CHAPTER ONE INTRODUCTION 1. 1 Background An internship is the period of supervision training required for qualifying for a profession. It follows a specified number of academic creditor and classroom years. An internship program is an educational plan which combines classroom theoretical knowledge and practical work experience in industrial, business, or government work situations. These help students to have opportunity to signify academic theories and principles to action, to test out career interests and to develop skills and abilities through carefully planned and supervised programs related to the career of their choice.
Internship is a practical section of the BBA course required to be done by each and every BBA students. Internship is an applied form of knowledge which we have learnt in BBA till 8th Semester. Internship is just like a training section in which we get familiar with the corporate culture and gain practicability in our lifestyle. Hence, it is the way through which we can achieve our career objective. With its ultimate objective of educating students for professional pursuits in business, industry and government the Faculty of Management (FoM), TU has been continuously putting efforts towards providing quality education to the people.
Furthermore, FoM has been contributing to increase the knowledge and understanding of business and public administration by offering various programs that best concede in achieving the objectives. Bachelor in Business Administration (BBA) is one of the programs offered by FoM with a view to fulfill the gap of Middle Level Managers in the job market with competent, practically able, socially responsive, creative and result-oriented management professionals.
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In its process of developing such professionals, BBA requires the students to gain an eight weeks experience as an intern that is expected to blend the theoretical knowledge gained in the classroom with the real work environment. This report is the result of the requirement which includes the study based on the knowledge and experience acquired at PRIME BANK as an intern. The report tries to focus on the accounting procedure at the bank along with other relevant information. 1. 2 Objectives of the Report
An internship program is organized with a main objective to provide student an opportunity to be familiarize with organization activities and environment. Further it also provides us with an opportunity for developing managerial skills by working in the organization. It is to evaluate and compare the theoretical aspect with the practical life, with also to identify the problem and their underlying causes with complying developing capabilities to evaluate potential solutions that optimize organizations Strength, Weakness, Potential Opportunities and competitive Threats.
It also helps to develop strategic skills in student which helps to reduce the risk and weakness, and to hub opportunities and strength. 1. 3 Methodology: 1. 3. 1 Organization Selection Being the student of finance it was necessary for me to analyze the activities of financial sector, specially banking sector. For organization selection my college helped me to assessed the banking organizations. With the help of college I finally get a chance to do internship in Laxmi Bank Limited.
Accordingly, I dropped Personal Application and College Recommendation Letter with CV (Curriculum Vitae) in the PCBLafter; I followed up regularly with human resource manager till I was appointed for the internship. Finally, I was appointed on June at PCBL on CSD. 1. 3. 2. Placement During the internship period of eight weeks I was placed Customer Service Department (CSD),. The internship was really informative and beneficial. I would really like to thank the Human Resource (HR) department for my placement in the departments. 1. 3. 3.
Duration of Internship The bank granted me the internship period of eight weeks starting from Jestha 20, 2068 B. S to Shrawan 13, 2067. In this period I got an opportunity to be a part of various departments and work there. 1. 3. 4 Activities carried out During 8 weeks of internship, I was allocated at New baneshwor branch of PCBL. The more important function used in computer for performing daily banking transactions and setting up accounts is Pumori Plus software and the software helps to perform all the activities of various department as required.
PCBL, one of the major financial intermediaries whose primary function is to transfer of monetary resources from the savers to the users. This section includes the study based on the internship period and the various tasks performed during the stay in bank. During these 8 weeks, I was placed in Customer Service Department, Remittance and Cheque Clearing Department. The activities I performed in the organization, during my internship on the basis of the departments are as follows:- Customer service department in there the various activities perform were:-
It is very crucial department where numbers of customers make face-to-face interaction with the staff of PCBL. Customer service is the provision of service to customers before, during and after purchase. Customer service department is one of the busiest as well as the major department of bank where the interaction of the customer is the most. * Opening new account for the customers visiting the bank. * Account Reactivation. * Closing of account * Informing about the banks product to the customer. * Suggesting type of product and services suited to customer. * Printing balance statement for the customers. Providing Balance Certificate to customer. * Preparing and issue cheque books for the customers and maintain record. * Informing the customers about the different department in the bank and respective function * Signature change Request. * Block, Refresh and Reissue new ATM-debit card after verification. * Reissue of pin. * Renew of fixed deposit. * Filling of KYC form. * Stop Payment for wrongly issued cheque, as per request of Account holder. * Locker register, in and out time. * Making Daily Report and weekly report, regarding A/C open and A/c close. Recording Petty cash expenses and summit quarterly report. * Receiving and make call and Transfer the call. * File transfer and Management i. Cheque book request slips ii. Balance certificate photocopy and its issuance request application. iii. Account statement request applications. iv. Account Opening forms after completion. v. Visa debit card application forms, sms banking, E-banking and vi. Other incoming letters. * Keeping record of transaction (while distributing cheque book, Debit Card, A/C opening, statement printing, locker, Balance certificate etc). Updating information whenever necessary
Others * Photocopying * Faxing * Make a call * Scanning 1. 4 Limitations of the Study * Time and resources constraints are other limitations of the study. * Since the internship period was limited to only 8 weeks, it was not possible to have in depth and detail study of all the activities of all departments. * The banking sector is the most competitive sector. So intern was made familiar with only the routine work of bank and was not made familiar to the core information of the bank. * The bank’s staffs were highly occupied by their work so they had very little time to interact with the intern. As internship period falls under the month of Assad during the closing time of banking sector so the bank’s staffs were highly occupied by their workloads so they had very little time to interact and monitor the interns. * The financial data of current fiscal year 2067/68 couldn’t be collected as the auditing process was not completed. * This report is mainly based on my personal individual experience and knowledge gained during internship period and theoretical knowledge gained from course study so lacking of technical terminology and its right use may seems to be missing.
In spite of all those limitation, I have tried my level best to gain adequate knowledge of banking and corporate culture and sincerely perform the task given by the supervisor and the staffs. The whole experience was an exciting challenge as well as excellent learning opportunity . CHAPTER -TWO INTRODUCTION OF THE INDUSTRY 2. 1 Meaning of bank An establishment authorized by the government to accept deposit , pay interest ,clear checks, make loans , act as an intermediary in financial transaction and provide other financial services to its customers.
Bank is a financial institution, which deals with the money, receiving money as deposit from customer; honouring customer’s drawing against such deposits on demand, collection of cheques for customers and lending or investing surplus deposits until they are required for repayment. In present days, various types of Banks are established with various different product and purposes and targets such as Industrial Bank, commercial Bank, Agriculture Bank, Joint stock Bank, Co-operatives Bank and Development Bank etc. Modern Banks are more advanced than the ancient one.
This is due to increased population and development resulting changes in industrial field and trade, increase in competition, changes in people’s ideology and due to increased inter relation and dependence with each other. It is generally said that the word "BANK" has been originated in Italy. In the middle of 12th century there was a great financial crisis in Italy due to war. To meet the war expenses, the government of that period a forced subscribed loan on citizens of the country at the interest of 5% per annum.
Such loans were known as 'Compare', 'minto' etc. The most common name was "Monte'. In Germany the word 'Monte was named as 'Bank' or 'Banke'. According to some writers, the word 'Bank' has been derived from the word bank. It is also said that the word 'bank' has been derived from the word 'Banco' which means a banch. The Jews money lenders in Italy used to transact their business sitting on banches at different market places. When any of them used to fail to meet his obligations, his 'Banco' or banch or banch would be broken by the angry creditors.
The word 'Bankrupt' seems to be originated from broken Banco. Since, the banking system has been originated from money leading business; it is rightly argued that the word 'Bank' has been originated from the word "Banco'. Today the word bank is used as a comprehensive term for a number of institutions carrying on certain kinds of financial business. In practice, the word 'Bank' means which borrows money from one class of people and again lends money to another class of people for interest or profit 2. 2 Evolution of Banking Industry
The first banks were the merchants of ancient world that made loans to farmers and traders that carried goods between cities. The first records of such activity dates back to around 2000 BC in Assyria and Babylonia Later in ancient Greece and during the Roman Empire lenders based in temples would make loans but also added two important innovations; accepted deposits and changing money. During this period there is similar evidence of the independent development of lending of money in ancient China and separately in ancient India.
Banking in the modern sense of the word can be traced to medieval and early Renaissance Italy, to the rich cities in the north like Florence, Venice and Genoa. The Bardi and Peruzzi families dominated banking in 14th century Florence, establishing branches in many other parts of Europe. Perhaps the most famous Italian bank was the Medici bank, set up by Giovanni Medici in 1397. The development of banking spread through Europe and a number of important innovations took place in Amsterdam during the Dutch Republic in the 16th century and in London in the 17th century.
During the 20th century developments in telecommunications and computing resulting in major changes to way banks operated and allowing they dramatically increase in size and geographic spread. The Late-2000s financial crisis saw significant number of bank failures, including some of the world's largest banks and much debate about bank regulation. As a public enterprise, banking made its first beginning around the middle of the twelfth century in Italy and the Bank of Venice, founded in 1157 was the first the public banking institution.
Following it were established the Bank of Barcelona and the Bank of Genoa in 1401 and 1407 respectively. The bank of Venice and the Bank of Genoa continued to operate until the end of eighteen century. With the expansion of commercial activities in Northern Europe there sprang up a number of private banking houses in Europe and slowly it spread throughout the world. In Nepal, modern banking starts with the establishment of Nepal Bank Limited. 2. 3 Development of Banking Industry in Nepal The history of modern financial system of Nepal was begun in 1937 with the establishment of the Nepal Bank Ltd. NBL) as the first commercial bank of Nepal with the joint ownership of government and general public. As mentioned above, Nepal Rastra Bank (NRB) was established after 19 years since the establishment of the first commercial bank ( i. e. ,NBL). After the establishment of NRB, Nepal witnessed a systematic development of the financial system. After the restoration of democracy in 1991, Nepal has clearly been following a liberalized economic policy and witnessing diversification in financial system. As a result, various banking and non-banking financial institutions have come into existence.
As of mid-July 2002, there are 16 Commercial Banks, 16 Development Banks, 5 Regional Rural Development Banks, 54 Finance Companies, 34 Saving and Credit Cooperatives and 25 Non Governmental Organizations (NGOs) operating in the country. Nepal's first commercial bank, the Nepal Bank Limited, was established in 1937. The government owned 51 percent of the shares in the bank and controlled its operations to a large extent. Nepal Bank Limited was headquartered in Kathmandu and had branches in other parts of the country. There were other government banking institutions.
Rastriya Banijya Bank (National Commercial Bank), a state-owned commercial bank, was established in 1966. The Land Reform Savings Corporation was established in 1966 to deal with finances related to land reforms. There were two other specialized financial institutions. Nepal Industrial Development Corporation, a state-owned development finance organization headquartered in Kathmandu, was established in 1959 with United States assistance to offer financial and technical assistance to private industry. Although the government invested in the corporation, representatives from the private business sector also sat on the board of directors.
The Co-operative Bank, which became the Agricultural Development Bank in 1967, was the main source of financing for small agribusinesses and cooperatives. Almost 75 percent of the bank was state-owned; 21 percent was owned by the Nepal Rastra Bank, and 5 percent by cooperatives and private individuals. The Agricultural Development Bank also served as the government's implementing agency for small farmers' group development projects assisted by the Asian Development Bank and financed by the United Nations Development Programme.
The Ministry of Finance reported in 1990 that the Agricultural Development Bank, which is vested with the leading role in agricultural loan investment, had granted loans to only 9 percent of the total number of farming families since 1965. Since the 1960s, both commercial and specialized banks have expanded. More businesses and households had better access to the credit market although the credit market had not expanded. In the mid-1980s, three foreign commercial banks opened branches in Nepal.
The Nepal Arab Bank was co-owned by the Emirates Bank International Limited (Dubai), the Nepalese government, and the Nepalese public. The Nepal Indosuez Bank was jointly owned by the French Banque Indosuez, Rastriya Banijya Bank, Rastriya Beema Sansthan (National Insurance Corporation), and the Nepalese public. Nepal Grindlays Bank was co-owned by a British firm called Grindlays Bank, local financial interests, and the Nepalese public. Nepal Rastra Bank was created in 1956 as the central bank. Its function was to supervise commercial banks and to guide the basic monetary policy of the nation.
Its major aims were to regulate the issue of paper money; secure countrywide circulation of Nepalese currency and achieve stability in its exchange rates; mobilize capital for economic development and for trade and industry growth; develop the banking system in the country, thereby ensuring the existence of banking facilities; and maintain the economic interests of the general public. Nepal Rastra Bank also was to oversee foreign exchange rates and foreign exchange reserves. Prior to the establishment of Nepal Rastra Bank, Kathmandu had little control over its foreign currency holdings.
Indian rupees were the prevalent medium of exchange in most parts of the country. Nepalese currency was used mostly in the Kathmandu Valley and the surrounding hill areas. The existence of a dual currency system made it hard for the government to know the status of Indian currency holdings in Nepal. The exchange rates between Indian and Nepalese rupees were determined in the marketplace. Between 1932 and 1955, the value of 100 Indian rupees varied between Rs71 and Rs177. The government entered the currency market with a form of fixed exchange rate between the two currencies in 1958.
An act passed in 1960 sought to regulate foreign exchange transactions. Beginning in the 1960s, the government made special efforts to use Nepalese currency inside the country as a medium of exchange. It was only after the signing of the 1960 Trade and Transit Treaty with India that Nepal had full access to foreign currencies other than the Indian rupee. Prior to the treaty, all foreign exchange earnings went to the Central Bank of India, and all foreign currency needs were provided by the Indian government.
After 1960 Nepal had full access to all foreign currency transactions and directly controlled its exports and imports with countries other than India. As a result of the treaty, the government had to separate Indian currency (convertible currency because of free convertibility) from other currencies (nonconvertible currency because it was directly controlled by Nepal Rastra Bank). In 1991 government statistics still separated trade with India from trade with other countries. Tables showing international reserves listed convertible and nonconvertible foreign exchange reserves separately. 2. Commercial bank at a glance Commercial banks are financial intermediaries that raise funds through demand and time deposits as well as from other sources, such as federal funds purchases and security repurchase agreements, funds from parent companies, and borrowing from other lending institutions (for example, the Federal Home Loan Banks). They use the funds to make loans, primarily to businesses and individuals, and to invest in securities. In context of Nepal the first commercial bank “Nepal Bank limited” was established in 1937 A. D. and second “Rastriya Banijya Bank” was established in 1966 A. D.
Nepal has opened its door to foreign commercial banks in the kingdom almost a decade back. As the country followed economic liberalization, there was massive entrance of foreign banks in Nepal. Consequently Nepal Arab Bank was established in 1985 A. D. similarly the Nepal Indosuez Bank was established as joint venture between Nepal and France in 1986 A. D. , the legitimate entry of foreign commercial banks with full-fledged banking function led to rapid growth of banking system. After 1990 economic liberalization policy obtained by the government, now there are 33 commercial banks operating banking activities in Nepal.
Latest commercial bank is Century Bank limited. The commercial banks expanded only since the 19th century. The industrial revolution of the 18th century opened the vast scope for the development of commercial banking in the last century. In the 20th century, banking institution became highly specialized and sophisticated especially in advanced countries like USA, UK and other countries. Commercial banks deal with activities of trade, commerce, industry and agriculture that seek regular financial and other help from banks for growing Table no. 1 List of Commercial Banks in Nepal S. No. Names| Operation Date (A. D. )| Head Office| Paid up Capital (Rs. In Millions)| 1| Nepal Bank Ltd. | 1937/11/15| Kathmandu| 3804| 2| Rastriya Banijya Bank Ltd. | 1966/01/23| Kathmandu| 3853| 3| Agriculture Development Bank Ltd. | 1968/01/02| Kathmandu| 94375| 4| Nabil Bank Ltd. | 1984/07/16| Kathmandu| 20298| 5| Nepal Investment Bank Ltd. | 1986/02/27| Kathmandu| 24091| 6| Standard Chartered Bank Nepal Ltd. | 1987/01/30| Kathmandu| 16102| 7| Himalayan Bank Ltd. | 1993/01/18| Kathmandu| 20000| 8| Nepal SBI Bank Ltd. | 1993/07/07| Kathmandu| 18639| 9| Nepal Bangladesh Bank Ltd. 1994/06/05| Kathmandu| 20103| 10| Everest Bank Ltd. | 1994/10/18| Kathmandu| 11196| 11| Bank of Kathmandu Ltd. | 1995/03/12| Kathmandu| 13595| 12| Nepal Credit and Commerce Bank Ltd. | 1996/10/14| Siddharthanagar, Rupandehi| 13997| 13| Lumbini Bank Ltd. | 1998/07/17| Narayangadh,Chitawan| 13000| 14| Nepal Industrial ; Commercial Bank Ltd. | 1998/07/21| Biaratnagar,Morang| 13116| 15| Machhapuchhre Bank Ltd. | 2000/10/03| Pokhara, Kaski| 16272| 16| Kumari Bank Ltd. | 2001/04/03| Kathmandu| 14850| 17| Laxmi Bank Ltd. | 2002/04/03| Birgunj, Parsa| 16140| 18| Siddhartha Bank Ltd. 2002/12/24| Kathmandu| 15610| 19| Global Bank Ltd. | 2007/01/02| Birgunj, Parsa| 15000| 20| Citizens Bank International Ltd. | 2007/06/21| Kathmandu| 19223| 21| Prime Commercial Bank Ltd| 2007/09/24| Kathmandu| 22457| 22| Sunrise Bank Ltd. | 2007/10/12| Kathmandu| 18554| 23| Bank of Asia Nepal Ltd. | 2007/10/12| Kathmandu| 15175| 24| DCBL Bank Ltd. | 2008/05/25| Kamaladi, Kathmandu| 19209| 25| NMB Bank Ltd. | 2008/06/05| Babarmahal, Kathmandu| 16517| 26| Kist Bank Ltd. | 2009/05/07| Anamnagar, Kathmandu| 20000| 27| Janata Bank Nepal Ltd. | 2010/04/05| New Baneshwor, Kathmandu| 14000| 28| Mega Bank Nepal Ltd. 2010/07/23| Kantipath, Kathmandu| 16310| 29| Commerz ; Trust Bank Nepal Ltd. | 2010/09/20| Kamaladi, Kathmandu| 14000| 30| Civil Bank ltd. | 2010/10/24| Kathmandu| 12000| 31| Century commercial Bank Ltd. | 2011/01/23| Kathmandu| 10800| Source: www. nrb. org. np 2. 5 Present Scenario of Banking Sector in Nepal There is tremendous growth in the number of financial institution in Nepal in the last two decades. At the beginning of 1980s when financial sector was not liberalized, there were only few commercial banks and development banks performing baking activities in Nepal.
There were few micro-credit development banks, finance companies, co-operatives and NGOs with limited banking transactions. After the liberalization of the financial sector, there has been a hallmark progress both in terms of the number of financial institutions and beneficiaries of financial services. Nowadays, there are 29 commercial banks operating in Nepal. On the other hand, a lot of financial cooperatives are also operating. With the increasing number of commercial banks, competition among themselves has also become more complex. In today’s dynamic environment, the commercial banks are trying to introduce nd establish themselves differently from other banks by providing special services and attractive schemes to its customers. Besides commercial banks, development banks are also improving their performance in Nepalese banking industry and they also play an important role in the growth of country’s economic position. CHAPTER -THREE INTRODUCTION TO PCBL 3. 1 Background Prime Commercial Bank Ltd. was incorporated in September 2007 as the 21st commercial bank in Nepal. We are a Category ‘A’ Financial Institution registered under the “Banks and Financial Institutions Act” of Nepal.
It has been established by prominent business personnel and professionals from diversified areas with a prime objective of providing 'Banking Services to Everyone' in the country where still large number of population are deprived of Banking Services. The Bank has in total 389 promoters holding 70% shares of the Bank. Prime Commercial Business Ltd has been established by prominent business personal and professional from diversified areas with a prime objective of providing “Banking service to everyone” in the country where still large number of population are deprived of Banking services.
Grand opening was done by honorable finance Minister Dr. Ram Sharan Mahat on 28th September 2007. Its Head Office (HO) is situated at New Road, Bira Complex, and Kathmandu. The bank has established itself as an emerging player in financial sector with focus in customer service excellence maintaining excellent relationship with valued customers. It is counted among the top 10 commercial banks in Nepal by independent raters and publications in the country. The Bank’s shares are listed and actively traded in the Nepal Stock Exchange (NEPSE).
With the concept of “Banking service to everyone”, PCBL has entered into banking business as the 21st Commercial Bank in the country. The bank has 24 branches and has introduced its first ATM facility at Bira complex, New Road (HO) to give 24 hours 365 days banking services to their valve customers. Top exporters and Importers of the country have established banking relationship with the bank with a substantial volume of foreign business which has substance the bank’s popularity in the international trade front.
With the concept of “Banking service to everyone”, PCBL has entered into banking business as the 21st Commercial Bank in the country. The bank has 24 branches and has introduced its first ATM facility at Bira complex, New Road (HO) to give 24 hours 365 days banking services to their valve customers. Top exporters and Importers of the country have established banking relationship with the bank with a substantial volume of foreign business which has substance the bank’s popularity in the international trade front. 3. 2 MISSION/PURPOSE/OBJECTIVES/GOAL OF THE COMPANY
Over the past 4 years, PCBL have been able to acquire a large customers base enabling to capture the market. This has been possible via continuous effort over the years to provide the facilities and best to the customers. The bank will endeavor to establish itself as technology savvy and customer friendly and try to maintain good relationship with its customers. PCBL gives the innovative approach that edge over any other banks when it comes to introducing modern banking products and services into the banking sector. The following are the objectives that PCBL has:- * To cater to all customer’s requirements. Promotion of national economy, society; individual enhancing the market share. * Mobilizing capital in important areas. * Ensure everyone with positive attitude towards customers needs and strong mutual relationship. * Providing international quality banking services to the corporate. * Providing complete financial solutions to customer and promising growth opportunities to employers. * To provide/ quality services and competitive prancing focus. * To collect spread throughout Nepal and channelize it into different productive development project. * Aims at rendering banking services to various sectors likes SMEs etc . 3 Capital Structure Prime Commercial Bank has been established by prominent business personnel and professionals from diversified areas with a prime objective of providing Banking Service to Everyone in the country where still large number of population are deprived of Banking Service. The bank will endeavor to establish itself as technology savvy and customer friendly and try to maintain good relationship with its customers. The bank has been established with following capital. Authorized capital | : NPR 300 crores| Issued capital | : NPR 150 crores| Paid up capital| : NPR 116. 37 crores| Paid up capital includes calls in advances of Rs 116. 37 crores. 3. 4 Product’s, Loan and Services of PCBL 3. 4. 1 Normal Saving Minimum Balance| NPR 500. 00| Interest Rate:| 6. 00% on Daily Balance| Interest Posting:| Quarterly| Product Features: * On Demand Statement * Free Debit Card * Free Cheque Book * Free SMS/Internet Banking * Free ABBS Facility * Unlimited Withdrawal/ Deposit * 3. 4. 2 Prime silver saving Minimum Balance| NPR 1000. 00| Interest Rate:| 6. 00% on Daily Balance| Interest Posting:| Quarterly| Product Features: * On Demand Statement Free Debit Card * Free Cheque Book * Free SMS/Internet Banking * Free ABBS Facility * Unlimited Withdrawal/ Deposit 3. 4. 3 Prime corporate staff saving Minimum Balance| NPR 0. 00| Interest Rate:| 8. 00% on Daily Balance| Interest Posting:| Quarterly| Product Features: * On Demand Statement * Free Debit Card * Free Cheque Book * Free SMS/Internet Banking * Free ABBS Facility * Unlimited Withdrawal/ Deposit 3. 4. 4 Prime Shareholders Saving Minimum Balance| NPR 0. 00| Interest Rate:| 8. 00% on Daily Balance| Interest Posting:| Quarterly| Product Features: On Demand Statement * Free Debit Card * Free Cheque Book * Free SMS/Internet Banking * Free ABBS Facility * Unlimited Withdrawal/ Deposit 3. 4. 5Public Saving This product is available in each branch Minimum Balance| NPR 100. 00| Interest Rate:| 6. 00% on Daily Balance| Interest Posting:| Quarterly| Product Features: * On Demand Statement * Debit Card charge NPR 100. 00 * Free Cheque Book * SMS/Internet Banking charge NPR 50. 00 * Free ABBS Facility * Unlimited Withdrawal/ Deposit 3. 4. 6 Siddhi Ganesh Saving Account This Product is only available on Sorakhutte Branch.
Minimum Balance| NPR 500. 00| Interest Rate:| 6. 00% on Daily Balance| Interest Posting:| Quarterly| Product Features: * On Demand Statement * Free Debit Card * Free Cheque Book * Free SMS/Internet Banking * Free ABBS Facility * Unlimited Withdrawal/ Deposit 3. 4. 7 Current Deposit Minimum Balance| NPR 5,000. 00| Product Features: * On Demand Statement * Free Debit Card * Free Cheque Book * Free SMS/Internet Banking * Free ABBS Facility * Unlimited Withdrawal/ Deposit Note:-Current A/c cost NPR 1000. 00 for gold purpose. 3. 4. 8 Fixed Deposit 3 Months Interest Rate:| 8. 0% on Daily Balance| Interest Posting:| Quarterly| 4 Months Interest Rate:| 9. 50% on Daily Balance| Interest Posting:| Quarterly| 6 Months Interest Rate:| 10. 50% on Daily Balance| Interest Posting:| Quarterly| Above 6 Month-below 1 year Interest Rate:| 11. 00% on Daily Balance| Interest Posting:| Quarterly| 1 year and above Interest Rate:| 11. 50% on Daily Balance| Interest Posting:| Quarterly| Note:- In fixed deposit interest rate will be negotiable by looking time period and Amount to be deposit. 3. 4. 9 Types of loan Deprived Sector(Institutional) * Deprived Sector(Retail) * Overdraft * Working Capital Loan * Demand Loan * Term Loan * Export Credit * Hire Purchases Loan - Commercial Vehicles * Hire Purchases Loan - Private Vehicles * Loan Against Fixed Deposits held with our bank * Loan Against Fixed Deposits held with our bank * Trust Receipt 90 days * Mortgage Loan * Loan Against Government Bonds * Loan Against Shares * Loan Against Gold ; Silver * Professional Loan * Equipment Loan * Education Loan * SME Loan * Home Loan 3. 4. 10. Wire Transfer * Transfer Money from your account to an account across the globe.
The Wire Transfer (SWIFT message) is a highly secure and efficient method of fund transfer. We have arrangements with major banks to send SWIFT messages which ensure secure and safe remittance to any place of your choice. 3. 4. 11. Foreign Currency Demand Draft * Get a demand draft in a foreign currency. * We provide you the facility to avail a Demand Draft in the following foreign currencies – Indian Rupee, US Dollar, and Pound Sterling. You can send the Demand Draft to the beneficiary, who receives payment from drawee bank on presenting the draft. 3. 4. 12. Traveler's Cheque Travelers' cheques are widely accepted instrument for convenience and safety instead of cash. We issue / encash traveler's cheque. 3. 4. 13. Western Union Money Transfer /IME /Money Gram * Customers can receive payments sent via Western Union Money Transfer/IME/Money Gram from our branches. 3. 4. 14. SCT Debit Card Card Services * SCT Debit Card (SCT Network) * 870 ATMs Network allover the Nepal. * 1500 Plus POS Terminals Network allover the Nepal. * 4000 ATMs Network of Punjab National Bank allover the India. Transaction Limit Nepal (Withdrawal Limit) Maximum per transaction| NPR 16,000. 00| Minimum per transaction| NPR 500. 0| Maximum for a day| NPR 40,000. 00| India (Withdrawal Limit) Maximum per transaction| INR 10,000. 00| Minimum per transaction| INR 100. 00| Maximum for a day| INR 10,000. 00| Charges ATM Card Issuance Charge:| Free| New ATM Card Issuance forPublic Deposit Account Charge :| NPR 100. 00| Yearly Renew Charge:| NPR 200. 00| ATM Reissue Charge (For Lost, Expired & Damaged)| NPR 200. 00| Cash Withdrawal from Prime Bank ATM (Fee)| Free| Balance Enquiry from Prime Bank ATM (Fee)| Free| POS Transactions (Fee)| Free| Cash Withdrawal from SCT Network other thanPrime Bank ATM (Fee)| NPR 25. 0| Balance Enquiry from SCT Network other than| | Prime Bank ATM (Fee)| NPR 3. 00| 3. 4. 15. 365 Banking Branches| Holiday Counter| New road| 2:00 PM to 6:00 PM| Service Provides during Counter: * Deposit * Withdrawal * ABBS Facility * Cheque Collection * Foreign Currency Exchange * Travelers Cheque * Issuance of Indian/Foreign Currency Draft| 3. 4. 16. SMS Banking Track your account details anytime from anywhere Our SMS Banking lets you keep track of your account even while you are on the move. Register for the service by filling a registration form at our bank.
After registration send SMS to 6262 with the keyword for your query. Receive a reply message on your mobile with your required information. SMS Services: Request Type| Query Message| Balance Enquiry| BE| Last 5 transactions in the account| ST| Note: - Type BE/ST in message box and send to 6262 3. 4. 17. E-Banking Services * Balance Enquiry * Account Statement * Interest Statement * Tax Statement 3. 4. 18. Safe Deposit Locker * Storing valuables at home becomes a security issue. * We offer safe, trustworthy space to store your valuables, documents and other things dear to you. 3. 4. 19.
Locker Services * Deposit NPR 10,000. 00 to NPR 50,000. 00 * Annual fee from NPR 2000. 00 to NPR 10,000. 00 for various size 3. 4. 20. Letter of Credit * To establish Import Letters of Credit, sight as well as usance. * For you to be able to import required goods or purchase goods locally. 3. 4. 21. Bank Guarantees * We issue various bank guarantees to meet your different requirements for various purposes like bidding for tenders, issuing performance bonds, advance payment guarantees and custom guarantees. * We can also issue local guarantees against counter guarantees of acceptable foreign banks.
Banking Hour Sunday - Friday 10:00AM - 3:00PM Evening Counter * 3:00PM - 7:00PM *Available only at specific branches 3. 5. ORGANIZATIONAL STRATEGIES The main focus of the bank is quality service. In order to be the leading provider of the banking products and services, via new technology distribution modern channels serving a target group of corporate and general customers. Some of the strategies of the PCBL are as following:- * To develop a customer oriented service culture with special emphasis on customer care and convenience. * To increase PCBL‘s market share by following a disciplined growth strategy. To develop innovative products and services that attract PCBL’s targeted customers and market segments. * To maintain a high quality asset portfolio to achieve strong and sustainable returns and to continuously build shareholder’s value. * To explore new avenues for growth and profitability. * To serving the client’s needs effectively and proactively. * To focus on a well-defined list of high priority clients. * To enhance strong customer relationships. These are the strategies of PCBL that has helped the bank to stand as one of the most successful commercial bank in Nepal as PCBL is committed to serving the customers.
They are dedicated to improving customer care and to take a leadership role as to integrate banking sector. PCBL seek to attract the best people and to be a leader in fulfilling their missions. 3. 6 Core value and Ethical principles Integrity and Business Ethics: Commitment to integrity and business ethics is our fundamental principle to do the business. Teamwork: We believe that essence of success is team work and thus achievement of VMO is possible only when every member of team contributes to their ability. Most importantly we consider all our business partners (clients) as a part of the team with whom we share our ideas/skills, learn rom each other and take the business relations to the greater heights so as to be mutually beneficial which will ultimately lead to the successful relationship. Respect and Humility: We understand that respect and humility are the key factors to motivate and drive every individual towards the organizational goals. We honor the culture, language, ethnicity, social values and entrepreneurial spirit of every individual across the boundaries and draw strength from equal opportunity and diversity thereby enabling the growth of all the stakeholders.
Professionalism: Everything we do, we do with the highest standards of professionalism. Research and Development with focus on business partners (clients/customers) is the key to pursue innovation, deployment of imagination and quality functions/characteristics and translate new ideas into reality consistently whereby we can delight the customer/clients by delivering the products/services with outstanding quality so that our relationships with our clients will remain forever.
Good Governance: We are committed to ensure the transparency and internal control systems through clear-cut policy guidelines/manuals, procedures, central bank's rules regulations for our own satisfaction and to satisfy the regulators thereby ensuring the Corporate Good Governance. Loyalty: We maintain the highest level of loyalty towards all stakeholders, particularly the business partners (customers/clients) and promise to walk alongside the business partners at difficult times/situations.
We will strive to prove that "Bankers are all weather friends" as against the traditional concept of "Fair weather friends" by maintaining the Business loyalty at all times. 3. 7. ORGANIZATIONAL STRUCTURE Table 2: List of Board of Director Board of Directors NAME OF THE DIRECTOR| DESIGNATION| EXPERIENCES| Mr. Narendra Bajracharya| Chairman| * Past President Hotel Association of Nepal. * Experience in the Banking sector for past 30 years. | Mr. Uttam Narayan Shrestha| Director| * 32 years of experience in Agricultural Development Bank. * General Manager in NIDC Capital Market for 2 years. General Manager Cottage and Handicraft Industry for 1 Year. | Mr. Rajendra Das Shrestha| Director| * 30 years of experience in industry and trading house. | Mr. Shyam Bahadur Shrestha| Director| * 4 years of experience in insurance companies * 20 years of experience in Pharmaceutical Industry| Mr. Uday Mohan Shrestha| Director| * 2 years of experience in Banking Sector * 25 years of experience in Hotel Industry| Mr. Umesh Shrestha| Director| * President for PABSON for 6 years * 30 years of experience in educational institutions. | CHAPTER FOUR
ANALYSIS OF ACTIVITES DONE AND PROBLEM SOLVED 4. 1 CUSTOMER SERVICE DESK (CSD) Customer service is the provision of service to customers before, during and after a purchase. It is a function of how well an organization is able to constantly and consistently exceed the needs of the customer and the department in any organization that deals with the queries and complains of the customer at first is known as customer service department. For any organization it is the very place which makes an early impression to the clients. It is the place where customers make the first contact with the clients.
The image and the reputation of bank depend upon effective functioning of this department. It is the first place where the customers first get the service. It is very important to know that a highly satisfied customer stays loyal longer, buys more as the organization introduces new product, pays less attention to competing brands and is less sensitive to price. It would then not be inappropriate to say that this department is the key to success of any organization This department is involved in various activities from opening an account to its closing, providing account statement as per ustomer demand. The basic functions of this department are customer counseling, account operations and distribution activities etc Customer counseling is most important functions of customer service department. The efficiency of the customer service department or an organization is the outcome of the quality of the customer counseling that it provides. There are various kinds of products and services available in this organization. This department is also responsible for providing detail information regarding these different products and services. 4. 2.
Major Activities Done on CSD (Business Desk) 4. 2. 1 Dealing with the customer It includes attending, solving queries and assisting customer to fill out the different types of account opening form such as saving, current and fixed deposit account correctly and also managed all the necessary documents related to his/ her identification form. Similarly client information was entered in record of ledger as well as in computer system. Various queries of clients are answered. All required information are provided very politely and sincerely. Work done by dealing with customer: helped them to fill cash deposit voucher * helped them to fill Account opening and closing form * helped them to use ATM * replied their queries regarding various product * gave direction to their required department 4. 2. 2 Account opening Customers who want to open new accounts are asked to fill in the form. They need to bring two passport size photographs. If they have a supplement or a nominee, then they have to bring the nominee’s passport size photo and citizenship as well. There are basically two types of accounts: a) Saving Account:
The different deposit schemes under the saving account can be listed above in chapter three. b) Current Account: Basically, this account is opened by sole-proprietorship, partnership firms, and corporations. The current account held in the name of firm is called “current corporate account”. The account holder has to maintain rupees five thousands as its minimum balance. Current account provides no interest on the sum deposited. However, firms can transfer the current account into “call account” in multiple of 10000; at the end of the day. Which provides interest on daily balance?
Interest rates are negotiable on the basis of deposits. Current account can be opened for gold loan purpose also with minimum balance of NPR 1000. Account opening form is same for all type of product in PCBL but it should be maintain which type of account is going to opened in account opening form. Documentations: The bank should maintain proper documentation to know about the customer in person and to avoid account opening in the name of artificial person, companies, institutions etc. for all customers a proper application, identification document, photograph, specimen of signature are compulsory.
Different documents are required for different companies and organizations. The different documents required for the individuals, companies and organizations are as follows: For an individual: * Citizenship certificate or passport or driving license. * Two passport size photographs. * Photo of nominee (if there is a nominee) * Citizenship certificate or passport or driving license (if there is a nominee) For a sole proprietorship firm: * Firm registration certificate * Income tax registration certificate (PAN/VAT) * Citizenship certificate of the proprietor. Authority letter (incase of third party operation) * Declaration of sole proprietorship. For a partnership firm: * Partnership firm registration certificate. * Income tax registration certificate. * Partnership deed. * Resolution of partners. * Citizenship of partners. * Minute for account operation. For a private or public limited company: * Company registration certificate. * Income tax registration certificate. * Identification documents. * Memorandum of association * Articles of association * Board resolution * Minute for account operation. For a trust club or social organization: Registration certificate. * Trust deed. * Constitution and By laws * Board resolution Identification documents The company or individual is given an account number by filling in information provided on the form using the computer system. PBL uses the software Pumori for its banking ascertained. The form is sorted out and further worked on. The form is divided into four parts: account opening form, debit card application form, cheque request form and SMS banking form. The account opening part is used to feed information in the system of the bank regarding the account, its type and details of its holder.
Every application form is checked, scanned and approved by the operations incharge. After the approval of the operations incharge the forms are filed accordingly. Some customers may also want to close account. While closing account, it is necessary to get the signature on the account closing form by concerned bank personnel and the account holder. The account holder should return all the unused cheque leaves and should pay a certain charge as account closure fee as per bank’s system. 4. 2. 3 Closing of Account Procedure: * Ask the customer to fill up the form for closing the account * Verify the signature Get approval from the CSD in charge. * Deduct the necessary taxable amount and service charge from the balance * Calculate the net balance and ask the customer to draw the cheque of net balance and present it at the cash counter to issue cash * Get approval from all the department heads and file the document in account close section. Documents required while closing an account: Personal Account (saving) * Remaining cheque book * Debit card * Signature of the account holder in the account closing form Joint account * Remaining cheque book * ATM card Signature of all the members in account closing form Sole Proprietorship Account (other than Saving/ Premium Account) * Remaining cheque book * ATM card * Stamp of the company in the account closing form Account closure charges: * Rs. 750 for account closed, below six month from opened date. * Rs. 250 for account closed, after six month from opened date. 4. 2. 4 Cheque Book Issue Check book is issued at free incase the account holder lost the old request slip attached by the bank in previous cheque book. in such case RS 200 is charged. Procedure: The customer is asked to fill the white slip or new cheque book request slip of their old cheque book ( if they had used cheque book before) * Account no is inserted on cheque inventory of computer system * Signature of Account holder is matched of slip and system. * Starting no and ending no of cheque book is inserted and posted * Cheque book record is kept on respective file and customer is asked to sign on it * The lost cheque of the concerned account is blocked in cheque inventory of pumari plus system. 4. 2. 5 On Demand statement
Sometimes the customer demand for the statement of the transactions. Issuing the statement means giving the whole transaction history of the account from the date as asked by the customer up to previous day it is requested. No fee is charged. and statmend is only given to the account holder or the agents if any mentioned. Process: * Enter date from and up to statement is requested * Print the statement * make the record in register * Signature is verified and handover to the customer. 4. 2. 6 Balance Enquiry Is provided upon the request of the customer and is provided only to the account holder. 4. 2. ATM Card Distribution Debit card distribution process: * When the card is received from the head office they are checked and recorded. * After which the account holder are informed about their card arrival via telephone. * Upon the arrival of the customer they are asked for their names and ac no if not then checked in the information from pumori and record the ATM in delivery register. * Then customer asked to sign on register. * Signature is verified. * At the day end, after 4 o’clock all card holders’ account no. , ATM no. , are arranged in a table form in computer and mailed to card centre for aking card active. 4. 2. 8 Other activities done : * Explain services * Answer general questions * Refers to person who can help them with their problems * filling the documents * printing * fax sending * assisting other departments personnal with their work Signature Scanning Scanning of the signature is to be done and approved by Department head on the same day of account opening. When a customer comes to get new cheque book or ATM card or get statement the signature of the customer should be verified to the scanned signature in the account opening form.
Balance of Certificate Issuance (BOC) BOC is written in the name of account holder by the Bank. It is issued as per request of the customer. On the issuance of BOC IDBL charges Rs 200. BOC is usually issued inequivalent of US dollar, euro dollar or pound. Customers applying for visa for going abroad usually require BOC. Cheque Destroying: Cheque destroying is not a frequent activity of CSD but it is a very crucial activity and it is considered highly sensitive. It is performed even there is certain mistakes in cheque printing.
The cheque serial number must be same in the system (Pumori) and in the physical cheque. So, when the serial numbers do not match. The cheques are destroyed in the system and “void” is written in the physical cheque. The destroyed cheques are kept in the vault as the cheque is equivalent to cash and likely to be misused if not destroyed and stored safely. Providing general information about the services provided: People come to bank for the different purposes and may not be clear about what they should do next or whom they should contact to get their job done.
In such case, CSD is responsible for providing true and accurate information. People may inquire different things over telephone as well. CSD provides the correct information inquired by the customers. CHAPTER –FIVE CONCLUSION AND LESSON LEARNT 5. 1. Conclusion The intern chooses Prime Commercial Bank Ltd. for my internship. The intern felt it will provide with the practical exposure in the field. During intern’s internship period the staffs of PCBL were very cooperative and guided me all the way till the end of my internship period i. e. two months.
All the knowledge gained in this whole period will surely be handy for my career in the field of banking sector. The theoretical knowledge that gained in intern’s college is backed up with this internship program due to its practical nature. Furthermore, to learn new lesson which were not covered in classes. It was exciting to see the real professional environment of the office. There were many departments each specializing in its own field. Intern was very comfortable; they provided intern with their senior staff as intern’s instructor Mr.
Geha Ranjan Joshi (BM) and respected staff took intern to many departments to help intern gain good knowledge about the real time scenario of an agency. PCBL has its policy, performance to attract its customers with many special provisions of the deposit system, the loans ; advances and it has opened most of its branches in the business area. Staffs of PCBL are motivated and they are well qualified and trained and also the bank has provided the internship program as well with opportunity for employment. PCBL has possibility of earning more profit and goodwill in the future as its financial statement growth rate is positive.
Customer Service Department is the main interactive part of the bank, front desk service where first customer interacts and tries to deal with their particular tasks. The first hand service is provided from this section. Almost all the minor detail of the bank related issue can be handling through this section. Therefore, front desk is encouraging customers to come PCBL for the services like remittance and other. According to the survey done during my internship period shows that customers are satisfied with the behavior shown towards them.
And major reason for using PCBL by customers also found to be customer relationship. 5. 2. Lessons Learnt 1) The most important thing that I have learned during May internship period is the value of time. Time is always a determining thing. Timing of work is the key for the success. During my internship period I have seen employee just say I will do it later and they forget to do that work. After some time senor give ring and said that why don’t you guys do that? What are you doing? After that they seem to be mentally weak. That reflects they seem to be mentally weak.
That reflect on their work and finally on their performance appraisal. 2) Clear division of work is key for success of any organization. During my internship I have found LXBL Maharjung branch lack that. The employee of CSD are quite confused with their responsibility. The senior of them from cash department assign lots of work to the employees of CSD which are under their responsibility of cash department . they are junior and they have to follow orders They star to do that work and lots their work are on pending. These after some problem on point 1 starts. ) Leader and the leadership quality of a leader is another important thing for the smooth function of organization. It also reflects on the effectiveness and efficiency of the work. 4) Flexibility is also key service for the customer satisfaction. Lots of time costumer can't get service because they don’t have exact document the organization demands. If a customer has a supporting document that there is right and if they have the required document, but they forget to bring. Then the organization should be able to provide the service to the costumers. ) CSD and the teller is the main place, where the costumers visit the most. How the employee on CSD and teller because to costumer, the reception of the costumers about the bank is made that way. 6) The interpersonal relation required, the employee is also one of the important factors for the success of organization. 7) The mental attitude of employee is also an important factor. Every employee should also understand that we are all human beings. We all have feelings. We all have emotion. We have master of our world so the leader doesn’t have to think that he is the senior and whatever I said they have to follow it.
And junior doesn't have to think I am tae junior and they don’t listen to me. 8) Eagerness toward the work and toward the progress leads towards the development of employee as well as the high level performance an organization. 9) Human resource management is the main key of success for an organization. We can do whatever change to the infrastructure and the technology and other thing. Unless and until your employees are not motivated as manager you can't do anything. 10) Last but not the least, the organization structure, culture and most importantly the employees are the key success of an organization.
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