Chapter 1 Introduction
1. Introduction to report
The requirement of BBA degree completion requires students to attend six week internship at a financial institution. Internships help student to build experience and confidence at an actual work place setting. This activity has aided in combining theoretical knowledge with practical experience.
State bank of Pakistan is a central bank that regulates commercial regulatory and non- regulatory banks. The internship was attended at BSC office Muzaffarabad namely field office of SBP. The assignment given by the bank for the six week internship program was on ‘Potential of agricultural financing in Azad Kashmir region’. And was instructed by the DFSU unit supervisor.
This internship…show more content… The objectives of the internship were as follows:
• To improvise communication and interpersonal skills by working in a diverse environment.
• To gain exposure of banking in a central bank.
• To explore economic and financial system policy and issues of Pakistan.
• To deploy the knowledge learnt in lectures of course attended at University.
• To advance understanding of difference of work between commercial and central bank.
• Demonstration of proficiency in working among professionals.
• To expand networks of professional working…show more content… Therefore, Victoria Museum Building at the Ingle Road was rented from the Karachi Municipal Corporation and swiftly refurbished. The Bank was inaugurated on July 1, 1948 by Quaid-e-Azam Muhammad Ali Jinnah, who thus observed on the guiding principles of the newly-created central bank:
“I need hardly dilate on the important role that the State Bank will have to play in regulating the economic life of our country. The monetary policy of the bank will have a direct bearing on our trade and commerce, both inside Pakistan as well as with the outside world and it is only to be desired that your policy should encourage maximum production and a free flow of trade.”
The Governor General of Pakistan Quaid-e-Azam Muhammed Ali Jinnah issued order of establishment State Bank of Pakistan on 1st July 1948. According to State Bank order of 1948, the bank is entrusted with the duty of regulating the issue of bank notes and keeping of reserve with a view to seeking monetary stability in Pakistan and generally to cooperate currency and credit system of the country to its advantage. The order of 1948 has been substituted by State Bank of Pakistan Act 1956 which requires the bank “to regulate monetary and credit system of Pakistan and to foster its growth in the best national interest with a view to secure stability