Professional Documents
Culture Documents
Registration No.
CIIT/SP09-BBA-037/LHR
Internship Report
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Atlas Bank Limited Internship Report
ONE BANK, ONE TEAM, ONE SPIRIT
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Atlas Bank Limited Internship Report
“In the name of Allah, the most beneficent, the most Merciful”
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Atlas Bank Limited Internship Report
ACKNOWLEDGEMENT
All the praise is for Allah, the most merciful and beneficent, who blessed me
with the knowledge, gave me the courage and allowed me to accomplish this
task. I am especially indebted to all my teachers for instilling in me enough
knowledge to be able to carry myself efficiently during my internship.
Secondly, I am bound to thank all the staff of Atlas bank Limited. In
particular, I am grateful to Mr. Ajmal Sheikh (Area Manager), Mr. Abdul-
Rauf Anjum (Branch Manager), Mr. Gulam Mustafa (Operation Manager),
Mr. Manzoor Ahmad (Customer service Manager), Mr. Arshad Bhatti, Mr.
Usman Arshad, Mr. Hammad Abid, Mr. Ali Raza and Mr. Shahzada Adnan.
Their inspiring guidance, remarkable suggestions, constant encouragement,
keen interest, constructive criticism and friendly discussion helped me to
learn and enabled me to complete this report efficiently.
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Atlas Bank Limited Internship Report
DEDICATION
“Keep your dreams alive. Understand to achieve anything requires faith and
belief in yourself, vision, hard work, determination, and dedication.
Remember all things are possible for those who believe.”- Merlin Olsen
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Atlas Bank Limited Internship Report
Prologue
I have strong belief that this report will guide and ease the
readers to understand the operations of banking system and
more prominently have good knowledge about Atlas Bank
Limited, one of the most trusty and leading banks in Pakistan.
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Atlas Bank Limited Internship Report
Table of Content
Chapters Page
No.
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Atlas Bank Limited Internship Report
What is Sale?……………………………………………………………….. 34
Personal Lockers……………………………………………………….. … 34
Term
Deposit……………………………………………………………………… 35
Indicative profit rates on Term Deposit of Local
Currency…………………………………………………………………….. 36
Indicative profit rates on Savings Deposit of Foreign
Currency……………………………………………………………………… 38
Indicative profit rates on Term Deposit of Foreign
Currency…………………………………………………………………….... 38
Conditions for Closing an Account………………………………………… 39
Operation Department………..………………………………………….... 40
Operation Manager (OM)…………………………………………….... ...... 40
Operation Officer (OO………………………………………………............ 40
CBC………………………………………………………………....……….... 41
Remittance ……………………………………………………....………....... 41
Kinds of Remittance………...…………………………………..………....... 42
Cheque Clearing……………………………………………....…................. 44
NIFT………………………………………………………………....………....
. 46
Stamps used In Clearing .....………………………………………………... 48
Transfer of funds to Banks in foreign countries.…………………………. 49
TRADE………………………………………………………………………… 51
Sales Contract (Performa Invoice)…………………………………………. 52
L.C (Letter of Credit) …………………………………………………….... .. 52
Types of L.C………………………………………………………………..… 53
Advising Letter…………………………………………………………….... . 54
Intermediatory Banks………………………………………………………… 54
Shipment Process………………………………………………………….… 54
Bill of Lading: ……………………………………………………………….... 54
Shipment Documents …………………………………………………...….. 55
FINANCE………………………………………………………………………. 57
Exporters Refinance (ERF) Scheme……………………………………..... 57
FAPC I (Finance Against Packing Credit I )…...……………………........ 58
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Atlas Bank Limited Internship Report
How Bank Process FAPC I?………………………………………………... 59
FAPC II (Finance Against Packing Credit II) ………………………….… 60
Foreign Exchange Return ………….………………………………………. 61
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Atlas Bank Limited Internship Report
Background and Environment
'With equity of over Rs.3.41 billion and assets base of over Rs.30.40 billion,
Atlas Bank is determined to expand within and contribute aggressively to the
growing economy of Pakistan and its flourishing banking sector. To stand
out in the market through competitive positioning as its prime objective,
Atlas Bank is always be committed to deliver consistent quality services and
customer satisfaction.
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Atlas Bank Limited Internship Report
Investment Bank Limited. In 2002, Atlas Lease was subsequently merged
with Atlas Investment Bank.
In 2005, the group acquired Dawood Bank Limited and merged it with Atlas
Investment Bank to form Atlas Bank limited. In present, Atlas Bank is now
operating as a full commercial bank.
DEG has been financing and structuring the investment of private enterprise
in developing countries for more than 40 years. The agreement will enable
DEG to become a minority shareholder with a 24.9 per cent stake and a seat
on the bank’s Board. For DEG, this is the first equity investment in a
commercial bank in Pakistan.
Under the new management team, Atlas bank is fast transforming into a
dynamic institution committed to providing maximum convenience and
innovation financial solutions to growing customer based.
Today Atlas Bank is expanding its network in every corner of the country; it
is due to successful management and team spirit of Atlas Bank that in a very
short time they have their 40 branches in 17 cities nationwide.
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Atlas Bank Limited Internship Report
What is Bank?
It has not so far been decided as to how the word ‘Bank’ originated. Some
authors opine that this word is derived from the words ‘Bancus’ or Banque’
which mean a bench. Other authorities hold the opinion that the word ‘Bank’
is derived from the German word ‘Back’, which means ‘joint stock fund’’. It
is therefore, not possible to decide as to which of the opinion is correct, for
no record is available to ascertain the validity of any of the opinions
The term bank is being used for a long time yet it has no precise definition.
The basic reason is that the banks perform not just one but many types of
functions originally the banks were supposed to make short term loans to the
traders only. The banks now not only make short term loans to the formers,
traders, industrialist etc. But also invest in a wide variety of long term
earning assets.
The commercial banks also undertake and execute trust, deal in stock, shares
and debentures, issue guaranties and indemnities underwrite and sell new
securities, and deal in foreign exchange etc.
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Atlas Bank Limited Internship Report
“A banker is a dealer in capital or more properly a dealer in money. He is an
intermediate party between the borrower and lender. He borrows one party
and lends to the another” --- G W Gilbert
Types of Banks
CENTRAL BANK: Every country has its central bank or state bank. Its
major function is to carry out a country’s monetary policy with an aim to
safeguard its financial and economic stability. It has the monopoly of note
issue. It is also the custodian of money market. State bank is the Banks bank
and lender to the government.
SAVING BANKS: These are the institutions which are sponsored by the
government for having facilities to the people and small means. These bank
collect small saving of people and allow them to withdraw in small amounts.
Also another institution i.e. National Savings is working in the same
capacity.
I have been in different areas of the Atlas Bank Limited, Faisalabad for six
weeks where I learnt about various operations in different departments.
Departments in which I spent my six weeks are
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Atlas Bank Limited Internship Report
Service & Quality
Department
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Atlas Bank Limited Internship Report
Service & Quality Department
When we enter the bank, first thing we notice is clean atmosphere and
quality of services by the bank. Customers always demands for good attitude
and a warm welcome by bank staff. Atlas Bank always welcome their
customers whole heartedly and ensure quality of service and a warm
welcome which made them feel just like they are in their family.
Welcome the customers on the reception and provide them with every
single information they need.
Direct them to the respective officers.
Ensure good service to the customers by cash counter.
Receive Incoming calls and provide customer with full details of the
product they ask for.
Transfer Incoming calls to the officers in the bank.
Receive all kind of telephonic messages and pass them to respective
officers and employee of the bank.
Make calls to different customers for any kind of notification or to
other branches. of the bank or to other banks as required by bank for
various reasons.
Write & and receive e-mails on the behalf of bank.
Send and receive mails and keep record of inward and outward mails.
Also works as an office administrator.
Maintenance cleanliness in office.
Internal services maintenance.
Collect feedback from customers and make improvements in services
keeping in front the suggestion and feedback of customers.
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Atlas Bank Limited Internship Report
Atlas Bank always trying to improve their Service and Quality Department
and for this reason, they test their employees through two ways
1. Mystery Shopper
2. Test Calls
Test Calls:
In this test an officer assigned for taking test make a sudden call to
the bank without informing them and act as a customer. He/she ask several
questions about the products and other question about bank services and
notice following thing about the telephone operator
o Tone of voice
o Courtesy
o Information provided
o Awareness with the products and services
After the call he/she evaluate the marks of the operator and send it to the
operator at the end of the month.
Mystery Shopper:
Just like test calls a mysterious person who is from head office
of the Atlas Bank and is completely unknown for any employee of the
particular branch came to the bank and go to various departments and ask
various questions from bank staff as a customer and carefully take notice of
each and everything about the atmosphere and staff behaviour with
customers. He/ she then evaluate marks and make report about the ethical
performance of the bank staff and send it to that bank branch along with
comments and suggestion for improvements.
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Atlas Bank Limited Internship Report
Customer Service
Department
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Atlas Bank Limited Internship Report
Customer Service Department
(CASH DEPATMENT)
Receipt Counter:
The officer at the receipt counter deals with all kind of utility
bills as Atlas Bank Limited accept bills payment from the year 2008
including gas bills by Sui Northern Gas, FESCO, PTCL and other bills. This
makes Atlas Bank Limited one of the banks in Pakistan that accept utility
bill payments.
The CSO receives the bill, check its due date, collect payment, and make
entries in to the system through computer in the accounts of PTCL, FESCO
and SUI NORTHERN GAS. Stamp them to be received and keep it as a
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Atlas Bank Limited Internship Report
record and return a part of the stamped bill to the customer as a customer
copy for proof of customer that bill is paid to the bank.
At the end of the working day he/she counts all the cash check it to make
sure it is accurate according to the entries in the computer. Separate each
kind of currency note to make its bundles. They make report of their all day
entries, and after verification from CSM they keep it into their record and
also send a copy of this report to that particular company whose entries they
made in the system.
Payment Counter:
The officer at the payment counter has a main role in
payments. He/she deals with all kinds of cheque receiving and payment of
cheques. Cash officer perform following functions.
After receiving cheque the Cash officer follows the following process for
cheque encashment
1. Receiving Of Cheques
2. Verification Of Signature
3. Computer Terminal Process
4. Payment Of Cash
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Atlas Bank Limited Internship Report
Receiving Of Cheques:
The cash is paid against the cheque of the client. The following points are
important.
Verification Of Signature:
After receiving the cheque the cheque the officer verify the signature of the
account holder and the signature on the cheque. If the signature is not same
it is returned back otherwise forward to computer terminal.
Payment Of Cash:
After posting the cheque the officer cancelled the cheque and returned back
to cashier. The cashier enters the cheque in cash paid registered and pays
against the second signature of receiver on the back of the cheque.
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Atlas Bank Limited Internship Report
bank, or transfers the cheque if it belongs to Atlas Bank Limited. Then CO
sends these cheques to operation department for further process.
CO has an authority to verify the cheques which are no more than 25,000.
0.3% withdrawal tax is deducted on every transaction which is equal to or
more than Rs. 25,000. or a total transaction of Rs. 25,000 within a same day.
Cash has per day limit of 10 million PKR, which is insured. If the need rises
then they have to take Access cover insurance.
Payment counter officer also have to look after cash condition in ATM.
They have to check balance either it is sufficient enough for that day or not.
If not, then it is their job to load money into ATM.
Types Of Cheques:
There are two main types of cheques that are
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Atlas Bank Limited Internship Report
Open Cheques
Crossed Cheques
Open Cheques:
Open Cheques are those cheques, which are paid across the counter of the
bank. Open cheques may be
o Bearer Cheques
o Order Cheques.
Bearer Cheque: If the drawer orders the bank to pay a stated sum of money
to the bearer, it is called a bearer cheque. Any person who lawfully
possesses a bearer cheque is entitled to receive payment of that cheque.
Order Cheque: The amount of this cheque is payable to the person whose
name is written on the face of the cheque. The amount is paid at counter
after identification of that person.
Crossed Cheque:
The amount of this cheque is not paid at counter. The amount of this cheque
is transferred to the person’s account whose name is specified on the cheque.
Two parallel transverse lines are drawn across the face of the cheque.
Kinds of Crossing:-
o General Crossing
o Special Crossing
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Atlas Bank Limited Internship Report
Sales & Distribution
Department
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Atlas Bank Limited Internship Report
Sales & Distribution Department
In this department I spend six days with Mr. Hammad Abid and Mr.Salman
Yaqoob, Business Development Officers at Atlas Bank, Fsd Branch. With
their full support and guidance I’ve come to learn all the work which is to be
done in this department. In Atlas Bank Limited, Fsd Branch there are
Current Account
Saving Account
o BONUS PLS
o ROZANA Profit
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Atlas Bank Limited Internship Report
Types of
Accounts
Current Saving
Account Account
1 - Current Account:
There are two types of current accounts.
* Bills of LESCO, KESCO, GEPCO, IESCO, Sui Northern Gas and ufone only
* Insurance through AIG (American International Group)
2 – Saving Account:
o Rozana Profit
o Bonus PLS
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Atlas Bank Limited Internship Report
Rozana Profit PLS
Saving Account Bonus PLS Account
Account
99.99K and Below 5.00% 5.00%
SAVING PLANS:
Atlas Bank Limited, not only value its customers but also care about their
family as it is just their own family.
For this, Atlas Bank Limited recently introduces two types of saving plans.
MY STAR CHILD
MERA SAHARA.
My STAR CHILD:
Atlas Bank recently introduced a saving plan for children. It is a saving plan
for parents for the better future of their child. Required information about
this saving plan is as follows:
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Atlas Bank Limited Internship Report
My StarChild - Education Saving Plan
MERA SAHARA:
Atlas Bank Limited provides a Retirement planning for its customer that
brings them the colours of happiness even after retirement. Retirement
planning can help you remain financially independent beyond your working
years and allow you to just rest and relax in peace.
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Atlas Bank Limited Internship Report
The Mera Sahara plan provides its customers with a smart solution to save
wisely today and have a happy retirement. Required information about this
saving plan is as follows:
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Atlas Bank Limited Internship Report
How to open an Account??
Atlas Bank Limited opens free accounts for customers. No account opening
fee is charged.
After this the RO ask the customer about all the information required for
filling an account opening form.
Currency:
There are four kind of currency in which Banks are regulated to deal
in. This regulation is imposed by STATE BANK OF PAKISTAN.
Single / Joint:
In joint there can be two to four applicants for a same account. For them
there is an option for applicants either all of them can sign or any one of
them can sign.
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Applicant’s Job Description:
It contains many options like Employee, Sole Proprietorship, Partnership,
Company, Joint Stock any many more.
For each kind of Job, different documents are required.
For Sole Proprietorship, an account opening request on the letter head of the
sole Proprietor is required.
For Partnership the same documents are required in addition with stamp
papers of authorizing each other.
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Stamp Paper for Zakat:
A Rs.20 stamp paper is attached only with Saving Accounts,
in which is mentions that 5% zakat is to be deducted by the bank from
applicant’s account each year on 1st of Ramadan.
If applicant don’t want the bank to exempt Zakat from his Account as he/she
wants to pay zakat all by himself then a stamp paper of Rs.100.
The STATE BANK OF PAKISTAN sets a limit of account each year just 4
days before Ramadan, on which zakat is must to pay.
Last year the limit was Rs.10,000. Every Account which has funds equal to
Rs.10,000 or more than that, zakat was must on them
Through E-banking customers can pay utility bills (KESCO, IESCO , LESCO,
GEPCO and SUI NORTHERN GAS), mobile phone bills, mobile top-ups (ufone
only) bill through any channels such as ATM and Internet Banking
It also allows the Customer with IBFT (Inter Bank Fund Transfer) between
accounts of different 1link Banks.
Atlas Bank is recently going to start his SMS alert service for his customers.
This service allows the customers to secure him from fraudulent
transactions.
He/she can track his inflows and outflows of funds through cash, cheque and
funds transfer based transaction. Also track account activities through any
channel like over the
This is an easy way introduced by Atlas Bank for their valuable customers to
save their precious time and keep them away from hectic formalities of bank
related to different problems.
Customers are provided with a TPIN code on filling up the E-Banking Form.
To get the Account Information on Help Line, customers must tell their PIN
code to the operator, so that he/she finds your account easily. It acts as a
password to identify customer and enable it to conduct various financial and
non-financial transactions at the contact centre.
Customers without this TPIN code can’t get Phone banking facilities.
All it needs is the customer to call Atlas Bank Toll-free call centre 0800-24-
365 and get and easy access to their account.
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Atlas Bank Limited Internship Report
and ATM PIN at anytime just by making a call to Customer Service
Centre.
o ATM PIN works as password through which customer can
access his account on more than 2000 ATMs in the country.
Customer can get their chequebook and can activate ATM card at any
time of day and night.
In event of losing chequebook or ATM card customer can block their
chequebook and ATM card at any time of day and night.
Following service are also offered through Contact Centre
o Chequebook ordering
o Pay Orders/ Demand Drafts
o Balance Certificates / Reference Certificates
o Account Statements
o Funds Transfer – Own and Third Party
Verification Form:
This is a form which is signed by B.M (branch manager), OM
(operation manager), OO (operation officer) and CSM (customer service
manger). This is verification and acceptance of the customer as an account
holder.
Form QA-22:
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Atlas Bank Limited Internship Report
It is a form taken from foreign nationals who are residents in Pakistan or
companies and firms whose Head Offices are outside Pakistan yet wish to
open an account in a bank in Pakistan.
If any Pakistani national is living in Foreign Country than only his NIC of
Overseas Residential of Pakistan by NADRA is required, But if a foreign
national whose is not a Pakistani NIC holder wishes to open an account then
his passport will be required for Account opening purpose.
KINDS OF ACCOUNTS
Individual Account
Joint Account
Individual Account
Proprietorship Account
Partnership Account
Individual Account
When a single man or woman opens an account in his or her own name and
has the right to operate, it is called individual A/C.
Title of Account
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Title of Account should mention the name of the person who operates the
account.
Required Documents:
Joint Account
These are the account of two or more persons who are neither partners nor
trustees.
Title of Account:
Title of account holder should mention the names of all the joint account
holders.
Special Instruction:
At the time of opening the account clear and specific instructions should be
obtained regarding operation of the account and payment of the balance at
the death of one or more joint account holders in the following manner:-
Documents:
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Atlas Bank Limited Internship Report
Mode of Signature:
All joint account holders are required to sign as applicant and in the
column of special instructions.
Specimen Signature of only those joint account holders are required
who are authorized to operate the account.
Proprietorship Account
“It is an account in which the owner of the firm operating singly, open an
account in his firm name”
Title of Account:
Special Instructions:
Documents:
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Partnership Account
Title of Account:
Title of account must be in the name of the firm as declared by the partners.
Documents:-
Title of Account:
Title of account should be exactly in the same name and style as mentioned
on the memorandum and article of association.
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Atlas Bank Limited Internship Report
Special Instructions:
All the special instructions should be given to the bank in the form of
Resolution of Board of Director.
Documents:
Title of Account:
Operational Instructions:
All the parties must be in accordance with the clauses of the resolution. In
case of death of office bearer, account should be blocked until new
resolution is received.
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Atlas Bank Limited Internship Report
Documents:
What is Sale?
Other than opening account of customers, Sales is another task that RO
has to do to increase their branch balance which develops the performance
of the branch. This is why they are also called Business Development
Officer.
Business Development Officer looks for strong and rich parties, groups and
people in the city and persuades them to be a customer of their bank. This
may take no time or sometimes it takes months to persuade them.
Sometime it happens that people agree and open their accounts in our bank
but then don’t deposit funds into it. Then Business Development Officer
again has to persuade them to deposit their funds into their branch by telling
them the free and exclusive offers and unique services (mentioned above) for
customers.
Personal Lockers:
The Atlas Bank also provides the customers with personal
locker facility. Locker is a facility for customers who want to put their
personal stuff of any kind like Jewellery, money, documents or anything.
But any kinds of explosives are prohibited.
Bank has no authority to open the locker without the owners permission no
matter what happens. However the owner of the locker may authorize and
permit another person for opening his locker. This is done by filling up an
authority letter of locker.
Atlas Bank offers his Customers with lockers in three sizes. The size along
with the yearly fee for lockers are mentioned below
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Atlas Bank Limited Internship Report
Small Rs. 2500/-
Medium Rs. 3500/-
Large Rs. 4500/-
Locker can be unlocked by using two keys. One key is for Bank and other
key is given to the customer. Note that both these keys are not same. A
locker can only be unlocks if both keys are available, otherwise locker
couldn’t be opened by anyone. Key charges/Security for these lockers is
Rs. 1500/-
Term Deposit:
Note: Profit is paid to customer after deducted of 10% tax on profit as SBP
rules and regulation
Bumper Profit:
Unlike other term deposit packages on which profit is paid monthly,
quarterly, semi-annually, yearly on fix deposit. The profit of bumper profit is
paid after exact time period for which it is fixed/reserved. For instance if
100,000 rupees is deposited for 1 year fix deposit, then instead of monthly,
quarterly, semi-annually or yearly, bumper profit will be paid after exact 1
year.
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Note: Mininmum balace for all ter deposits should be minimum rs. 50,000
Bumper
1 Month 3 Month 6 Month 1 Year 3 Years 5 Years
profit
50K –
5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
99.99K
100K -
6.50% 7.00% 8.00% 9.00% 9.50% 10.00%
499.99K
5M and
8.50% 9.00% 9.50% 10.50% 11.00% 11.50%
above
Regul
ar 1 Year 3 Years 5 Years
Profit
Payme
Semi Semi
nt Quarterl Quarterl Semi Quarterl
Monthly Annuall Monthly Monthly Annuall
freque y y Annually y
y y
ncy
50K -
99.99 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
K
100K -
499.99 8.65% 8.70% 8.80% 9.10% 9.20% 9.30% 9.60% 9.65% 9.75%
K
1M –
9.60% 9.65% 9.75% 10.00% 10.10% 10.25% 10.50% 10.60% 10.70%
4.99M
5M
and 10.00% 10.10% 10.25% 10.50% 10.60% 10.70% 10.95% 11.00% 11.20%
above
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Special Notice Deposit 7 Days 30 Days
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Tier Amount USD GBP Euro
7 Days 0.25 % 0.50 % 0.50 %
1 Month 0.50 % 0.75 % 0.75 %
3 Months 1.00 % 1.20 % 1.10 %
6 Months 1.10 % 1.35 % 1.25 %
1 Year 1.50 % 1.60 % 1.50 %
o There must not be a single penny left in the bank account. If there is
small amount even in decimals like Rs. 0.10 is left in account, the
account will not be closed until it is nil. Documents required for
closing an account are as under
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Atlas Bank Limited Internship Report
Operations Department
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Atlas Bank Limited Internship Report
OPERATION DEPARTMENT
This is the most important department of the Bank. I spend twelve days in
Operation Department with the operation officer Mr. Ali Raza during my
internship in Atlas Bank. This department has two officers which are
Operation Manager has to look after the whole operations in the bank and to
see if they are going accurately fine according to rules and regulation of the
bank.
He also has to cheque all entries made by CSOs and Operation Officer in the
record and only he is the one who has the authority to verify and authorize
cheques which are above the limit of CSM say Rs. 500,000.
CBC:
CBC stands for Call Back Confirmation. It is a process in which CSO
send those self cheques to operation officer which are more than equal to
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Atlas Bank Limited Internship Report
300 thousand. Operation officer fills an online application of CBC and sends
it to Central Office of Atlas Bank in Karachi. The Head office, when receive
the application request, calls the person whose cheque request they received
from our branch and ask him if he has send this cheque for transaction.
This is a security process through which bank ensures funds safety of
customers from any kind of fraud. After confirmation the head office send
back the CBC status online that either CBC is confirmed or not. If the CBC
is confirmed then operation officer sends the cheque to CSM for verification
and after verification, bank accepts the cheque and make the payment to the
person otherwise bank don’t accept the cheque. This whole CBC process
takes not a minute more than 15.
Remittances
“Remittance is transfer of funds from one place to another or from one
person to another.”
Remitter
Remittee
Issuing Bank
Paying Bank
Remitter:
Remittee:
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Atlas Bank Limited Internship Report
A Remittee is also called the beneficiary, or the payee. The person in
whose name the remittance is made. A remittee is also the one who receive
the payment.
Issuing Bank:
Paying Bank:
Kind of remittances
Transfer within the branch. (clearing)
Transfer from one branch to another. (clearing)
Transfer from one bank to another bank in the same city. (clearing)
Transfers from one bank to another bank in two cities. (clearing)
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It is used for inner city transactions. The customer attaches the cheque with
an application form of P.O in which is mentioned the beneficiary name and
account no. and account details of customer itself. Then it is authorized and
verified by OM and CSM.
Operation Officer then gives one slip to the customer, keep one for banks
record and send one to the bank of the beneficiary.
It is used for Intercity and for foreign countries. The customer attaches the
cheque with an application form of D.D. Then it is processed in the same
way as with P.O.
Telegraph Transfer:
The paying bank has to verify the signatures and after verification payment
is made.
After issuance of Pay Order, Demand Draft or Call Deposit Receipt by Atlas
Bank Limited, if any one of these has to be cancelled by the customer, it is
returned in the bank. Then, after deducting the cancellation charges, the
remaining (net) amount is paid to the customer. Cancellation charges are Rs
200.
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CHEQUE CLEARING:
There are two type of clearing.
Inward Clearing
Outward Clearing
Inward Clearing:
In inward clearing, bank receives its own cheques from
other banks where these cheques were deposited for transfer of funds into
their customers account. Those banks send those cheques to our branch to
know that either there is any problem in these cheques or not. The operation
officer check following things
If all the above things are accurate, then operation officer made an online
transfer of the money to that bank. Then he takeout a print of memo in
which is mentioned the transaction from the account and keep the cheque
along with the memo for bank record.
In case if there is any problem, bank return the cheque along with a print of
memo in which is mentioned the reason of returning cheque. The bank made
an entry into its account so that cheque returning charges are exempted from
that account. The cheque returning charges of Atlas Bank Limited is Rs.
300. Every bank has its own cheque returning charges. Bank has a register
in which it keeps record of all the cheques returned.
Then operation officer make a copy of cheque and the memo for his own
record and send the cheque back to that bank from where it came.
Outward Clearing:
In outward clearing our customers deposit cheques of other
banks into our bank for transaction of money. We then send these cheques to
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those branches of banks where these cheques belong to for clearing. This is
called outward clearing. There are two types of transaction
o Inner city:
These are all those cheques which are from the Local banks
(within the city branches).
o Inter city:
These are all those cheques which are from the banks outside
the city or in other cities.
Customer that has an account in our bank deposit cheques. These cheques
are deposited along with a deposit slip of Atlas bank Limited. The CSO at
payment counter accepts the cheque and stamp the customer copy as
received and take the other part of slip for bank’s record. CSO then stamp
these outward cheques for clearing. If the cheque is of Atlas Bank then CSO
check the account and transfer money from one customer’s account of Atlas
bank to the other customer’s bank account and stamp the slip as transferred.
Then CSO send these cheques to operation department for further process.
Operation officer then separate all the Inner city, Inter city and OBC
cheques. After it he enter their cheque no, cheque amount, account title, date
and other information into the computer and takes out a detailed list of his
entries, check it list to make sure he didn’t miss any cheque and then send it
to other banks for clearing through NIFT(National Institution Facilitation
Technology).
Faisalabad Multan
Lahore Sialkot
Karachi Sukkur
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Hyderabad Islamabad
Bahawalpur Rawalpindi
D.I Khan Muzaffarabad
Peshawar Abbotabad
Quetta Jhelum
Multan Sahiwal
Gujranwala
.
Same Day:
Clearing the cheques that are presented in same day clearing are the local
cheques and these cheques are clear in same day. Basically it is the benefit
that is provided to customer. For same day Rs. 200 is charged from
customer.
As our bank receives the demand draft by that bank, we send this demand
draft to that bank branch for further processing of their side.
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As our bank sends the demand draft to that bank, they then send this demand
draft to our bank branch in that city for further processing of our side for
clearing.
After delivering the cheques to different banks NIFT send report to ABK
Kotwali Road Branch Faisalabad, then the bank’s staff tally the amount of
that report for its own record.
Next morning, these cheques are delivered to the respective banks between
8:30AM to 9:00AM. In the same manner, other banks present their clearing
drawn on Atlas Bank. Total number of cheques and their amount delivered
to other banks and received from them are written on the Clearing House
schedule branch for their payment. After proper scrutiny of cheques,
verification of signatures and confirmation of balance in the account, the
Officer Clearing Department Debit the customer Account. If any cheque is
not passed due to insufficient balance or any other reason, operation officer
returns the same cheque by attaching a cheque return memo containing
reason for return.
If the cheques are clear then the ABK Kotwali Road Branch, Faisalabad
credit the customer Account. If the bank receives the outward return due to
any reason then this cheque is entered into the cheque returned register and
bank charges are deducted according to the schedule of charges.
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Stamps Used In clearing
Crossing means two parallel lines, drawn across the face of the cheques with
or without words written in between them. Crossing may be general or
special. In clearing, cheques are crossed specially. Cheques are stamped with
bank’s name between two parallel lines to constitute special crossing. After
the cheques have been crossed specially, the holder cannot receive payment
except through the banker named on the cheques crossing saves the
instrument to go it in illegal hands. If, crossed cheques is lost or stolen, there
is no risk involved. So it is an effective means of minimizing the risk of loss.
Clearing Stamp:
After the cheques have been crossed specially, clearing stamp is put on the
cheques and other instruments, with the next date, so these cheques would
have to be presented in their concerned drawee banks on the subsequent day.
Endorsement Stamp:
After putting these three stamps on cheques & other negotiable instruments,
they are sent to NIFT. NIFT after segregating the cheques of different banks
delivers them to their concerned banks.
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Transfer of funds to Banks in foreign countries:
For transfer of funds to America in USD, Atlas Bank deals with Mashreq
Bank in New York, and Habib American Bank in New York.
For transfer of funds to Great Britain in GBP, Atlas Bank deals with
Mashreq Bank in London.
For transfer of funds to EUROPE in EURO, Atlas Bank deals with Mashreq
Bank in London and HSBC Bank in London.
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Foreign Exchange
Department
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Atlas Bank Limited Internship Report
Foreign Exchange Department
(Trade & Finance)
I worked for ten day under the supervision and teaching of Mr Usman
Arshad for week, where he taught me all about Trade and Finance issues
/transactions and rules/regulations.
The main requirement for being a part of world trade is to be a member of
SWIFT. SWIFT (Society for Worldwide Interbank Financial
Telecommunication) provides the member bank with a code called Swift
code. Every bank must have a Swift code in order to be eligible for having
Trade and Finance department.
Bank gets the L.C through SWIFT, very few people in a bank has a direct
online access to SWIFT. They logon to network by entering SWIFT code
and password. Our bank gets its L.C through SWIFT from Lahore office
where The Foreign Exchange manager has a direct access to SWIFT.
TRADE
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2- Second ways is through setting stalls in Business Expos and industrial
Exhibitions in foreign countries like Germany, Belgium and other
countries where Importers and Exporters from almost every corner of
the world came for the purpose of expanding their business. Importer
took samples and price quotations from different stalls set by different
exporters. They then compare the sample and prices of all these
exporters and selects the one, whose prices suits them.
After L.C has been opened, the L.C issuing Bank (importer’s bank) send this
L.C to the beneficiary’s (exporter’s) bank.
Note: Import and export is based on L.C, and it must be opened by Importer.
Beneficiary’s bank then sends this L.C to exporter with L.C advising charges
which are different in different banks. In Atlas Bank L.C advising charges
are Rs. 1800.
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45A: Description of goods and services
31D: Date and Place of Expiry
Types of L.C:
There are four categories of L.C which are as follows
Advising letter:
If any bank other than our bank receives L.C of our customer they
send us an advising letter in which is mentioned that they have L.C our
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customer and we can get that L.C by paying advising charges to that bank.
Our banks make a pay order in favour of that bank along with a letter in
which is mentioned the request to handover the L.C against the payment
through P.O.
Intermediatory banks:
For the transfer of funds, Importer’s bank and Exporter’s
bank contact each other through those international banks with which they
have their contracts, if there is no contact among those banks then bank
contact with intermediatory banks. Intermediatory banks are those banks in
which there is an account of every single bank in world. These accounts are
called NOSTRO ACCOUNTS. Thus through intermediatory banks, money
can be transferred to any bank in world.
Shipment process:
After receiving L.C, exporter exports the products according
to details mentioned in L.C. It is not legal and ethical to make any changes
in the product packing and quantity which is not according to L.C. After
loading the order for shipment the exporter gets the Bill of Lading.
Bill of Lading:
It is a shipment bill. If exporter is in urgent need of money, he gets
the payment of his exported products from bank and handover the bill of
lading to his bank.
The bank only pays him the money if bank has his guarantee (property,
personal assets etc) in case of recovering the bank losses due to that person.
After paying money to the exporter, the bank has to recover the money from
importer.
Bank contacts with Intermediatory bank, hand over the bill of lading to it
and in return gets the money.
Intermediatory bank do the same with Importer’s bank who has Importer’s
guarantees.
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Importer’s bank then takes the custody of imported products and inform the
importer when his order lands at its destination. Bank then only handover the
bill of lading to Importer when Importer pays money to his bank.
It must be noted that Importer cannot get his imported products without bill
of lading.
If importer doesn’t pay money within due date that is mentioned on L.C then
he has to pay a mark up of 22% for each day after due date.
Shipment Documents:
Commercial Invoice
Packing List
E-Form (Original, Duplicate, Triplicate, Quadrant)
Bills of Lading
Shipment Bill / Goods Declaration
Contract / L.C
Certificate of Origin
GSP Certificate
Commercial Invoice:
It is the bill of all the products that are to be exported to
other countries. This bill contain details about colour of product, size of
product, number of products, type of products and weight of products. In the
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end is mentioned the price of per piece of product and total amount of all the
products that is to be paid by the Importer.
Packing List:
This is the packing list of all the products, in which all the packing
details of products are mentioned according to product’s type, colour and
size. Net weight, total no of pieces and total no of cartons are also mentioned
in it.
Exporter gets the E-Form from bank for shipment of its goods. After filling
in the required details of the products to be exported, and after verification
by the exporter, the E-Form should be submitted back to bank within 21
days after shipment.
Bill of Lading:
Its importance and role is mention above. The main details it contains
are as follows.
Certificate of Origin:
Each exporter must be a member of manufacturing societies
of traders, which are approved by the Govt of Pakistan. These societies
provide the exporter with certificate of origin on his every export. All the
details of the exporting products are mentioned in this certificate. Such as,
exporter’s name, importer’s name, total number of products, total no of
cartons in which they are packed and other particulars of export (as far as
known). It certifies and verifies the declaration of export by the exporter and
also the origin of export.
GSP Certificate:
This is also a certificate of origin. It is combined declaration
and certificate. It contains the same information as certificate of origin by
the association contains. It contains the declaration by the exporter and
certification by the Trade Development Authority of Pakistan, Govt of
Pakistan.
FINANCE
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7.50% out to which 1.00% goes to Authorize dealer and rest of the 6.50%
goes to STATE BANK OF PAKISTAN.
Authorize dealers are Banks who are licensed by SBP for ERF Scheme. In
this scheme exporter gets his money of shipment from his authorize dealer
(who has exporter’s guarantees), this is called Finance.
Authorize dealer (Bank) then gets this money from SBP to recover itself, this
is called Refinance.
FAPC I
FAPC II
o Pre-shipment
o Post shipment
Pre-shipment:
In pre-shipment, exporter takes all the shipment documents, to its
bank and ask for money before shipment (before the departure of the ship),
bank only accept this case if exporter has his guarantees to the bank.
Guarantees are for bank’s own security to avoid any kind of risk to be
caused by the exporter in future.
In pre-shipment, 180 days are always calculated from the day when loan is
granted.
Post Shipment:
It is almost same as pre-shipment, the only differences that, in
post-shipment, exporter ask for money (loan) after shipment (after the
departure of the ship).
In post-shipment, 180 days are always calculated from the date of shipment.
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Atlas Bank Limited Internship Report
How Bank Process FAPC I?
For every facility availed by the customer from bank, there is always be a
separate account for that facility. Customer has no direct/indirect access to
that account, these accounts are for banks own calculations. Opening
balance of these accounts is always NIL. Such accounts are called Liability
Accounts.
When exporter ask for pre-shipment or post-shipment loan, the bank first
investigate that either the bank has guarantees of this customer or not, if not
then bank refuses to issue loan to exporter. If bank avail his guarantees than
bank pay him the money and make two accounts of that person for banks
own calculations. In FAPC I bank opens two accounts which are called SBP
pre-shipment / post shipment account and SBP borrower account.
Bank than credits the SBP borrower account with this refinance amount into
positive figures.
When bank receives payment of shipment from the Importer, bank has to
transfer this amount to SBP within three days. In case if banks gets late in
transferring this amount, bank itself have to pay markup on that money.
Bank transfer the money directly to SBP debits this amount from SBP
borrower account and then credit it to SBP pre-shipment/post shipment
account, as in SBP pre-shipment/post shipment account and due to opposite
signs they cancel with each other and the account becomes nil, which is the
required target to achieve.
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Atlas Bank Limited Internship Report
Bank charges the ERF markup after evaluating the total number of days after
which the amount is returned by the exporter.
Bank then deducts the evaluated markup form the payment received from
importer and handover the rest to the exporter. Out of 7.5% markup
deducted, 1.00% goes the authorized dealer9customer’s bank) and rest of
6.5% goes to STATE BANK OF PAKISTAN.
It should be noted that the day on which loan is granted is always included in
evaluation of days for markup, whereas the day when loan is paid back to
bank by customer, is excluded of the count.
Note: FAPC II is for 180 days, not a day more or less than that.
Every Bank has a Foreign Currency Account in its every branch. When
some one exchange Foreign Currency into PKR, or exchange PKR into
Foreign Currency, the cash counter deals it all. Cash Counter pays it from, or
put it into Foreign Currency Account.
By using this system SBP reports the total to the Financial Advisors and
Economists of the country who then make figures that how much IN-OUT
of Foreign Currency is made in that year, Compare it with last year
calculations and make strategies to improve it.
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Credit Department
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Atlas Bank Limited Internship Report
Credit Department
A good financial support when officials of this department invest money of
depositors into feasible projects by lending loans to various business
concerns. As the core activity of Commercial bank is to provide short-term
finance, which is mostly for working capital requirements. As business
concerns have money to complete the one production cycle, but it is not
necessary that amount would be received just after sale, but credit sales are
also made. So to finance next production cycle they obtain loans from
commercial banks on short-term basis, for continuity in operations.
Evaluation of client
This is the first requisite for team of credit department, to evaluate the
client's position regarding the financial and business performance concern.
As for as, credit policy of Atlas Bank Limited is concerned, it doesn't given
loan to individuals & business concerns.
This is the main source to evaluate the client of business concern, Annual
Reports of last 2 to 3 years are obtained from enterprise, which is requesting
for credit/loan. These are examined by various techniques like; Horizontal
Analysis, trend, ratio analysis are conducted to get true and fair view of the
final statements of that concern.
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iii) Bank References:
v) Credit Rating:
From various credit rating agencies reports are obtained which show the past
record of that firm regarding the paying capacity and dealing to discharge
liabilities. If credit rating is good enough then that symptom will also lead to
sanction loan.
From State Bank of Pakistan, report is required regarding that client. SBP
has record of every client past and present scenario. So it is essential to
examine that report.
However, some other techniques are also used to evaluate the performance
of business like, credit vetting and information from peer concerns. After
this appropriate examination, credit department makes credit appraisal report
and sends to head office corporate division (Credit Division) for sanctioning
that amount to concern.
SBP use ECIB (Electronic Credit Information Bureau).If a bank has some
over dues left unpaid by a customer, the bank report it’s name and related
details in ECIB. Whole banking network in PAKISTAN is connected to
ECIB. Whenever that particular customer applies for loan in some other
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bank, that bank first check for that person in ECIB. If that person has his
name in ECIB, then bank will not issue loan to that person as he is a
defaulter. If that customer is not listed in ECIB then further process for the
issuance will be performed by bank.
In Atlas Bank Limited, all such sort of products are offered which are mostly
provided by other commercial banks of Pakistan.
Atlas Bank Limited usually, gives loans against refinance scheme and letter
of credit transactions. There were various cases which were rejected or not
sanctioned for loan due to some minor risky things involved.
i) Purpose of Facility:
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- Should be geared towards meeting national economic priorities.
iv) Repayment:
-Period of repayment should be specific and should match the cash flow of
customer's business.
v) Security:
Principle of lending:
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Now we will discuss on the principles of lending. Based on the
aforementioned considerations, following principles of lending have been
evolved.
1) SAFETY
ii. The capacity or capability of the borrower to manage his business and
generate enough profits and cash flows to meet his commitments for
repayments and debt servicing is of pivotal importance.
iii. By capital is meant the monetary worth of the customer and his own
resource base.
2) LIQUIDITY
i) Capital:
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- The capital & resources of the borrower.
- Does the borrower has its own resources to fall back on, in case of need.
ii) Capacity:
iii) Collateral:
iv) Character:
v) Conditions:
- Have the conditions of lending been drawn up taking into account all
possibilities or eventualities?
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- Is there a market for the products and the market size to justify production
plans and sales forecasts?
- Are the economic conditions feasible generally and for the business, in
particular?
Forms of lending
In credit department of ABK, various forms of credit are offered to different
clients. Following are the main forms of lending:
i) Cash Credit
Running finance is most popular sort of credit facility given to clients. This
is mostly obtained for the purpose of working capital requirements. Client
can draw money even daily from the account but not more than the limit
(ABK normal limit was upto 1,000,000/- (one million) that can be drawn by
him). In running finance, it is not necessary that security would be in the
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possession of bank, but all important documents of stocks, property etc, are
in its possession.
However, the case may be, one limit is for one year, not more than this can
be sanctioned. But on the other way around, if client doesn't repay amount in
one year after making all possible correspondence and personal contacts
then Bank will sue him after 210 days in the court. The amount received by
him would be with the markup. It should be noted that if limit is more than 1
million then proposal would be sanctioned by credit committee of Head
Office.
This credit facility is also required for working capital requirements. This is
the same like running finance but difference is that in this term finance,
disbursement of amount is in once a time.
Beside, time limit for term finance is 1 year to 10 years, payment is made in
the form of installment which can be on monthly, quarterly, half yearly,
yearly basis. Markup is received on quarterly basis. It is important to note
that markup should be received on that specific time, if principal account is
not paid by him on that date.
This is also a unique type of financing. Bank purchases the bills from its
own client at lower value but when bills are discharged, then amount
received will be more than that purchased value. This is mostly happened in
case of export and import transaction. In addition, markup on these bills is
received at the time of purchase or negotiation.
Documents required:
Documents we mean those papers which are essential to provide facility. In
this connection, following are the documents in case three types of business
concerns:
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Security/lien paper.
Collateral.
Demand promissory note.
Letter of continuity.
I.D card
In case of Partnership
Security/lien paper
Collateral
Demand promissory note.
Letter of continuity.
Partnership deed.
Creation of Charges:
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Monitoring/renewal of credit facility:
When credit team sanctions some loans to different clients then it becomes
essential for it to monitor the affairs of credit given to them, any during such
period if customer wants to extend his loan by accepting some other
conditions from credit team, then role of credit officer is very important to
monitor such affairs. However, this team looks after the condition of his
business as the repayment with markup amount can be assured to get. If this
feels that such concern is not doing well from certain period, then it would
take some measures to get loan back with markup immediately and restrict
to sanction loan further. Personal visits are also made by credit team as to
know the actual worth of property asset mentioned or deposited for security.
Application of Mark-up:
Markup is like interest rate, but it describes some what different from
interest rate. Entire interest rate was received by borrower either loosing or
gaining but in markup bank purchases goods from borrower by lending
money on the terms of repurchase the goods by banks from customer. In this
way, bank gains some amount on sold goods and makes sure to its receipts.
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Shipping Guarantee:
This is the "Guarantee" given by the bank for the importer's creditability to
show the documents. This sort of guarantee is due to avoiding "Damage"
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which is incurred by the shipping authorities, if the goods are not released
from port within specific time.
When documents are not received by importer and he wants to resale goods,
then he gets shipping guarantee from bank through equivalent amount of
letter of credit must be in account of the bank.
While my internship I came to know about that. If bank gives profit to its
customers (on term deposit or saving account) then on other hand bank also
give loan to its customers.
It is a universal rules of banks that markup charged on loan is always higher
than the profit that bank pays to its customers.
For instance a bank offers a profit of 10%to its customers, while at the same
time bank charge a markup of 22% from those who have taken loan facility
by bank.
It means there is a difference of 12% in profit and markup by bank. But bank
face some hidden charges too. The profit that bank gives to its customer
exceeds due to the services and facilities bank provide its customers with.
These services include following
These all makeup about 5%. So if we deduct 5% more from 12% then only
6% remains and this is the actual salary (earning) of the bank.
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P.O, D.D stop payments.
Markup on Trade.
Advising letter charges.
Service charges for Trade.
Buying and selling of foreign currency.
Loan markups.
By investment
After paying profit and giving loans, if bank still had huge amount money,
then bank invest that money in industries and other mega projects in the
country and thus through that, earn profit.
Bank also gives loan to STATE BANKOFPAKISTAN for its use. And
charge markup from SBP. These are the ways which I came to know by
which bank earns profit.
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I.T Department
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IT (Information Technology) Department
In Atlas Bank limited, the staff is provided with latest office equipment.
Each and every staff member has a latest computer on his work table.
Instead of typical heavy and spacious CRD monitors and large CPUs, atlas
bank provides its staff with latest HP LCD monitors and Hi-Tec CPUs,
which are slim, requires very low space and gives an executive look to the
table. There are Laser/optical mouse for computers which are easy and
reliable in use. On every floor there is a top class Scanner of Cannon, a well
known electronic brand, furthermore there are four latest HP Laser jet
printers, one on each floor. All the computers on that particular floor are
connected to printer on their floor through bus network, which is most easy
and reliable network.
Latest Photocopy machine and Fax machines of Cannon are also available
for the easiness of bank employees. So that employees don’t have to look for
these facilities out of the bank.
Atlas Bank tries its best to comfort both its employees and customers. For
this, Atlas bank as token Ticket machines so that customers don’t have to
wait in long queues. By this service they only have to wait for their turn
while sitting in the comfortable atmosphere of bank.
“Atlas Bank Limited is one of the best I.T availing institutions. In Atlas
Bank, the staff is provided with latest office equipment including electronic
equipments like LCD Monitors, high speed CPUs, Laser jet printers,
Photocopy and Fax machines and with high speed internet for fast online
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banking. This not only benefits bank staff but also is secure for customers.
These all play key role in increasing bank efficiency” said Mr. Khurram
Rasheed.
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CONCLUSION
Atlas Bank is a good Organization in the way that anybody can join it for
his/ her long-term career. Overall working environment is very comfortable.
Management of branch cares a lot of its employees and considers them as
the Asset of bank. Behavior of senior executive of bank is very polite,
friendly. They are caring and concerned about the individual’s career and
their growth.
However management is very demanding about the targets, but good reward
is awarded on the achievement of assigned targets.
Employees at Atlas Bank are quite efficient. They are struggling by leaps
and bounds to bring their bank among best. Therefore, they spend extra
hours on working than their actual working hours and it is all according to
their will. It also shows their loyalty and commitment to their organization.
Employees are given the benefits like bonus, gratuity funds, loans,
increments, and medical.
All the customers are entertained individually. Same kind of behavior and
attention is given to all the customers. Getting suggestions and feedback for
improvement by customer side is also valued at Atlas Bank. All the
customers are asked to fill a suggestion form in order to improve the
facilities for customers through them.
Prioritizing its product portfolio in line with its corporate and consumer
needs and wants the bank is committed to develop products that give more
value to its customers in both the sectors.
In Atlas Bank, the staff is provided with latest office equipment including
electronic equipments like LCD Monitors, high speed CPUs, Laser jet
printers, Photocopy and Fax machines and with high speed internet for fast
online banking. These all play key role in increasing bank efficiency.
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I found my internship training at Atlas Bank to be a very rewarding
experience. The training was beneficial as it helps me to be aware of
practical working experience in bank environment.
Besides of their ever going tough and hectic routines in bank, they never get
irritant by my more than too much questions. In Atlas Bank I was never
overlooked when I ask for help.
I feel pleased and honoured that I have really gained a lot during six weeks
& benefit from working with experienced, cooperative & intellectual staff.
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RECOMMENDATIONS
I suggest that such an internship programs are highly integrative for the
students of commerce and business administration, so that students may
come to know how their theoretical knowledge works in practical world. In
short, it would help me a lot in selecting my future career.
I am not even close to that much skill and experience that the staff of Atlas
Bank have, but I do have some suggestions, which in my opinion will enable
the bank to compete with other banks more effectively & efficiently.
The employees should be signed jobs for specific period and then they
should be shifted to other department so that they get proficient and
skillful in all operations of bank.
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