final pom project report on silk bank by titanic group
TRANSCRIPT
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FINAL REPORT OF OUR FINAL PROJECT ON
SILK BANK LIMITED
Jointly Submitted By:
Syed Nabeel Ali – 1536
Syed Abdul Rehman
Adnan Ahmed
Fahad Aziz
Submitted to:
Sir Asif Jalees
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LETTER OF TRANSMITTAL
To
Sir Asif Jalees
Iqra University North Campus,
Karachi.
Sub: Memo of term project report
Dear Sir,
Here is the report on Silk Bank Limited. Our report will contain three
sections, each section have further more sections. We will cover all necessary
things for the management of Silk Bank Limited.
Thanking you
From all group members
Syed Nabeel Ali
Syed Abdul Rehman
Adnan Ahmed
Fahad Aziz
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ACKNOWLEDGEMENT
Thanks to all members of different departments of SILK BANK LIMITED
who helped us in acquiring information about their organization. Thanks to
Mr. Farhan Ahmed (Area Sales Manager of Silk Bank) who helped us in
providing information for our project.
We would like to thanks all our parents and those people who help us in making this
project. We also state our gratitude teacher Mr. Asif Jalees this is their effort,
guidelines that we have completed the Project successfully.
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EXECUTIVE SUMMARY
To interpret our skills and educational knowledge of Management we make a
report on Silk Bank Limited.
Silk bank is the Public sector financial institution. The Silk bank was
established on 1949, to serve as an agent to the SBP. Silk bank head office is
in Karachi. It has 1249 regional branches and 18 overseas branches. Silk bank
is a 52% share owned by the Government of Pakistan (GOP). Silk bank's total
assets stood at PKR820 billion on mid of 2009.This included total earning
assets of about PKR268 billion with gross loan portfolio of PKR140 billion.
The bank also has an investment portfolio of PKR171billion, which comprises
treasury securities, corporate bonds, shares and other securities. This report is
based on Silk bank? It is a famous and reputed bank of Pakistan. Silk bank
maintains first position in banking sector in Pakistan. This report is based on
the activities, which are performed in this bank. This report
contains Banking services, competitive analysis, SWOT analysis, bank tariffs
andexchange rates of Silk bank. In this report we also observed the jobs task
of the employees and we find him a lot of problems at the management level.
So We Have mentioned all the problems from which the branch has been
suffered have given the suggestion that can they solve branch problems?
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TABLE OF CONTENT
Letter of Transmittal……………………………………………….………….2
Acknowledgement………………………...………………………………….3
Executive Summary………………………………...…………………………4
Introduction to Silk Bank..……………………...…………………………..…6
Services of Silk Bank………………………..…………………………….…..7
Questionnaire………………………………………………………………….8
SWOT Analysis……………………...……..………………………………..30
PEST Analysis……………………...……..…………………………………32
Suggestions &Recommendation…………..…………………...……………34
Conclusion………………………………………………………….….……35
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Introduction to Silk Bank
Company History
Silk Bank came into existence on March 31, 2008, a syndicate comprising of the IFC,
Bank Muscat, Nomura International and Sinthos Capital led by senior bankers Mr.
Shaukat Tarin and Mr. Sadeq Sayeed who acquired 86.55% stake in Silk Bank for
around $213 million. Saudi Pak Industrial and Agricultural Investment Company Pvt.
Ltd (SAPICO) was renamed Silk Bank Pakistan Ltd. Under the new leadership, the
Bank continues to focus on SME & Consumer financing resulting in efforts
of increased profitability.
Vision
Benchmark of Excellence in premier banking
Mission
To be the leader in premier banking trusted by customers for accessibility, se
rvice &innovation; be an employer of choice, creating value for
all stakeholders.
Values
Silkbank prides itself on being a conscientious and responsible corporate citizen with
acommitment to the development of Pakistan. At Silk Bank, our employees are
encouraged to give back to society and
we have made concerted efforts towards the development of healthcare, education an
d constructive character building sports activities in theunderdeveloped segments
of our country.
Core Values
Customer Focus
Integrity
Teamwork
Creativity
Meritocracy
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SERVICES OF SILK BANK
Services are the outputs of the firm, which are in intangible form.
DEMAND DRAFTS
If you are looking for a safe, speedy and reliable way to transfer money, you can now
purchase Silk bank’s Demand Drafts at very reasonable rates. Any person whether an
account holder of the bank or not, can purchase a Demand Draft from a bank branch.
SWIFT SYSTEM
The SWIFT system (Society for Worldwide Interbank Financial Telecommunication)
has been introduced for speedy services in the area of home remittances. The system
has built-in features of computerized test keys, which eliminates the manual
application of tests that often cause delay in the payment of home remittances. Using
the Silk bank network of branches, you can safely and speedily transfer money
for our business and personal needs.
LETTERS OF CREDIT
Silk bank is committed to offering its business customers the widest range of options
in the area of money transfer. If you are a commercial enterprise then our Letter of
Credit service is just what you are looking for.
TRAVELER'S CHEQUES
Traveler’s cheques are negotiable instruments, and there is no restriction on the
period of validity of the cheques. Rupee traveler’s cheque is available at all 700
branches of Silk bank this can be encashed in all 400 branches of Silk bank. There is
no limit on purchase of this cheque. It is one of the safest ways for carrying money.
PAY ORDER
Silk bank provides another reason to transfer your money using our facilities. Pay
orders are a secure and easy way to move your money from one place to another.
And, as usual, Silk bank charges for this service are extremely competitive.
MAIL TRANSFERS
Move your money safely and quickly using Silk bank Mail Transfer service. And
also offers the most competitive rates in the market. They charges Rs 50/- exchange
rate and RS 75/- postage charges on issuing mail transfer.
FOREIGN REMITTANCES:
To facilitate its customers in the area of Home Remittances, Silk bank has taken a
number of measures to:
Increase home remittances through the banking system
Meet the SBP directives/instructions for timely and prompt delivery
of remittances to the beneficiaries
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QUESTIONNAIRE
Following is the feedback generated from the management of Silk Bank Limited
during the project.
Q. No. 1 HOW THEY PLAN ORGANIZES, LEAD AND CONTROL THE
ACTIVITIES OF THEIR TEAM?
Ans. 1 For any plan they have to make feasibility where they make a monthly plan
which divided into weekly plans then they establish overall strategies for
achieving those goals. To organize this they lead and control by themselves
with the help of their team. Below are the key points:
o Divide work to be done into specific jobs and departments in Silk Bank.
o Assign tasks and responsibilities associated with individual jobs in Silk Bank
o Establishes relationships among individuals, groups and departments.
o Allocates and deploys organizational resources.
To Control the activities of the employees, Following are the guidelines.
o Documentation
o Approval & Authorization
o Verification
o Supervision
o Separation of duties
o Safeguarding of assets
o Reporting
Q. No. 2 WHAT HUMAN SKILLS NECESSARY TO LEAD A TEAM?
Ans. 2 According to Farhan Ahmed (Area Sales Manager – Silk Bank), for any job
based on human skills help a leader to work effectively with subordinates,
peers, superiors to accomplish the organization’s goals. Here a leader has to
be aware of one’s own perspective on issues and, at the same time, being
aware of the perspective of others. Leaders with human skills adapt their own
ideas to those of others. Furthermore, they create an atmosphere of trust
where employees can feel comfortable and secure and where they can feel
encouraged to become involved in the planning of things that will affect
them. Following are the three vital skills:
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a. Respecting and understanding employees.
b. Communicate effectively
c. Trust of the team.
Q. No. 3 BIGGEST CHALLENGES FOR MANAGERS IN SILK BANK
Ans. 3 The biggest challenge for manager is too many targets. As you know that the
manager is not only focusing on his product, but he is selling multiple products
through cross selling. Furthermore, below are the other challenges which the
managers of Silk Bank are facing.
o How to come to a new level of growth and sustainable profitability in an
environment of low interest rates
o Where to develop new and reliable sources of revenue
o Enriching and increasing the business value of customer relationships, at a
time when customer behaviors and expectations are more demanding
Q. No. 4 IMPACT OF GLOBALIZATION ON SILK BANK AND HOW IT IS
AFFECTING
Ans. 4 According to them, they not much influenced by Globalization, the reason is
that they are working under the umbrella of State Bank of Pakistan, which has set his
own rules and regulations.
Q. No. 5 MANAGERIAL ETHICS GUIDLINE FOR THE ENTIRE
ORGANIZATION
Ans. 5 The Bank has adopted a statement of ethics and business practices that is
signed by all directors and employees. Following are Key elements in managerial
ethics:
o Local Laws & Group Standards
o Confidentiality & Data Protection
o Suitable Products
o Money Laundering
o Insider Trading
o Bribery & Corruption
o Gifts & Entertainment
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o Conflicts of Interest
o Dealing in Silk Bank Shares
Objectives: Code of ethics and business conduct intends to deter wrongdoing
and act as a ready reference to all the employees in maintaining compliance
with the rules and regulations laid down by Silk Bank limited and would be a
guide in directing the group management to ensure the observance by
employees according to the stipulated policies of Silk bank and promote the
following objectives:
o Honest and ethical conduct, including ethical handling of actual or apparent
conflicts of interest between personal and professional relationship.
o Compliance with applicable governmental laws, rules and regulations.
o Promote internal reporting to designated persons of violations of the code.
Q. No. 6 CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES OF SILK
BANK LIMITED
Ans. 6 Management without caring needs and expectations of stakeholders in
a community will not be competitive compared with those who do in the 21st
century. Demand for accountability and transparency from both public and
private sectors has become soaring.
Every year Silk bank limited carry out environmental audits and make
significant contributions to the society to support their agenda of Corporate
Social Responsibility. Silk bank raised funds in which not only the bank but
the employees contributed equally which were then contributed to flood
relief rehabilitation. Out of which Rs.2.5 million was denoted to Sind Institute
of Urology and Transplantation (SUIT) and Rs.1.5 million to the flood
affecters. Silk bank not only sponsored a Polo team of four professional polo
players for the season 2010/2011 but also made significant contributions and
sponsorships towards NGOs like The Medical Aid Foundation, The Kidney
Centre, Children Health and Education Foundation, Habib Educational Trust,
Ziauddin Medical Foundation, Special Olympics, WAPDA Sports Board,
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Institute of Business Administration Karachi, Marketing Association of
Pakistan and etc. Following are the details of their CSR activities.
Roshan Mustaqbil
A child is the most precious gif t for any quali ty education is the best
gi ft parents can give to their children . Si lk bank Roshan Mustaqbil
Bancassurance is an education plan exclusively designed to cater
your needs. The plan is underwrit ten by EFU Life Assurance Ltd.
Roshan Mustaqbil is a f lexible, tai lor -made, complete financial
package that facil i tates you to plan your children’s future education
requirements and guarantees a financially secure tomorrow even in
case of any mishap.
Sunehra Kal
Silk Bank Sunehra Kal bancaassurance
is a saving and investment plan exclusively designed to cater al l your
needs. The plan is underwrit ten by EFU Life Assurance Ltd. Sunehra
Kal is comprehensive f inancial planning package that gives you the
dual benefit of protection along with potent ially higher returns over a
long- term on your saving and investment. The most important benef it
of Sunehra kal is i ts f lexibil i ty to suit your needs. Sunehra Kal is an
ideal , regular premium unit -l inked plan, to all your dreams into
real i ty.
Mehfooz Har Pal
Silk Bank Mehfooz Har Pal bankassurance is a simple yet
comprehensive accident and hospitalizat ion plan providing 24 hour
worldwide coverage to t he ent ire family. Mehfooz Har Pal guarantees
your financial wel l by paying out cash on death
or prolonged absence from work as a result of an accident or hospital
izat ion due to anaccident . The plan is underwri t ten by EFU Life.
Silk Health Plan
Health is undoubtedly the real wealth. In fact , good health is a treasu
re that everyindividual cherish the most .but unfortunately i l lness
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and disease are part and parcel of l ife and always exist . With the
health care costs, s ickness may not only lead to mental distr ess for
the whole family but could also adversely affect the finance for a
long t ime to come. The implications become even more severe if the
i l lness result in prolonged hospi talizat ion. With a mission to help
people l ive heal thier , wealthier and more succ essful l ives Si lk
bank offers Silk Heal th Plan, a comprehensive heal thcare package th
at provides financial protection in case of i l lness or accident that lea
ds to hospital ization. The plan is underwrit ten by Allianz EFU.
Q. No.7 HOW THE ORGANIZATIONAL CULTURE IS DERIVED IN
SILK BANK
Ans. 17 An innovative culture helps Silk bank to produce unique products
and services that meet their customer’s needs. They get away from the culture
of sifarish, reciprocity, favoritism, nepotism and inculcate a culture of serving
the customers equally and honorably without any distinction. They apply the
KYC (Know Your Customers) regulations with equal fervor, discourage
benami loans, or deposits, report suspicious transactions, penalize deceptive
pronouncements and practices by sheer force and take criminal action against
those found guilty of frauds and forgeries. Transparency, full disclosure,
courtesy to the customers and helpful attitude should become integral part of
the organizational culture. Continuous learning, skill up gradation and
acquisition and mastering of new knowledge and techniques will prove
extremely helpful in the professionalization of the banking industry.
Teamwork- They work as a team family
Working - l ike a family rejoice the
Competit ion- there is a lways a competi t ion there
Career - a great career ahead
Q.No. 8 GOALS AND MBO APPROACH BY SILK BANK
Ans. 8 Silk Bank remains on course to meet its long term goals and is fully
committed to enhance its capital to meet regulatory requirements. The fresh
capital injection is fully backed up by the bank’s sponsors namely Nomura
Investments, IFC (World Bank Group) and Bank Muscat. Silk bank's main
objective is to offer outstanding value to their customers by providing a
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knowledgeable, efficient and reliable service in a personal, helpful and
responsive manner. Central to this service philosophy is their professional
consultative approach, which they take with each customer. By getting to
know their customers better, they identify their needs and match them with
tailor-made quality products and service solutions.
To put it simply, they are committed to making today's complex financial
world easier for their customers.
Management by Objectives (MBO): In our organization, employees are
motivated through MBO. Here they have a program that emphasizes
participative on setting goals that are tangible, verifiable and measurable. In
this regard, they have the following ingredients in MBO
o Goal specificity,
o Participative decision-making,
o An explicit time period
o Performance feedback.
Implementation of these ingredients results in employee motivation.
Q. No. 9 ENVIRONMENTAL SCANNING
Ans. 9 They done it by interviews and research by their marketing team
through phone calls, and by determining their customer needs and the services
required them for their ease. They gather Information related to markets &
customers, changes in legislation & regulations that have a direct impact on
organization’s activities that could be collected continuously to monitor
changes. Following are the steps which are followed by Silk Bank Manager:
1. Define Question
2. Develop assumption
3. Gather Data
4. Filter and organize data
5. Analyze appropriate data
6. Prepare findings and select best recommendations
7. Prepare draft report
8. Review and approve
9. Issue report and deliver presentation
10. Seek feedback from customer
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Q. No. 11 ORGANIZATIONAL STRUCTURE & SPAN OF CONTROL
Ans. 1 Below is the organizational structure of Silk Bank:
SPAN OF CONTROL
Span of control means number of employees working under the one officer.
The concept of span of control has been started many years ago. The main
objective to use the span of control is to save the resources of the firm as well
as to increase the authority of the officer. Span of Control in Silk bank is
increasing widely because all the banks are working under the one area
manager, that shows the efficiency and effectiveness of the management who
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have organized such kind of structure which decreasing the cost as well as
increasing the revenue of the firm with lower rate of employees.
Q. No.12 CHAIN OF COMMAND IN SILK BANK LIMITED
Chain of Command means organizational hierarchy is control by a single
person who looks after the whole organizations activities. Chain of command
is a traditional way of dealing with the employees. In Silk Bank there are two
important types of command which is used one is most important Central
Command and 2nd
is Branch Command. Chain of Command is centralized
power in Silk bank which is control by the higher authorities and the all
decision making has been made at central level, the final authority is the
Chairman who can take every kind of decision with communication of their
board of directors. Specially marketing
decisions which has the great importance made according to the centralized
procedure. Branch Command is a delegation of power has given by the
chairman and the board of directors which also have the importance
because a branch manager is a kind of person who can take the immediate
decisions at the spot. A branch manager in Silk bank who have the command
and control of their branch where he can change the branch environment, but
he also controlled by the regional manager, and his task is restricted.
Centralization Bank is a kind of organization where centralization is more or less it’s
depending on the functions of the department. In Silk bank there are some
functions which are centralized like marketing, profit increase cost decrease
increase shares in the market and some where branch managers or area
managers could make their interference for instance in various operations such
as account opening, treasury functions and I.T operations which are performed
by the direct regional and area manager.
Decentralization When the organization divided their centralized power into different
departments and officers is called decentralized process. In this process the
power has given to the officers who can take the decisions at their own level
which is conventional and daily routine based. For instance a branch manager
can reject the cheque, can interference in various departments, can stop their work on
emergency basis, and can take the decision on fire alarming situation
Q. No.13 HOW THEY MOTIVATE EMPLOYEES OTHER THAN SALARY?
Ans. 13 They focus on motivating their employees other than salary.
Department managers and head Provide tell employees: Where is the company
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going? What are current challenges that top management is trying to address?
How does the employee’s contribution fit and what are the opportunities in future
for them to warm up. Recognition and giving credit for good work is the way to
go. Listen the employee’s issues and also as for feedback give them the chance to
optimize their own work environment where they can perform the best.
Below image are the examples of motivation system in Silk Bank.
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Q. No.14 DIFFERENCE BETWEEN A LEADER AND A MANAGER
Ans. 14 Leadership is just one of the many assets a successful manager must
possess. Care must be taken in distinguishing between the two concepts. The main
aim of a manager is to maximize the output of the organization through
administrative implementation. To achieve this, managers must undertake the
following functions:
Organization
Planning
Staffing
Directing
Controlling
Leadership is just one important component of the directing function. A manager
cannot just be a leader. He also needs formal authority to be effective. In their
organization, for any quality initiative to take hold, senior management must be
involved and act as a role model. This involvement cannot be delegated.
Q. No. 15 RECRUITMENT AND SELECTION PROCEDURE OF SILK BANK
LIMITED
Ans. 15 All current openings are posted on their website and updated weekly by
Human Resources. Candidates who are interested in an open position with Silk Bank
must complete an online application through their website for consideration.
Candidates are encouraged to attach their résumé to their profile during the
application process.
1. Candidates are invited in to do a written test
The written test comprises of a combination of the following tests, with varying
difficulty levels for different positions:
Logical aptitude / reasoning
Quantitative / numerical aptitude
English language
General socio-economic and Banking Awareness
2. Once candidate pass the test, they are invited for a interview with their first
line supervisor interview
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3. Then we will call you for interview with HR department and finally with
branch manager
4. Once candidate clear the interview they briefed on the terms of employment
and provided an appointment letter
5. Candidates are almost there! Candidates undergo a medical exam and after
all clearances joins the Bank
6. They are defines about job responsibilities and duties by department head.
Q. No. 16 RECRUITMENT SOURCES USE BY SILK BANK
Ans.16. They uses all three main sources for recruiting best manpower for their
organization. They do internal hiring to recruit employees upward or laterally within
the company because little or no training is needed, and expenses that include
advertising for a new employee and running background checks are spared. They also
use External sources like news paper, billboards and Television advertisement.
Following is an example of newspaper ad placed by Silk Bank. They also hire
employees by third party contract and on contractual basis. They work with Fulcrum,
Peoples, Prime HR and first solution for recruitment purpose.
Q. No. 17 SELECTION, INTERVIEW AND TEST
Ans. 17 Introduction:
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Employee selection is an important part of the Bank’s success. If HRM
department of the Silk Bank able to select right employee in the right place
then the employees able to perform their job effective and also achieve their
goal as well as bank achieve its goal. To make the selection activities
successful, a lot of careful planning and careful thought is required. The
selection process is composed of a number of steps. Each of these steps
provides decision makers with information that will help them predict whether
an applicant will prove to be a successful job performer.
The Selection Process of the Silk Bank Limited:
Appropriate selection procedures must be used for each post. Procedures may
vary at its simplest this may involve a strength forward interview and skills
testing. For more senior posts psychometric testing, presentations to the
interview panel on a chosen topic and services of individual interviews on
various topics may be included. But in case of regular recruitments the
selection process is a three-stage journey.
1. Initial Screening:
Initial screening is the first step in the selection process whereby inquiries
about a job are screened. This initial screening is a two step procedure-
The screening of inquiries
The provision of screening interviews.
2. Application Received:
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The application forms received by the closing date will be short listed in order
of merit. The applications must be chosen against the person specification.
This selection may be based upon the following:
SL No. Criteria Existing Staff New Candidate
01 Basic Education
02 Technical Education/ training
03 Period of Experience
04 Type of Experience
05 Quality of Application
06 Location
07 Reference:
3. Written Test:
The Human Resources Division will call some or all of the short listed
candidates to a written test, held by itself or being arranged by some other
institution (i.e. IBA etc) under contract. The result of the written test will be
treated as confidential.
4. Comprehensive Interviews:
Comprehensive interview is a selection device in which in depth information
about a candidate can be obtained. Those applicants who pass the initial
screening, application form, and required tests are typically given a
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comprehensive interview. The applicant may be interviewed by HRM
interviewers, senior managers within the organization, a potential supervisor,
potential colleagues or some or all of these. The comprehensive interview is
designed to probe areas that cannot be addressed easily by the application
form or tests, such as assessing one’s motivation, ability to work under
pressure, and ability to adjust in the organization.
The Human Resources Division of Silk Bank who will also make the
necessary housekeeping arrangements for the interview will call those
qualifying in the written test for an interview. This includes time tabling the
interviews and supplying the following to each member of the interview
committee:
Copies of application forms /CV’s
Blank interview report forms
A copy of the job advertisement (if applicable)
A copy of the job description
The Bank Management will constitute the interview committee, preferably
with three members. The assessment of the interview committee will be on the
following basis:
SL No. Criteria Marking
01 Knowledge (Current affairs/ Subject/ Job
Related)
02 Applicants perception of abilities
03 Applicants view on career
04 Enthusiasm
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05 Confidence
06 Communication Skills
07 Smartness & Behavior pattern
Past Experience (if any)
5. The Realistic Job Preview:
The Realistic job preview indicates a selection device that allows job
candidates to learn negative as well as positive information about the job and
organization. The primary purpose of any selection device is to identify
individuals who will be effective performers. But it is not in an interviewer’s
best interest to find good prospects, hire them, and then have them leave the
organization. Selection should be concerned with reducing voluntary turnover
and its associated costs. By providing Realistic job preview, organization able
to achieve that goal. The Silk Bank Limited provides the realistic job preview.
6. Background Investigation:
Background investigation is the process of verifying information what the job
candidates provide. The SILK BANK takes Background investigations to
verify that what was stated on the application form is correct and accurate
information. This can include contacting former employers to confirm the
candidate’s work record and to obtain their appraisal of his or her
performance, contacting other job related and personal references, verifying
the educational accomplishments shown on the application.
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7. Provision of Service Rule:
The service rule of the Silk Bank Limited clearly states a few conditions
regarding Appointment. This includes Educational qualification, Age limit,
and commencement of service, service agreement, probationary period and
eligibility for confirmation. They are both directly and indirectly related to the
recruitment process. For clarification, the clause on educational qualification,
age limit are directly stated below:
Educational Qualification:
The minimum qualifications of reappointment to various posts otherwise
than by promotion from a lower category or post shall be as given in
Appendix –01 provided that the qualifications may be waived or other
qualifications may be prescribed in special cases by the Broad.
Age Limit
A candidate shall not be less than 18 years of more than 30 years of
age for fresher at entry level at the time of appointment to the Bank’s
service. The age limits may be relaxed by the competent authority in
suitable cases.
Offer of Appointment:
When all candidates have been interviewed the interview committee will send
the result to the Human Resources Division for appointment on merit basis.
Accordingly, Human Resources Division will arrange to inform the successful
candidates as soon as possible agreeing a commencement date and starting
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salary. Such an offer of appointment can only be formalized after the
successful candidate meets the following conditions:
Signed letter of offer of appointment to signify acceptance of officer
Medical fitness report.
Copy of all academic certificates
Clean reference report
Signed sureties bond.
Types of Appointment:
The successful candidates are then appointed in the Bank as per terms of the
appointment letter. However, all employment is not of similar nature. It
mainly depends upon the Bank the type of appointment it will offer to a
candidate along with the level of salary, allowances and other benefit package.
The bank will offer such a package that will maximize its interest as well as
not to discourage the successful candidates from accepting the offer of
appointment. Recruitment in the Bank takes the form of the following
appointments:
o Permanent Regular appointment:
Such appointment can be offered to all Bangladeshi nationals who are 30
years or younger, having some or no work experience. We usually refer to
them as entry level officer who have to serve not less than six months of
probation period before being confirmed at the service of the Bank. The
appointment structure of the entry level officers is shown below:
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Primary appointment After confirmation Educational Qualification
Management Trainee Executive Officer MBA/post Graduate in any
discipline
Officer on Probation Officer Post Graduate
Junior officer on
probation
Junior Officer Graduate
Junior Cash officer on
probation
Junior Cash officer Graduate
However, in case of more experienced persons, the age limit could be
extended up to 55/60 years, for offering appointment on regular service. Such
appointments should be dealt with on a case to case basis according to the
approval of the Managing Director.
o Contractual Appointment:
Contractual appointment is usually to experienced and skilled persons
particularly for senior and mid level executive posts. Usually such
employment is for not more than 3 years although it may be renewed for a
further period/ term at the discretion of the appointing authority. The age limit
for contractual appointments should not exceed 65 years. The salary and
designation of such appointment should be based on his previous salary
structure and designation held. However, Bank Management will decide his
appropriate designation, contract period and salary package. Board of
Directors is informed about such appointment/ renewal.
o Temporary/ Casual appointment:
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Such appointment is offered only for reasons that compel hiring of more
manpower beyond the existing available from permanent staff. Casual
appointment is usually allowed for staff and sub-staff level due to temporary/
increased workload. The salary of casual employees will be calculated on per
working day basis, approved by the Board of directors.
Q. No. 18 TRAINING AND DEVELOPMENT SECTION CONTRIBUTION
Ans.18.They ensure that employees under their supervision are trained in a
timely manner, identify their needs for improvement in their present jobs and
to provide information and guidance
Training specialists are responsible for coordinating new-hire orientation.
Without training specialists to conduct orientation, department supervisors
would be responsible for training new workers.
And also teach employees to watch for:
New account fraud – setting up accounts based on stolen identity or
personal information
Credit card fraud – using credit cards without authorization
Check fraud – using checks without authorization, or using fake
checks
Phishing – fraudulent attempts to get personal or company information
that can be used to perpetrate identity theft
Identity theft – using another individual's personal or financial
information without his or her consent
Q. No. 19 TRAINING AND DEVELOPMENT OPPURTUNITIES FOR
EMPLOYEES
Ans.19.Our staff has always been the focus of our planning process. Human
Resource Development has a profound impact on business processes and a
direct relationship with service quality standards. Silk bank dedicated more
than 39,000 hours of training covering both soft skills as well as job-skills.
The training programs covered service excellence, selling skills, product and
operational knowledge including management skill development. In fulfilling
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our mission to be the "Employer of Choice", we invited all our employees to
an "Employee Engagement Survey''. Management also emphasizes on
imparting of training to enhance knowledge and understanding of the Bank's
internal policies and procedures and prudential regulations. This has resulted
in the strengthening of the control environment.
Q. No. 20 STANDARD JOB DESCRIPTION
Ans.20. Despite the challenges of 2009, we managed to attain an admirable
revenue growth setting the pace for sustainable performance in the future
years. We have strengthened our controls and restructured our balance sheet,
aggressively providing for portfolio impairment. We invested heavily in our
distribution and have expanded our network to 1249 regional branches in
Pakistan. We continued to upgrade the skill set of our people through training
and development, enabled further by a world class technology infrastructure
to meet the dynamic needs of our customers and making our service a truly
differentiating factor. I would like to personally thank every member of the
team for their commitment and enthusiasm, as well as all our sponsors,
associates and customers for their continued support. Below is the format of
the same. JOB DESCRIPTION
Job Title Customer Services
Officer
Job Holder (Name)
Reports to (Title) Customer Services
Manager
Indirect Reporting
(Title):
Branch/Department Branch Banking Location Countrywide
1. JOB PURPOSE (Why does the job exist?)
Responsible for handling the Bank system; Handles payments from various branch and credit card
customers. Issues travelers checks, makes salary transfers, foreign and local transfers, and reconciles
cash transactions at the end of the day. The incumbent of this role is also responsible for handling all
customer queries and complaints.
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2. KNOWLEDGE & SKILL REQUIREMENT (necessary to perform this job?)
Education & Experience:
Graduation with minimum1 to 2 years experience in a similar role, Experience in Note Sorting will
also be considered.
Technical Skills:
Proficiency in computer skills
Awareness of PR / SBP regulatory guidelines
Behavioral Skills:
Communication and Interpersonal skills
Ability to work under pressure
2. KEY RESPONSIBILITIES:
1) Handles the Bank system within the branch to take payments from customers, make
demand drafts, account transfers etc.
2) Reconciles all cash transactions at the end of the day.
3) Ensures transactions and reporting of activity is accurate and complete.
4) Ensures adherence to all regulatory guidelines (e.g. proper identification, documentation)
when handing over cash.
5) Ensures verification of all transactions and completeness of source documents, and related
supporting documents joined with the Customer Service Supervisor.
6) Coordinates with internal and external auditors to monitor and balance all financial losses.
7) Handles all customer requests in a timely manner; Looks for ways to improve efficiency
and reduce turnaround time.
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SWOT ANALYSIS
Strengths:
o Public confidence
o Sound financial strength
o Highest profitability
o Vast operational network
o Role in economic development Utility bills collections Corporate
branches
o Evening banking
o Efficient home remittance
o Recognition of hard work of staff SWIFT
o Internet access (www.silkbank.com) Pension & salaries payments
Weaknesses:
o Lack of good delegation
o Inadequate, poorly placed network technology
o Complex MIS
o Deep rooted bureaucratic approval
o Lack of long term & short term plans
o Less share in import & export business
o Poor resource utilization
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o Need better service policy
o Frequent change in senior management
Opportunities:
o New style management
o Introduction of new products and services
o Introduction of new technology & electronic banking
o Capital management & equity financing
o Secondary market operations
o New deposit scheme
Threats:
o Establishment of new private financial institutions & expansion
o Govt. sponsored schemes
o Political pressure
o Reducing branch network
o New products forms private Pakistan Establishment of new private
financial institutions & expansion
o New products forms private Pakistani & foreign banks
o Non-banking institutions
o Inability to change
o Inability to change
o Stakeholders interests
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PEST ANALYSIS
Political:
o Privatization policy and deregulation.
o Impact of subsidized credit affecting and Silk banks.
o Employment practices, Unions, Associations.
o Political Interference and harassment.
o Incidents of high taxation on banking industry.
Economical:
o Constraints in mobilization of public savings because of inflation.
o Staff cost.
o Operating cost.
o Bad debts
Social & Cultural:
o Inadequate human resources.
o Cultural strain to savings.
o Defaulter’s lobby.
o Declining education and work ethics.
o Inadequate accountability.
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o Adequate empowerment.
Technological:
o Inadequate communication infrastructure.
o Inadequate computer facilities
o Inadequate IT training.
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Suggestions and Recommendations
Based on the SWOT and PEST analysis of the Silk bank, it is observed that
the Bank like the other public sector industries has not been showing up to
mark performance. There is a long list of weaknesses that is given on the
previous page. Most of them are going along since long time and that all
efforts made to remove them have not succeeded. On the basis of SWOT
analysis of the Bank the following suggestions and recommendations are
given.
o Bank should try to get rid of the political influence to be able to compete
in the industry with prudent and strong policies
o The undue reliance on the public sector be minimized and ventures of
private sectors should be taken as well.
o Redefining of rules, regulations and policies should be made implemented
at all costs.
o Efforts of great importance to be made for the over the counter services of
general banking making it more simple and faster to get a better response
of the customers.
o The behavior of the employee, especially on the counter has to be strictly
monitored and checked
o Efforts should be continued to keep the powers of employees union to the
minimum, like the current situation.
o Promotions must not be delayed and should be made on time to further
increase the commitment and efficiency of the employees.
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Conclusion
The economy of the country is booming and with the investment favorable
policies and their smooth implementation, the role of banks in today’s
economy have become an important one.
The banking industry is also reaping the fruits of this economic boom by
growing rapidly over the past few years. There are a number of mergers
happening in the economy with foreign investments coming into the banking
sector.
It has been only one year since the establishment of Silk bank, and since its
establishment it has aimed to become the leading bank of Pakistan by that
provides outstanding services to its customers
Furthermore, as the bank is growing, the number of employees at Silk bank
are increasing, which shows that Silk bank is being considered as an
employer, that provides its employees with a challenging environment to work
in, where they can harness their full potential and shows confidence as an
employer by the employees of the bank.
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