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Bank of punjab

BANK OF PUNJAB

Introduction:

Banking plays an essential role in a country’s economy. Pakistan’s banking sector consisting of Islamic Banks Microfinance Bank. Banking sector is a backbone of our economy.

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The bank of Punjab(BOP) head quarter in BOP tower, main Boulevard, Gulberg, Lahore is one of the main financial institution of the country with PACRA (Pakistan Credit Rating Agency Limited). Bank of Punjab to be a customer focused bank with services excellence.

History of BOP:

The bank of Punjab started their functions in first branch of Lahore on November, 15 1989. The founder o9f the bank Mr. Nawaz Sharif performed the inauguration. The Bank of Punjab is working as a scheduled bank with its 273 branches in all major cities of the country.

Deposit in local currency, Client deposit in foreign currency, Remittances and loans to businesses, Trade, Industry and Agriculture are the banking services provided by the Bank of Punjab. Bank OF Punjab has played an essential role in the local economy through promoting saving and raising funds for investments. The Bank of Punjab has advantage to discharge its responsibilities towards national prosperity and progress.

Vision Statement:

“To be a customer focused bank with service excellence.”

Mission Statement:

“To exceed the expectation of our stakeholders by grasp our relationship with the government of Punjab and delivering a complete range of professional solutions with a focus on program driven products and services in the agriculture middle markets through a motivated team.”

Awards and Excellence:

 Excellence award by the ‘’Central board of revenue’’.

 “3rd Kissan time’’ Awards.

 ‘’Best Corporate’’ Award

 ‘’16th Bollan Excellence’’ Award

CORE VALUES:

 Our clients as our first inclination.

 Profitability for the fulfillment of our partners that licenses us to consistently contribute, improve and succeed.

 Corporate social obligation to expand the lives of society where we work.

 Recognition and reward for the high qualified and high performing workers.

 Excellence in every angle we do.

 Integrity in the entirety of our business relations.

 Respect to our clients and one another.

Organizational Hierarchy Chart:

Competitors:

 Muslim Commercial Bank

 United Bank Limited

 Allied Bank Limited

 Askari Bank Limited

 Habib Bank Limited

 Faysal Bank Limited

Introduction To all Departments:

Department of Bank of Punjab are as follows:

• Retail Banking Department

• Special Assets Management Department

• Credit Administration Department

• Human Resource Department

• Finance Department

• Credit Risk Management Department

• Corporate Banking Department

• Control and compliance Department

• Training, Research, Communication and Public Department

• Consumer Banking Department

• Audit and Inspection Department

• Law Department

Product Line:

Deposit Products:

• Current Account

• Basic Banking Account

• Tijarat Account (LCY)

• Supreme Current Account (FCY)

• Young Loin Saving Account ( New Product 2011)

Profit Loss Sharing Term Account:

Profit and Loss sharing term accounts offered by the Bank of Punjab:

• PLS Saving Account

• Senior Citizen Account

• Gharayloo Saving Account

• Ziada Munafa Saving Account

• PLS-Saving Profit plus Account

• Corporate Premium Account (PLS)

• Supreme Saving Account (FCY)

• Corporate Premium Account

Consumer Finance:

Following are the types of Consumer Finance offered by the Bank of Punjab:

• Aasaih Loan

• Quik Cash

• Car Loan

• House Loan

• Small Cash Personal

• Loan

• BOP Motorcycle Loan

Commercial Finance:

Following Commercial Financing Loans offered by Bank of Punjab:

• Running Finance

• Cash Finance

• Demand Finance

• CNG Filling Station Scheme

• Auto Lease Financing Scheme Car Lease Financing Scheme

• Ali Akbar Group_ Franchise Financing Scheme

• Atlas Honda Limited_ Authorized Dealers Financing Scheme

• Financing Scheme _ Purchase of Office/Shops

Electronic Banking:

Electronic Services provides non-stop banking services , twenty four hours a day, Seven days a week.

• Visa Debit Card

• Internet Banking

• ATM Network

• BOP Quick pay

• Call Center

Services:

Bank of Punjab is providing the following unique banking services to its customers:

• Commercial Banking

• Online Banking

• Cash Management Services

• Utility

• Lockers

• Treasury

• Western Union Money Transfer

Agriculture Credit:

Bank of Punjab is providing following agriculture loans to farmers and livestock:

• Green Tractor Lease Finance

• Agri Finance Branch

• Agri Finance Scheme

• Kissan Dost Finance Scheme

• Second Hand Tractor Lease Finance Scheme

Trade Finance:

Trade Finance is a loan provided to the importers and exporters to make their transaction effective. The increases the global business. To corporate with the exporters and importers in different cities of Pakistan Bank of Punjab makes some trade processing centers for instance Lahore, Islamabad, Rawalpindi and Karachi.

Four Management Functions:

Following are the major functions of management:

Planning

• Organizing

• Leading

• Controlling

Planning:

Its means that there must be a certain goal to achieve. Then some made some strategies to attain those goals. After then these some strategies should be converted into smaller plans.it is the idea of future that a group plans to achieve (profits). Planning are the consists of the following factors:

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• What to achieve?

• How to achieve?

• Resource allocation

Goals of the bank of Punjab:

‘’GOOD CREDIT RATING’’ must be ensured in branches.

To achieve Rs.200M profitability margin in 2019.

Minimum 85% QA stranded must be ensured

Administrative and operational expenses must be keep within the budgets.

Must be ensure to take proper training and development of new hiring staff and employees.

Achievement of all the desire business goals i.e., deposits, consumer, trade business etc.

HOW TO ATTAIN ABOVE LISTED GOALS:

Following are the goals Achievements points which must be followed by the of Bank of Punjab to achieve their targets:

The goal of BOP is to increase in profits

Motivate people

Ensure security

Insurance policies

Quality services

Online banking

 Make certain that the performance of all its operations is better than their competitors.

 On basis of the needs of its customer, by developing new technology within the range of its operation and wise risk taker.

 Act as an honorable efficient and responsible organization.

ORGANIZING

 The manager makes up a team to perform certain task.

 In this management function we determine how to do or who can can do?

 What decisions are to be made to perform certain task.

 How can we have accomplished certain task?

During the second management function the organizing process plays an important role in any organization to take certain decisions. During the organizing process the manger leads their team workers as united to facilitates the goals described in the plans. This is very complicated function that involves a certain decision for human resources, finances and term projects, then they structure their work when they need to achieve their goals. The main point is to assigned task to each employees equally to avoid multitasking.

ORGANIZING DEPARTSMENT OF BOP:

CRO (Customer representative officer):

In this organizing department cro is responsible for customer services and dealing about bank’s products and services to their customer, and also role is to handle any inquires and resolve customer complaints.

RO (Remittance officer):

In remittance, it is the sending of money for buy something. Remittance is transfer by a foreign worker to an individual in their country.RO deals every aspects of remittance.

CO (Cash Officer):

CO are responsible for receive payments by cash, checque, credits cards and vouchers etc.

Essential job duties seen on cash office, developing reports to managers, developing more effective methods of accounting of company cash that has been put them into daily.

CM (Cash Manager):

CM responsible for daily cash payments and cash management functions, effective allocation of revenues and payments.it also included of bank relations and current account.

RM (Relation Manager):

Relational manager deals with individual customers of various banking and financial products and services offered by bank.

SM (Sales Manager):

Sales manager manages the attaining growth and sales by the hitting targets to achieve successfully by sales team. Organizing:

It’s fair to say that the world of work has changed. Organization need to be more flexible in how work gets done. Although it still needs to get done efficiently and effectively. So, let’s take a look how Bank of Punjab manages the organization efficiently. In this way answer the following questions:

 What is organizing as a management function?

 How should jobs be designed?

 How much centralization should there be in an organization?

Qno.1) What is organizing as a management function?

Organizing and Organizing Structure

Organizing:

“Management function that involves arranging and structuring work to accomplish the organization’s goals.”

Organizing Structure:

The formal arrangements of jobs within an organization.

Organizational Chart:

The visual representation of an organization’s structure.

Organizational Design:

Creating or changing an organizational structure.

Work Specialization:

Dividing the working activities into separate job tasks.

Formal Structures:

Formal Structures of the organization includes the following:

 The effective and efficient division of work

 Effective Supervisory relationship

 All communication channels of the bank

 Major subunit of the bank

Informal Structure:

A shadow organization made up of the unofficial, but often critical, working relationships between organization members.

The benefits of informal structures are:

 Helpful for the workers for completing their work

 Wide access to interpersonal networking

 Informal Learning

Q no. 2) How should jobs be designed in bank of Punjab (BOP) by an organization?

There are following steps are involved in designing a job:

• Assessment

• Design

• Re- assess

1.) Assessment:

Assessment of current work practices is very important in job designing. In Assessment feasibility and analysis are both important. Feasibility means discuss the procedure with supervisors or executive and then conduct a task analysis determining what the tasks are and also finding potential problem areas.

2. Design:

The next step is design the job. Equipment, interactions, training is the essentials for designing process. Following are the main terms involved:

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Strategy:

Directly discuss the new position with all staff members or affected by the job indirectly. When they express their views then explain the basic purpose of job and how it will effect on them.

Skills and Experience:

A person should be highly qualified and experienced for the job. So availability of skill and experience is necessary.

Resources:

Provide staff the control and authority that how they carry out the job.

Ensure there is sufficient variety in the job according to their interest. Also providing them learning and developing opportunities.

Re-assess:

Re-assess or re-evaluate is the last step for design a job. The well designed job is according to the environment and expectations of the employee. The carefully designed job encourages both the employee and employer to succeed.

Q no 3.) How much centralization should there be in an organization?

“Centralization is a degree to which decision making takes place at upper levels of the organization.”

 The degree of centralization in an organization depended on the situation. The goal of BOP is the optimum and efficient use of employees. But organizations today have become more complex responsive to dynamic changes in their environments.

 Effective implementation of company strategies depends on managers retaining say over what happens.

 Lower level managers are not as capable or experienced at making decisions as upper level managers.

 Decisions are relatively minor

 Lower level managers do not want a say in decisions.

Environment is stable

 Organization is facing a crises or the risk of company failure.

Controlling:

 What activities in the organization need to be controlled?

 How should those activities be controlled?

 What type of management information system should the organization have?

Qno.1) What activities in the organization need to be controlled?

The Bank of Punjab has internal control implemented in its operations. The internal control process includes the following objectives:

 Effectiveness and efficiency of operations

 Reliability of Financial Reporting

 Compliance with applicable laws and regulation

Qno2). How should those activities be controlled?

 The goals, ethics and overall workplace environment is set with top management of the organization

 The communication and information system focuses on what is important information for the organization and how this information is communicated across the whole bank.

 Monitoring all the operations efficiently that is conduct by the Bank.

 Focus on the Risk assessment process of the organization.

 Focus on controlling the environment.

Furthermore, these all activities are controlled by BOP with the use of controlling process. The controlling process includes the following steps:

Step1: Measuring Actual Performance

To determining what actual performance is, a manager must first get information about it. Thus, the first step in control is measuring.

 How we measure Four approaches used by the managers to measure and report actual performance are personal observations. Statistical Reports, oral reports and written reports.

 What we measure some control criteria can be used for any management situation. For instance all managers’ deal with people, so criteria such as employee satisfaction or turnover and absenteeism rates can be measured. Keeping costs within budget is also a fairly common control measure. Other control criteria should recognize the different activities that managers supervise.

Most work activities can be expressed in quantifiable terms. However, mangers use subjective measures when necessary.

Step 2: Comparing actual performance against standards

The comparing step determines the variation between actual performance and the standards. Although some variation in performance can be expected in all activities.

The acceptable parameters between actual performance and standard is called range of variation.

Step 3: Taking Managerial Action:

 Correct Actual Performance Depending on what the problem is, a manager could take different corrective actions. Effective managers analyze deviations and if the benefits justify it, take the time to pinpoint and correct the causes of variance.

 Revise the standard It’s possible that the variance is a result of unrealistic event may be too high or too low. In that situation the standards need the corrective action, not the performance.

 Managerial Decisions in controlling Depending on the results, managers decisions is to do nothing correct the performance or revise the standards.

Leading:

• Who are Leaders and what is Leadership?

• What are the most important values you demonstrate as a leader?

• How a leader can fails?

• Are you more effective in a group or one on one basis?

• What is your greatest strength?

Q no. 1) Who are leaders and what is leadership?

Let’s begin by clarifying who leaders are what leadership is.

 Leadership is someone who can influence others and who has managerial authority.

 Leadership is a process of leading a group and influencing that group to achieve its goals. It’s what leaders do.

Q no 2.What are the most important values you demonstrate as a leader?

The most essential value is my integrity. I prefer trust and honesty in all my dealings for good reputation as a leader. I also prefer fair dealings because in my view honesty is very important to maintain credibility in the enterprise or organization in which you are working.

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It is necessary for establish trust worthiness and showing sincerity with your work.

Q no 3) How can a leader fails?

 When the leader cannot get his team on the board of the goals of an enterprise he fails.

 Leader fails when he cannot manage the project or goal within the given time. No doubt time management is difficult sometime but it is not impossible for a wise, hardworking person.

 Leader fails when he cannot complete the project within the available resources.

 So, when work with your team it is very important to work in a friendly environment and also entertain the each member of your team attentively.

Q no 4) Are you more effective in a group or one on one basis?

I think I feel more efficient and effective in a group because as a team member everyone has their unique skills and ideas. We can improve and develop our interpersonal skills by working together. If anyone has facing difficulty in his work other team members can help him.

In a team everyone can share his unique and different ideas. Then we select the most suitable and effective idea for the problem solving. So, working in a team we are able to solve one problem in many ways.

On the other hand if one person is select to handle the situation may be he will take more time or cannot solve the problem or may be handle the situation but not in effective way. So these are the problem that are facing by one person in any project if handle individually.

Q no 5 What is your greatest strength?

 Being able to lead a team to perform their best and try to achieve goals.

 Being able to inspire and motivate a team or group to achieve goals

 We can do this through maintaining good relationships with the team members.

 Should being passionate with the work or the project assign.

SWOT ANALYSIS

SWOT analysis is a strategic planning technique used to help a person or organization identify strength, weaknesses, opportunity and threats related to business competitors or project planning.

Strength:

 The Bank of Punjab has branches all over the Pakistan.

 This Bank has all the computerized system.

 Bank of Punjab has training center for trained their employees trained their employees either old or new employees.

 Financial position of Bank of Punjab is high and growing more and more in every year.

 Bank of Punjab has a large number of banking networks through their branches.

Weaknesses:

 The Bank of Punjab do not use electronic media for their advertisement purpose.

 In this bank, no extra bonus given to their hardworking employees.

 Their staff are not team worker and team leader and not guide properly.

 The performance of human resource department is not well.

 Bank is not producing new products to compete their competitors.

 They are not highly qualified staff for current knowledge.

Opportunity:

 As a demand of investment in Pakistan is increasing so the bank has to grow their more business.

 Bank of Punjab has many competitors so they have an opportunity to aggressive marketing to enhance their business.

 The bank has an opportunity to reduce over rate to overcome the unemployment.

 As imports and exports are increasing so they have to increase their business to this.

Threats:

 The political factors influenced over the Bank of Punjab.

 Banking sector are most affected by the government legislation.

 Major deposits in BOP has a government deposit which may create threat with the change in government policies.

 Many competitors of the bank of Punjab are the major threats of the bank of Punjab for their banks operations.

Recommendation:

The bank of bank of Punjab uses their marketing strategies by using:

Digital media

Visual media

Social media

If they use above medias for lunch their new or present products, then they can compete their competitors.

They should have trained their staff for updated knowledge so that they can perform their operation well.

They should give some extra holidays for relaxations of burden from work and also gives some bonuses other than their salary so they are free of mind tension.

They should produce new products in the market for entertained their customer and so in this way they welcome their new customer.

Conclusion:

Its concluded that bank of Punjab are working with efficiently and effectively.

They are using four managerial functions, planning, organizing, leading and controlling to run their banking business in very well in every aspect.

As they have branches in overall Pakistan, so if they can do better marketing and operations well they can become best bank in Pakistan.

To become a successful bank in Pakistan, so they overcome its weakness and increases its strengths and attains more opportunity and secure its from threats.

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