Allowances Committee may submit its report on 22nd Feb. DA Raise will be 2% from Jan 17 --- FNPO to go on One day Strike on 16/03/2017. Strike is inevitable

ஜனவரி முதல் DA உயர்வு 2% மட்டுமே. ---- 16.03.2017 தேசம் தழுவிய வேலைநிறுத்தத்தில் தேசிய சங்கம் பங்கேற்பு

Monday, 27 February 2017

7th CPC - Announcement for higher allowances after Assembly election results

7th Pay Commission: Announcement for higher allowances after Assembly election results- 

Details Below.

7th Pay Commission: Announcement for higher allowances after Assembly election results

New Delhi, February 25: Almost eight months have been passed now and the Central government employees are waiting to receive higher allowances under the 7th Pay Commission recommendations in their paychecks. Some reports suggest that the government is likely to make an announcement on higher allowances after assembly elections results of five states which will be declared on March 11.
In June 2016, the union government approved the recommendations made by the high-powered committee on 7th Pay Commission and promised to pay higher basic pay with arrears, effective from January 1, 2016. But the hike in allowances other than the Dearness Allowances (DA) is yet to materialise.

The recommendations made by the 7th Pay Commission was wrapped up in June 2016, but more than 53 lakh central government employees are not given any assurances, as they are still waiting for payments owed them ie: higher allowances.

Some reports suggest that the delays are because the ‘Committee on Allowances’ headed by Finance Secretary Ashok Lavasa had recommended to abolish 51 allowances and subsuming 37 other allowances out of 196 allowances.

Earlier the Committee on Allowances were initially given a time of four months to submit its report to Finance Minister Arun Jaitley. In October 2016, Ashok Lavasa was quoted by some media organisation saying he was ready with the report.

However the committee was given an extension till February 22, 2017, to submit its report in the backdrop of demonetisation and the government said that the cash crunch was the reason behind the delay in announcing the higher allowances.

Once the Assembly elections are over in five states, the government is likely to clear the nod to revise allowances. Some reports suggest that the revised allowances are expected to be effective from April 1, which marks the beginning of the new financial year.

According to The Sen Times report, which quoted a source said that the report on Committee on Allowances states the current HRA slab is 30 per cent of the basic pay for metros. An announcement on the same is expected soon.

On the other side, the 7th Pay Commission had recommended reducing the house rent allowance (HRA) to 24 per cent of basic pay as against the 30 per cent of basic pay employees were drawing under the 6th Pay Commission.

Sources Confirmed Allowance Committee Report Submitted

Sources Confirmed Allowance Committee Report Submitted

One of the NJCA leader, On Condition of Anonymity, told that the committee constituted to examine the allowance has finalised its reports and submitted it to the Government on 22nd February 2017.

On asking whether the NJCA knew the details of the committee report, he said that they were not provided with the committee report. But the committee has informed them that their demand on allowance would be considered favourably.

Hence it is expected the HRA will be retained in old rates (Sixth CPC rates) from the beginning itself and will be paid in 7th CPC Pay Scale when revised allowances come into effect. However, the news of revised allowances would be implemented with effect from 1.4.2017 is not reliable. NJCA will not accept this and clearly said that it should be implemented with effect from 1.1.2016 retrospectively.

X cities- 30%
Y cities- 20%
Z cities- 10%hra

Transport Allowance may be split into two elements as CCA and TA as it was paid in fifth CPC. The Rates will be delinked from DA and will Be Fixed in slab rates.

The Government will announce its decision over the committee report after the last phase of state elections ie after 8th March 2017.

Action Taken Statement of Standing Committee and National Anomaly Committee after 6th CPC

Action Taken Statement of Standing Committee and National Anomaly Committee after 6th CPC

F.No. 11/1/20156-JCA
Government of India
Ministry of Personnel, Public Grievances and Pensions
Department of Personnel & Training

North Block, New Delhi
Dated the 21st February, 2017

To
Shri Shiva Gopal Mishra
Secretary,
National Council Staff-Side(JCM),
13-C, Ferozshah Road,
New Delhi.

Subject:-
1. Standing Committee meeting held on 25.10.2016- ATS reg.
2. ATS in respect of NAC meetings held after 6th CPC

Sir,
1. I am directed to refer to the discussion held in the Standing Committee meeting on 25.10.2016 under the Chairmanship of Secretary(P) in DOPT, and to send herewith a copy of an Action Taken Statement (ATS) in respect of 19 items on which discussion was held in that meeting. The information in respect of the other items also discussed in the same meeting will be sent upon receipt of the ATS from other Ministries/Departments which is still awaited.

2.Additionally, as discussed in the same meeting, a copy of the ATS on the itemsdiscussed in the first 4 meetings of the National Anomaly Committee (NAC) during the 6kh CPC regime, and as circulated with the O.M. no. 11/1/2015-JCA dated 19.06.2015 is also being sent herewith once again for your perusal.

As regards the ATS of the two NAC meeting held on 29.05.2015 and 09.06.2015 they are being Seperately.

3.Holding the next meeting of the Standing Committee is also under consideration.It is, therefore, requested that new agenda items which the Staff-Side consider for discussion in the next meeting may be sent to the DOPT urgently.

Yours faithfully,

(D.K.Sengupta)
Deputy Secretary(JCA)

Admissibility of Deputation (Duty) Allowance while on deputation.

Admissibility of Deputation (Duty) Allowance while on deputation.

As per Para 8.3.2 of the O.M. dated 17th June 2010, i.e. only up to the fifth year
 DOPT ORDER
No. 2/6/2016-Estt.(Pay-II)
Government of India
Ministry of Personnel, Public Grievances and Pensions
Department of Personnel and Training
North Block, New Delhi
Dated: 23rd February 2017
OFFICE MEMORANDUM
Subject: Admissibility of Deputation (Duty) Allowance while on deputation – regarding.

The undersigned is directed to refer to this Department’s O.M. of even number dated 17th February 2016 vide which powers were delegated to Ministries / Departments / borrowing organisations to extend deputation tenures up to a period not exceeding 7 years at a stretch, in respect of cases covered by the O.M. dated 17th June 2010.
2. The matter regarding the admissibility of Deputation (Duty) Allowance in view of the change in maximum number of years of deputation tenure as provided above has been examined in this Department.
3. As per Para 8.3.2 of the OM No. 6/8/2009-Estt.(Pay-II) dated 17th June 2010, where the extension is granted up to the fifth year, the official concerned will continue to be allowed Deputation (Duty) Allowance, if he/she has opted to draw deputation (duty) allowance.
4. This Department’s O.M. No. 2/6/2016-Estt.(Pay-II) dated 17th February 2016 delegates powers to Ministries / Departments / borrowing organisations, to extend deputation tenures up to a period of 7 years in a stretch, in respect of cases covered by the O.M. dated 17th June 2010. However, there has been no modification of the Para 8.3.2. of the O.M. dated 17th June 2010 by the O.M. dated 17th February 2016. The new O.M. dated 17th February 2016 provides vide Para 4 that all other terms and conditions issued vide OM No. 6/8/2009-Estt.(Pay-II) dated 17th June 2010 will remain unchanged.
5. Thus, admissibility of Deputation (Duty) Allowance would be only as per Para 8.3.2 of the O.M. dated 17th June 2010, i.e. only up to the fifth year, if the deputationist has opted to draw Deputation (Duty) Allowance.
(A.K. Jain)
Deputy Secretary to the Government of India

SG FNPO at New Delhi

Today (23.02.2017) SG FNPO and Shri N. Ramappa, General Secretary, NUR 'IV' met Chairman Postal Board and discussed the following issues:
1) Abolition of Group 'C' and Group 'D' posts of ADR plan.
2) Conversion of Guntakkal RMS in to L1 office permanently.
3) One time relaxation to the Postal Employees who availed LTC 80 air travel.
Outcome of the meeting: 
1) It will be considered
2) Accepted
3) Postal Services Board will take final decision.

How a member of deceased employee can apply for Family Pension ?

How a member of deceased employee can apply for Family Pension ? 

Family Pension – Form 14 – How to apply for granting family pension on the death of Government servant/ pensioner/ family pensioner.

Family Pension can be claimed by submitting Form 14 in case of death of Government servant/ pensioner/ family pensioner.
Family pension to spouse is sanctioned and authorized at the time pension is authorized in favour of retiring government servant and indicated in the pension payment order and is to be drawn after the death of the pensioner. However, in cases where Govt. servant expired while in service, the widow or widower has to apply in Form 14 (of CCS Pension Rules) to the Head of Office concerned who will sanction and authorize the family pension through its Pay & Accounts Officer. Where the deceased Govt. servant is survived only by a child or children, the guardian (in case of minor child/children) or such child or children may submit a claim in Form 14 to the Head of office for sanction and authorization of family pension. For getting family pension, the deceased pensioner’s family should apply in Form no.14 along with a copy of the death certificate of the deceased Pensioner to:
(1) The pension disbursing authority if, the amount of family pension is already indicated in the Pension Payment Order.
(2) The Head of Office for sanction of family pension in all other cases.
If the pensioner has Joint Account with the spouse on either or survivor basis the spouse has to submit the death certificate of the pensioner along with simple application only to activate the family pension.

PM Shares His Thoughts on IPPB

Video - PM Shares His Thoughts on IPPB / भारतीय पोस्टल पेमेंट बेंक पर माननीय प्रधानमंत्री श्री नरेन्द्र मोदीजी का द्रष्टिकोण - Click here to view video

Thursday, 23 February 2017

GDS Committee report - Latest information

Latest information
1) GDS Committee report : DOP will call views of Federations/Union after March 15, 2017.

Wednesday, 22 February 2017

Our General Secretary Nominated in National Council JCM

Department of Posts nominated Sri.D.Kishan Rao General Secretary ,NAPE Gr-C as Staff Side Member of the National Council (JCM)  - Click here to view DOP order

Clarification on Benchmark for Promotion

Directorate Letter No. 20-45/2016-SPB-II dated 18th Feb 2017 regarding clarification on Benchmark for Promotion -
 



Modification in the definition of anomaly – DoPT Orders

Modification in the definition of anomaly – DoPT Orders - Click here to view details

No.11/2/2016-JCA
Government of India
Ministry of Personnel, Public Grievances and Pensions
Department of Personnel & Training
Establishment JCA Section

North Block, New Delhi
Dated the 20th February, 2017

OFFICE MEMORANDUM

Subject: Setting up of Anomaly Committee to settle the anomalies arising out of the implementation of the Seventh Pay Commission’s recommendations.

The undersigned is directed to refer to DoPT’s OM of even number dated 16/8/2016 and to incorporate the following modification in the definition of anomaly:

“Where the Official Side and the Staff Side are of the opinion that the vertical and horizontal relativities have been disturbed as a result of the 7th Central Pay Commission to give rise to anomalous situation.”

2. With the incorporation of the above para in the O.M., the definition of anomaly will read as follows:

(1) Definition of Anomaly
Anomaly will include the following cases;

a) Where the Official Side and the Staff Side are of the opinion that any recommendation is in contravention of the principle or the policy enunciated by the Sixth Central Pay Commission itself without the Commission assigning any reason; 
b) Where the maximum of the Level in the Pay Matrix corresponding to the applicable Grade Pay in the Pay Band under the pre-revised structure as notified vide CCS(RP Rules 2016, is less than the amount an employee is entitled to be fixed at, as per the formula for fixation of pay contained in the said Rules; 
c) Where the Official side and the Staff Side are of the opinion that the vertical and horizontal relativities have been disturbed as a result of the 7th Central Pay Commission to give rise to anomalous situation.

3. The rest of the content of the O.M. dated 16.08.2016 shall remain unchanged.

sd/-
(D.K.Sengupta)
Deputy Secretary (JCA)

 

Tuesday, 21 February 2017

FNPO Lr to DG on abolition of posts of ADR Plan for the yr 2005 to 2008

Abolition of Group B, C and D posts of Annual Direct Recruitment Plans for the year 2005 to 2008 under Optimisation of Direct Recruitment vacancies.

Instructions to stop irregular Rule-37 transfers- DOP Directorate Order No.141-141/2013-SPB-II(pt) dated 13.12.2016


Instructions to stop irregular Rule-37 transfers- DOP Directorate Order No.141-141/2013-SPB-II(pt) dated 13.12.2016

Sunday, 19 February 2017

16th March 2017 strike is inevitable.

We are forced to go on a day's strike on 16thMarch 2017 due to the inaction of the Government.  Seven months have lapsed still the committee has not submitted any report. A group of ministers comprising Home Minister Shri.Raj Nath Singh,  Finance Minister Shri. Arun Jaitley  & Railway Minister Shri. Suresh Prabhu called NJCA leaders on 30/06/2016 and assured that a high power committee will be constituted to look into the matter regarding revision of wages and fitment formula. Based on the assurance, the JCM Constituent deferred the Strike action to 06th July 2016.Though our Federation appealed PJCA to continue the strike as decided on July 11 2016, it was not considered in the larger interest of Central Government employees unity. As assured a Committee was constituted under the chairmanship of Addl. Secretary (Exp), Ministry of Finance and discussions held, the response was very much disappointing. Against this we conducted a protest week from 12th December to 19th December 2016 and submitted a memorandum to our Honourable Prime Minister through state Governors as well as in his office, there is no response till date.
On 19/01/2017 A meeting was held with the Cabinet Secretary, Government of India, wherein Staff side secretary and the president were present.
The staff side explained Cabinet secretary about various Issues of the Central Government Employees pending at the Government level.  The main issues were NPS, Minimum Wage and Fitment Formula, Allowances, Pension and enhancing  Benchmark from good to Very Good.  The Cabinet Secretary informed staff side that, Pension issues have already been referred to the Cabinet, and the report of the Committee on Allowances is likely to be submitted in the next month.  It is not certain whether there will be any revision in minimum wage and Fitment formula & arrears of allowances from 01/01/2016.
Meanwhile, on 10.02.2017 NPS committee  has called the JCM Staff Side for a second round of discussion, during  the discussion they want to discuss only notified agenda, such as (1) scrapping of NPS (2) Guaranteed Minimum pension to NPS Pensioners  ie; 50% of the last pay drawn should be guaranteed by the Government as minimum pension, even if the returns from annuity insurance scheme amount is less than 50%.
Unfortunately, the main demand of Exemption of Central Govt. Employees from the purview of NPS, was not included in the agenda.
With regard to GDS,  our Federation and NUGDS warmly welcome the welfare measures which were recommended by Sri.Kamalesh Chandra committee. At the same time, our Federation strongly oppose the non‘Removal of 3 -A (I) of GDS Conduct & Engagement Rules, 2011.
Regarding Casual Labours, the revised wages and its arrears have not been paid in many Circles. 
In view of the above, we cannot remain silent just conducting a protest week and Dharna. As we have to show a strong protest against the attitude of the Government, the FNPO affiliates decided to go on a day`s strike on March 16th, 2017.
We appeal all our colleagues to organise the one-day strike and make it a thundering success.

Allowances Committee may submit its report on Tomorrow.

Federation Leaders associated with National Council JCM are keep telling that Allowance Committee might submit its report on 20th February 2017. The CG Staff are already very much upset over the Government’s deliberate attempt to delay the payment of Allowances by constituting many committees. Because the payment of revised Allowances  is considered will impact the Governments Exchequers.Lot of Committees formed and Meetings held after the Notification issued for implementation of 7th CPC Recommendations. But there is no any fruitful outcome from these meetings. No sign of making decisions which satisfy the Central government employees. Had the Allowance like HRA is paid in revised rates from the date of Notification ie 25th July 2016, it seems more beneficial than waiting for the subcommittee reports. Because if revised allowances are not given retrospective effect, it will be a huge loss for Central Government Servants.Reports suggests that the Allowance Committee may submit its report on 20th February 2017 and it will be notified with effect from 1st April 2017. Federation sources told that It is unacceptable and we will fight it out until the revised allowances implemented with effect from 1.1.2016.

Saturday, 18 February 2017

Strike notice served by FNPO with Charter of demands

Strike notice served by FNPO with Charter of demands.


FNPO demonstration at NSH Chennai

A massive demonstration against the non-implementation of Speed Post norms at NSHs held at NSH Chennai.  
FNPO Secretary General Shri.D.Theagarajan addressed the gathering. 

 
சென்னை நகர RMS கோட்டங்களின் கூட்டு போராட்டக்குழு சார்பில் நடைபெற்ற பெருந்திரள் ஆர்ப்பாட்டம்.
NSH Chennai / BNPL Anna Road Manager திரு.அமுதகணேசன் அவர்களின் தொழிலாளர் விரோத போக்கை கண்டித்தும் மற்றும் Norms செயல் படுத்தவும் பெருந்திரள் ஆர்ப்பாட்டம் மாலை 03:00 முதல் 07:00 மணி வரை வெகுச் சிறப்பாக   நடைபெற்றது.  
FNPO சம்மேளன மா.பொது செயலாளர் தோழர் தே.தியாகராஜன் அவர்கள் கலந்து கொண்டு மிகவும் சிறப்பான எழுச்சியான நீண்ட நெடிய சீரிய கருத்துக்களூடன் உரையாற்றினார். 
 FNPO மாநிலச் செயலர்கள் P.குமார்,R/3, S.ஸ்ரீதரன்,R/4 P.சுகுமாறன்,P/4 மற்றும் FNPO & NFPE ,R/3 & R/4 செயலாளர்கள் மற்றும் P/3 ஊழியர்கள்  ஆகியோர் சிறப்புரையாற்றினார்கள். சென்னை  APSO கோட்டச் செயலர் R.ரவிச்சந்திரன் நன்றி கூற ஆர்பாட்டம் முடிவுற்றது.



Thursday, 16 February 2017

NUPE Postmen & MTS Served Notice of agitation

Today NUPE Postmen & MTS Served notice of agitation under Trade Union Act 10 F Sec 22 of Industrial Dispute Act 1947 to Secretary (P) Department of Posts.

CLICK HERE to view DETAILS

Government Gives Green Signal To Merger Of SBI, Associate Banks

Government Gives Green Signal To Merger Of SBI, Associate Banks
With the merger of all the five associates, SBI is expected to become a global-sized bank with an asset base of Rs. 37 lakh crore or over $555 billion, 22,500 branches and 58,000 ATMs. It will have over 50 crore customers.New Delhi: Seeking to create a global sized bank, the government today gave go ahead to the merger plan of SBI and its five associate banks but did not take a decision with regard to Bharatiya Mahila Bank.

"The Cabinet had earlier in-principle cleared the (merger) proposal. It had gone to the boards of various banks which have granted the approvals. The recommendations of the boards were considered today and the Cabinet cleared the proposal," Finance Minister Arun Jaitley said.

The associate banks which will be merged with SBI are: State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP) and State Bank of Hyderabad  (SBH). 

"With this merger, the SBI, with all these five subsidiaries merging in it, will also become a very large bank, not merely from a domestic point of view but actually a global player in its very size," the minister said after the Union Cabinet meeting.

It will, he added, "certainly lead to far greater efficiency. It will lead to synergy of operations within these banks...it will cut down the cost of operations. The cost of funds itself will come down".

With the merger of all the five associates, SBI is expected to become a global-sized bank with an asset base of Rs. 37 trillion (Rs. 37 lakh crore) or over $555 billion, 22,500 branches and 58,000 ATMs. It will have over 50 crore customers.

State Bank of India has about 16,500 branches, including 191 foreign offices spread across 36 countries. SBI first merged State Bank of Saurashtra with itself in 2008. Two years later, State Bank of Indore was merged with it.

Wednesday, 15 February 2017

Fixation of Seniority - Promotion on the basis of Reservation.

FIXATION OF SENIORITY OF GOVERNMENT SERVANTS PROMOTED ON THE BASIS OF RESERVATION FOR PROMOTION TO SCHEDULED CASTE AND SCHEDULED TRIBE - Click here to view -

ISRO creates History

PSLV-C37 takes off successfully with 104 satellites, ISRO creates history
The Indian Space Research Organisation (Isro's) workhorse PSLV-C37 successfully lifted off from the Sriharikota space port near Chennai carrying 104 satellites with it, a first of its kind effort by any space agency in the world. 
With the successful launch today, India scripted history by becoming the first country to launch more than 100 satellites in one go. ISRO made its second successful attempt after the launch of 23 satellites together in June 2015.


PSLV-C37, which was on its 39th mission, took off at 9:28 a.m. and it is carrying the 714 kg CARTOSAT-2 series satellite for earth observation, along with 103 co-passenger satellites. 


While 96 co-passenger satellites belong to USA, five are from International customers of ISRO — Israel, Kazakhstan, Netherlands, Switzerland and United Arab Emirates. Antrix Corporation Ltd (ANTRIX), the commercial arm of the ISRO, has made arrangements for the nano-satellites belonging to international customers.


Two other Indian nano satellites are also carried by the rocket, and the total weight it would carry is around 1,378 kg. The nano satellites will provide an opportunity for ISRO technology demonstration payloads, provide a standard bus for launch on demand services, said ISRO sources.


Cartosat-2


The 714 kg Cartosat-2 series satellite is the primary satellite carried by PSLV-C37. This satellite is similar to the earlier four satellites of the Cartosat-2 series. After its injection into a 505 km polar Sun Synchronous Orbit by PSLV-C37, the satellite will be brought to operational configuration following which it will begin providing regular remote sensing services using its panchromatic and multi-spectral cameras.


The images from Cartosat-2 series satellite will be useful for cartographic applications, urban and rural applications, coastal land use and regulation, utility management like road network monitoring, water distribution, creation of land use maps, change detection to bring out geographical and man-made features and various other Land Information System (LIS) and Geographical Information System (GIS) applications.


The CartoSat 2 series satellite will be injected into a 505 km Sun Synchronous Polar Orbit (SSPO), following which the satellite will be brought into an operational configuration. The CartoSat-2D is the fifth earth observation satellite in the CartoSat series, ISRO had previously placed into o-Your data has been truncated.

வருந்துகிறோம்.

தேசிய சங்கத்தின் தமிழ்மாநில இடைக்கால குழு தலைவர் 
திரு திருஞானசம்பந்தம் அவர்களின் தகப்பனார் திரு பெருமாள் அவர்கள் 
14.02.2017 அன்று இயற்கை எய்தினார் என்பதை வருத்தத்துடன் தெரிவித்து கொள்கிறோம். அன்னாரது பிரிவால் வாடும் அவர்தம் குடும்பத்தினருக்கு எமது ஆழ்ந்த அனுதாபங்கள்.

Misusing LTC? Govt warns employees of disciplinary action

Misusing LTC? Govt warns employees of disciplinary action

Central government employees found misusing Leave Travel Concession (LTC) will face disciplinary action, the Department of Personnel and Training (DoPT) has warned.

A government employee gets reimbursement of tickets for to-and-fro journey, in addition to leaves, when he avails LTC.
As per fresh guidelines by Department of Personnel and Training (DoPT), the employees are required to submit a declaration that he and the members of the family in respect of whom the claim is submitted have indeed travelled upto the declared place of visit.

The declaration is required in the cases where a government servant travels on LTC up to the nearest airport, railway station or bus terminal by authorised mode of transport and undertakes rest of the journey to the declared place of visit by private transport or own arrangement (such as personal vehicle or private taxi etc.).

"Furnishing of false information will attract disciplinary action," the DoPT said in a directive issued to secretaries of all central government departments.

The Centre is trying to put a strict system in place to check misuse of LTC after it had noticed certain instances where some of its employees allegedly colluded with private travel agents to submit inflated airfare to clandestinely obtain undue benefits like free boarding, lodging, transport or cash refunds.

"If public transport is available in a particular area, the government servant will be reimbursed the fare admissible for journey by otherwise entitled mode of public transport from the nearest airport, railway station or bus terminal to the declared place of visit by shortest direct route," it said.

In case, there is no public transport available in a particular stretch of journey, the government servant may be reimbursed as per his entitlement for journey on transfer for a maximum limit of 100 kms covered by the private or personal transport based on a self-certification from the government servant, the DoPT said. Beyond that, the expenditure shall be borne by the employee himself.

Gratuity Benefits under NPS Lok Sabha Q & A

GRATUITY BENEFITS UNDER NPS LOK SABHA QUESTION & ANSWER

The government has allocated Rs 500 crore for India Post Payments Bank

The government has allocated Rs125 crore as capital infusion for India Post Payments Bank and Rs375 crore as grant in aid .
 
New Delhi: The government has allocated Rs500 crore to India Post Payments Bank for the financial year 2017-18 as it gears up to set up 650 branches across country by September 2017.
The government has allocated Rs125 crore as “capital infusion into corporate entity for India Post Payments Bank” and Rs375 crore as “grant in aid to India Post Payments Bank (IPPB)”, as per Output-Outcome Framework for Schemes 2017-18 for the department of posts (DoP) released on Monday.
India Posts is the second entity to roll out payments bank—though on a pilot basis—in Raipur and Ranchi, after Airtel that has earmarked Rs3,000 crore as initial investment for pan-India operations with an interest rate of 7.25% on deposits. Besides, Airtel is offering free money transfer from Airtel to Airtel numbers within Airtel Bank, money transfer to any bank account in the country.
The IPPB will offer an interest rate of 4.5% on deposits up to Rs25,000; 5% on deposits of Rs25,000-50,000 and 5.5% on Rs50,000-1,00,000. The total paid up equity of the new bank IPPB is Rs 800 crore, of which the government has already infused Rs275 crore.
Payments banks can accept deposits up to Rs1 lakh per account from individuals and small businesses. The new model of banking allows mobile firms, super market chains and others to cater to banking requirements of individuals and small businesses. The allocation to IPPB is part of Rs1,034.13 crore earmarked for the department of posts. The second big chunk of the total allocation, Rs279.6 crore, has been allocated for providing IT hardware and software in identified rural areas for improved access to services and customer satisfaction, resulting in increase in customer transactions, traffic and revenue.
The DoP has been allocated Rs110.83 crore for establishing e-commerce, parcel booking, international business centres, Rs73.5 crore for estates management, Rs32 crore for mail operations and Rs17.7 crore for equipments and IT infrastructure in rural post offices. The government has allocated Rs3.8 crore for setting up 246 offices and 200 outlets for providing better access to communication and financial services.

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