Loading...
.

Tuesday, April 28, 2015

UNCLAIMED AMOUNT UNDER VARIOUS OLD POSTAL SAVINGS SCHEMES


Scheme–wise details of unclaimed amount in Post Office Savings Bank

S. No.
Scheme
Amount in Rs. crores
1
Mahila Samriddhi Yojna
3.10
2
Fixed Deposit
24.20
3
15 year Cumulative Time Deposit
12.54
4
Indira Vikas Patra
894.59
5
National Development Bonds
0.18
6
National Defence Certificate
0.22
7
10 years National Defence Deposit Certificate
0.54
8
10 years National Plan Savings Certificate
0.31
9
5 years National Savings Certificate
60.02
10
National Savings Certificate (III)
1.13
11
National Savings Certificate (IV)
3.78

Total
1000.61

RAJYA SABHA Q&A regarding Post Bank of India & Task force Recommendations on PBI


GOVERNMENT OF INDIA
MINISTRY OF COMMUNICATIONS AND INFORMATION TECHNOLOGY
DEPARTMENT OF POSTS     

RAJYA SABHA
UNSTARRED QUESTION NO.163
                                        TO BE ANSWERED ON 24TH APRIL, 2015

POSTAL BANKS

163. DR. PRADEEP KUMAR BALMUCHU:

Will the Minister of COMMUNICATIONS AND INFORMATION TECHNOLOGY be pleased to state:

(a)       whether it is a fact that Government is urging the Department of Posts to come up with opening of Postal Banks in the country, if so, the details thereof;

(b)       whether the Subramanian Committee, to which the matter had been referred, has submitted its report and has made recommendations in this regard; and

(c)        if so, the details thereof?
ANSWER

THE MINISTER OF COMMUNICATIONS AND INFORMATION TECHNOLOGY
(SHRI RAVI SHANKAR PRASAD)

(a)       Sir, the Department of Posts has submitted an application to Reserve Bank of India on 30.1.2015 seeking license for setting up Post Bank of India under the rubric of “Payments Bank”. The Government is committed to increasing access of the people to the formal financial system and in this context, Government proposes to utilize the vast Postal network with nearly 1, 54,000 points of presence spread across the villages of the country.  The Government hopes that the Postal Department will make its proposed Payments Bank venture successful so that it contributes further to the Pradhan Mantri Jan Dhan Yojana. The details of the proposed Post Bank would be finalized once the Reserve Bank of India takes a favourable decision on application submitted by Department of Posts. In the recent budget speech also the Finance Minister has appreciatingly talked about Post Bank.

(b) & (c )         The Task Force on Leveraging the Post Office Network under the Chairmanship of retired Cabinet Secretary Shri. T.S.R.Subramanian,  has submitted its report during November-2014. The said task force has recommended for setting up Post Bank of India. The details of the recommendations are reproduced in the Annexure- ‘A’ enclosed herewith.



Annexure-A

Recommendations of Task Force on Leveraging Post Office Network with respect to Setting up of Post Bank of India:-

(i)            The proposal is not to convert the PO Network into a Bank, but to set up a fully professional new Bank to further financial inclusion and meet the objectives of the Pradhan Mantri Jan Dhan Yojna, which specifically provides for the extension of credit to all Indians resident in every part of India, particularly in rural areas.
(ii)          This opportunity for achieving universal financial inclusion via technology and the institutional reach of the PO Network must not be lost. There is admittedly a risk involved, as there is in any new venture into uncharted waters. The risk involved can and must be managed in the interests of the overall larger national objectives.
(iii)         The PBI must be professionally managed and operated, with credit and other risks being handled by experienced experts hired from the market. In its own interest, its operations must be fully in line and compliant with RBI Guidelines.
(iv)         A new institution, to be called the Post Bank of India or by some other suitable name, should be set up as a commercial bank offering the full spectrum of financial and banking services.
(v)          As the owner of the proposed PBI, the Government of India may take decisions as appropriate on structural and organizational issues and other details, including the funding requirements.
(vi)         The Task Force is of the view that the PBI should be set up under an Act of Parliament and that establishing the PBI as a statutory institution and a Government Bank would enhance its credibility, insulate it from local pulls and greatly facilitate its operations.
(vii)        It is essential to structure the proposed PBI in such a manner as to pre-empt the possibility of outside interests influencing its day-to-day operations.
(viii)      The Task Force also recommends that the PBI should initially be set up as a Public Sector Bank wholly owned by the Government of India.
(ix)         The initial capital requirement, estimated at Rs. 500 crores as per RBI requirements would be fully funded by the Government.
(x)          After the Bank establishes itself in 3 to 5 years, the Board of Directors could take a view on floating an IPO to raise fresh capital.
(xi)         The PBI will focus on fulfilling the Government’s mandate of financial inclusion and on bringing the un-banked and under-banked segments of the population, particularly in rural, semi-rural and remote areas within the ambit of the formal monetized economy.
(xii)        A view needs to be taken on how best to seamlessly integrate the earlier banking operations into the proposed new structure, The best and seamless method would be to fully absorb the POSB in the new proposed Bank (PBI).
(xiii)      The PBI will offer services including credit, which are beyond the remit of the POSB.
(xiv)      The PBI will develop financial products and services which are specially tailored to the needs of the rural and urban unbanked population, if necessary in collaboration with other banks.
(xv)        The PBI will function as a commercially viable and self-sustaining entity without the need for continuing Government subsidies.
(xvi)      After the Initial gestation period, it should generate its own resources and sustain itself in the competitive market environment.
(xvii)     The PBI should price its services on a cost plus basis and revise these rates from time to time, so that its operations do not become a continuing and increasing burden on the Government exchequer.
(xviii)    The PBI will start with a Head Office Main Branch and will thereafter expand its operations by opening Branch offices in the Metro towns and State capitals, to be manned by banking professionals.
(xix)      The longer term objectives would be to establish a Branch Office of the PBI in each District Headquarter over a 3 to 5 year period, to be operated mostly by banking professionals.
(xx)        The 150,000-plus Departmental and Branch POs will act as Banking Correspondents for the PBI.
(xxi)      Careful consideration should be given to the various types, elements and levels of risk involved in the PBI’s operations.
(xxii)     Robust System Protocols and Standard Operating Procedures should be put in place to manage these risks effectively.
(xxiii)    The PBI should recruit/commission the services of banking experts to manage its credit, portfolio and market risks.
(xxiv)    Appropriate management capabilities should be mobilized from the market and robust systems and processes should be put in place to ensure that Non-Performing Assets are kept within acceptable limits.
(xxv)      It is neither necessary nor desirable to mandate a waiting period before the PBI enters into credit and lending operations.
(xxvi)    The PBI should be constituted and begin working as a credit and lending Bank immediately, without any trial/waiting/learning period.
(xxvii)  The PBI should be set up as an independent Statutory and corporate entity offering the full bouquet services, including credit, to its customers.
(xxviii) The PBI will primarily target currently unbanked and under-banked customers in rural, semi-rural and remote areas, with a focus on providing small and affordable loans and simple deposit products.
(xxix)    Customers will be provided with full-fledged Savings Accounts, which can be retained even with zero balances, as provided for in the PMJDY.
(xxx)     Credit risks will be managed by hiring professionals from the banking sector and by developing and implementing robust protocols for building checks and balances in the system. Market and robust systems and processes should be put in place to ensure that Non-Performing Assets are kept within acceptable limits.  


******************

Declaration of Assets and Liabilities--- Date Extended from 30.4.2015 to 15.10.2015

CLICK HERE 2015to view the DoPT Order

MARCH TO PARLIAMENT

DELHI  CHALO !

28TH APRIL 2015
FIVE LAKHS CENTRAL GOVT. EMPLOYEES MARCH TO PARLIAMENT. 
CLARION CALL OF JCM NATIONAL COUNCIL STAFF SIDE
FOR SETTLEMENT OF TEN POINTS CHARTER OF DEMANDS.
INDEFINITE STRIKE IF DEMANDS ARE NOT SETTLED BY GOVT.
RAILWAY FEDERATIONS, DEFENCE FEDERATIONS AND CONFEDERATION OF CENTRAL GOVT. EMPLOYEES AND WORKERS WILL SPEARHEAD THE NATIONWIDE STRUGGLE.
______________________________________________________
ALL AFFILIATES OF CONFEDERATION AND ALL STATE COMMITTEES (C-O-CS) ARE ONCE AGAIN REQUESTED TO ENSURE MAXIMUM PARTICIPATION OF EMPLOYEES IN THE RALLY AS PER QUOTA ALREADY FIXED AND CIRCULATED.  PLEASE BRING FLAGS, BANNERS AND PLAYCARDS ALSO.
______________________________________________________
COME IN THOUSANDS TO MAKE THE RALLY THE BIGGEST RALLY IN THE HISTORY OF CENTRAL GOVT. EMPLOYEES.  LET US DEMONSTRATE THE ANGER, PROTEST AND DETERMINATION OF THIRTY LAKHS CENTRAL GOVT. EMPLOYEES IN FRONT OF NARENDRA MODI GOVERNMENT.
M. KRISHNAN
SECRETARY GENERAL
CONFEDERATION OF CGE&W

Grant of Dearness Relief to Central Government pensioners/family pensioners - Revised rate effective from 1.1.2015

Monday, April 27, 2015

RATES OF DA wef 1.1.2015 for 5th CPC pay receivers

CLICK HERE for MoF order

20 years’ Service enough for full pension even for Pre-2006 Pensioners - An Outcome of Supreme Court Judgment on this issue


Apex Court dismissed SLP No.C…/2014 CC No (s) , 20144/2014 on 20-02-2015. This SLP was arising out of final judgment of Kerala High Court at Ernakulam dated 07.01.2014 in OPCAT No.8/2014 viz., Union of India vs M.O.Inasu.

The Kerala High Court judgment under question was a judgment of Ernakulam Bench of CAT filed by Mr.M.O.Inasu and Mr.K.Ramachandran Unnithan made on re-hearing as directed by the Kerala High Court that ordered to implement the  6th CPC recommendation of reducing the required 33 years of service into 20 years’  for grant of full qualifying pension of 50% of LPD or 10 months average whichever is greater to Pre-2006 Pensioners.

Kerala Comrades have supplied the judgment of CAT Ernakulam Bench viz., OA No.715 of 2012 with OA No.1051 of 2012. The OA No.715 of 2012 pertains to the case filed by Mr.M.O.Inasu  and the OA No.1051 of 2012 pertains to the case filed by Mr. K.Ramachandran Unnithan . Both of them were retired Deputy office Superintendent in Excise Department. The above referred Kerala High Court judgment and the dismissal of SLP by the Apex Court have come as final outcome of both of their OAs in Ernakulam Bench of CAT.

The crux of the judgment of Ernakulam Bench of CAT upheld by Kerala High Court as well as by the Apex Court is as follows:

  1. Both M.O.Inasu and K.Ramachandran Unnithan are Pre-2006 Pensioners. They were Ex-Servicemen and thereafter Deputy Superintendent in Excise Department before retirement. Their combined services were less than 33 years of service and therefore they were granted only pro-rata pension and not full pension @ 50% of 10 months average pay.
  2. Both claimed for full pension @ 50% of their last pay drawn as recommended by the 6th CPC for employees with 20 years of qualifying service instead of 33 years.
  3. Tribunal initially considering as to whether the Pre-2006 Pensioners are eligible for 50% of the minimum pay in the relevant Pay Band plus GP even if they do not have put in 33 years of qualifying service came to the conclusion that they are not entitled to and dismissed the OAs as above.
  4. The Pre-2006 Pensioners appealed in Kerala High Court against the order of the CAT Ernakulam.
  5. Kerala High Court had set aside the order of the CAT Ernakulam Bench vide O.P.(CAT) Nos.898/2013 and 1409/2013 vide judgement dated 04.06.2013 and directed the CAT to re-hear the applications and consider entries at Sl. Nos. 2 and 12 of the Resolution No. 38/37/08-P&PW(A) dated 29.08.2008 of the Ministry of Finance.
  6. The Ernakulam Bench of CAT based on the observation made by the High Court thereafter had pointed out the para 4.2 of the OM dated 01.09.2008, that there is no  stipulation of any minimum period of service for eligibility of  pension @ 50% of the minimum of the pay in the Pay Band  plus Grade Pay of the post from which the pensioner had  retired. According to para 4.2, it is made clear that the pension should in no case shall be lower than 50% of the  minimum of the pay in the Pay Band plus Grade Pay  corresponding to the pre-revised pay scale from which the pensioner had retired. Therefore, denial of 50% f the pay  as basic pension is illegal and arbitrary.
  7. The Ernakulam Bench also pointed out the order of the Principal Bench of CAT Delhi that quashed the OM dated 03-10-2008 and 14-10-2008 and therefore the above two OMs are no more valid and no more in force. Therefore the decision of the CAT Delhi Principal Bench is also applicable to the applicants.
  8. The Bench also referred to the Principal Bench judgment and ruled that the benefit of 50% of minimum of pay in the pay band plus relevant Grade Pay shall be paid to the Petitioners even though they did not render 33 years of qualifying service.
The judicial verdict is another blow to the Government’s mis-interpretation on the following two counts:

  1. The minimum of Pay Band plus relevant GP instead of minimum of the pay in the Pay Band plus relevant Grade Pay of the Pre-2006 pensioners;
  2. 20 years Qualifying service instead of 33 years of qualifying service is applicable only for post-2006 retirees and not for Pre-2006 Pensioners.
In the background of this historic judgment all are requested to find out about such Pre-2006 pensioners who are denied full pension for not putting in 33 years service and make them represent for grant of full pension @ 50% of the minimum of pay in Pay Band plus Grade pay for the particular cadre in which they retired before 2006.

Friday, April 24, 2015

Barsat (WB) Divisional, Conference on 18th & 19th April 2015



In RAJYA SABHA, clamour for P. Rajeeve’s return

CLICK HERE for THE HINDU News

TRAVEL BY PREMIUM TRAINS --- NOT CLAIMABLE