INTERNSHIP REPORT

ASKARI BANK LIMITED

Bosan Road Branch, Multan.

Name of Organization: Name: Student ID: Session: Submission date: Name of the University:

Askari Bank Limited, Bosan Road Branch, Multan iqra yunus mc100204308 2010-2012 VIRTUAL UNIVERSITY OF PAKISTAN

Virtual University Of Pakistan

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Dedication
I dedicate my work to my sweet Parents who gave me courage in my whole efforts and they always prayed for my success. I also dedicate whole of my efforts to my sister as well and my colleagues who gave their useful suggestions in the preparation of this report. I am very thanking full to my friends who raise my courage and help me in the preparation of this report with great intention and love.

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Acknowledgement
At the first I want to thank to my ALLAH who gave me the Will to complete my task. who gave me knowledge and power to make me able to complete my internship successfully. I have completed this repot with the help and support of many people who encourage and guide me in completion of my task. This task was assigned to me by MBA (Management) and I complete this task with my full concentration and devotion. I want to express my sincere pleasure and compassionate thanks to my respectable course instructors and inspired teachers for providing me practical experience and knowledge about every aspect. Without their support and proper guidance, it would be almost impossible to accomplish this task successfully. I am also thankful to my beloved parents and all those people who support and guide me in the completion of my report.

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Executive summary
I have done my internship in Askari Bank Limited, Bosan Road Branch Multan. My aim was to get some practical experience of professional life. My internship program consisted on 6 weeks at the Askari bank where I have learned many more. In my report I have summarized my all working which I have performed during my 6 week internship in Askari Bank Limited, Bosan Road Branch Multan. I worked in different departments Accounts Opening Department, Clearing Department, Remittance Department, Accounts Department and Credit Department. It was a great experience for me to work in this Bank.

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Table of content:
Dedication........................................................................................................................................5 Acknowledgement...........................................................................................................................6 Executive summary.........................................................................................................................7 Brief introduction of the organizations business sector.................................................................9 Overview of the organization........................................................................................................10 Brief history..................................................................................................................10 Organizational Hierarchy chart.....................................................................................11 Business volume..........................................................................................................11 Product lines:................................................................................................................12 Competitors..................................................................................................................12 Brief Introduction of all the departments......................................................................13 Account opening department....................................................................................14 Remittances department..........................................................................................14 Cash department......................................................................................................14 Clearing department.................................................................................................15 Account departments................................................................................................15 IT-department...........................................................................................................16 Credit department.....................................................................................................16 Comments on the Organizational Structure:................................................................17 Plan of your internship program....................................................................................................17 A brief introduction of the branch:................................................................................17 Starting and ending dates of your internship:..............................................................17

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Brief introduction of the organizations business sector

Askari Bank Limited is a Unit of Army Welfare Trust which was established for the welfare of Army Officials. Askari Bank Limited Formerly known as Askari Commercial Bank Limited. Askari Bank LTD was incorporated in Pakistan on October 9, 1999 as a Public Limited Company and listed on the Karachi, Lahore, and Islamabad stocks exchanges. The registered office of the Bank is located at AWT Plaza, the Mall Rawalpindi. AWT offers theAWT Saving Scheme to the army officials only. AWT has its units as under: Askari Associates. Askari Leasing. Askari General. Private Business. Textile Mills. Cement Industry. Askari Bank Limited. Being a student of banking & Finance (MBA) need to know how a bank works and how theoretical knowledge relates the practical in the banking sector. As theoretical knowledge is not enough to run a bank or business therefore practical has its important not for only experience it also disclose the answers of the questions remain in the theoretical study.

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Overview of the organization

Brief history
Askari Bank was incorporated in Pakistan on October 9, 1991, as a public limited company. It commenced operation on April 1, 1992, and is principally engaged in the business of banking, as defined in the Banking Companies Ordinance, 1962. The Bank is listed on Karachi, Lahore and . Since inception, the bank has concentrated on growth through improving service quality, investment in technology and people, utilizing its extensive branch network which includes Islamic and Agricultural banking. Corporate Social Responsibility is an integral part of the way we do business. In order to fulfill our CSR objectives, we attempt to promote public interest by encouraging community growth and development through sponsoring social service events, supporting education, sports, and environment and also contribute in socio-cultural activities. Data is taken from following source http://www.askaribank.com.pk/corporate_info.php

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Organizational Hierarchy chart

Business volume
Net Assets

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Share Capital Reserves Un-appropriated Profit Surplus on revaluation of assets

6,427,440.000 7,691,319.000 701,819.000 14,820,578.000 1,183,564.000 16,004,142.000

Product lines:
PERSONAL FINANCE MORTGAGE FINANCE ASK 4 CAR VISA DEBIT CARD RUPEE TRAVELERS CHEQUES ASKARI MAHANA BACHAT TERM DEPOSIT INVESTMENT CERTIFICATES ASKARI PAISHGI MUNAFA TERM DEPOSIT

Services:
Electronic bill payment services. Cash management services Internet banking services Call center ATM

Reference; http://www.askaribank.com.pk/consumer_locations.php

Competitors
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The Bank of Punjab Bank Alfalah Limited. United Bank Ltd. Bank Al-Habib Ltd. Habib Bank Ltd Standard Chartered Bank Ltd. MCB Bank Ltd. Silk Bank Ltd. Faysal Bank Ltd. JS Bank Ltd. .National Bank of Pakistan Allied Bank Limited Faysal Bank Ltd.

Brief Introduction of all the departments

Working of the Bank divided between various departments. Different departments do their jobs in occurrence with the bank policies. In AKBL each branch is divided into various departments. Head of department manages each department & officials of the branch follow procedures. The working of the Department within branch is as: 1. 2. 3.

GENERAL BANKING DEPARTMENT:

Account opening department Remittances department Cash department Clearing department

FOREIGN TRADE DEPARTMENT:

Import department Export department Foreign currency department

PRIVILEGE BANKING DEPARTMENT:

Online banking Lockers

4. ACCOUNTS DEPARTMENT 5. IT- DEPARTMENT 6. CREDIT DEPARTMENT

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Account opening department

Borrowing funds from different sources has become an essential feature of today's business enterprises. The borrowed capital of a bank is much greater their own capital. Banks borrowing is mostly in the form of deposits. These deposits are lent out to different parties. Such deposit creation is done through opening an account in the Bank.

Function of account opening departments:

Providing account opening form according to the customer's requirements, Guide the customer about the requirements of the account opening and form filling. Check the forms whether they are correctly completed or not. Stamping on the form. Maintaining account opening register. Issuance of cheque books. Verification of signature in case of cheque presented before releasing of account opening

Remittances department
Functions of remittances department:
The main function of this department is transfer of funds. The functions of remittance departments are to handle with the following Instruments: Pay Order Demand Draft Foreign Demand Draft Pay slip Telegraphic Transfer Foreign Telegraphic Transfer Payment of Remittances Cancellation of pay order & demand draft

Remittance can be made through:

Instrument transfer Electronic transfer Mail transfer

Cash department
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Cash department deals in money. This department accepts the money on counter and withdrawals on the counter. Cheques are cashes on the cash counter. Cash officer accept the utilities bills and perform different function with respect to bonds, Cheques and other primary functions. All physical movement of cash in the bank is made through the cash department. Normally cash department performs following functions: Receipt Payments Act according to any standing instructions Transfer of funds from one account to another Handling of ATM Verification of signatures Posting Handling of prize bond

Clearing department
The word clearing has been derived from the word Clear and is defined as a system by which banks exchange cheques and other negotiable instruments drawn on each other within a specific area and thereby secure payment for their clients through the Clearing At specified time in an Efficient way. Since clearing does not involve any cash etc. and the entire transaction take place through book entries, the number of transaction can be unlimited. No cash is needed as such the risk of robbery, embezzlements and pilferages are totally eliminated. As major payments are made through clearing, the banks came manage cash payments at the counters with a minimum amount of cash in vaults. A lot of time, cost and labor are saved. Since it provides an extra service to the customer of banks without any service charges or costs, more and more people are inclined and attracted towards banking.

Account departments
Account department is known as backbone of an organization all financial matters deals and monitors in the account department. I worked three days in accounts department but as it has confidential information so they did not give me enough information regarding their working. First day I sorted out the cheques of AKBL with the help of the serial number and the nature of the account and arrange them in sequence. After that I checked the activity which contains the title of the cheque, amount, date etc. Accounts department maintains the record of expenses of all

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the departments, it also maintain the record of all the employees regarding their basic salary, increment, benefits etc. It is the backbone of AKBL Accounts department is responsible for budgeting; all the transactions that are take place in the bank and their physical prove are match to the computer generated reports and save it as a physical prove that these transactions are take place in the bank.

IT-department
The IT department in Askari Bank Limited Bosan Road Branch, Multan performs the following duties: Verification of N.I.C online for the purpose of account opening. Computerized record keeping of Accounts. Generate report of daily transaction in the bank. Maintain the local Area Network (LAN) of the branch and make the software and hardware configuration.

Credit department
Credit Department is the authority concerned with reviewing and auditing the loans and credit facilities. This department supervises the loan applications from the time they are submitted to the Bank and processed in the concerned departments and sections to be approved in accordance with the guarantees submitted and the credit studies and research of such loans.. 1. Personal Finance 2. Mortgage Finance 3. Business Finance Credit department provides credit to the customer according to their needs therefore credit divided into various categories majors are given as follows: SME Credit Corporate Credit Commercial Credit Consumer Credit

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Comments on the Organizational Structure:

The structure of the bank is vertical. As removed as the financial decisions are concerned, these almost are done at the level of Seat. Financing arrangements to obtain the fresh deposit and the new loans, approving loans of heavy quantity, the decisions of the investment, the announcement of rate of profit, the profit distribution among the door parts etc. are done at the level of Seat. Regional heads have the autonomy in top until a certain one not at all. Regional bosses can approve the branch expenditure under their limits.

Plan of your internship program

A brief introduction of the branch:
Askari Bank Limited Formerly known as Askari Commercial Bank Limited. Askari Bank LTD was incorporated in Pakistan on October 9, 1999 as a Public Limited Company. Official Timing: 9am to 5pm E-mail:om0102@askaribank.com.pk Branch Manager: Mr. Sahibzada Suleman Ibrahim Manger Operations: Mr. Muhammad Naeem Shahzad

Starting and ending dates of your internship:

27.9.2011 7-11-2011 a. Names of the Departments and duration of training: Accounts Opening Department: Two weeks Clearing Department: One week Remittance Department: One Week Credit Department: One Week Accounts Department: One Week

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Training program

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