamental Nursing Skills.Nurse Educator, 33(4), pp.155-158. Brightman, J. (2007). The gap between personal and organizational values.Leadership in Action, 18(6), pp.13-13. Bruno, L. and Lay, E. (2008). Personal values and leadership effectiveness.Journal of Business Research, 61(6), pp.678-683. Butko, M. (2012). Book Review: Credibility: How Leaders Gain and Lose It, Why People Demand It (2nd ed.) by James Kouzes and Barry Posner (Eds.).Adult Learning, 23(3), pp.158-159. Castille, K. (2012). Leadership matters.Emergency Nurse, 20(3), pp.11-11. Chang, H. and Lin, G. (2008). Effect of personal values transformation on leadership behaviour.Total Quality Management Business Excellence, 19(1-2), pp.67-77. Click, E. (2014). Tapping the Leadership Skills of Nursing Faculty: The Beneà ¯Ã‚ ¬Ã‚ ts of Volunteering for Academic Committees.Nurse Leader, 12(6), pp.62-66. Criscitelli, T. (2013). Build your staffÊ ¼s leadership skills.OR Nurse, 7(6), pp.8-11. Ellis, P. and Abbott, J. (2013). Leadership and management skills in health care.Nurs Prescr, 11(5), pp.251-254. Grossman, S. (2007). Assisting Critical Care Nurses in Acquiring Leadership Skills.Dimensions of Critical Care Nursing, 26(2), pp.57-65. Humpris, P. (2011). Honing your leadership skills.Independent Nurse, 2011(9). Illies, J. and Reiter-Palmon, R. (2007). Responding Destructively in Leadership Situations: The Role of Personal Values and Problem Construction.J Bus Ethics, 82(1), pp.251-272. Jones, S. (2014). Distributed leadership: A critical analysis.Leadership, 10(2), pp.129-141. Kouzes, J. and Posner, B. (2011). Leadership begins with an inner journey.Leader to Leader, 2011(60), pp.22-27. Player, K. and Burns, S. (2015). Leadership Skills: New Nurse to Nurse Executive.Nurse Leader, 13(6), pp.40-51. Ricketts, J. (2005). The Relationship between Leadership Development and Critical Thinking Skills.Journal of Leadership Education, 4(2), pp.27-41. Waite, R. and Brooks, S. (2014). Cultivating social justice learning leadership skills: A timely endeavor for undergraduate student nurses.Nurse Education Today, 34(6), pp.890-893.

Soft Skill for Successful Career Essay Example

Soft Skill for Successful Career Essay Soft skill for successful career: Soft skills with special focus on ITES. Soft skill is the ability required and expected from persons for finding a suitable job, its maintenance and promotion. Importance of soft skill: Soft skill is very important ? To handle interpersonal relations ? To take appropriate decisions ? To communicate effectively ? To have good impression and impact to gain professional development Communication skill as soft skill: Communication skills form the corner stone of soft skill †¢ Every human being has to essentially effectively communicate with others †¢ Effective communication is the hallmark of one’s education †¢ The ability to speak fluently using the right word in the right order is an good communication †¢ Message using appropriate vocabulary and syntax form effective communication Body language: Non verbal language ? Face is the index of the mind and it clearly displays the persons interest ? Body language presents to the au dience what we feel think about the particular matter Ex: Nodding one’s head Body language (e. g, arms crossed, standing, sitting, relaxed) ? Emotion of the sender receiver (e. g, speaking clearly, enthusiastic) Written communication Skill: ? Writing evaluates a person’s proficiency indications, spelling grammar etc†¦ ? Errors committed while writing circulars, reports agenda considerably spoil the image of the writer ? Good visual presentation using graphics, color, balanced design layout- adds so much to written communication. ? Keep handouts and other written materials for your presentation. Presentation Skills: Presentation skills include planning, preparation delivery of the message ? Making a formal speech is one form of presentation ? Presentation skills can be broadly categorized into physical oral, electronic ? Success in life depends on presenting ideas in an appropriate manners ? Look at the eyes of audience speak in a natural, conversational voic e ? Appropriate voice will make the presentation effective and interesting ? Ask for feed back from your audience about your presentation change accordingly ? In presentation especially, stop occasionally to ask the audience understand what you have said Team Work: ? People of either gender, different age groups, qualification, status skills work as a team with a common objective of accomplishing the task ? The success of any organization largely depends on in the coordinated efforts of its employees ? It mainly refers to the agreeableness co-operation among the team members Professional ethics: ? Professional ethics is the need of the hour in India ? When a person is at the work spot, he must think of his work only ? He must put his heart soul into the work Each employee is a organic part of the organization must strive to contribute his mite to the successful functioning of the organization Interpersonal Skills: ? Man is a social animal his success in life largely depends on his relationship interaction with others ? We must respect the views sentiments of others. ? When we want to differ their views, we must very politely give hi nts to them without wondering their feelings Time Stress Management: ? Prioritize the work schedule your time accordingly ? Impotent work should be allotted more time taken up first ? We will write a custom essay sample on Soft Skill for Successful Career specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Soft Skill for Successful Career specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Soft Skill for Successful Career specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Listening to classical music practicing Yoga will considerably reduce the physical,emotional mental stress of an individual Leadership communication skills: ? Leaders, executives managers need to be very clear about what they expect from others ? Trust your self ? Keep smiling ? Share stay together ? Always learn new things ? Accept responsibility for your self your actions ? Look at problems challenges ? Be grateful always ? Love your self The Power of Positive Attitude: Positive attitude helps to cope more easily with the daily affairs of life. It brings optimism into your life, and makes it easier to avoid worry and negative thinking. If you adopt it as a way of life, it will bring constructive changes into your life, and makes them happier, brighter and more successful. With a positive attitude you see the bright side of life, become optimistic and expect the best to happen. It is certainly a state of mind that is well worth developing and strengthening. The benefits of a positive attitude: Helps achieving goals and attaining success. Success achieved faster and more easily. More happiness. More energy. Greater inner power and strength. The ability to inspire and motivate yourself and others. Fewer difficulties encountered along the way. The ability to surmount any difficulty. Life smiles at you. People respect you. Negative attitude says: you cannot achieve success. Positive attitude says: You can achieve success. If you have been exhibiting a negative attitude and expecting failure and difficulties, it is now the time to change the way you think. It is time to get rid of negative thoughts and behavior and lead a happy and successful life. Why not start today? If you have tried and failed, it only means that you have not tried enough. Developing a positive attitude that will lead you to happiness and success: Choose to be happy. Look at the bright side of life. Choose to be and stay optimistic. Find reasons to smile more often. Have faith in yourself and in the Power of the Universe. Contemplate upon the futility of negative thinking and worries. Associate yourself with happy people. Read inspiring stories. Read inspiring quotes. Repeat affirmations that inspire and motivate you. Visualize only what you want to happen. Learn to master your thoughts. Learn concentration and meditation.