Saturday, 4 June 2016

Jun 3, 2016

Postal bank- armed with iPad, postman will be your banker soon

Your postman is set to become a banker with the Union Cabinet clearing a proposal to set up a postal bank.

The move will see the postman provide a host of financial services at your doorstep, armed with an iPad and a smartphone. These will range from basic banking services like opening current or savings accounts(with a balance of up to Rs 1lakh) to all kinds of payments -including social security payments, person-to-person remittances -and distribution of financial products such as insurance and mutual funds.

"We have 1.54 lakh post offices, of which 1.39 lakh are rural post offices. Nearly 650 branches of postal payments bank will be established in the country , which will be linked to rural post offices," telecom and IT minister Ravi Shankar Prasad said.

The India Post Payments Bank (IPPB) will have a corpus of Rs 800 crore and Prasad said it will be run by a CEO, while being professionally managed. There will be representatives from other government departments, including the department of posts, department of expenditure and department of economic services.

There is a high level of excitement regarding the postal bank as private financial entities want to ride on its vast network to reach the length and breadth of the country.

More than five dozen domestic and foreign banks, mutual funds and insurance com panies are seeking to strike business opportunities with the postal department. Among those interested are domestic giants such as SBI, PNB, Union Bank and international entities like Barclays Bank, Deutsche Bank and HSBC. Also in queue are HDFC Life, ICICI Lombard, ICICI Prudential, Bajaj Allianz, Kotak Life Insurance, Royal Sundaram and PNB Metlife.

All post offices will be access points for IPPB. These post offices will be equipped with micro-ATMs for facilitating both cash and digital transactions. Nearly 1.7 lakh delivery postmen and Grameen Dak sevaks, savings agents and other postal franchisees will take banking to your doorsteps. It will have additional access points through about 5,000 ATMs, mobile and internet banking .

Source:-PIB

Monday, 16 November 2015

7TH CPC MINIMUM WAGE 21000 AND FITMENT FORMULA FROM 2.86 TO 3.15

Posted by PoTools indiapost Labels: Pay Commission

Observance of All India protest day on 19th November 2015 & 7th CPC to submit its report shortly

Comrades

The Confederation and NJCA had given call for holding protest meetings from 2ndNovember 2015 to 6th November 2015 and also Observance of All India protest day on 19th November 2015 in respect of following demands.

Charter of Demands

1. Effect wage revision of Central Government employees from 1.12014 accepting the memorandum of the staff side JCM; ensure 5-year wage revision in future; grant interim relief and merger of 100% of DA. Ensure submission of the 7th CPC report with the stipulated time frame of 18 months; include Grameen Dak Sewaks within the ambit of the 7th CPC. Settle all anomalies of the 6th CPC.

2. No privatisation, PPP or FDI in Railways and Defence Establishments and no corporatisation of postal services;

3. No Ban on recruitment/creation of post.

4. Scrap PFRDA Act and re-introduce the defined benefit statutory pension scheme.

5. No outsourcing; contractorisation, privatization of governmental functions; withdraw the proposed move to close down the Printing Presses; the publication, form store and stationery departments and Medical Stores Depots; regularise the existing daily rated/casual and contract workers and absorption of trained apprentices;

6. Revive the JCM functioning at all levels as an effective negotiating forum for settlement of the demands of the CGEs.

7. Remove the arbitrary ceiling on compassionate appointments.

8. No labour reforms which are inimical to the interest of the workers.

9. Remove the Bonus ceiling;

10. Ensure five promotions in the service career.

There is a possibility of 7th CPC to submit its report on 20th November 2015 or 23rd November 2015 , but the report will not be to your expectations, The minimum wage taking into prices published by the Government of India shall come to Rs 26,000/-, considering the existing retail prices the minimum wages works out to Rs 28,000/- and fitment formula shall works out to 4.00 , but the minimum wage may be around Rs 21,000/ against the justified demand of Rs 28,000/- the fitment formula may be from 2.86 to 3.15 , also many other important demands of five promotion policy, Increment rate increase, retirement issues, pension issues etc.

We have to wait and watch the 7th CPC report will the 7th CPC accept the staff side demands or not.

We should not let down our struggle path I once again request one and all to participate in the All India protest day on 19th November 2015 at all places including the districts and send me the photos of protest meeting to publish on COC Karnataka website and this will send information to the Central Government on our demands.

Comradely yours

(P.S.Prasad)

General Secretary

Monday, 2 November 2015

urrent charge of CPMG, AP Circle to Sri M.Sampath, PMG Vijayawada

It was communicated by Postal Directorate vide order no 1-23/2014-SPG dated 30.10.2015 that Sri M.Sampath (IPoS 1988), PMG, Vijayawada region will hold current charge of CPMG, AP Circle till the joining of regular CPMG in the circle.

Copy of the Directorate Order dated 30.10.2015 is reproduced below.

Tuesday, 29 September 2015

Promotion, Posting and Transfer in the Grade of Member, Postal Services Board

1..Sri B.V.Sudhakar(IPoS 1981), Member(PLI) is transferred and posted as Member(Technology), Postal Services Board against the vacancy arising on retirement of Sri A.B.Joshi.

2.Sri Sanjeev Thapur(IPoS 1981), CPMG Gujarat Circle is promoted to the Grade of Member and posted as Member(PLI).

Copy of the said Directorate order dated 29.09.2015 is reproduced below.

Friday, 25 September 2015

Roles & Responsibilities of various officials & officers on implementation of 'Core Insurance Solution' in POs

Saturday, 19 September 2015

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7 Benefits of Sukanya Samriddhi Account

BY NITIN BHATIA

Sukanya Samriddhi Account

Sukanya Samriddhi Account is another welcome step from Govt of India. Honorable Prime Minister of India, Sh. Narendra Modi Ji launched Sukanya Samriddhi Account “A Small Savings Scheme” on 22nd January, 2015. It is part of “Beti Bachao – Beti Padhao” initiative of Government of India (GOI) also known as BBB. Despite sincere efforts from Govt of India, Sex ratio in India is still a grave concern and it shows the backwardness of the country. Its commendable that Govt of India is taking steps to change the mindset of people towards Girl Child. Recently i saw few TV ads of GOI with a message that if we have to make India a Safer Place for Women then we have to fix the gender imbalance. A deep social message delivered in most simplistic way.

Sukanya Samriddhi Account is a step forward in this direction. I was quite disheartened when i observed that when so called “Financial Planners” flooded internet with comparison of Sukanya Samriddhi Account with other financial instruments. Most favorite one is PPF account and everyone is taking lead to compare Sukanya Samriddhi Account with PPF account along with beautiful infographics & loads of financial data. My dear friends forgot to check the objective behind Beti Bachao – Beti Padhao initiative and social message attached to it. The objective behind this initiative is to address the Gender imbalance and create a positive environment in favour of Girl Child.

For Gazette Notification of Sukanya Samriddhi Account and complete scheme details please CLICK HERE

Sukanya Samriddhi Account – Objective

In India, a Girl child is considered as a Financial Burden specially in North India. Being a father of a girl child i can say this with 100% conviction. It may be because of dowry practice or outdated social norms. People show sympathy towards father of Girl Child. Through Sukanya Samriddhi Account, Govt is trying to give a social message that Girl Child is not a financial burden if parents of a Girl child secure their future through proper financial planning. It is quite evident from the scheme document. I will highlight these points in next section. In my opinion be it a Girl Child or a Boy its the responsibility of every parent to secure future of their child financially. Unfortunate part is that to teach this basic lesson, a separate scheme for Girl Child is required. Sukanya Samriddhi Account cannot be considered as an investment option but a savings scheme to secure the future of Girl child. It is not right to compare Sukanya Samriddhi Account with other investment options / savings scheme. There is a purpose behind this scheme and it is being launched with an objective.

Sukanya Samriddhi Account – Benefits

As i mentioned that it is not right to compare Sukanya Samriddhi Account with any other scheme. I am highlighting 7 standalone benefits of Sukanya Samriddhi Account both financial and non-financial for the benefit of my readers

1. Highest Interest Rate among all Small Savings Schemes offered by Govt of India

Sukanya Samriddhi Account will offer interest rate of 9.1% for current financial year i.e. FY 2014-15. It is highest among all Small Savings Schemes. The rate of interest for this scheme will be market linked. Rate of interest will be 75 bps or 0.75% more than average 10 year G-Sec yield for the previous year. The Interest Rate applicable for the Financial Year will be declared every year by the Govt of India. Interest will be compounded yearly i.e. will be credited on yearly basis. It will be accrued on monthly basis on the lowest balance between 5th and last day of the month.

Monday, 14 September 2015

Seventh Pay Commission To Propose Higher HRA

Seventh Central Pay Commission Chairman
Justice Ashok Kumar Mathur

New Delhi: The Seventh Pay Commission is likely to propose to increase House Rent Allowance (HRA) of central government employees, besides their basic salaries.

By giving House Rent Allowance hikes, the Pay Commission is likely to seek to encourage property owners to rent out their properties, reduce the shortage of dwellings and to provide ‘housing for all central government employees’.

Besides the basic salary, a large portion of central government employees’ salary is the House Rent Allowance; some changes will be made in that category this time.

Instead of the existing three areas for house rent, four are likely to be created. ‘X’ class cities Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune, where employees will get 40 percent of their basic salary as House Rent Allowance (HRA), increasing from the existing 30 percent.

Employees posted at ‘Y’ class cities covers near about 90 stations, will receive 30 percent of basic salary, instead of the existing 20 percent.

A new area will be opened for the district towns; the central government employees will get 20 percent of their basic salary as House Rent Allowance (HRA) there.

In other areas, the house rent allowance will be 10 percent of basic, which is the existing rate of House Rent Allowance (HRA) of ‘Z’ class cities.

The existing qualifying threshold of population for HRA classification is 50 lakh and above for X, 5-50 lakh for Y and below 5 lakh for Z class cities.

However, the central government’s salary bill will rise by 9.56% to Rs 1,00,619 crore with the implementation of the recommendations of the Seventh Pay Commission, according to a statement tabled in Parliament by Union Finance Minister Arun Jaitley on August 12.