REPORT ON PRIZE BOND IN PAKISTAN
State Bank of Pakistan Banking Service Corporation (Bank) Sukkur Field Office
Vision
“To develop SBP BSC (Bank) into a strong and dynamic institution, equipped with efficient and professional human resources base having necessary technology, fully capable of providing quality services to stakeholders and complementing State Bank of Pakistan in achieving its objectives”.
Mission
“To maintain an efficient currency management system, provide effective banking services responsive to changing environment so as to command trust and respect of our stakeholders”.
History of Sukkur Field Office
SBP Banking Services Corporation (Bank), Sukkur is one of the field offices of SBP Banking Services Corporation (Bank), which was created upon promulgation of Ordinance-2001 as an independent subsidiary of the State Bank of Pakistan at Sukkur. Sukkur city is the hub of three Provinces viz; Baluchistan, Punjab & NWFP. Sukkur city is also very important place which covers small & medium enterprises, wide range of agricultural commodities’ market and also dry and fresh fruits like Dates, Banana, vegetables etc. As such SBP BSC (Bank), Sukkur is playing a curious role in the region.
SBP Banking Services Corporation, Sukkur Office enjoys a long history of central banking since its inauguration in 1994. The office gets further importance and increased responsibilities in terms of serving to the government departments. As a Field Office of BSC, it is committed towards providing customer oriented banking services to government, financial institutions and the public, management of currency and National Savings Schemes and canalizing efficient operations of the payment system. The main focus of the bank is aimed at bridging the gap between the central bank and it stakeholders so that policies are made that strengthen the financial system and provide and enabling framework for the financial industry that fosters economic growth.
Units of BSC (Bank) Sukkur Field Office
1- Internal Monitoring Unit (IMU)
2- Public Account Unit (PAU)
3- Treasury Cash Unit (TCU)
4- Deposit Account Unit (DAU)
5- Foreign Exchange Operations Unit (FEOU)
6- Development Finance Support Unit (DFSU)
7- General Services Unit (GSU)
8- Currency Management Unit (CMU)
9- Export Refinance Unit (ERU)
10- National Prize Bond Unit (PBU)
1- Internal Monitoring Unit (IMU)
The Internal Audit Department was established for the purpose of providing management and the Audit Committee of the State Bank of Pakistan Banking Services Corporation with reasonable assurance that the management control systems throughout the SBPBSC (Bank) are adequate and operating effectively. Internal Audit provides an independent and objective appraisal of activity for management and assuring them that risks are held at bay. To this end the Internal Audit provides the management with analysis, recommendations, counsel, and information concerning the activities reviewed. To accomplish its threefold mission of Banking, Currency Management and Customer Service, the Bank must maintain the confidence of its Stake Holders, Executives, Staff, Public and SBP. Confidence in the institution is paramount if the Bank is going to achieve its stated objectives. The Internal Audit Department provides valuable support in maintaining the public's confidence by performing independent and objective reviews and reporting to the Audit Committee and Managing Director on their findings so that corrective actions or enhancements can be initiated. The Internal Audit Department assists operating management in achieving Banks financial and operating goals by evaluating controls to ensure systems function adequately, by identifying weaknesses, and by providing recommendations. Through complete and unrestricted access to records, property, and personnel, Internal Audit provides the Bank with an additional resource in meeting these goals. With the support of Bank management and the Audit Committee, the Internal Audit Department provides the highest quality of auditing services, thus enhancing control at the Bank.
2-Public Account Unit (PAU)
SBP BSC (Bank) provides Banking Services to Government through PAU. PAU is responsible for maintaining the account of Federal, Provincial, District and Zakat accounts. Under section 21(1) of the SBP Act 1956 the Bank is obliged to accept money for account of the Federal, and Provincial Government in Pakistan and to make payment on their account and to carry out their exchange, remittances, and other Banking Operations including management of Public Debt.
It provides data on the Government Accounts to the Accountant General Pakistan Revenue, Pakistan Railway, and SBP on daily basis. The position of Government balances is provided to Finance Department of SBP for submission of Government Departments. Automation of business processes and online data entry has provided an impetus of secured transmission and automated of updating of data, and because of this integration among Field Offices System generated error free reports; client statement and elimination of duplication of work have resulted in quality based banking services to Government Departments. Another responsibility of PAU is the ZAKAT collection and maintenance of its balances.
Type of Account
1- Drawing Account
When an Officer of a Government Department is authorized to draw funds from Bank without limit such an account is called Drawing Account.
2- Assignment Account.
In case of certain Department, Accountant General Authorizes the bank is to open Ledger Deposit Accounts in favor of the head of these Departments and Army unit are called Assignment Account.
Main Units of PAU
a) Payment Unit
Payment on behalf of Government through instrument
Functions perform by Payment Unit
To keep specimen signatures of drawers/DDO’s records up to date
To maintain Cheques Series advice
Stop Cheques
To maintain schedule/advices
Pass cheques/Bills e.t.c.
Get full Report, request at vuaccess@gmail.com
State Bank of Pakistan Banking Service Corporation (Bank) Sukkur Field Office
Vision
“To develop SBP BSC (Bank) into a strong and dynamic institution, equipped with efficient and professional human resources base having necessary technology, fully capable of providing quality services to stakeholders and complementing State Bank of Pakistan in achieving its objectives”.
Mission
“To maintain an efficient currency management system, provide effective banking services responsive to changing environment so as to command trust and respect of our stakeholders”.
History of Sukkur Field Office
SBP Banking Services Corporation (Bank), Sukkur is one of the field offices of SBP Banking Services Corporation (Bank), which was created upon promulgation of Ordinance-2001 as an independent subsidiary of the State Bank of Pakistan at Sukkur. Sukkur city is the hub of three Provinces viz; Baluchistan, Punjab & NWFP. Sukkur city is also very important place which covers small & medium enterprises, wide range of agricultural commodities’ market and also dry and fresh fruits like Dates, Banana, vegetables etc. As such SBP BSC (Bank), Sukkur is playing a curious role in the region.
SBP Banking Services Corporation, Sukkur Office enjoys a long history of central banking since its inauguration in 1994. The office gets further importance and increased responsibilities in terms of serving to the government departments. As a Field Office of BSC, it is committed towards providing customer oriented banking services to government, financial institutions and the public, management of currency and National Savings Schemes and canalizing efficient operations of the payment system. The main focus of the bank is aimed at bridging the gap between the central bank and it stakeholders so that policies are made that strengthen the financial system and provide and enabling framework for the financial industry that fosters economic growth.
Units of BSC (Bank) Sukkur Field Office
1- Internal Monitoring Unit (IMU)
2- Public Account Unit (PAU)
3- Treasury Cash Unit (TCU)
4- Deposit Account Unit (DAU)
5- Foreign Exchange Operations Unit (FEOU)
6- Development Finance Support Unit (DFSU)
7- General Services Unit (GSU)
8- Currency Management Unit (CMU)
9- Export Refinance Unit (ERU)
10- National Prize Bond Unit (PBU)
1- Internal Monitoring Unit (IMU)
The Internal Audit Department was established for the purpose of providing management and the Audit Committee of the State Bank of Pakistan Banking Services Corporation with reasonable assurance that the management control systems throughout the SBPBSC (Bank) are adequate and operating effectively. Internal Audit provides an independent and objective appraisal of activity for management and assuring them that risks are held at bay. To this end the Internal Audit provides the management with analysis, recommendations, counsel, and information concerning the activities reviewed. To accomplish its threefold mission of Banking, Currency Management and Customer Service, the Bank must maintain the confidence of its Stake Holders, Executives, Staff, Public and SBP. Confidence in the institution is paramount if the Bank is going to achieve its stated objectives. The Internal Audit Department provides valuable support in maintaining the public's confidence by performing independent and objective reviews and reporting to the Audit Committee and Managing Director on their findings so that corrective actions or enhancements can be initiated. The Internal Audit Department assists operating management in achieving Banks financial and operating goals by evaluating controls to ensure systems function adequately, by identifying weaknesses, and by providing recommendations. Through complete and unrestricted access to records, property, and personnel, Internal Audit provides the Bank with an additional resource in meeting these goals. With the support of Bank management and the Audit Committee, the Internal Audit Department provides the highest quality of auditing services, thus enhancing control at the Bank.
2-Public Account Unit (PAU)
SBP BSC (Bank) provides Banking Services to Government through PAU. PAU is responsible for maintaining the account of Federal, Provincial, District and Zakat accounts. Under section 21(1) of the SBP Act 1956 the Bank is obliged to accept money for account of the Federal, and Provincial Government in Pakistan and to make payment on their account and to carry out their exchange, remittances, and other Banking Operations including management of Public Debt.
It provides data on the Government Accounts to the Accountant General Pakistan Revenue, Pakistan Railway, and SBP on daily basis. The position of Government balances is provided to Finance Department of SBP for submission of Government Departments. Automation of business processes and online data entry has provided an impetus of secured transmission and automated of updating of data, and because of this integration among Field Offices System generated error free reports; client statement and elimination of duplication of work have resulted in quality based banking services to Government Departments. Another responsibility of PAU is the ZAKAT collection and maintenance of its balances.
Type of Account
1- Drawing Account
When an Officer of a Government Department is authorized to draw funds from Bank without limit such an account is called Drawing Account.
2- Assignment Account.
In case of certain Department, Accountant General Authorizes the bank is to open Ledger Deposit Accounts in favor of the head of these Departments and Army unit are called Assignment Account.
Main Units of PAU
a) Payment Unit
Payment on behalf of Government through instrument
Functions perform by Payment Unit
To keep specimen signatures of drawers/DDO’s records up to date
To maintain Cheques Series advice
Stop Cheques
To maintain schedule/advices
Pass cheques/Bills e.t.c.
Get full Report, request at vuaccess@gmail.com
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