Modem financial practice is of a complicated nature
having attained this highly developed efficiency after ages of evolution, but
the profession of banking in some form or the other has existed even in the
earliest times. The original form of banking in our country may have been
purely money-lending but with the changing need of times people felt the need
of depositing money for safe custody and interest with person’s or businessmen
of integrity and character. The money so deposited would etch some interest to
the depositor while the persons entrusted. With the money would lend it out to
others at a higher rate of interest than he himself was paying. This, I its
simplest form, is the practice of banking, lending out on interest moneys that
have been deposited by other persons.
Banking is a very necessary wheel in the
complicated machinery of modem commerce. It is noticed that countries which are
most advanced in commerce and trade have a very efficient and highly developed
system of banking. In Pakistan the modem system has not extended far enough and
this does to spell well for the country’s trade. Credit plays a very important
part in modern business. A perfectly honest businessman may have the capacity
to invest money in such a way as to derive a great profit out of it and his
business may call for greater investment that he can meet from his own purse.
It is in such a case that he is to utilize other people’s money which for them
ma’ not have the same productive value. It is the banks that. By supplying the requisite
money, not only help the individual concerned in his business, but also realize
the full productive worth of money and increase the trade and commerce of the
country. Thus an imp9rtant functions of banks is to prevent hoarding of wealth
with individuals by taking charge of there money for safe custody with an
undertaking to return it either at a definite. Date or on demand. For fixed
deposits banks usually’ pay a higher rate of interest than in .other cases, of
they can safely invest such moneys in one business or the other for a definite
period. In case of, current deposit the banker undertakes to repay the money on
demand by meeting cheese of order notes of the depositor aid as he has to
produce money at a very short notice; he has to keep a considerable portion of
it in hand or invested in such a manner than it can be collected almost at
once.
It may not be out of place to mention here the more
complicated functions of a modern bank. Besides the function of borrowing and
lending, keeping money in safely custody, some banks exercise. Bank also serve
as places of safe deposit not only for money but also for jeweler, documents
and valuable securities In Pakistan business of all the above natures is done
by native banks. The international business of agency for payments between one
country and another is done mostly by foreign banks which have their branches
in this country.
Scope from the above prefatory remarks it can be
gathered that banking as a profession has the potentiality of providing work
for thousands of Youngman. The start on the profession. It must be admitted, is
not very encouraging and the work is hard especially for the first few years.
The hours of office work are generally long and holidays are few and far
between. But withal this, banking affords really good prospects for the person
with a steady mind who is not afraid of hard work and has lot patience in him.
A junior clerk who has had no previous training will have to being at the very
lowest rung of the ladder and may have to pick up office routine business of
sorting and filing the papers, affixing rubber stamps, bringing the pass books”
of customers accounts up date, assisting in classifying the cheques sent in for
payment. Later on he may be entrusted with entries in the ledger -- a more responsible
and. therefore. Better paid work is done systematically by the clerical staff.
Thus from the counter he may be promoted to the chair. If, he is found
efficient. he may be given charge of a branch as its manager, in which case he
will be responsible for all that is done in the branch and will have to
exercise great deal of caution in the amount of credit he allows to
busi’iessrnen, the way in which he tackles business problems and the mar nor in
which he organizes the work. In the last years of his service he may get a
really good post of responsibility at the head office.
It must be made clear that banking does not
encourage men who want to get rich quick. The progress is slow but steady and
for the competent person there are really good jobs at the top.
Qualification: Patience and love of
methodical work. Neatness and accuracy. Amenability to discipline is the
essential requisites of a bank clerk, for he has to be formed into an efficient
cog in highly complicated machinery. As the bank clerk has to come contact with
a large number of customers of varied types, temperament and character, he
should have a presentable appearance, good address and manner, reliability and
honesty. He must also be the professor of a good general education, for if he
aspires to manager ship of or some other responsible job which imposes on him
the duty of dealing with a large number of persons, he must have educational
attainments to be capable of dealing with varied situations calling forth tact
and knowledge of finance, psychology and commercial law. Thus university
education up to the degree standard is the generally accepted qualification.
Bachelors of Commerce are more eagerly taken into employment by banks than
those in arts or the sciences.