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Bank of P.S.F.
Bank of P.S.F. is a bank that is working specially with the students and running by the students. I, as the founder and the core concept developer of this bank thought about a bank which can be a project or an organization by which we can learn or gain real banking experience. Those who will work here as an employee will get the experience of a banker and the students who will be our account holders will get the banking experience from their very early age. Another of my goal was to nurture the habit of savings among the students. Any student of more then seven years old was eligible to open a Bank of P.S.F. account. That means he or she will have the experience of different banking transaction from the very early age. Can you imagine that a 10 years old boy is regularly saving money for himself and after the end of the month he is depositing his savings by signing the deposit slip! I will tell you later how I have succeeded. You will not believe that after three to four month, from the starting of the bank, most of those little aged account holders were started taking more then one coin boxes (a specially designed box to save coins) per month! Yes, it took lots of effort, lots of time, lots of planning, lots of energy, and lots of helping hands.
It was first founded at 1st May, 2004 in a very small size with only 7 account holders. Actually than it was a primary learning session for me about banking. I will say not only ‘banking’ but also ‘managing’. The name of the bank “Bank of P.S.F.” came from the P.S.F. Group. The bank is a sister concern of this group. P.S.F. Group was founded by three persons – Poonam, Saima, and me Farsad. The group name was given by the first letters from these three nicknames. At the beginning of year 2004, I was thinking about the bank. Then after learning about some very basic banking paper works and transactions I printed out few banking papers. I started with 10 Account Opening Applications, 10 Account Granting Letters, 10 normal small sizes check books, and few papers for recording the deposits. After more then one year, in September 2005, I closed all the activities of the bank and informed the account holders that the bank is going to be restructured and it will restart within three months, the bank will come more close to you with lots of new services.
Then my actual war was started. So far the greatest managerial revolutionary works in my life. Actually when the bank was first established at 2004, it wasn’t indicated as Student’s Bank. But during the reorganization of the bank it was decided in a meeting of the P.S.F. group that this bank will specially work with the students and run by the students. First of all, I was started to think about various activities of a bank. I used my imagination and took help from some books. Then I find out that to make the bank organized, I have to divide all the activities and put them under different departments. I made an Organizational Structure with eight different departments. These are:
- Finance & Planning Department
- Audit & Inspection Department
- Investment & Marketing Department
- Loan & Control Department
- Recruitment & Training Department
- Public Affairs Department
- Law & Security Department
- Media & Publishing Department
I gave the position of Chairman to the departmental heads. Different organizational positions at the structure were: 3 Presidents, 1 Managing Director, 1 General Manager, 1 Deputy General Manager, 8 Departmental Head (Chairman), 8 Departmental Officer (Vice-Chairman), Branch Managers, Branch Officers, and few Advisers. 3 founders of P.S.F. Group were the Presidents of Bank of P.S.F. Other two presidents nominated me as the managing director of the bank.
As the managing director, my responsibility was to make decisions to run the bank. My first difficult job was to specify the activities of different departments and the responsibilities of the Chairman. Then I made the lists of activities for eight departments. This list is given below:
Activities & Responsibilities of Departments & Departmental Head (Chairmen)
Finance & Planning Department
- To create yearly financial planning
- To facilitate the activities of different department financially
- To make policy related to capital & risk
Audit & Inspection Department
- To create different audit formats for different activities
- To keep the audit of all kind of transactions related to various bank accounts
- To keep the audit of various banking incomes and expenses
- To keep the audit of various kind of financial activities of different departments
- To publish bank’s final account
Investment & Marketing Department
- To find out various investment sectors
- To create policy regarding the investment
- To take step for the investment project
- To accomplish the investment goal
- To create seasonal investment projects and implement it
- To fulfill all the marketing activities regarding re-investment or re-sale
Loan & Control Department
- To set the policy of taking and providing loan
- To fulfill all the activities related to taking and providing loan
- To set the security policy against the loan
- To manage or maintain the security materials
- To detect problematic loan(s) and taking necessary steps to resolve the problem
- To control the total loan related activities
Recruitment & Training Department
I am now writing an article about my bank....
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