Internship report on Muslim Commercial Bank (MCB)2017

We are going to  publish free internship finance report on Muslim Commerical Bank(MCB) 2017, We are professional for writing Internship project finance report on MCB on demand and according to university provided format. A free internship finance report on Muslim Commercial Bank has published free for students. So the current internship report on commercial bank is holding the all necessary information.

Internship report on muslim commercial bank 

Before separation of Indo Pak, the need for more Muslim banks was felt. And Muslims having strong financial capacity were thinking to invest in this sector as well. This was the idea which paved the way for setting up MCB Bank Ltd known as MCB. This was the third Muslim bank in the subcontinent.

The Muslim Commercial Bank Limited was incorporated on 9^thJuly 1947 in Calcutta in Bengal. After partition, the Registered Office of the bank was shifted 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% National Group, 25% government and 25% floated on bourses. Now MCB is in the top five private banks of Pakistan.  There are above 1200 branches of MCB all over the country. MCB is listed on the Stock Exchange Market and its price per share is Rs.130.75.The head office of MCB is at Karachi.

Departments of MCB:

For proper functioning of branches and the over all bank has been divided in different departments. division in a branch is as follows:

• Account opening department
• Remittance department
• Clearing department
• Deposit department
• ATM department
• Foreign exchange department
• Technology department

Account Opening Department

The free Internship finance report on muslim commercial bank is presenting Account opending department function. according to this finance report on muslim commercial bank, Account opening department— as it name suggests— deals with opening new deposits accounts for customers. To open an account the customer have to meet the general banking manager with an introducer (the person who is going go introduce that person in the bank) and get an application form used for account opening.

Different color-coded application forms are available for each type of account.  Along with the form a card for specimen signature is also supplied to customer. Manager has every right not to accept this contract if he is not satisfied by the details provided by the customer.  In case the contract is acceptable to both, now it is ready to open the account formally.

Remittance Department:

Internship finance report on muslim commercial bank is presenting Account opending department function. A major function of any banking system is the transfer of funds from one client or one place to another. By providing this service to the customer the bank earns a lot of income in the form of service charges. This department deals with local currency remittance i.e. remittance from one city to another without actually carrying the currency.

 MCB uses following instrument for transferring of money:

• Demand Drafts (DD)
• Pay Order (PO)
• Telegraphic Transfer (TT)
• Mail Transfer (MT)

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