4.1.4 Detailed Description Of Departments In Banking

1.4.4 Detailed Description of Departments:
Clearing Department:
Clearing department enables banker to settle check and other instrument, drawn on each other. The instruments that are normally cleared via this department include cheques, demand Drafts and Pay orders. This department is divided in two sub departments; outward clearing and Inward clearing.
Outward Clearing:
Outward clearing includes two types of clearing local clearing and intercity clearing.
Local clearing
The local instrument and cheques deposit transactions form different banks and organizations like Standard charter, National bank, Faisal bank and CMA (Controller of Military Accounts) are operated here. The deposited cheques are received very carefully by the checking officer;
If the person has sole authority except him no one can operate the locker. In jointly, maximum three personnel can operate the locker mutually. Presence of authorize personnel is important if any of them is missing; the others could not operate the lockers. To gain authorization customer deposit securities in lumsum. Signature Specimen Card (SSC) is cards where two pictures and signatures of authorize personnel are paste on it. It is used to identify the consumer. Before operating the locker, banker checks and verifies the consumer through SSCard. The relationship between banker and customer is similar to a relation of licensor and
A vital thing in account department is daily verification and matching various transactions from physical vouchers against the computer generated reports. This process is also called Jotting. The second very important function of account department is that it is responsible for budgeting and also record daily expense incurred by the bank and its employees. It is divided into two sub departments. One department deals with assortment and arrangement (jotting) of transactions and the other department makes budget of branch and also inspect the work of other departments.
Assortment and Arrangement (Jotting):
Cheques are the essential instrument to deposit and withdrawal amount from account. This department deals with open cheques which are received from customers on counter. These cheques can be online cheques (different branches cheques) and branch cheques. The discrepancy between the cheques whether the cheques are online or not is classified by transit and account codes. The number of transits and account are followed:
Branch or Transit code: 047
Accounts Code:
Current Account: