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Saturday, April 4, 2020

REGARDING REDUCTION IN INTEREST RATES
OF POSB SCHEMES
(NFPE WRITES TO THE DEPARTMENT)
      
     National Federation of Postal Employees
1st Floor North Avenue Post Office Building, New Delhi-110 001
           Phone: 011.23092771                                                  e-mail: nfpehq@gmail.com                                 Mob: 9718686800/9319917295                                  website: http://www.nfpe.blogspot.com
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    No. PF-Covid-19/2020                                                             Dated: 04th April, 2020

To
            Shri P.K. Bisoi,
            Secretary,
            Department of Posts,
            Dak Bhawan,s
  New Delhi-110 001

Sub: Regarding reduction in interest rates of POSB Schemes. 
                                                                                                              
 Sir,

       The entire country is terrified from the fear of a deadly pandemic, and the staff of the Department of Posts are playing a heroic role in combating the situation, ignoring their personal attack and protection of their families, to stay by the side of the fellow citizens.  

       What the people of our country needed the most in this panic-stricken environment is the assurance and protection of lives and assets from the Government of India at this hour of crisis. But unfortunately, by an unprecedented slash down in the rate of interest of different small savings schemes, the Government has preferred to induce further insecurity in the minds of the people of India. This has already become a practice of Govt of India, in the name of modification to reduce the rate of interests or increase the maturity period of different schemes running in Post Offices. But this time attack is unprecedented and incredible too, crossing all limits. When the same Government is expressing anxiety and running bank and post offices in the name of securing economy, the above decision has given a devastating blow to the middle and lower middle class people, who dominates the contribution in small savings.

     The decision has serious impact on the families depending on pension, families of small savings agents and as a whole a negative impact on the market as the purchase capacity of a large section is alarmingly reduced. This has already created a strong sense of resentment and anguish amongst this area to which the Govt. should not be turned indifferent.  

       This decision, thus, is totally condemnable and detrimental to the interest of common people and has also created a deep sense of apathy of the Government towards the people of the country. Being Postal employees and as an organisation having social accountability, we cannot show our back or turn a deaf ear to the cry of a huge section of affected people of India already combating a life-threatening crisis. Our department will also be affected adversely by this decision as our customers will be withdrawn from coming to post offices and there is no magic wand in the hands of the postal employees to attract them back and fulfill the targets set by the administration. 

      We, therefore, demand immediate drop of the decision to provide relief to the people of our country and our valued customers and maintain the trust of the people on the Government to protect the security and returns from the savings of their hard-earned income. Otherwise we would have no option but to show our protest, which is not desirable in this crisis of our Country.


With regards,
                                                       Yours Sincerely,

(R.N. Parashar)
Secretary General
Copy to:

1.         The Hon`ble Minister of Communications & IT, Sanchar Bhawan, New Delhi-110001.

2.         Hon`ble Minister of Finance, Government of India, North Block, New Delhi-110001

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