Week 3 cash department the most critical work

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WEEK 3 Cash Department: The most critical work performed in the branch is in Cash Department, I spent third wee k in the Cash Department. Unit Head : Mr. Waqar Ali (Cash Incharge) Cash Department performs two main functions and other subsidiary functions: Cash Deposits Cash Payments Online Cash Receipts & Payments Cash Deposits: Cash deposit is defined as money that is injected into a checking, money market or savings account, either via money transfer, ATM machine or through a bank teller. In simple terms, a cash deposit is money placed in a financial institution for protective custody. This money can be made available for withdrawal after the transaction is completed and is the responsibility of the bank to make the funds available to the account holder. Cash Payments: pg. 48
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The drawer writes the various details including the monetary amount, date, and a payee o n the cheque, and signs it, ordering their bank, known as the drawee, to pay that person or compa ny the amount of money stated. If the payment is of Rs. 50000 the cashier can make it on its own. If the amount is greate r than Rs. 50000 the cashier and cash deposit Incharge will verify the check and will sing it. The n the payment will be made. Otherwise the payment will not be made. WEEK 4 Clearing Department: I worked in the clearing department in the fourth week of my internship program. Unit Head: Mr.Hassan CLEARING: The transfer of fund from a branch of bank to the other bank on which the instrument is d rawn, without involving cash through “state bank’s clearing house”. TYPES OF CLEARING: Inward clearing Outward clearing Inward Clearing: “Inward clearing means cheques received by the bank from other bank” The inward clearing process decreases the deposits of the bank.The main operational tas k done by the banks were Validation of customer account with the “CORE BANKING SYSTE M”(CBU). Outward Clearing: “Outward clearing means cheques sent for collection” OR “The cheque of other bank, which the account holder deposit in their account”. Outward clearing increases the deposits of the bank. Outward Clearing Process: Outward Cheques deposited Scrutiny of cheque & deposits slip Stamping Posting S eparate deposits slip & cheque Make bundle of 50 cheques per list Send to NIFT Bundle cover Fi nal voucher prepared. pg. 49
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Iinward Clearing Process: Inward Cheque withdrawals Scrutiny of cheque & stamps Posting Cancelation Sen d to account dept Returns marked Attach return memo Return voucher prepared Send to NIFT Tr ansfer stamp. NIFT: National Institutional Facilitation Technologies (Pvt.). Ltd. was incorporated in September 1 995 as joint venture between a consortium of six banks and entrepreneurs from the private sector. All commercial banks and all of their branches in major cities avail NIFT services. As of January 2014, 38 commercial banks and their 8382 branches in 273 major cities, and towns utilize NIFT services through 28 Data Centers.
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  • Spring '18
  • Professor Jhons
  • ........., Askari Commercial Bank Limited

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