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Internship report on united bank limited (UBL)
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The basic aim of internship report on united bank limited (UBL) for knowledge purpose only. The banking sector in Pakistan comprises of the following types: State Bank of Pakistan, Commercial Bank of Pakistan; Exchange Banks, Saving Banks, Cooperative Banks, Specialized Credit Institutions. The S.B.P. is the Central Bank if the country and was established on 1st July, 1948.
On November 7th 1959 United Bank Limited appeared on the banking horizon in Pakistan and started operations with its first branch namely McLeod Road now I.I Chundrigar Road at Karachi. Today UBL has 1056 Domestic and 15 Overseas Branches.
UBL was nationalized in 1973 but it is privatized in 2002 as Govt. handed over the management of UBL, the third largest party of the country, to the successful bidder -Consortium of Abu Dhabi Group (UAE) & Best way Holding Limited (UK) as they have purchased 51% shares and have elected H.H.Shaikh Nahayan al Mubarik as Chairman UBL. On May 18th 2004 Mr. Atif Bokhari was appointed as anew CEO of UBL.
To open an account the customer has to meet the manager with an introducer. Individual, Joint, Partnership, Private Limited, Public Limited, Sole proprietorship and Minor accounts are the types of accounts. Different documentation is required for each type of account but the application form is same for all types of accounts.
In Deposits department actual relationship is started with the bank, that relationship is in the form of deposits or the accounts that are opened in the bank. At UBL, customers can deposit in the form of current, saving, call, term and fixed deposits. Main difference between current and saving is of the profit that is provided only on saving account to the customer.
Executive Summary
The internship report on ubl has been written by mian aamir iqbal anjum, he wrotes that To open an account the customer has to meet the manager with an introducer. Individual, Joint, Partnership, Private Limited, Public Limited, Sole proprietorship and Minor accounts are the types of accounts. Different documentation is required for each type of account but the application form is same for all types of accounts.
In Deposits department actual relationship is started with the bank, that relationship is in the form of deposits or the accounts that are opened in the bank. At UBL, customers can deposit in the form of current, saving, call, term and fixed deposits. Main difference between current and saving is of the profit that is provided only on saving account to the customer.
In Cash department the main activity is of payment and receipt of cash and facility of utility bills collection is also performed at the counter of cash department. A cash book balance is maintained at the end of the day that is been provided in the form of statements that can be got from the computer. Accounts department is responsible for all the activities happening inside the branch in the form of any transaction whether it is for the customer or for the employees to provide them with utility services.
In Remittance Department like any other bank UBL also have instruments for transferring of money like Pay Order, Demand Draft, Mail Transfer, Telegraphic Transfer. For remittances UBL provided many services namely TezRaftar, Money Gram and Click N Remit. As for as there Foreign Exchange Deportment is concerned its activity is handled at the central branch as they have a department their and they provided the many services to the importers and the exporters in the trading of products. Preparation of LC on behalf of importer for the exporters and its bank is the main activity that is perform in the department.
FUNCTIONS OF UBL BANK
ACCEPTING DEPOSITS.
Some people have an excess money and they want to deposits it to some honest man or an institution which can give them some profit. So the first function of commercial bank is to receive deposit there are three types of deposits.
Demand Deposits or Current Deposits.
Some people deposit their excess money in the current accounts and they can withdraw their money deposited in this account at any time during the banking hours, so bank is not ready to give interest on it.
Fixed Deposits.
These deposits are fixed for a particular period. Commercial banks also pay an interest on these accounts. An important thing related to it is the varying interest rates for the different period deposits. Interest rate increases with the increase in the fixed deposit period.
SavingDeposits.
To create the habit of savings, bank accepts the saving deposits and pays an interest on these deposits. And this rate of interest is greater than the demand deposits.
ADVANCING LOANS.
Bank also advances the loans to the merchants and charges the interest. It is the major source of its income. It also issues the loan for short term, medium term and for long term. And bank receives the higher interest from the borrower for the long term loans offered.
DISCOUNTING OF BILL.
Commercial banks also discount the bills and facilitate the business; for example one businessman purchases anything from another person and promises to pay after one month. The seller will write a bill to the buyer and there will be an order that after one month the buyer will pay the amount to the seller. Buyer will sign on the bill. In other words buyer will accept the responsibility of that amount. If seller is in need of money, he will take it to the bank and will receive the money by discounting the bills. The commercial bank also may rediscount it.
HOME SAVING ACCOUNT.
This type of account offers the facility to the account holder to save money right home and put in the locker provided by bank. The key of the locker remains with the bank that sends its officer every week to collect the amount from the locker. Now this facility is no longer in practice.
