In The Name of ALLAH, The Compassionate, The Merciful
MUSLIM COMMERCIAL BANK Ltd.
COMSATS UNIVERSITY ISLAMABAD
DEPARTMENT OF MS
“The Holly Prophet Mohammad (PBUH) from where all frameworks and benchmarks for quality can be downloaded specifically, which are material all over the place; from day by day life to the progressively changing business condition”.
and”My dear guardians and educators who showed me the genuine significance of life.”ACKHNOWLGMENT
Initially, I want to specific all my humble thanks to ALLAH who’s very sensitive approximately each and every interest of all his guys and without whose assist, I’m not able to perform any objective in my life.
All admire to his Holy Prophet HAZART MUHAMMAD (Peace Be Upon Him) who brought the mild of information when the humanity was wandering inside the wasteland of lack of expertise.
Secondly, I am thankful to my prestigious institute that made his learning opportunity a part of our education, specially. Internship coordinator who now not simplest guided me well however also helped me in finding such an outstanding place for internship.I am additionally thankful to all different instructors as the understanding imparted by way of them enables me to advantage information of the company in nice way.
I’d also thank to all the workforce of MCB financial institution, especially Mr. Raheel Hafeez, Mr. Zeeshan Inayat, Mr. Ashafq and Mr.Ali Abbas who gives me an possibility to paintings in the financial institution and gave me a risk to explore my knowledge.
I put up my earnest thanks to my affectionate parents, who usually stays at my back to guide me, I will never supply the return of their un tired war for me, but I will best show myself as they count on from me.
i am additionally grateful to all other circle of relatives individuals and all my pals for his or her ethical boosting and non-secular help at some stage in my take a look at and mainly in this internship program. I went to pay gratitude to all persons, who had helped me in finishing this support.
This report is about my internship application with MCB financial institution confined. In this complete report, I have mentioned about every main element of the financial institution, which I observed and perceived in the course of my internship program.
In this report you will locate the detail approximately the bank right from its incorporation to the current role. At the side of it, the procedures, guidelines and procedures of the bank are also mentioned in element.
At some stage in my internship software, I mainly labored in Retail Banking, standard Banking ; Finance. All of the departments have been discussed in element and all of the guidelines and techniques have been defined thoroughly.
As the main reason of internship is to learn via operating in sensible environment and to use the information received for the duration of the studies in a actual international state of affairs so as to tackle the troubles the usage of the know-how and skill discovered all through the instructional manner, on this file the designated evaluation of the employer has been executed and all the financial, technical, managerial and strategic factors had been evaluated to analyze the contemporary role of the organization.
This internship record covers many important factors which might be essentially related with the operations and financial elements of the financial institution. in the long run the getting to know and studies segment consists of all of the guidelines, processes, practices and strategies which I’ve gone through via and discovered for the duration of my internship application.
This record additionally includes my perceptions about the employee’s satisfaction, motivation level and the operating environment of the organization.
TABLE OF CONTENTS
DEDICATION ……………………………………………………………………………… 3
ACKNOWLEDGEMENT ……………………………………………………………… 4
EXECUTIVE SUMMARY ……………………………………………………………… 5
TABLE OF CONTENTS ………………………………………………………………. 6
INTRODUCTION OF ORGANIZATION ………………………………………..7
BRIF HISTORY OF ORGANIZATON ……………………………………….6
MISSION STATEMENT ………………………………………………………………..7
VISION STATEMENT ………………………………………………………………..8
HEAD OFFICE ……………………………………………………………………………. 9
CIRCLE OFFICE ……………………………………………………………………..…10
MANAGEMENT OF ORGANIZATION …………………………………………10
ORGANIZATIONAL STRUCTURE …………………………………………..11
INFORMATION ABOUT BRANCH ……………………………………………….14
KEY OPERATION OF THE CONCERN …………………………………………15
CLEARING DEPARTMENT ……………………………………………………… 15
REMITTANCE DEPARTMENT ……………………………………………………..15
ACCOUNTS DEPARTMENT …………………………………………………………..17
CASH DEPARTMENT …………………………………………………………………….18
ORANIZATION CULTURE ………………………………………………………….. 20
PURPOSE OF INTERNSHIP …………………………………………………………….21
PRODUCTS AND SERVICES ……………………………………………………………22
TYPES OF ACCOUNTS …………………………………………………………………….24
WHAT HAVE I DONE? ……………………………………………………………………. 30
SUGGESTION AND RECOMMENDATION…………………………………….. 33
INTRODUCTION OF THE ORGANIZATION
MCB financial institution is one of the main banks of Pakistan with a deposit base of about Rs.280 billion and general property of round Rs. three hundred billion. Incorporated in 1947, MCB quickly earned the recognition of a strong and conservative financial group controlled with the aid of expatriate executives. In 1974, MCB became nationalized in conjunction with all other private quarter banks.
This led to deterioration in the satisfactory of the financial institution’s mortgage portfolio and carrier high-quality. In the end, MCB turned into privatized in 1991.
Considering the fact that privatization, MCB’s increase has been exceptional. nowadays, MCB in one of the most important foreign banks in Sri Lanka, the primary bank in Pakistan to launch worldwide Depository Receipts (GDR) in 2006, has strategic overseas partnership with may bank of Malaysia which holds 20% shares in MCB thru its utterly owned subsidiary May bank global accept as true with (Labuan) Berhad on account that 2008, has international indirect nearby presence in Dubai (UAE), Bahrain, Azerbaijan, Hong Kong and Sri Lanka and serving through a domestic community of over 1,one hundred fifty branches and over 690 ATMs across Pakistan with a consumer base of 4.ninety six million (about) at some point of the closing fifteen years, the bank has focused on increase through improving carrier excellent, investment in technology and people, making use of its considerable branch community, growing a large and strong deposit base and handling its non-performing loans through progressed chance management methods.
BRIEF HISTORY OF THE ORGANIZATION
The history of MCB can be divided into three main Phases:
MCB bank restricted become integrated through the Adamjee institution on July 9, 1947, underneath the Indian companies Act, VII of 1913 as a restricted corporation. The bank was set up in an effort to offer banking centers to the commercial enterprise network of the South Asia. After the partition of the Indo-Pak subcontinent, the bank moved to Dhaka (then the capital of former East Pakistan) from wherein it commenced business in August 1948. In 1956, the financial institution transferred its registered office to Karachi, wherein the top workplace is currently positioned. For that reason, the financial institution inherits a sixty four years legacy of believe of its clients and the citizens of Pakistan. MCB bank isn’t always an in a single day success tale. It commenced with a percentage capital of Rs.30 million which is divided into three million normal stocks of Rs.10 every.
The Nineteen Sixties decade is stated because the golden technology in Pakistan’s monetary and monetary improvement. The banking sector additionally registered major growth throughout that duration and lent a robust helping hand to the authorities to gain fast monetary increase of the U.S but in early 1970s this scenario changed altogether.
The separation of East Pakistan (now Bangladesh) and induction of the authorities led by way of Zulfiqar Ali Bhutto were the maximum substantial occasions of early 70s having far attaining results at the banking machine.
In the wake of unexpectedly changing conditions of the U.S.A, the government decided to nationalize all the business banks so that the state as an entire can advantage from a higher use of sources. Therefore, the Muslim business bank becomes nationalized under the Banks (Nationalization) Act, 1974 promulgated on January 1, 1974.
In the wake of rapidly converting conditions of the U.S of a, the authorities decided to nationalize all of the commercial banks so that the country as an entire can gain from a better use of resources. Consequently, the MCB financial institution becomes nationalized beneath the Banks (Nationalization) Act, 1974 promulgated on January 1, 1974. Inside the banking zone, the then government decided to keep simplest 5 important banks by merging all of the smaller banks with the large ones. Because of this policy, the most fulfilling bank becomes merged into Muslim industrial bank in 1974.
This turned into the first bank to be privatized in 1991 and the financial institution turned into purchased by way of a consortium of Pakistani corporate companies led by means of Nishat group.
The banks after nationalization came under political and bureaucratic control and deviated from everyday banking practices. A few of their senior executives have been tempted to nurture a culture of obliging massive businessmen, feudal and political influential. They sacrificed their private integrity and interest of banking quarter for gaining merchandising and gathering personal wealth. That is how banking region started out dropping its upright and expert institutional photo from mid-80s and its downward slide began which touched new low for the duration of 1990s.
We are a crew of devoted experts, imparting revolutionary and green monetary solutions to create and nurture lengthy-time period relationships with our customers. In doing so, we ensure that our shareholders can invest in us with self-belief.
These are the standards and concepts which determine our conduct and how we interact with our customers and each different.
we’re the trustees of public funds and serve our community with integrity. We believe in being the nice at continually doing the proper issue. We deliver on our duties and commitments to our customers as well as our colleagues.
We respect our customer’s values, ideals, culture and records. We feel the equality of gender and variety of revel in and training that our personnel carry with them. We create surroundings where every individual is enabled to be triumphant.
Our clients are on the coronary heart of the whole thing we do. We thrive on the project of information their wishes and aspirations, each realized and unrealized. We make each attempt to exceed patron expectancies through superior offerings and answers.
We inspire and praise those who undertaking the repute quo and suppose beyond the boundaries of the conventional. Our team’s paintings collectively for the smooth and efficient implementation of thoughts and projects.VISION STATEMENT
“To be the leading financial services company, partnering with our customers for a greater prosperous and at ease future.”
After privatization, the growth in every department of the bank has been observed. Following are some key developments:
Launching of different deposit schemes to increase saving level.
Increased participation on foreign trade.
Betterment of branches and staff service level.
Introduction of Rupee Traveler Cheques & Photo Credit Card for the first time in Pakistan.
Extended use of information technology which is evident from the fact that there are 768 fully automated branches, more than 250- online branches (integrated networking), 151 ATMS in 27 cities nationwide and M.C.B continuously innovate new product.
Chudrigor Road of Karachi has same importance in Pakistan’s economy as of the Wall Street in world economy. The division working under MCB Head office is as follows:
Corporate Planning ; Budgeting
Finance ; Treasury
Inspection ; Audit
Marketing ; Development
Beneath the President a Govt. Committee and a credit score Committee works. all the count of the bank be part of to the board of director are supplied to the government committee which is chargeable for every day operation of the financial institution .The request for credit exceeding the overall manager energy is authorized by the credit score Committee. Beneath the vicinity executive is the general manager who’s the in fee of the Circle office. Under the general supervisor is the Zonal supervisor after which the branch manager. At gift, there are 9 circles, forty seven areas and 1400+ branches. Earlier than privatization there have been provincial chiefs for all of the four provinces. However this management now has abolished the provincial officials and stepped forward the performance of the financial institution.
The working of circle workplace is to govern and adjust the functions of branches which might be under in its manipulated. The capabilities of circle workplace are to mobilize the deposits and acquire reports from branches. Circle workplace is sort of a mini head office. Sellers and correspondents of MCB are in all business cities of the sector. Circle office is divided in the following division:
Audit & Inspection
Marketing & Development
MANAGEMENT OF ORGANIZATION
Mian Mohammad Mansha Chairman
S.M. Muneer Vice Chairman
Muhammad Aftab Manzoor President & Chief Executive
Sheikh Mukhtar AhmedDirector
Muhammad Arshad Director
Shahzad Saleem Director Raza Mansha Director
Sarmad Amin Director
Mian Umer Mansha Director
Mian Muhammad Mansha Chairman
Shaikh Mukhtar Ahmed Member
CHIEF FINANCIAL OFFICER
As MCB is a banking corporation listed in inventory exchange consequently it follows all of the legalities which are imposed by way of involved statutes Mian Muhammad Mansha is Chairman of the organization with a team of 10 directors and 1 vice chairman to help within the commercial enterprise control and method making for the agency. Operational management of the financial institution is being dealt with the aid of a team of 10 experts. This team is also headed by way of Mr. Muhammad Mansha. The unique operational departments are consumer Banking & IT div; monetary & Inter branch div; Banking operations div; HR & Legal div ; financial control & Audit div; credit management div; industrial Banking div; corporate Banking div; Treasury management & FX organization and lastly unique belongings control (SAM)organization. For effective handling of branches, it has been categorized into three segments with different people handling each category.
These categories are:
Those are branches that have an exposure of over Rs. a hundred million. Commonly includes multinational & public region corporations.
The branches which have a credit publicity of much less than Rs. a hundred million however having a credit portfolio of greater than Rs.20 million (apart from staff loans) typically branches in large markets and industrial regions come beneath this category.CONSUMER BANKING
These are the branches which have exposure up to Rs.20 million and these include all the branches which are neither corporate nor commercial branches. Recently the organizational structure was re-designed as follows:
Azad J.Kashmir 14
Furthermore, the bank has some proposals under consideration to open more branches in some European countries and as well as in Japan & china.
Mian Muhammad Mansha00Chairman
Mian Muhammad Mansha
Shahid Sattar00Commercial Banking
Shahid Sattar21526504429760Commercial Banking
Group – North
Imdad Ali Butt
Group – North
Imdad Ali Butt
Muhammad Aftab Manzoor00President
Muhammad Aftab Manzoor
INFORMATION ABOUT BRANCH:
I did my internship in Muslim Industrial Bank Constrained Grain Market department, Vehari. And a few crucial records approximately my branch which I discovered is as follows:
MANAGEMENT OF THE BRANCH:
Branch manager Mr. Raheel Hafeez Operational manager Mr.Zeeshan InayatCashier Mr.Rao MubeenPeon M.AshfaqSecurity guard M.RamzanDEPOSITS:
The total deposits of this about to 207.10 million.
NUMBER OF ACCOUNTS:
Accounts in this branch of MCB are as follows:
Total numbers of current accounts are 2500 plus.
Total numbers of profit and loss accounts are 2600 plus.
Total remittance of this branch is 26.22 million
Total number of business accounts are 1100 plus.
HARD BUSINESS ACCOUNT:
Total number of hard business accounts are 500 plus.
Total numbers of asaan account are 900 plus.
GOLD 365 ACCOUNT:
Total number of gold 365 accounts are 500 plus.
Total number of ladies accounts are 500 plus.
RATE OF INTEREST:
The rate of interest is 9%.
It is backbone of banking. It is one of the major departments of MCB.
KEY OPERATION OF THE CONCERN
The departments are as under:
General Banking Department
All the outside features of clearing are carried through NIFT (country wide Institute of Facilitation generation) at the same time as the inner operations are finished by means of clearing branch. It is just like any courier carrier which takes the cheques of other banks and offers the cheques of that department to it.
Clearing is a system by using which banks change cheques and different negotiable instruments drawn on every different inside a distinct area and thereby securing the fee for its customers thru the clearing house. A clearing house is a general business enterprise of the banks at a given area; its predominant reason is offsetting the go obligation inside the form of cheques.
When there are numerous banks in the U.S.A. Every will obtain some of cheques drawn on different banks, deposited within for collection. A clearing house is an organization wherein these cheques are added and the mutual claims of each financial institution on the different are offset and an agreement is made via the fee of variations. They deliver cheques that their financial institution may additionally have negotiated and obtain in alternate cheques drawn on their financial institution negotiated by other financial institution. The duty of clean cooperation of the clearing feature lies with the nation financial institution of Pakistan.
The need of remittance is usually felt in business lifestyles in particular and in ordinary life fashionable. A major function of any banking system is the transfer of finances from one patron or one vicinity to some other. By way of offering this service to the customer the bank earns a lot of income in the shape of provider expenses. This branch deals with local currency remittance i.e. remittance from one city to another without truly sporting the Forex. MCB makes use of following instrument for moving of cash:
Demand Drafts (DD):
DD is a written order given with the aid of the branch of the financial institution on behalf of the client to other branch of the identical bank to pay the certain amount to the patron. DD are issued for the specific place different than region of issuance. A draft is a Cheque drawn by a financial institution on its personal branch or some other department of some other financial institution at a distinct region soliciting for it to pay on call for a precise amount of cash that is already acquired to the character named on it.
DD is of following two types:
DD Paid Suspense a/c
In the first type as advice reaches for payment the immediately pay to the customer while in later as DD presented by the customer, it is paid and the suspense account is debited.
Payment Orders are issued for the money transfer with inside the metropolis. Pay order is made for neighborhood transfer of cash. Pay order is the maximum handy, simple and comfy manner of transfer of cash.
Telegraphic Transfer (TT):
In this case the authority is given from one bank to different on the behalf of the client thru telecommunication to debit their inter office account through them and credit their parties account stated in TT. It’s miles an inter-bank transaction. Telegraphic switch is an instantaneous transfer of price range. Through this method applicant can switch cash from one vicinity to other vicinity. There are two types of TT, both types of TT are maintained in separate registers, test is implemented through the manager of each amount of TT.
Applicant has to fill a form along with depositing amount to be transferred and bank commission. MCB charges the commission at the same rate as in the case of demand drafts.
Mail Transfer (Mt):
As the call suggests, it is transfer of cash in the form of document thru mail. procedure is like TT. The transfer of funds from one region to some other with the aid of mail is referred to as Mail transfer (MT). The MT may be overseas or domestic. The applicant who’s wanting to remit the budget by using way of Mail switch can both deposit coins or ask the bank to debit his/her account with the value of MT such as the financial institution expenses. Those all measures are for secure switch of budget.
Each transaction which takes vicinity recorded in the computer so all transactions in exclusive departments are forwarded to account branch.
in view that all vouchers from distinctive departments are forwarded to accounts department so this branch tallies all such transactions with contemporary department after preserving the ledger of each department.
The department wherein I labored Mr. ANUS become acting those activities.
I was now not allowed to use software however I found all the functions accomplished by way of him. Following are different functions performed by this department:
Preparation of Financial Statements for different time span
Maintain all accounts of different departments
Calculation of profit on different schemes
Calculation of markup on different advances
Preparation Different types of reports for State Bank
Daily position of cash & every accounts
Matching daily summaries of all departments with ledger
As software is used therefore all these tasks have become quite simple just it requires posting and then all tasks can be performed by giving computer commands.
In cash branch both deposits and withdrawals pass aspect by means of aspect. This branch works under the money owed department and offers with cash deposits and bills. This department maintains the following sheets, books, ledger of account:
Cash received voucher sheet.
Cash paid voucher sheet.
Cash balance book
Cash Paid Sheet:
The most effective tool that may be used to withdraw an amount from an account is the Cheque e-book. No bills are made by using another device. Cheques can be of sorts, they will be offered at the counter and enchased and the others are clearing or switch cheques.
Cashier manually inspects the Cheque for following:
Signature & date
Drawee’s a/c title
Amounts in words ; figures
Two signatures at the back
The cheques have to no longer be stated as postdated. If in the Cheque there may discrepancy concerning any of the aspects defined above the cheque is back to the consumer for rectification. On other hand if the cheque is valid in all respects, the cashier enters the important inputs in the laptop and put up the access in order that account stability is up to date.
When cashier posts those entries, laptop automatically display the balance before posting the transaction quantity, stability after posting. The cashier without problems and quick see whether the quantity being withdrawn or so exceed the stability or in the stability. If the amount does exceed the balance then it is upon the discretion of the manager to permit an overdraft and now not depending upon the customer’s recognition. If he does no longer allow an overdraft, the system is repeated again as defined for the mismatch of the signature Cheque is go back. The detail of notes (CURRENCY) is written on the lower back facet of the Cheque. The cashier at the identical time holds the “Coins Voucher Received Report Sheet”. Then once again check out the signature of the consumer cancellation mark of checking officer and stamp of “posted” is placed on cheque earlier than hand over the coins to customer.
For depositing the coins into purchaser’s debts, there is want to fill in the paying-in-slip giving the associated details of the transaction. This paying-in-slip consists of the date, a/c/no, a/c name, details, amount being deposited and info of the cash. There are two portion of the paying-in-slip. The depositor signs and symptoms the one component of the paying-in-slip one is retained by the financial institution to show an acceptance of the entries made within the slip.
The one of a kind coloured paying-in-slip are used for all the kinds of deposits. handiest the slips associated to a particular type of a/c is appropriate by using the bank. for example modern-day paying-in-slip for contemporary a/c and saving paying-in-slips for saving a/c and many others. The paying-in-slip serves as a voucher to replace to computerized transaction ledger.
The transaction ledger is best updated by paying-in-slip and Cheque. The cashier responsible to get holds of each the paying-in-slip and cash from the depositor. The cashier check the vital information furnished I the paying-in-slip and accounts the cash and tallies with the amount declared inside the slip. If the amount does not tally with the coins given, the deposit is not entertained until the patron gets rid of the discrepancy.
On the other hand if the two amounts tally, the cashier fills in the “cash voucher
Acquired file Sheet” and assigns a voucher no. to both the transaction being made inside the sheet and the slip. This voucher no. begins with one and preserve through serial increments of 1 for every day till the last of the sheet, the cashier fills the voucher no, an account, coins day until the ultimate of the sheet.
The cashier fills within the voucher no, an account of, cash entry in the associated sort of a/c and he publish his initials on both part of the voucher. Then the cashier send both to the accountant who verifies all the entries within the documents, if the entries within the files, if the entries within the files tally with one another, the accountant authenticates the 2 by way of making a song on the 2 files and posting stamps at the slip.
Cash Book Balance:
On the give up of the working day cashier is accountable to preserve the cash stability
e-book. The cash e book contain the date, beginning stability, element of coins price and obtained in figures, last balance, denomination of authorities notes (foreign money). It’s checked via manager. The consolidated figure of receipt and payment of cash is entered in the cash book and the closing balance of cash is drawn from that i.e. Opening Balance of Cash + Receipts – Payments = Balance
The closing balance of today will be the opening balance of tomorrow. This department is one of the most important departments of the bank.
MCB has an organizational culture conductive for growth and confidence.
We are the trustees of public finances and serve with integrity & commitment. ethical behavior is of vital importance to us.
We undertake full compliance with internal and outside guidelines and techniques, working inside the criminal framework.
We continuously are seeking to exceed our consumer’s expectations, forging and retaining long term relationships.
We attempt to be the marketplace leaders in progressive services and products presenting custom designed monetary solutions with ideal execution.
Our humans are our maximum precious asset. We are dedicated to an end result orientated subculture. Our goals are clear and benefit is the handiest criterion for praise.
As responsible citizens we contribute to the social welfare of the community we live in.
PURPOSE OF INTERNSHIP
Internship is the capstone experience that provides me with hands-on, real- world experience in a work setting. Ideally, internship will enables interns to:
Integrate and use my knowledge and skills from the class room.
Discover where further competence needed.
Take steps to gain that competence under educational supervision.
Become better acquainted with the types of work settings in which such competence can be applied.
Reason of Choice:
These are the reasons
To develop skills and competencies that will advance our employability.
Internships help us learn and add to our experience.
We can generally adjust our timings to suit our self.
We learn how to deal with a variety of situations.
To have a positive impact on our society and the world around Find a suitable Mentor who can guide us through our career decisions and many life experiences.
I worked as an internee in MCB Grain Market Branch, Vehari and the main objectives to
Study in MCB were:
To get some experience in working with well reputed organization.
To gain knowledge about the professional environment in bank.
To know about the technology utilized in the bank.
To deal and manage with the Situation of stress.
To effectively utilize and develop my skills and contribute positively to the growth of the organization
PRODUCT ; SERVICES
Makes MCB Visa the maximum less expensive credit card on your wallet. MCB VISA offers you a wide variety of products that will cater to your diverse taste perfectly. Shrewd praise tracking and Redemption gadget.Buy now and repay latter in smooth and low priced month-to-month installments!
Saving you from the hassle of making multiple payments on your various credit cards.You need cash and want to pay back in installments.
Life is too precious to be spoilt by unforeseen events.
How About a credit card that acts like hard cash.
Car Loans: Car4U:
The main features of car loan, Car4U, are:
Option for financing or leasing
Financing tenures from 1 to 7 years
Option for new as well as used cars
Option for early payment
Option for first year insurance financing
Minimum documents required (1 copy of CNIC and 2 photographs)
Minimum documents required (1 copy of CNIC and 2 photographs)
Lower markup rates
Lower insurance rates
Only up to 15% down payments
MCB Business Sarmaya:
Running finance facility, to use as and when you want.
Financing up to Rs.20 million
Pay back when you want
Only monthly mark-up payment
Lower mark up and that too only on utilized amount.
Option to club income to avail higher financing limits.
Speedy loan approval
No guarantor / security / collateral required
Borrow up to Rs.1,000,000/-
Partial and full adjustments allowed anytime during the tenure
Equal monthly installments
Lower interest rates
Higher loan limits
Doorstep service and assistance from our dedicated sales staff to fill and submit
Application along with documents
At the leading edge of technological excellence, MCB proudly introduces MCB mobile BANKING. The convenience of gaining access to your account stability information and mini assertion
The kingdom of the artwork MCB name middle is the right choice to hold you in step with your ever tense time table by way of imparting you offerings referring to your account and clever card at any factor in time.
MCB clean bill pay gives unmatched convenience to pay your application and cellular cellphone bills or re-price your prepaid cellular telephone accounts anywhere, every time with protection and peace of thoughts.
MCB is the only bank that offers you 3 convenient options of making bill payments to PTCL, SSGC, KESC So, save your precious time by avoiding long queues and pay your bills through MCB Easy Bill Pay.
Islamic Banking division turned into fashioned with effect from 1st January 2003, which in a quick span of time, has developed enough understanding, vital infrastructure, facts generation, and manpower to run Islamic Banking Operation and offer Islamic Banking.
Type of Accounts
Open a Basic Account with as little as Rs.1000/- only.
No minimum balance maintenance requirement.
No monthly account maintenance charges.
Two free deposits per month (including cash and clearing).
Two free withdrawals per month (including cash and clearing).
Unlimited free withdrawal transactions through MCB’s ATMs.
Use your MCB VISA DEBIT CARD to shop at thousands of merchants across Pakistan.
The modern account is the maximum commonplace account and the maximum preferred among commercial enterprise concerns. The theoretical rationalization for this might be that they are able to characteristic extra correctly however because in reality there are no regulations on any with drawl the most effective motive we could think of is that current account helps online banking which saves time (which on this extremely-aggressive enterprise global the maximum valuable aid) to a vast extent. In case of a present day account the customer does now not earn any interest. Current account enables the client to do cash transactions in a more efficient manner.
Low minimum balance requirements.
Unlimited cash deposit and withdrawal facility at hundreds of branches nationwide.
Use your MCB Visa Debit Card to shop at thousands of merchants across Pakistan.
Lockers and other affordable transactional facilities.
Hundreds of 9-5 full day banking branches.
Network of over a thousand branches, and hundreds of online branches, at convenient locations.
Individuals who wish to earn earnings/hobby on their funding typically keep the profit and loss sharing account however in order to earn hobby the customer is required to hold his/her deposits with the financial institution for some time. In principle there are some regulations on withdrawal of money from a income and Loss Sharing account but in widespread banking exercise there may be no limit on any with drawl from a profit and Loss Sharing account.
SAVING 365 GOLD:
This account is newly evolved of MCB and it provides flexibility of saving account to business human beings. Income on deposits will be payable on every day product basis on balance of RS. 500,000/- and above. However, if balance in the account falls beneath RS. 500,000/- on any day, the product may be not noted. There could be no restricting on withdrawal from the account. Zakat and withholding Tax is likewise relevant on the account opened below this scheme.
Minimum balance is Rs.500,000/=
Below minimum balance, profit calculation ignored
Profit calculated on daily basis
Profit paid on annually basis
Zakat deducted on @ 2.5%
The higher the balance, higher the rate is offered.
Profit calculated on daily basis.
Profit paid into your account every month
FOREIGN CURRENCY ACCOUNT:
Open your account in US Dollar, UK Pound Sterling, or Euro.
Open for as little as US$ 500 or equivalent.
Unlimited transactions at your branch.
Free Foreign Currency cash deposit and withdrawal facility.
Rate of Return directly linked with international market.
Profit paid into your account every six months.
Foreign Remittances facility available.
Countrywide network of Foreign Currency Branches.
Cash withdrawal in PKR equivalent
SAVINGS XTRA ACCOUNT:
The higher your balance, the higher your profit.
Now avail attractive rates up to 8.5%.
Profit calculated on monthly basis.
Profit paid into your account semi-annually.
No joining fee on Debit/ ATM Card.
50% Discount on Lockers.
Cash deposit and withdrawal facility at hundreds of branches nationwide.
Unlimited number of ATM withdrawal transactions.
3 Free withdrawal transactions through the branch every month.
Higher the balance, the higher the number of free transactions.
Open a Business Account with Rs.50, 000 only.
Unlimited free cash deposit and withdrawal facility at hundreds of branches nationwide.
When you maintain average monthly balance of Rs.100,000 or above
Demand Drafts/Pay Orders.
Cancellation for Demand Drafts/Pay Orders.
SUGGESTION & RECOMMENDATIONS
The strengths of MCB are as:
MCB is the first Pakistani privatized bank and because of its quality management, marketing, innovation in products and services is performing well in financial market.
Strong and its attractive products.
Better focus on customer services and customization.
Flexibility with the changing environment.
Induction of the highly qualified professionals to change overall set up.
Technical management skills.
Employees respect & dignity.
Good corporate citizenship.
The noted weaknesses of MCB are as:
The majority of people are not well aware about the products of MCB.
Therefore it should advertise extensively especially RTC and Master Cards.
In MCB there is lack of specialized skill because of job rotation policy of human resource department. The bank should concentrate upon increasing its abilities on individual service basis.
Mismanagement of time is another big mistake in MCB branches, the bank official time of closing is 5:00 pm but due mismanaging of time allocation and work the staff is normally on their seats till 7:00 or 8:00 clock.
Process of development is bit slowly due to its conservative approach.
Never prefer to be a leader and prefer to be a follower of others.
Slow improvement and acceptance of technological
Greater potential and opportunities for Credit Division if Liberal Policies being adopted.
Department through effective promotional and liberal policies.
Inclusion of highly qualified professional can change the whole scenario and position of the bank if they have given the due liberty in performing their duties.
Adoption of information technology will improve the customer services.
More mobilization of accumulated deposit is possible through innovative financing to
· Agro Based Sector
· Personalized Financing
The competition has emerge as intense by means of the entrants of such a lot of banks, to be able to exist one will have to prove himself in its services thru wonderful management and will ought to fulfill its shareholders. In any other case he can be out the marketplace.
The decrease purchasing strength of customer in the modern-day monetary state of affairs of the united states affecting the business interest speed an excessive amount of and the result is the low funding from the traders in new tasks can create problem for the bank because it’s miles running lots in alternate.
Advent and adoption of facts era as well as promoting of the laptop way of life by using the local in addition to foreign banks will genuinely affect the offerings and business of the MCB.
With Cooperation of all department individuals, I have been in a position to study and revel in many new matters related to the banking region and the banks workings.
I am able to deal with the public with recognize to many unique workings on many different instances and also in account starting for clients and can deal with many different duties as nicely.
Ultimately I concluded that MCB is a great employer for someone for his long time career workings. Ordinary working and surroundings of the financial institution is very comfy and the team of workers may be very beneficial and respectful of each different and it nevertheless maintains a expert surroundings. Management of the bank may be very sturdy.
Employees of MCB Grain marketplace Vehari branch work greater than their working hours and all of the workings take place in a very friendly environment that does now not set off stress on the character running there. It also suggests their loyalty and commitment to the corporation.
This branch of MCB surprisingly small and has climbed its manner up very quickly and all that most effective because of the employee’s efforts and attention for each other.
Shortage of Staff
Nearly in all branches of MCB financial institution the trouble of shortage of group of workers could be very common. There are best few personnel who are being all and give up the entire complete department ensuing in burden of work.
Staff is not Adequately Trained
Need some Improvement.
MCB should provide technical training of the staff
Circle of ATM machines should extend in all major cities of the Pakistan.
MCB should encourage creativity.
The moving cameras in their branches for securities purpose.
WHAT HAVE I DONE?
I worked as an Internee in MCB bank for six weeks as in line with required by means of university. For the duration of my Internship, there was a notable ecosystem in MCB bank. I discovered such a lot of matters from their control like the way to paintings in standard vicinity.
At my first day in Grain marketplace Vehari branch the financial institution manager, Mr. Raheel Hafeez has introduced me with extraordinary individuals and branch of the bank. After that I’ve in my view go to every department one by one and take a look at what is happening there. All of the officers have cooperated with me very plenty and provide me records, which I wanted.
The most vital gain of this internship is that I was given sensible exposure of work region.
I was given sensible experience of running practices related with my field.
I found out that the way to manage things and a way to create balance among paintings life and private life.
Control did help me lots in the course of my work they always manual me mainly
I found out complete system of account starting of people practically. I remained worried very a good deal in sensible activities of account starting.
I found out entire method of Clearing.
I processed the Inward cheques for collection and clearance, and have also prepared vouchers
Each transaction which takes vicinity recorded in the computer so all transactions
In special departments are forwarded to account branch. The department
in which I labored Mr. Ashfaq was performing these sports. i was now not allowed to use software program but I discovered all the capabilities carried out through him.
In cash branch I discovered the procedure of deposits, filled deposit slips, and found out how the cash registers are maintained. in this branch I did little work nearly because it was not allowed.
During my internship I dealt with many clients and personnel, this changed into a super experience to examine:
– how to cope with clients
– how to work below strain i.e. in rush hours.
– the way to manipulate an office.
– My communique capabilities were advanced.
– I observed the realistic software of many accounting principles.
In short, MCB bank is the first choice of the students who need to gain the sensible enjoy of internship. As being the primary bank in Pakistan,
MCB has always strived to reap greater market percentage via focusing on the wishes of its current and capacity clients.
RECOMMENDATIONS ; SUGGESTIONS
After doing a deep look at and witnessing the entirety that is going on in a branch, I might then want to make the pointers that;
Initially, the control wishes to miss the foremost issues that the company is presently going through and then increase strategies to eliminate them. a number of the suggestions that I would really like to offer on the give up are:
Promotion and Mass Media Publicity:
MCB financial institution can improve its advertising techniques to gather greater merchandising and
Mass media publicity by way of the use of powerful channels of promotions like TV,
Newspaper and advertisements.Need introduce friendly Products:
Which will compete in the ever-expanding market each nationally and
Internationally, introducing new and green products is one in every of its essential
Better Reward System:
Higher reward device is one of the maximum essential necessities so as to lessen the trouble of worker retention and enhance worker motivation.
Continuous Training of Employees:
Advent of more desirable overall performance appraisal gadget. Implementation of improved marketing machine continuous lecture on higher communication of workforce with customers.SYMBOL SYSTEM:
To make the image device extra green and make sure its connectivity all the time a good way to offers extra comfort to clients.
Change The Nature Of Work:
Maximum of the financial institution personnel are sticking to 1 seat simplest with the end result that they become grasp of 1 precise task and lose their grip on different banking operation. for my part all of the employees must have normal job revel in all out-appearance towards banking. Their merchandising policy ought to be adjusted for this reason.
MCB is making suitable earnings but giving much less pay to their employees compared to their competition. So their salaries need to be expanded.
Incentive to Employees:
Bank need to supply some extra incentive to its employees in order to put off the conflict between decrease and higher officials and must try to improve the running situation of the financial institution. Such device should be designed that each worker who has some problems along with his officials can talk to the higher management and a few steps have to be taken to enhance that.