Weekly journal of my summer

internship

Name: Duaa Qayyum

Roll no:

Roll no:

WEEK 1 (Aug 1st – Aug 5th)

Day 1 – August 1

Today is the first day of my internship. I was first given a form to fill out by the branch
manager which required my signature next I was given an attendance sheet in which I
was supposed to record my attendance every day along with this I was also provided
with an undertaking and asked to bring it in the form of stamp paper the next day. I took
the attendance sheet and the undertaking with me and then I was guided towards a
computer desk where I was told I can keep my belongings such as my bag and the
forms I was carrying. After a while Sir Usman who were responsible for the “Accounts
Opening Department” began to mentor me, after a brief introduction we moved on to
learning. Following are the things I was fortunate to learn/apply this day:

I learned that dormant accounts are those accounts that have been blocked because
they haven’t been used for over a year thus showing no proof of life whereas inactive
accounts are those that have blocked due to some form of misuse.

The Hierarchy of banks

1. Top – Branch manager, operations manger

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2. Middle – Cashiers at the front counter
3. Bottom – Supervisors, officers

I was shown different forms like deposit slip, ATM card application, admission fees slip,
remittance slip, etc. and their uses.

Day 2 – August 2

I was shown how to do clearing of cheques and its purpose. I came to know that when
Askari bank receives cheques for clearing that belong to its own bank in that case the
bank can easily perform a CDC(call back confirmation) to verify the cheque and cash it
for the customer whereas if Askari bank receives a cheque for clearing but it’s not from
its bank instead it’s from another bank e.g. HBL, UBL, etc. in that case the Askari bank
will send those cheques to the SBP(state bank of Pakistan) for verification and only if
they are approved from SBP then Askari bank will cash those cheques.

Day 3 – August 3

Today I noticed the departments in the branch. Since this was a smaller branch there
was no consumer banking department. Besides the departments there was also a
Branch manager room, operations manager room and a locker room for valuables that
the customers would want to keep with the bank for safety

Day 4 – August 4

I was shown a Remittance form and explained in depth why it’s used and how to fill it
up. I came to know that a remittance form is used for issuing any banking instrument
besides cash mainly a Bankers cheque.

Day 5 – August 5

I was tasked with filling up the Account opening applications of three customers, this
helped me to learn about various sorts of accounts and how to open them. Following
was the procedure and the documents required for the application.

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 SSC (Specimen signature card) – this was important because this is a card which
has scanned signature of the customer and so it is useful to match the customers
sign through it.
 There is also a witness form which consists of details of the witness such as place of
birth, signature, CNIC, etc.
 Key fact statement
 CRS certificate/FATCA consent form

WEEK 2 (Aug 10th – Aug 12th)

Day 6 – August 8

I was asked to perform clearing of cheques where

 I separated all the cheques that were supposed to be send to SBP then
 Stapled all the original deposit slips along with a photocopy of the cheques and
 I also separated and stapled a photocopy of the deposit slip and another photocopy
of the cheque. All this was done in order to keep records with the bank
 Also I was supposed to separate the cheques that were issued from
Islamabad/Rawalpindi from those that were not issued from there. The ones that
were not issued from Islamabad/Rawalpindi were supposed to be sent to SBP in an
envelope called “Inter-city cheques”

Day 7 – August 9

I got some additional info regarding Account opening. There are different requirements
for different customers for instance those customers that seem to be uneducated have
to fill the form, there info has to be verified and there identity card has to match with
their NADRA profile, provide identity card, provide 3 pictures

After filling up the forms they have to be inserted in system then they have to be
approved by the branch manager of the Branch then they have to be sent to the head

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office for further approval and if approved by the head office the account will be
generated but if not then the head office will send back the customers documents with
“observations” which are of two kinds primary and secondary. Observations are
basically objections.

Day 8 – August 10

I performed clearing of cheques and properly segregating the cheques for same city
and intercity outgoing clearing. I came to know more about what is the purpose of
clearing of cheques. The cheques received at Askari that belong to other banks are sent
for clearing to NIFT which then further sends the cheques to their respective branches.
The respective branches then deposit the amount of the cheque to Askari for clearing. If
the cheque is not approved it will be returned back. In places where there is no NIFT
there is something called OBC (outward bills for collection). In OBC basically the bank
itself delivers the cheque instead of NIFT. This is common for areas like gilgit, etc. In
simple words there are two types of clearing “Inward clearing” which is when the money
goes from the bank and “Outward clearing which is when money comes in the bank”.

Day 9 – August 11

I analyzed “voucher stitching” I learned that voucher stitching is when the previous day
records are cross checked diligently the next morning to minimize the chance of any
error.

I found out Corporate accounts are supposed registered with FBR however it’s not
necessary and have to be SECP CERTIFIED which is necessary such as:

 Memorandum of association
 Articles of association
 Certificate of corporation

Day 10 – August 12

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I examined how KYC (know your customer) is generated it consists of monitoring
transactions. A different KYC is generated for asaan, normal, corporate account. For
Corporate accounts there is no debit/credit limit. When the KYC credit and expected
credit variance is high then that becomes a risky account and should be scrutinized. We
were supposed to ask for documentation.

Performed the task of analyzing and arranging records. I was assigned to do

bookkeeping and record keeping for a while. 

I Analyzed ATM replenishing vouchers today for the first time and saw what they look
like.

WEEK 3 (Aug 15th – Aug 19th)

Day 11 – August 15

I found out today that a 361 report is generated for keeping transaction in check daily
while a 360 report is generated for keeping transaction in check monthly. Also stamps
are branch specific following are the types of stamps I learned about today

 Signature admitted
 Signature verified
 Crossing bank stamp
 Original seen

Day 12 – August 16

I learned that suppose a street vendor wants to open a corporate account in that case
the following will be necessary:

 Letterhead mandatory
 Rent agreement

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 Utility bill
 Physical existence

In addition to this I learned that those companies in which public is involved are high risk
therefore there documentation process is a little more complex.

Day 13 – August 17

Today I performed “stamping” on account opening forms (AOF) which followed after
filling up the forms and takes place before the scanning of the forms. Afterwards I
analyzed what happens after depositing a utility bill, the cashier keeps a part of the bill
and returns the bill after signing it.

Day 14 – August 18

Today I learned that there is a certain “Form A” to be submitted by a company at the

time of opening a corporate account, this is submitted when one year has passed since
the establishment of the company.

Day 15 – August 19

Today I analyzed a new account that was opened it was the account of a customer that
had a US visa but at the same time she had still not ever set foot in United States. The
working and opening of the account of such an customer was very interesting to learn. I
came to know that opening such accounts is not easy and it is a lengthy process as
such accounts more risky and so they have to be scrutinized a lot more seriously. Also
the bank has to cross check all the information provided by the customer with the bank
that the customer has in US.

WEEK 4 (Aug 22th – Aug 26th)

Day 16 – August 22

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Today I was curious and asked about what happens to deposits that are never claimed
then I came to know that unclaimed deposits for over 10 years are sent to SBP “bait ul
maal”. To check unclaimed deposits the website of the bank can be visited and there
you will find a list of unclaimed deposits. To claim the deposit then you will have to issue
a request and then you will get the deposit back in the form of a cheque written by SBP.

Day 17 – August 23

It can be determined whether a person is illiterate or not it’s not necessary that if a
person has a signature in Urdu that means they are an illiterate. For illiterate persons
personal withdrawal will be required which means that they cannot do their signature
they will have to give thumb impression. Therefore even on the SSC the customer will
provide their thumb impression instead of signature. The SSC’s are extremely important
because every time a cheque or cash is deposited or withdrawn the signature or thumb
impression is matched with the SSC. These are kept with the branch as well as the
head office locked in their safe.

Day 18 – August 24

I learned the following today:

For Asaan account the following documents are required:

 No documented source of income,

 Specimen Signature card
 Chequebook request (in normal account already section is present)
 CRS/FATCA form (to ascertain the customer is a Pakistan resident or not)
 Vernacular (undertaking that the customer will agree and cooperate with the
bank)
 Account opening form

Day 19 – August 25

When the accounts are opened they also often get “observations”. The accounts are
first created by the account opening officer and made sure everything is in order after

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that the accounts are sent to the head office and the head office sometimes put
observations on the account created.

I also learned what IBAN is. It is a special code for international banking. It also has
categories to waive of tax. For instance school fees, illness expense etc.

Day 20 – August 26

I noticed that when a normal account or corporate account is opened they are not
required to put in an initial deposit but when a asaan account is opened the customer is
required to put in an initial deposit.

KYC (know your customer) is reviewed monthly for all the customers. It is called a 360
report. I reviewed the KYC of a customer digitally by myself.

WEEK 5 (Aug 29th – Sep 2nd)

Day 21 – August 29

Today I learned about a new department. The cash department. There are four
different types of columns when it comes to cash.

 Re issuable – this is the cash that comes from the head office and is permissible
to be given to the customers.
 Defective – this is the cash that is torn or has some other fault. Such currency
notes are not supposed to be given back to the customer however they can be
taken from the customer.
 Soiled – these type of currency notes are also more or less like the Defective
notes, such type of notes can also be taken from the customer but should not be
given back to the customer. In essence these are such notes that are unclean
and not comprehend able or useable.
 Un-sorted – these are normal bills that do not have any fault but they cannot be
given back to the customer until and unless they are sorted.

Day 22 – August 30

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I analyzed the documents in detail that are required for when a corporate account is
opened and the scrutiny and digital process of opening up a account. The following
steps are performed:

 Due diligence
 Biometric
 Existing account
 Now the form of the customer will be filled up but digitally on the system. This
has to be done very carefully and attentively to avoid any sort of errors.
 Next there is customer screening
 Finally we generate KYC (Know your customer)

Day 23 – August 31

I learned in detail what customer screening really is it has three different categories:

 PEP (politically exposed person) – first the customer is screened for this category
to see of there is any match. This category includes people that are politicians
and have authority.
 GWL (global watch list) – this category includes persons that are on the watch list
internationally for some reason or the other.
 Private – this includes the people that are under inquiry mostly for tax evasion or
the sort. Such people haves cases that are in process.

Day 24 – August 1

Form 29 is a different form that is to be filled by the director or CEO of the firm. These
are mostly priority clients as they have the capacity of providing the bank with large
deposits.

I had a new experience today that consisted of me generating bio metric for a few
customers by myself.

Day 25 – August 2

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I did the scanning of a few account opening forms. This is the process of sending the
account opening forms to the Head Office. There are separate categories of each form
that is to be scanned. Besides this I did the usual which is arranging of vouchers and
clearing of cheques every day and also filing.

WEEK 6 (Sep 5th – Sep 9th)

Day 26 – August 5

I found out there are different types of files that are to maintained in banks for instance
outward clearing file, Inward clearing file, ATM Chequebook acknowledgement, etc.

Also I gained information from cash department regarding the cheques that are
deposited, the cheques have to be marked with a Tampering cheque on the date,
cheque number and amount.

Day 27 – August 6

Today I came to know of the lockers department.

Following are the types of lockers:

 Small – 50,000 security

 Medium – 70,000 security
 Large – 100,000 security
 Extra large
 Extra extra large

Day 28 – August 7

I was quizzed about what is 1LINK and MNET.

1. 1LINK – 1LINK being the leading shared ATM Network in Pakistan enables inter-
connectivity among the member banks creating a broad-based card acceptance
for cash withdrawal at customer's disposal apart from their own bank's ATM.

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 2. MNET – MNET is the first company in Pakistan to provide a secure electronic
inter-bank connectivity platform for online financial transactions.

Day 29 – August 8

I was also told today about CBC (call back confirmation).

 CBC when cheque from other bank is 50,000 or over.

 CBC when cheque from home branch is 250,000 or over.
 CBC when cheque from company account is 75,000 or over.

Day 30 – August 9

As it was my last day today I was given my internship letter printed on the Askari bank
letter head and a biometric and hot scan was taken of me later onwards I marked my
last attendance and said my last goodbyes to everyone including the staff and the
employees also while going out the branch manager took a short quiz to test my
knowledge and filled out the evaluation form and then I left after completing my last day
of internship and taking with me plenty of knowledge.

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