HRMI619 Internship Report (HR) on BOP 2014

HRMI619 Internship Report on bank of Punjab (BOP) HR 2014

First of all I am thankful to Almighty Allah who gave me knowledge and power to make me able to complete my internship successfully

I am also thankful to (Department of Administrative Sciences) virtual university of Pakistan Lahore who provide me this opportunity to have an experience in a reputed organization and groom myself for the future professional responsibilities.

Writing an internship report appeared to be a great experience to me. It added a lot to my knowledge while I was working on this report. If I say that this report is one of my memorable experiences in student life, then it would not be wrong.

Completion of internship report is not an easy task. It requires continuous hard work and zeal. Completion of this report would have not been possible with out the support of all staff members at the bank, my respected teachers, my friends and my well wishers. I would like to mention that Branch Manger He has been very kind and supportive through out my stay at the branch.

I would like to pay my gratitude to Instructor, Sir Farhan Sadiq, and all my respected faculty members for their guidance and assistance in the completion of this report.

My gratitude will always remain due to the campus, especially Virtual university of Pakistan for expanding my knowledge and experience. Both these prestigious institutions will have a lasting impact on my life.

The Bank of Punjab started functioning with the inauguration of its first branch of 7-Egerton Road, Lahore on November 15, 1989. The architect of the bank Mr. Nawaz Sharif then, the Chief Minister of Punjab, performed the inauguration.

In Pakistan, for long periods of time that the gap in savings and investment and trade deficit has posed a serious threat to target levels of growth-related ailments budget deficit and public debt, both external and internal add up. Interestingly, although growth in such adverse circumstances in the real sector during the previous year showed a favorable exchange, which speaks of hidden potential and strength of the economy

Fortunately, the banking sector of the country has the well organized and properly institutionalized system, which is the major vehicle not only for mobilization of resources to finance trade, agriculture, and industry but also for the effective conduct of monetary policy.

The Bank of Punjab is working on a scheduled commercial bank exchange rates with its network of 243 branches in all major business centers in the country. The Bank offers all banking services such as local currency deposits, strong customer in foreign currency, remittances, and Advances to Business, Commerce, Industry and Agriculture. The Bank of Punjab has made a new era of science to the nation in the hands of professional and management experience. The Bank of Punjab played a vital role in the national economy through the mobilization of hitherto untapped local, promote savings and provide funds for investment.

Attractive profit rates in all types of deposits, open accounts in foreign currency rates and the management of foreign businesses, such as imports, exports and remittances, finance, Trade and Industry, working capital requirements and money market operations are some facilities being provided by the Bank. The Bank’s lending policy is not only cautious and constructive but also based on the principles of prudent lending with maximum emphasis on safety. As agriculture is considered the backbone of our economy, the Bank of Punjab has introduced “Kissan DOST Financing Plan for Agriculture” to small farmers.

 

BOP is essentially a financial organization. The bank is concerned about the commercial banking and related services in Pakistan and abroad. The nature of the operations of the bank is different and unique from other banks / financial institutions working in Pakistan. Balance of payments is the largest commercial bank in Pakistan. After redefining its role has become a modern commercial bank rather than a public sector organization.

Bank services are accessible to people, the government and the business sector. It also deals with treasury operations of the Government of Pakistan as an agent for the State Bank of Pakistan (SBP in places where no presence). It has a diversified business portfolio and is now a front-end player in the market for debt securities, qundeel.com and agricultural finance, corporate investment banking, retail and consumer banking, treasury services and are taking a growing interest in development of small and medium businesses. It is also fulfilling its social responsibilities as a corporate citizen

BOP is a Governmental Organization. it implements the policies of State Bank of Pakistan as it is the agent of SBP. It deals all Government Revenue, collection and payments of salaries,https://qundeel.com/ pensions and also payments related to the Government Treasury. The bank also provides services as trustee to National Investment Trust (NIT) and Long-Term Credit Fund (LTCF).

Account Opening

This department is basically known as “Deposit Department.” Deposit of funds from outside people is one of the most important functions of this system. Banking system is based on such deposits without these deposits it is difficult for the bank to run effectively. Deposits are capital of bank and it is more than bank own capital fund. This deposit is a form of borrowing for bank. Bank then uses these deposits by lent out it other parties that generate profits and bank is shared as well in such profit as well. Such deposit formation is done through opening an account in the bank account opening department

Basic Tasks

1. 1.      Responsible for processing request of account opening/closing.
2. 2.      Customer queries
3. 3.      Statement printing and other customer related transactions (this position is also responsible for signature capturing).
4. 4.      NDRA verification of CNICs before account opening.
5. 5.      Issuance of checkbook as per laid down procedure and preparation of periodical MIS related to client service area.

Cash Department

This department is considered as most likely to risk in any bank. The requirement to work in this department is that the very careful, capable, competent and alert are required. Balance of payments actually has a diligent staff with considerable skills and to work. There is a department of box in which the head of the department of housing and deeply controlling all the money on their activities

Basic Tasks

1. 1.      Issuance of Token.
2. 2.      Receiving of cash/payment.
3. 3.      Receiving of utility, credit card bills.
4. 4.      Receiving of school fee.
5. 5.      Handling and keeping records of said department.
6. 6.      Marketing for branch deposit.
7. 7.      Alternate of Cash Officer on Alternate Saturday.
8. 8.      Any other duty will be assigned by the Manage at any time

Clearing Department

The function of this department is to make the arrangements for collection of bank cheques. But in the traditional banking system it is not the legal obligation of the banker to collect cheques drawn upon other bank for a customer.

But, in today banking system scenario through modern banking practices it is now easy the collection of cheques and bills on behalf of the customer.

Remittance Department

Transfer of money or equivalent to money from one branch to another branch of the same bank is called remittance. This service is specially provides to the regular customer of the bank. The main function of this department is transfer of funds. Fundamental function of this department is under below

1. 1.      Demand Draft.
2. 2.      Traveler’s Cheque
3. 3.      Telegraphic transfer.
4. 4.      Mail transfer.
5. 5.      Pay order.
6. 6.      OBC.
7. 7.     IBC.

CREDIT DEPARTMENT

Credit department is also one of the most important departments of the bank. It’s called the brain bank. This department controls the relations of the bank or finance-related loans. The credit department of the balance of payments also performs the functions of connecting to the credit management and credit accounts. https://qundeel.com/.Skilled professionals offer modern corporate banking services in personal behavior. The commitment to maintain steady long-term relationships and long term relationships with our customers, the Bank’s balance of payments services change combined with the technological capacity to offer banking solutions complicated.

BOP is a banking company it is listed in stock exchange, hence BOP have to follow all roles and regulation which are set by the BOP Chairman. All strategy regarding to BOP plan, goal has been set through Chairman Office, and operation team accomplish these goal in light of given instructions.  BOP professionals are running operation management of the bank. The various operational departments are Consumer Banking & IT Division, Financial Division, Banking Operation, HR Division, Financial Control & Audit Division, Credit Management Division, and Commercial Banking Division, Corporate Banking Division, Treasury management & Foreign Exchange Group.