Role of nift in clearing process nift commenced its

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Role of NIFT in Clearing Process: NIFT commenced its ACH(automated clearing house)operations in 1996, after signing an agreement with THE STATE BANK OF PAKISTAN. ACH is computer based clearing & settlement facility for interchange of electronic debits & credit among Financial Institution. NIFT SERVICES: Overnight Clearing: overnight clearing included return cheques processing (24 hour clearing cycle). Same day / high value clearing: Same day/high value clearing included return cheque processing(3 hour clearing cycle). Intercity Clearing: Intercity clearing included return cheque processing (48 hour clearing process). Country wide local us dollar clearing: Countrywide local US $ dollar clearing included return cheque processing (5 day clearing cycle). Micr specification: MICR (magnetic ink character recognition) is a technology used to verify the legitimac y or originality of paper documents, especially checks. Special ink, which is sensitive to magneti c fields, is used in the printing of certain characters on the original documents. WEEK 5 Accounts Department Most important department of bank as it is concerned with: pg. 50
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Revenue Expenses Assets Liabilities These are the pillars of any business. This department is supervised by Mr. Muhammad Asif in t his department; all the vouchers that are posted during one day are sent to the Account Departme nt next day. These vouchers are already posted to computer by the concerned department. So co mputer also sends a report to the Accounts Department. The accounts Department have to tell tha t all the vouchers are posted under the right head. Amount, date, stamps, signatures all the requir ements for cheques and vouchers are fully checked. If any kind of renovation or construction or rebuilding is done, all is paid from the Accounts Dep artment. Like petrol for the car of EVP and VP, stationery charges, medical allowance, etc. are al l paid by this department. Daily Customer Movement List All the changes that are made in accounts of customer are shown in the daily customer movemen t list. By using this list, people of Accounts Department can prepare the vouchers. Following activities are performed by Account Department: Voucher preparation Preparation of daily, weekly, monthly, and annual statement. Budgeting and fixed assets Employer’s benefit Expenditure approval. WEEK 6 My last week at the internship program was a general one where I helped the customer and staff r elated to every department, so I performed the following tasks: pg. 51
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Major Duties Performed: I performed different duties in bank ASKARI, after gaining knowledge I performed that particula r task very effectively and efficiently during my internship period. So my duties were.
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  • Spring '18
  • Professor Jhons
  • ........., Askari Commercial Bank Limited

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