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Internship notes for BBA Student of all University
Internship notes for BBA Student of all University
Internship is the process of working as an assistant to gain practical experience and skills in an occupation. In order to expose the students to the actual working environment, internship has been included as a compulsory requirement for the successful completion of the four-year Bachelor’s of Business Administration (BBA) under Tribhuvan University and other universities like Kathmandu University, Pokhra University, Purbanchal University and others in world. BBA is a management program with the provision of eight semester comprising of 120 credit hours in Nepal.
I have chosen the ABC Bank (branch office, ABC) for internship. The study focused on the functioning of the branch bank in a centralized banking system. The study was conducted from ABC to ABC.
Internship is an opportunity to observe, learn and understand the corporate culture, acquire knowledge and skills in the respective field which helps the students in their further career development. Internship is carried out in the organizations which suits the area of specialization. Internship provides the main opportunity to understand how the knowledge acquired through the lectures, group discussion and formal study is applied in the real working situation. The internship is the best way of knowledge gaining as it provides an experience. Similarly the assigned responsibilities during the internship period help to enhance the interpersonal and communicative skills and boost up the confidence level as well.
As the student specializing in finance, financial institutions especially commercial banks are the best option for internship. Commercial banks play an important role in modern economy. Commercial banks are the institutions which are engaged in monetary transactions. Banks are the crucial component for rising up the financial status of a nation as the overall financial system is handled by the banks.
As the commercial banks are large organizations having a broader range of activities, they provide placement for internship in different branches and departments. Most of the banks have the specified schedule for the interns and they are placed in different departments. This rotation concept helps the interns to gain overall information about the various types of functions performed in different departments. They acquire a general overview about each of the department they are placed in.
Even though the interns are not the employees of the organization, they are given an opportunity to work as if they are the employees. The interns do what the staffs of the organization have to do. However, they do not have obligations or authority over anything. To remain honest and sincere to what they are assigned and completing the activities assigned to them depends upon the moral values, curiosity and motivation of the interns.
The major objective of internship program is to acquire learning as well as working experience and gain practical exposure in the real-life working situation. The main objective of the program is to analyze the activities being carried out in the banking industry and enhance knowledge and practical skills during that period.
The following are the specific objectives of the study:
- To be adapted to the real life working environment.
- Develop interpersonal and communicative skills.
- Develop appropriate skills and attitude.
- To study, understand the functioning of the departments.
- To get practical exposure.
- To know the process of issuing debit card.
- To know the process of inquiring the bank balance from the bank database.
- To know about the requirement for account opening / closing, debit card processing.
This report has been prepared on the basis of two months internship experience gained at the ABC* department (ABC*),ABC* department and ABC* department of ABC* Bank. Interaction with the staffs and the operational knowledge gained is the major source of primary data for this study. Besides, the website of the bank, previous internship reports and the bank’s annual report are the sources of secondary data.
1.3.1 Organization Selection
ABC* Bank was selected as an organization for the purpose of carrying on internship program because of the organization in the short period of time. The bank also provides employment opportunities to the interns as well depending upon the performance and potentials of the interns and the requirements of the bank.
For the internship, one of the accessible and successful in short period time organizations will be given higher priority. I have done specialization in ABC*; I have dropped my curriculum vitae and application in the ABC* Bank. After regular follow-ups, I was finally appointed as an intern in ABC* branch of ABC* Bank on April 11, ABC*.
During my internship period of ABC*/Months/ weeks, I was placed at ABC*, ABC* and ABC* as well. The main reason of the rotation was to let interns gain knowledge about the procedures and let know the connection with other department. Internship program has helped to know the real working life at office environment.
As per the requirement prescribed by ABC* University, the internship period lasted for ABC* weeks starting from ABC*to ABC* During the ABC*-weeks period,
1.4 ACTIVITIES PERFORMED IN THE ORGANIZATION
Various activities were performed in various departments during the internship period. I was able to gain working experience in three of the major departments:
Name of the department- xyz
Time spent - abc weeks
Types of activities performed
- Dealing with customer
- Account opening
- Issue of cheque book
- Photo and signature scanning
- Bank statement issuance
- Assist customer to fill out the account opening form correctly and also obtain all necessary document
- Handling incoming calls
- ATM card issuance
- Providing information about different banking product and services
- Information dissemination to all customers...
This study has various drawbacks as well. The interns are supposed to be only as an assistant and they are not assigned or involved in major activities of the department. So the detailed information about a product or service of the bank cannot be obtained. So this study focuses only on the general operational procedures being carried out in the various departments.
INTRODUCTION OF THE INDUSTRY
2.1 MEANING OF BANK
Bank is a financial institution which deals with the monetary transactions. The major function of the bank is to accept deposits and providing loans. The bank attract deposits from various investors by providing certain rate of interest, and investing the accumulated funds as loans to others who are in need of fund by charging slightly higher rate of interest than they provide to the depositors. Bank acts as an intermediary who bridges the gap between the savers of fund and the users of fund. Basically, banks are those financial organization that offer the widest range of financial services especially credit, saving and payment services and perform the widest range of financial functions of any business firm in the economy.
Different scholars have defined bank in different ways. Some definitions of bank are as follows:
According to Walter Leaf, “Bank is that institution or individual who is always ready to serve money on deposit to be returned against the check of their deposits (savers).”
According to R.S. Sayers, “Ordinary banking business consists of changing cash for bank deposits and bank deposits for cash, transferring bank deposits from one person or corporation to another, giving bank deposits in exchange for bills of exchange, government bond, the secured or unsecured promise for businessmen to repay etc.”
According to Commercial Bank Act 2031 B.S, “A commercial bank refers to such type of bank which operates currency exchange transactions, accepts deposits, advances loans, performs dealing relating to commerce except the banks which been specified for the cooperative, agricultural, industry of the similar other specific objective.
A bank generates a profit from the differential between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. This difference is referred to as the spread between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclical and dependent on the needs and strengths of loan customers. In recent history, investors have demanded a more stable revenue stream and banks have therefore placed more emphasis on transaction fees, primarily loan fees but also including service charges on an array of deposit activities and ancillary services (international banking, foreign exchange, insurance, investments, wire transfers, etc.). Lending activities, however, still provide the bulk of a commercial bank's income.
Banks' activities can be divided into:
- Retail banking: - Which deals directly with individuals and small businesses.
- Business banking: - which provides services to mid-market businesses.
- Corporate banking: - which is directed at large business entities.
- Private banking: - which provides wealth management services to High Net worth Individuals and families.
- Investment banking: - which is related to activities on the financial markets.
Most banks are profit-making, private enterprises. However, some are owned by government, or are non-profits.
Central banks are normally government owned banks, which are the authorized body to supervise commercial banks, or controlling the cash interest rate. They generally provide liquidity to the banking system and act as Lender of last resort in event of a crisis. Nepal Rastra Bank is the central bank of Nepal.
2.2 HISTORY OF BANK
The banking industry that we have today is the outcome of a series of stepwise development that have occurred in the process of its evolution. The banking sector went through the process of evolution due to the unceasing demand for the improvements in service delivery and the increasing need and expectations of customers as well the political reforms that have taken place over the decades.
The early bankers are the Lombard who was originally from the plains of Lombardy of Northern Italy. They introduced banking practice in England. These Lombard were eventually bankrupted because they lent money to kings who did not repay them.
After the Lombard, the goldsmiths practiced banking as a sideline to their normal activities in the bullion and jewelers fields. The early goldsmiths used to have large vaults, which were soundly built and heavily guarded. The person who deposited his surplus funds with the goldsmith became a 'depositor' and naturally paid for the privilege of having his money defended this way. These payments were called 'Bank Charge'. The depositors who needed funds to pay wages or debts, could call at the bank and collect such sums as required.
The very first banks were probably the religious temples of the ancient world where gold was stored. Their owners justly felt that temples were the safest places to store their gold as they were constantly attended, well built and were sacred, thus dissuading the would-be thieves. There are existing records of loans from the 18th century BC in Babylon that were made by temple priests to merchants. Ancient Greece holds further evidence of banking. Greek temples as well as private and civic entities conducted financial transactions such as loans, deposits, currency exchange, and validation of coinage. Interestingly, there is evidence too of credit, whereby in return for a payment from a client, a money lender in one Greek port would write a credit note for the client who could “cash” the note in another city, saving the client the danger of carrying coinage with him on his journey.
Ancient Rome perfected the administrative aspect of banking and saw greater regulation of financial institution and financial practices. Charging interest on loans and paying interest on deposits became more highly developed and competitive. The bank of Venice, established in 1157A.D is supposed to be the ancient bank. Originally, it was not a bank in real sense being simply an office for the transfer of the public debt. Subsequently, Bank of Barcelona (1401) and Bank of Geneva (1407) were established. The ‘Bank of England’, first English Bank, was established in 1694 A.D. The ancestors of modern day banks have been attributed to the merchants, the goldsmiths and the moneylenders.
2.3 DEVELOPMENT OF BANKING INDUSTRY IN NEPAL
The history of banking in Nepal may be described as a component of gradual and ordinary evolution in the financial and economic sphere in the Nepalese life. Even now the financial system is still in the evolutionary phase. The establishment of “Kauai Toshi Khana” as a banking agency during the time of King Prithvi Narayan Shah and “Tejarath Adda” can be regarded as the initial steps in the direction of start of banking development in Nepal. In the context of Nepal, the development of banks can be summarized in three phases:
Phase I: The establishment of ‘Tejrath Adda’ during the Tenure of Prime Minister Ranoddip Singh in 1933 B.S. (1876A.D) was the first step towards the institutional development of banking in Nepal. It was fully subscribed by the government in Kathmandu. Tejrath provided credit loans to the general public at 5% interest rate on securities i.e. gold, silver and other ornaments. Its objective was to provide credit or loans to the general public but it failed to accept deposits from them.
Phase II:The modern banking in Nepal was started with the establishment of Nepal Bank Ltd. In 1994 B.S., having felt the need of development of banking sector and to help the government formulate monetary policies, Nepal Rastra Bank was set up in 2013 B. S. as the central bank of Nepal. In B.S. 2022, Government set up Rastriya Banijya Bank as a fully government owned commercial bank. The Agricultural Development Bank was established B.S. 2024. This bank was established with the objective of increasing the life standard of the people who are involved in agriculture.
Phase III: To operate all commercial banks uniformly under single act, “Commercial Bank Act 2031” was enacted. In 2041 B.S, Nepal Government established five rural development banks under the control and supervision of Nepal Rastra Bank. These banks include:
- Eastern Rural Development Bank
- Central Rural Development Bank
- Western Rural Development Bank
- Mid-western Rural Development Bank
- Far-western Rural Development Bank
2.4 COMMERCIAL BANKS IN NEPAL
A commercial bank is a type of financial intermediaries and a type of bank. Commercial banking is also known as Business Banking. It is a bank that provides checking accounts, savings accounts, and money market accounts and that accepts time deposits. Commercial bank is the term used for a normal bank to distinguish it from an investment bank or retail bank. It raises funds by collecting deposits from businesses and consumers via checkable deposits, saving deposits, and term deposits. It makes loans to businesses and consumers. It also buys corporate bonds and government bonds. Its primary liabilities are deposits and primary assets are loans and bonds. Commercial bank is the oldest bank in the banking history of the world. In Nepal too, commercial bank in current year presents a new picture- a picture of wider horizons and of new enterprise.
According to the American institute of Banking defines, “Banks as commercial bank is a corporation which accepts demand deposit subject to check and makes short term loans to business enterprise regarding of the scope of its other service”.
In Nepalese context, Nepal Commercial Bank Act 2031 (1974), section 2(a) defines “A commercial bank is one which exchange money, deposit money, accepts deposit, grants loans and performs commercial banking functions”.
The commercial bank are those banks which perform all kinds of banking functions as accepting deposit, advancing loans, credit creation, and agency functions. They supply the financial needs of modern business by various means. They accept deposits from public on the condition that they are repayable on demand or on short notice. All the banks established under Commercial Bank Act 2031, Company Act 2053 and Central Bank 2058 are termed as Commercial Banks
The primary objectives of commercial bank is to maximize their profit .Besides ,it also focus on accelerating common peoples economic welfare and facility, make loan available to agricultures, industry and commerce and provides banking service to the public and state.(Source Annex: 1)
INTRODUCTION TO ABCDE BANK NEPAL LTD
The initial concept of establishing a truly inclusive ABC** bank was envisioned by a group of individuals from a diverse range of backgrounds ABC years to the formal inauguration of the Bank. These individuals who initially conceptualized the establishment of this institution were propelled by their vision to establish a national level financial institution that would provide the highest levels of professional banking service with a personal touch, throughout the nation, to all Nepalese.
It is the realization of this aspiration that lead to the incorporation of ABC Bank Nepal Limited as Nepal largest A class commercial bank with a authorized capital of Rs. ABC billion and an issued capital of Rs. ABC billion.
Recognizing that banking activity has been limited to the urban and semi-urban areas of Nepal, ABC bank has been set up not only to better provide the products and services that are currently an offer in the financial sector. The promoters shared a vision to make ABC Bank a catalyst for the promotion of financial inclusion in Nepal.
The Bank is inclusive right from its roots, having been promoted by ABCpromoters spread across ABC of Nepal 75districts. The promoters are divided into 6 clusters, with each cluster being represented by one seat on the Banks Board, Professor ABCis the Chairman of ABC Bank Nepal Limited Board. A senior economist of Nepal holding a Doctorate Degree in Economics, ABC is a respected personality in the South Asian region for his insightful contributions and analytical papers on national, regional and international economic issues. The promoters are represented in the Board of Directors, comprising of accomplished personalities from the field of tourism, development, academicians, economists and businessman.
3.2 MISSION AND VALUES
The seed planted by the Bank's Promoters in their initial deliberations is today the core of ABC Bank's Vision - to be the banker to every Nepali, delivering five star quality services to all its customers. Our Vision is who we want to be, and everything we have done to date, and everything we will do as we build the Bank going forward will be centered around ensuring ABC Bank works towards becoming the 'motto of bank'.
In order to move towards the realization of our Vision, which enlightens us on 'Who we want to be', we have articulated a statement of Mission to clearly state 'Where we want to be'. Our ABC Mission is to consistently deliver 'Service Excellence to Create Mutually Beneficial Relationships' with all our stakeholders.
Each and every member of the ABC Team is committed to delivering service excellence and working towards providing five star quality banking to Customers, Shareholders, Regulators, Community, and Staff, creating, building and strengthening relationships of mutual benefit. In order to achieve our Mission all of us are committed to our ABC Values of being Service Centric, Transformational, Action Oriented, Result Focused, Synergistic, everyday in everything we do. The acronym of our Values is S.T.A.R.S. reflecting our commitment to the ABC Service culture.
The principal objectives of ABC Bank Ltd. are as follows:
- Promotion of national economy, society and individuals.
- Enhancing market share.
- Providing international quality banking services to its customers.
- Introducing modern banking technology to facilitate transactions in convenient way.
- Mobilization of capital in important areas.
- Maximizing the market value of the share and ensuring internal stability along with internal strength.
- Participation in the development of sports and for social causes.
- Identifying business prospect.
- Innovating technology to enhance and facilitate transactions along with convenience and customer satisfaction.
- Providing quality-banking services to the segment of customers in the commercial sector of Nepal.
3.4 BOARD OF DIRECTORS
Board of directors of ABC Bank Nepal Ltd is as follows:
Make table by ur self
There is ABC*members in Management Team and they are as follows:
Do it yourself
To achieve it s mission to be a leading bank in providing services in the region has opened ABC branches and is planning to establish branches in all districts of Nepal.
3.7 CAPITAL STRUCTURE
1.2. Issued Capital
1.3. Paid up Capital
3.8 SHARE OWNERSHIP
3.9.1 ABC Account type
- Type of Account: Savings Account
- Minimum Balance Requirement: NPR ABC
- Interest Rate: ABC% per annum payable quarterly
- Free of Charge issuance of Cheque book.
- Free of charge Online banking
- Free issuance of ABC debit card
- Free of charge on demand statement of account
- Free ABBS, Good for payment, Stop payment, Bank balance certificate issuance
- SMS banking facility
- ABC% discount on issuance of demand drafts
- Free bill payment facility (NTC PSTN, ADSL and Post Paid mobile bills) after it is formally introduced.
- Free accidental death insurance cover up to NPR ABC.
3.9.10 Loan facilities of ABC Bank:
3.9.11 ABC Remittance:
ABCRemit is a secured web based user friendly Remittance Service introduced by ABC Bank Nepal Limited since its inception. Under this service, both Domestic remittance and Foreign inward remittance facility is served with a purpose to provide complete remittance solution to the valued customers of the Bank.
Well equipped with the State of the Art Technology, ABCRemit service is available at all the branches and remittance agent locations of the Bank throughout the country.
• ABC Remit Domestic Network
Other Remit Correspondents
Network of Foreign Correspondents
- ABC Exchange, UAE
- ABC, Bahrain
- ABC Money Transfer
ANALYSIS OF ACTIVITIES DONE
I was placed in different department in ABC Bank Nepal Ltd at New road Branch.
4.1 CUSTOMER SERVICE DEPARTMENT
4.1.1 Meaning and Concept
Customer Service department is a primary level department that generally deals with customers directly and regularly. This department is basically directed towards providing the surface level assistance to the customers i.e., to provide general information about banking system, product and services provided by the bank. The department is responsible for providing the basic materials like deposit vouchers, cheque book, bank statement, balance certificate, cards.
CUSTOMER SERVICE DEPARTMENT is the face of bank. CUSTOMER SERVICE DEPARTMENT is the place where customer initially interacts with the bank. customer service expands client focus to include everything that happens within and around the bank, from the way staff greet clients, to the atmosphere in the waiting room, to the matter in which clients complains are handled.
The very first thing that the people seek in the organization is the prompt service and the person at the customer service desk properly handles them. The people at the customer service desk must be ready to sort out every problem at any moment. The customer service division can answer questions, resolve problems, and help you establish new accounts and services, and providing information on products, forms, and publications
The increasing competition in the banking sectors demands more service proliferation, which would satisfy the demand of the customers. Banks and other financial institution are introducing more and more innovative services such as ATM, debit card, internet banking, locker services and various other services for their customers to serve them more efficiently and effectively. Customers seek in organization the prompt service and the person at the customer service desk properly handled them. The people at the customer service desk must be ready to sort out every problem at any moment. A customer is the most important visitor on the business premises.
4.1.2 Activities Performed at Customer Service Department
1. Account Opening
2. Statement Printing
3. Scanning And Photocopy Of Documents
4. Handling Customers Queries.
5. ATM Card Issue
6. Cheque Book Issue
7. Allotment Of Account Number
8. Complain Handling
9. Phone Communication Handling
11.Receiving The Visitors
12.Updating The Records
13.Dealing With Different Customer problems
14.Instructing To Fill Up Form For Different Reasons
15.Filing The Document
I) Account opening
Any interested customer who wish to open an account in ABC Bank is inquired about the type of account he/she wants open, then customer is provided with account opening form and are requested to fill up account opening form and attached all required documents. After the form is filled up by customer, CUSTOMER SERVICE DEPARTMENT staff verifies the form and pass on to the CUSTOMER SERVICE DEPARTMENT head for final verification. After the approval from CUSTOMER SERVICE DEPARTMENT head, CUSTOMER SERVICE DEPARTMENT staff opens an account in bank on the name of respective customer. Then the customer is provided with an account number and requested to deposit at least minimum amount according to their account type.
During account opening time customer is also asked whether they need other services offered by bank like the ATM Card service, internet banking service, SMS banking service etc and if customer are interested to get those service then customers are asked to fill up respective forms to get those service.
Documents required for opening account are as follows:
Personal account/ saving account
- Passport size photo 1
- Photocopy of citizenship/passport
- Joint account
- Passport size photo of both applicant
- Citizenship of both applicant
- Both applicants should be present at the time of account opening.
Limited company accounts
- Complete account opening firm
- Passport size photos of signatories
- Company stamp
- Certificate of incorporation
- Tax registration certificate (PAN)
- Board resolution
- Memorandum and articles of association
- Copy of identification of all signatories
- Certificate of registrar of joint stock companies that the company is entitled to commence business
- Documents evidencing registered/ operating address
- Documents evidencing residential address of signatories, directors, beneficial owners.
Proprietorship / partnership accounts
- Complete account opening form
- Registration certificate
- Tax registration certificate (PAN)
- Partnership Deed
- Copy of identification of all signatories
- Document evidencing residential address of signatories, directors, beneficial owners.
- Passport size photos of signatories.
- Association, committees, societies etc
- Complete account opening form
- Trust Deed (registered)
- Resolution from board of trustee/ authorized personnel
- Copy of identification of all signatories
- Document evidencing registered / operating address
- Document evidencing residential address of signatories, directors, beneficial owners.
- Passport size photos of signatories.
- Tax registration certificate (PAN).
ii) Statement printing
Any customer who wants to have bank account statement print is requested to fill up bank account statement request form and submit then CUSTOMER SERVICE DEPARTMENT staff verify account number, account name, identifies account holder, account holder’s signature and then provides respective bank account statement print to respective customer.
If the account type is Company account then company’s stamp is necessary along with account holder signature for bank account statement print.
iii) Scanning and photocopy of documents
Various documents like specimen signature cards, photographs, citizenship, passports etc should be properly scanned and photocopy and entered into bank system so that it could be accessed easily when it is needed.
iv) Handling customer queries
As we come across with different individuals, they certainly have different queries related to bank services, schemes and its products. Different queries of different customers should be handling in a very effective way so that customer gets satisfactory solution of their queries. While dealing with customers first we need to listen to the customer patiently and understand their queries or problems only after that we should provide the appropriate information or the solution as per customer’s need in very polite manner. If we do not have the appropriate information about the customer’s queries then we should ask to other staff and provide appropriate information to customer as quickly as possible.
v) ATM Card issue
While opening a bank account, customer is inquired about the need of ATM Card. If customer is willing to take ATM card service then “ABC CARD ABC FORM” is be given to customer to fill. Once the form is filled up CUSTOMER SERVICE DEPARTMENT staff will verify it and send it for the further processing. Customer is requested to come and collect their ATM card in two weeks.
After after two weeks bank receives the ATM card of the respective customer. When the customer comes to collect the ATM card, CUSTOMER SERVICE DEPARTMENT staff verifies the signature of the customer and issue the ATM card to the respective customer along with ATM Pin number.
Only the account holder can collect the ATM card , if incase account holder is unable to come to collect card then application specifying the person to whom bank can provide card along with account holder signature should be provided to bank and person who comes to collect card should show their identity.
vi) Cheque book issue
When account holder used the entire cheque leaves bank issue cheque book to the customer. When customer fill up the cheque requisition slip that is attached along with cheque book. Customer cheque requisition slip submitted by the customer should be filled properly date wise and preserved in the department. Cheque books are usually made in a day and are arranged in a chronological order. Cheques can be issued to anyone other than the account holder but with the valid authority proof from the account holder.
vii) Allotment of Account Number
This department will maintain separate register for keeping record of account number already opened for each type of accounts i.e. for current account, savings, foreign currency account. For new account they allot account number by verifying the details of the customers in the system by two staff.
viii) Complain Handling
Most of the account related complains or any other problems regarding banking products and services should be handled by customer service department. This department is responsible for responsible for providing efficient information to the account holder and handles their questions appropriately. Complains should be seriously taken and handled carefully in order to avoid such mistake in the future.
ix) Phone Communication Handling
The department is responsible for handling phone calls coming from outside. They are responsible to answer questions of the customers and provide account related information via telephone.
x) Signature Change
If any customer is willing to change his/ her signature for any genuine reason, a form called” SPECIMEN SIGNATURE CARD” is given to fill it. Customer is also required to submit the photo along with the documents such as Identity card/passport/ license for the authentication. CUSTOMER SERVICE DEPARTMENT staff will verify the form along with the documents. Then SPECIMEN SIGNATURE CARD will be scanned and entered into the bank system. Hence the customer can use his new signature for any banking purpose.
xi) Receiving the Visitors
The primary role of the CUSTOMER SERVICE DEPARTMENT is receiving the visitors by the staff at the most frontier location of the office. He /She bear the responsibility of receiving the client soothingly and impressively. The visitors are there for several purposes such as meeting a particular person, opening new account, closing the existing account, making inquiries relating to debit card, ABBS system etc. These all are dealt by the staff sincerely with all the respect and modesty. CUSTOMER SERVICE DEPARTMENT personnel need to be calm and should posse’s good communication skill to motivate the customer to use the service provided by the bank. CUSTOMER SERVICE DEPARTMENT personnel should not be rude because as far as customer is concerned if the personnel are rude, the bank itself is rude.
xii) Updating the Records
The CUSTOMER SERVICE DEPARTMENT personnel needs to update the records if any change has occurred to the customer’s previously submitted information as soon as new information is provided to the CUSTOMER SERVICE DEPARTMENT. There are various possibilities of changes they are discussed below:
A) Change in Address
If a change in client’s address takes place and such changes are notified to the bank for the necessary updates of bank records, the designated staff of CUSTOMER SERVICE DEPARTMENT updates the record as per procedure mentioned here
- Valid signature of account holder on the request letter.
- A return request from the client.
Checking and Processing
- Verify signature on the letter.
- Ensure whether the phone number is changed.
- Enter new address in the computer system.
- Send acknowledgement letter of client's new address.
- Designated staff checks” maintenance history” from client system of fiancé plus to ensure that the new address is correctly entered.
- Keep clients request letter as well as acknowledgement letter sent by the bank.
B) Change in Signature:
In the following circumstances, change in signature is asked by the client.
- Change in writing habit
- Change in ownership.
- Change in authorized person/office bearer etc.
For uninterrupted operation of accounts such changes are notified to the bank in writing for necessary updating of banks record and change of specimen signature cards. On receipts of such messages, the designated staff of CUSTOMER SERVICE DEPARTMENT updates the records as procedure maintained.
xiii) Dealing with Different Customer Problems
Various problems are faced by the customers while using the services of the bank. Customers bring their problem to the CUSTOMER SERVICE DEPARTMENT first. Especially problems related to ATM machine were encountered frequently during my stay in that department. Sometimes the debit card would get stuck inside the machine such card is taken out from the ATM and kept in CUSTOMER SERVICE DEPARTMENT. The customers can collect such cards from the CS desk. If money couldn’t be withdrawn from the ATM then the customers come to CUSTOMER SERVICE DEPARTMENT and the staffs there guide the customer to pus machine. This machine is frequently used in the branches where the bank does not have an ATM.
The debit cards are swipe on the pus machine and the amount demanded by the customer comes out in a slip. There will be two copies of a slip naming “merchant” and “customer”. The merchant copy is signed by the customers and then submitted to the teller. The teller verifies the signature and recompenses the amount referred in the slip. The customer copy is given to the customer for the reassurance of the amount taken out from the card.
xiv) Instructing to Fill up Forms for Different Reasons
There are many other works to be done in the bank by CUSTOMER SERVICE DEPARTMENT. Some new people come to the bank for cash deposit. They are well drilled to fill up the voucher consequently. Similarly, some people approach there if their account is dormant. The account becomes dormant if no transaction is made for the period of six month. For these types of customers CUSTOMER SERVICE DEPARTMENT provides form and instruct them to fill up for activating their account. As such in case of lose of debit card, people come there and they are again privileged by a form in order to get a new card. This all is executed by CUSTOMER SERVICE DEPARTMENT with no negligence.
xv) Filing and Documentation
Filing and documentation are very important task that the CUSTOMER SERVICE DEPARTMENT staffs do. The entire paper work has to be done simultaneously to the computer work. There are different files for filing different documents. The account holders’ form, their signature cards, and their request slip all are filed in separate files. The void cheques are also filed. The request for debit card issuance is mailed to the card center daily. Such request is printed out and filed in a separate file. Similarly the account statement issued and cheque issued are printed and filed. The authorized letter received by the CUSTOMER SERVICE DEPARTMENT is also filed.
4.2 CREDIT DEPARTMENT
4.2.1 Meaning and Concept
ABC Bank Nepal Limited has a mission to deliver Acworth everyone. In this scenario, corporate entities cannot be an exception. Hence, ABC Corporate Lending is solely targeted to meet the requirements of corporate entities of Nepalese market.
Corporate lending includes both funded and non-funded facilities as per the requirement of corporate entities. Some of the products offered are Overdraft, Demand Loan, Term Loan, and Project Finance and so on. The credit facilities exceeding NPR. ABCmillions falls under corporate lending.
There is a wealth of knowledge, know-how and help out there, the problem is being able to find it. This is where ABC SME Banking can help you. Be an ABC EARNER. Join us to solve all your financial needs and be an ABC ENTREPRENEUR.
SME is an abbreviated form of Small and Medium Enterprises which refers to a certain class/segment of customer/clients based on their size of company/business or size of their balance sheet and turnover. To note, SME banking doesn't mean SME financing only.
Hence, "SME Banking" is a business relationship with small and medium scale enterprises by segmenting them into a special category and offering them a complete package of banking products and services in holistic approach.
Target: Any success driven entrepreneurs who add value to economic growth.
Sectors: Manufacturing units, construction companies/contractors, tourism and travel trade, Handicrafts, traders, wholesaler, retailers, importers/exporters, logistics, education, health, manpower etc.
4.2.2 Features of credit Department:
- Personalized Service
- Competitive interest rates
- Ten days to cash (TDTC*) after submission of complete required documents
- Experience complete banking (we will offer entire range of products/services to the SMEs including lending products, deposit products and other ancillary products such as cards, lockers, transactional banking, internet banking, ABBS, etc.)
- Initiate and participate in active awareness programs, workshops, seminars for the benefit of our SME communities.
Micro Lending will cover following credit to micro entrepreneurs in groups or individual basis:
- Loan up to Rs ABC per individual disbursed to run micro enterprise against individual collateral/security or group guarantee
- Loan up to Rs ABC per household for renewable energy projects; comprising micro-hydro, Solar home System, Solar cooker, Solar Dryer, Solar pump, Bio-gas, Improved water mill, Improved cook stove and wind energy
- Loan up to Rs ABC to run small industry to the group members against individual collateral or group guarantee
- Loan up to Rs ABC per individual for foreign employment against the an Assurance Letter from respective foreign manpower company (of the respective country), on the basis of their 3-party agreement
- Loan up to Rs ABC directly provided to the individual for foreign employment against collateral or without collateral
- Loan to YUBA SWAROJGAR PROGRAM working together with the bank fixed by the government of Nepal
- The wholesale credit to Class D banks working as MFI against their corporate guarantee if they have fully utilized the credit taken from other banks to the groups/members
- Promoters share investment of Class D banks
Loan for community hospital under following conditions:
- The hospital must be registered as a non-profit earning institution
- The financial institution should not increase the loan more than ABC% of its core capital
- The hospital should fulfill the terms and conditions fixed during its approval
- The hospital should allocate at least 10% of its seats for free of cost for the deprived sectors
- Low cost Housing loan to deprived individual/groups under following conditions
- Loan up to Rs ABC per individual against individual or group security/collateral
- The bank must have included this provision in its credit policy
- Should be under the current acts and NRB guidelines
- Loan up to Rs ABC per individual project loan under ABC
(I) CIC Program: CIC is a program to find the detail information of the customer while lending loan from bank. Sometimes customer want to hide their detail information regarding loan from others bank while taking loan from one bank. At that time bankers will not be able to know their customer and cannot get sufficient knowledge about them. But nowadays banks use CIC program to search detail information about loan takers. In this program name, address, citizenship number, name of father or grandfather is entered in the system and system provides detail information about that customer if there is any information available. Information on loan taken from different banks, black marketing list etc. should be obtained from that program. In credit department I used this program to find detail information on customer.
4.3 Marketing Department: In marketing department intern have given task of marketing such as field visit with their respective head and submit research report to branch manager and operation in-charge. After field visit I have submitted different reports to my respective in-charge and branch manager. Mostly intern are given these work to analyze the market situation. How much people are aware about the product of ABC bank or how can they recognized the name of the organization. The main objective of the marketing department is to promote organization strongly to fulfill their goal in short period of time. Intern is responsible to motivate people to open their account in ABC Bank Nepal Limited.
CONCLUSION AND RECOMMENDATION
Internship has been incorporated as an integral part of BBA program, which provides student an opportunity to familiarize with organizational culture and develop managerial skills exposing oneself to the real life functions of the business organization. The internship period is an exciting phase of a student`s life. It is the grooming period every budding professional need and simply because one is not an actual member of an organization does not mean that one can ignore their duties. It is not just a requirement to pass one`s exams and get a degree, but it is a period where one builds professional contacts, learns the art of listening and observing.
It was a great experience being an intern in ABC Bank Nepal Ltd. I had a lot of opportunities to learn about different aspects of the banking sector. The banking industry is one of the most important industries in the economy as it enhances the economic activities of the country.
Today, it is the banking industry which is balancing the economy of Nepal. Bank is a financial intermediary whose primary function is to transfer the monetary resources from savers to the users. The main function of bank is accepting deposits and advancing loans. The basic services of bank are providing checking accounts, which can be used
Lastly, I want to conclude that ABC Bank Nepal Ltd is indeed an innovative banking institution. Its service quality is good and it has been able to maintain good relationship with both the customer and its stakeholders. I found staff of ABC Bank Nepal Ltd. is friendly, cooperative. And it was great experience to work with such a good institution and people. I hope it will continue to serve its valuable customer with more innovative services and products.
5.2 LESSON LEARNT
Knowledge of both theoretical and practical aspects and exposure in the practical field is must to be competitive in this world. Real work setting is a diverse situation than the classroom leaning scenario, as we enter into real work setting there arises novel problem, difficulties and challenges which make the person more dynamic and enthusiastic. While dealing with the complexities we develop the interpersonal and communication skills which further shape our personality.
As an intern being a part of ABC Bank LTD various things that are learned during internship period are as follows:
I) learned how to deal with varieties of people and their queries and providing appropriate information to the customers.
ii) Learned to communicate effectively with the people improving inter-personal skills.
iii) Learnt the importance of relation between clients and bank.
iv) Acquired knowledge about the different types of services provided by the Customer Service Department (CUSTOMER SERVICE DEPARTMENT).
v) Learned account opening procedure, statement printing, account closing, cheque issuing, ATM Card and ATM Pin issuing procedures.
vii) Realized the work pressure at the time of performing tasks.
viii) Experienced the importance of time factor in bank for both customer and employee.
ix) Experience that for positive result the coordination between employees of different level is important.
x) As being a marketing student I also got to know how ABC bank has segmented its market and has offered different products to different market segment and gained more clients for bank.
- ABC Nari Bachat Acount Type
- ABC ABC Account Type
- ABC ABC Bachat Account Type
- ABC ABC Bachat Account Type
- ABC ABC@ Campus Account
- ABC Karmachari Bachat Account Type
- ABC ABC Saving Account
- ABC Current Deposit Account
- ABC ABC Savings Account
During my internship of eight weeks I also become familiar to use the office equipments like photocopy machine, printer, fax etc. I also came to know the importance of time and punctuality and how to socialize with professionals. Thus, this internship has helped me to shape my personality and character to greater extent.