Post Offices leave SBI behind in core banking: RS Prasad

Post Offices leave SBI behind in core banking: RS Prasad

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New Delhi | Tuesday, Mar 22 2016 IST

Union Minister for Communication, Information and Technology Ravi Shankar Prasad today said that the core banking business of India Post Offices has become bigger than the leading public sector lender State Bank of India (SBI)."Today Post Office's core banking has become bigger than SBI. 

In June 2014 it was only 230 and now it is more than 20,000. 

The parcel revenue which was -2 per cent in 2013-14 has increased by more than 100 per cent in 2015-16", Ravi Shankar Prasad, Minister for Communication and IT said at Digital India Summit.

Mr Prasad added that the number of ATMs in post offices has increased from four when he took over as the minister to 850 today and by April the number will rise to 1000. "By March next year we will bring in the payment bank of the postal department," Mr Prasad said.

The minister also said that the government is focused on to create employment in rural and small town areas."We are taking BPOs to small towns of India to provide employment to youth of small towns so that they don't have to migrate to cities for job", Mr Prasad said.On IT exports, Mr Prasad said it has crossed the business of one billion dollars."Today India's IT export has crossed one billion dollars," he added. 

Source : http://news.webindia123.com/news/Articles/India/20160322/2821939.html

Memo Of LR PA those became permanent

HAPPY HOLI

HAPPY HOLI

Release of additional instalment of Dearness Allowance to Central Government employees and Dearness Relief to Pensioners due from 1.1.2016

Release of additional instalment of Dearness Allowance to Central Government employees and Dearness Relief to Pensioners due from 1.1.2016

Press Information Bureau
Government of India
Cabinet

23-March-2016 16:29 IST  

Release of additional instalment of Dearness Allowance to Central Government employees and Dearness Relief to Pensioners due from 1.1.2016

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved release of an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to Pensioners w.e.f. 01.01.2016. This represents an increase of 6 percent over the existing rate of 119 percent of the Basic Pay/Pension, to compensate for price rise.

This will benefit about 50 lakh Government employees and 58 lakh pensioners.

The increase is in accordance with the accepted formula, which is based on the recommendations of the 6th Central Pay Commission (CPC). The combined impact on the exchequer on account of both Dearness Allowance and Dearness Relief would be of Rs. 6796.50 crore per annum and Rs.7929.24 crore respectively, in the financial year 2016-17 (for a period of 14 months from January, 2016 to February, 2017).

***

ROTATIONAL TRANSFER MEMO OF PURI DIVN RELEASED.

CSAC of logged in Users and Monitoring of Day End in CBS Finacle

CSAC of logged in Users and Monitoring of Day End in CBS Finacle

Department of Posts : India

CBS Circle Processing Centre (CPC), Odisha

(Office of the Chief Postmaster General, Odisha Circle)

1^st Floor, PSD Building, Bhubaneswar-751007

To

The PMG Berhampur (GM) / Sambalpur

All the SSPOs / SPOs in Odisha Circle 

No. CBSCPC / SPoCODISHA / EOD/2015                 Dated at Bhubaneswar 21 / 03 / 2016 

Subject : CSAC of logged in Users and Monitoring of Day End in CBS Finacle 

 Dear Sir / Madam,

               I am directed to intimate once again that CSAC of logged in Users in CBS Finacle has been withdrawn from CBS CPC for all SOLs except Home HO (Bhubaneswar GPO is the Home HO for CBS CPC, Odisha). 

               Therefore, I am further directed to request that divisions should make suitable arrangement for CSAC of logged in Users in CBS Finacle for the SOLs under their jurisdiction. 

               It has already been instructed by the competent authority to monitoring of Day End in CBS Finacle through a divisional EOD Team consisting of at least two persons and should function Monday to Saturday. 

               It is noticed that only a few divisions has formed the divisional EOD Team and monitoring the Day End process. 

               Hence I am further directed to request all concerned to arrange & effect CSAC of logged in Users and Monitoring of Day End in CBS Finacle with effect from 22.03.2016 at Divisional level and the Divisional EOD Team may leave office after completion of Day End in Finacle for all the CBS offices of the Division or permitted by CBS CPC, Odisha whichever is earlier. 

               From 22.03.2016 CBS CPC, Odisha will not perform / execute CSAC for SOLs other than his Home HO.    

With regards.

KN Satapathy

Sys. Admin.

CO-CBS CPC, Odisha

Copy to All CBS Offices in Odisha (as per availability of email ID) / System Administrators in Odisha.

Atal Pension Yojana (APY) amended to give an option to the spouse to continue to contribute for balance period on premature death of the subscriber

Atal Pension Yojana (APY) amended to give an option to the spouse to continue to contribute for balance period on premature death of the subscriber

Press Information Bureau
Government of India
Ministry of Finance

22-March-2016 13:58 IST

Atal Pension Yojana (APY) amended to give an option to the spouse to continue to contribute for balance period on premature death of the subscriber; 

After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age of 60 years of the subscriber.

The feedback received from various quarters has indicated that the present provision under Atal Pension Yojana (APY) of handing-over lump sum amount to spouse on premature death of the subscriber is not preferred by many subscribers. It has also highlighted the fact that there is growing demand to give an option to the spouse to continue contribution after the death of subscriber to enable him / her to draw pension when the deceased subscriber would have turned 60 years of age. Therefore, after considering the feedback, the Government has decided to give an option to the spouse of the subscriber to continue contributing to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60 years instead of present provision of handing-over lump-sum amount to spouse on the premature death (death before 60 years of age) of the subscriber. The spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse. After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age of 60 years of the subscriber.

Earlier to address the longevity risks among the workers in unorganised sector and to encourage the workers in unorganised sector to voluntarily save for their retirement, the Government had launched a new initiative called Atal Pension Yojana (APY) with effect from 1st June, 2015. Under APY, each subscriber, on completion of 60 years of age, will get the guaranteed minimum monthly pension, or higher monthly pension, if the investment returns are higher than the assumed returns for minimum guaranteed pension, over the period of contribution. After the subscriber’s death, the spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse. After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age of 60 years of the subscriber. In exceptional circumstances, that is, in the event of the death of beneficiary or specified illness, as mentioned in the PFRDA (Exit and withdrawals under the National Pension System) Regulations, 2015, before the age of 60 years, the accumulated pension wealth till date would be given to the nominee or the subscriber as the case may be.

7th Pay Commission: MACP benchmark ‘Good’ to be continued

7th Pay Commission: MACP benchmark ‘Good’ to be continued

Tue, Mar 22nd, 2016

 New Delhi: Central Government employees have been demanding since the the Seventh Pay Commission submitted its report to Finance Minister Arun Jaitley for the removal of the provision of benchmark ‘Very Good’ for MACP, which has been recommended from ‘Good’ to ‘Very Good’ by the Pay Commission.

The Finance Minister sources said the Empowered Committee of Secretaries on the Seventh pay commission recommendations headed by cabinet secretary P K Singh, was not ‘rigid’ on the issue. “There is scope for solution of all outstanding issues including this through discussions.”

All central government employees unions’ discussed with the official of Implementation Cell of Seventh Pay Commission recommendations, in their office to removal the ‘Very Good’ benchmark provision from the pay commission report before its implementation.

The employees unions’ pressed for removal of ‘Very Good’ clause instead of ‘Good’ for Modified Assured Career Progression (MACP) in the Seventh Pay Commission report, which it termed as “unconstitutional” and “anti-government employees” as the commission proposed “withholding of annual increments in the case of those employees who are not able to meet the benchmark ‘Very Good’ either for MACP or a regular promotion within the first 20 years of their service.”

“The provision of the benchmark for MACP from ‘Good’ to ‘Very Good’ on recommendations of the Pay Commission is under review. The Ministry is considering for continuing existing ‘Good’ batchmark for Modified Assured Career Progression (MACP) after discussions with all stakeholders,” the sources told The Sen Times.

The Sources said that the government wanted to finalise all the issue before June, it’s not possible as a bit more time is needed.

Click Here to read the complete article

7th Pay Commission: Cheers for govt employees! Centre to start paying increased salary from July

7th Pay Commission: Cheers for govt employees! Centre to start paying increased salary from July

Zee Media Bureau, March 22, 2016

 New Delhi: In what could bring smiles to lakhs of central government employees, the Centre might start paying the increased salary, recommended by Seventh Pay Commission, from July onwards, as per media reports.

Added to the pleasure will be the government decision to also pay arrears to the employees along with the hike in salary.

The 'increased pay', which is due from January 1, 2016, will mean a total of six months' arrear.

As much as Rs 70,000 crore has been provisioned in the Union Budget 2016-17 for implementation of Seventh Pay Commission for government employees.

Implementation of the pay commission report in toto is to cost the government Rs 1.02 lakh crore.

The government in January set up a high-powered panel headed by Cabinet Secretary P K Sinha to process the recommendations of the 7th Pay Commission which will have bearing on the remuneration of 47 lakh central government employees and 52 lakh pensioners.

INSTRUCTIONS BY DIRECTORATE ON POS MIGRATION OF DATA TO CBS.

INSTRUCTIONS BY DIRECTORATE ON POS MIGRATION OF DATA TO CBS.

CLICK HERE FOR DETAILS

Declaration of Holiday on 14th April, 2016- Birthday of Dr. B.R. Ambedkar.

Declaration of Holiday on 14th April, 2016- Birthday of Dr. B.R. Ambedkar.

CLICK HERE FOR DETAILS

7th Pay Commission: Minutes of the 2nd meeting of Empowered Committee held with NCJCM Staff Side

7th Pay Commission: Minutes of the 2nd meeting of Empowered Committee held with NCJCM Staff Side

CLICK HERE FOR DETAILS

Quarterly Calendar for Ist Quarter of 2016-17 (Mid-Career Development Programme and Postmaster Grade - 1 ) - PTC, Darbhanga

Quarterly Calendar for Ist Quarter of 2016-17 (Mid-Career Development Programme and Postmaster Grade - 1 ) - PTC, Darbhanga

Click here to view

Press Release by CITU on drastic cut in interest rates on small savings

Press Release by CITU on drastic cut in interest rates on small savings

NFPE writes to Minster Comm. & IT to exempt POSB schemes from interest cut

NFPE writes to Minster Comm. & IT to exempt POSB schemes from interest cut

National Federation of Postal Employees

1^st Floor North Avenue Post Office Building, New Delhi-110 001

Phone: 011.23092771                                              e-mail: nfpehq@gmail.com

       Mob: 9868819295/9810853981                    website: http://www.nfpe.blogspot.com

     PF-35(SB)-2016                                                         Dated: 21^st March, 2016

To

            Shri Ravi Shankar Prasad

            Hon`ble Minister of Communications& IT,

            Government of India,

            New Delhi-110 001

Sub:   Cut in interest rate for small savings schemes.

Respected Sir,

            As you  are aware that the Government of India, Ministry of Fiancé, Department of Economic Affairs (Budget Division) vide F.No.1/04/2016-NSII dated 18^th March -2016 has  issued orders to cut the interest rates for Small  Savings Schemes which  will adversely affect the  poor people and customers in  Post Offices.

            Already due to CBS related problems thousands and thousands customers have closed their accounts in Post Offices. Further this cut in small savings schemes like, NSC, KVP, PPF,MIS, Sr. Citizen Savings Schemes and Sukanya Samriddhi Yojna will force them to invest their money in some other schemes.

            It is therefore requested to kindly utilize your good office and convince the Finance Ministry to exempt Small Savings Schemes in Post Offices from interest cut to protect interests of common man.

            With regards,

                        Yours faithfully,

(R.N. Parashar)

Secretary General

MEMORANDUM SUBMITTED TO GDS COMMITTEE BY GENERAL SECRETARY, AIPEU GDS NFPE AND SECRETARY GENERAL, NFPE

MEMORANDUM SUBMITTED TO GDS COMMITTEE BY GENERAL SECRETARY, AIPEU GDS NFPE AND SECRETARY GENERAL, NFPE

 

Memorandum was submitted on 18th March 2016 to Sri T.Q.Mohd., Secretary, GDS Committee for revision of wages and other service conditions of GDS employees. Com. P.Pandurangarao, G.S.AIPEU GDS. (NFPE) presented the case very effectively. Secretary GDS COMMITTEE gave positive assurances.

 

            Further, application for membership verification was also submitted to Dept. of Posts New Delhi.

 

             All Comrades are requested to make maximum efforts to make AIPEU GDS NFPE as no.1 Union.

 

=R.N. PARASHAR, SECRETARY GENERAL NFPE.

Change Management Workshop conducted by Puri Division on 20.03.2016

The Change Management Workshop was conducted by Divisional administration Puri on several venues throughout the division on 20.03.2016 Sunday.At Puri HO ,  Sri Bruhaspati Samal, Postmaster HSG-I Ashok Nagar MDG  was invited as change management trainer as identified  by Postal Directorate.Com Samal was introduced to the participant by SPM Manikarnika SO -Divn Secy AIPEU PURI  Com.Rajesh Bohidar in the beginning of the session. SSPO PUR I Sri Surekh Reghunathen IPoS was present in the meeting and gave some valuable advices and tips to all the participants regarding tackling the present  changing situation and motivated the staff to take it a challenge and prove themselves  best in adverse situation .Mr B Samal the trainer during deliberation share many valuable information in connection with IT Modernization  project 2012.The power point presentation by Com.Samal was excellent and highly appreciable by all the participant.

Interest Rates on various Small Savings Schemes for the 1st Quarter of 2016-17 notified

Interest Rates on various Small Savings Schemes for the 1st Quarter of 2016-17 notified

Press Information Bureau
Government of India
Ministry of Finance

18-March-2016 20:58 IST

Interest Rates on various Small Savings Schemes for the 1st Quarter of 2016-17 notified;. 

Additional Interest Rate spreads which the Government allows on Small Savings Schemes like PPF, Senior Citizen Savings Scheme, Sukanya Samridhi Scheme and NSC etc. are being continued and included in the rates notified today.

From the year 2012-13, the interest rates on various Small Savings Schemes (SSS) are recalculated and notified in the month of March every year.  These rates are applicable for the next financial year.  This is being done in line with the recommendations of the Shyamala Gopinath Committee to ensure that the interest rates of Small Savings Schemes are market linked.

Accordingly, as done in the previous years, the interest rates for various Small Savings Schemes were due for recalculation in March 2016.  As notified on 16^th February, 2016, instead of annual resetting of interest rates for the next financial year, the interest rates from now on will be reset every quarter based on the G-Sec yields of the previous three months. Consequently, the interest rates for various Small Savings Schemes were recalculated with reference to the G-Sec yields of equivalent maturity for the months December 2015 to February 2016.  Based on this calculation, the interest rates on various Small Savings Schemes for the 1^st quarter of 2016-17 have been notified today. The rates of interest on various small savings schemes for the First Quarter of Financial Year 2016-17, on the basis of the interest compounding/payment built-in in the schemes, shall be as under:

Instrument	Rate of interest w.e.f. 01.04.2015 to 31.3.2016	Rate of interest w.e.f. 01.04.2016 to 30.6.2016
Savings Deposit	4.0	4.0
1 Year Time Deposit	8.4	7.1
2 Year Time Deposit	8.4	7.2
3 Year Time Deposit	8.4	7.4
5 Year Time Deposit	8.5	7.9
5 Year Recurring Deposit	8.4	7.4
5 Year Senior Citizens Savings Scheme	9.3	8.6
5 year Monthly Income Account Scheme	8.4	7.8
5 Year National Savings Certificate	8.5	8.1
Public Provident Fund Scheme	8.7	8.1
Kisan Vikas Patra	8.7	7.8 (will mature in 110 months)
Sukanya Samriddhi Account Scheme	9.2	8.6

  This is a formula driven process. 

Further, as notified earlier, the additional interest rate spreads which the Government allows on Small Savings Schemes like PPF, Senior Citizen Savings Scheme, Sukanya Samridhi Scheme, NSC etc. are being continued.  The additional spread for these Schemes are 25 basis points for PPF, 100 basis points for Senior Citizen Savings Scheme, 75 basis points for Sukanya Samridhi Scheme, 25 basis points for five year time deposit, 25 basis points for National Savings Certificate and 25 basis points for Monthly Income Scheme. These additional interest rate spreads are being continued and are included in the rates notified today.

The quarterly revision of interest rates will ensure that the interest rates under Small Savings Schemes are more dynamically related to the current market rates, thereby enabling the Banks to move their interest rates in line with current money market rates. 

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

Revision of Interest Rates for Small Saving Schemes

Revision of Interest Rates for Small Saving Schemes

To view Ministry of Finance (Department of Economic Affairs) (Budget Division) OM No.1/4-2016-NS-II dated 18-03-2016 please Click Here.

INSTRUCTIONS BY DIRECTORATE ON POS MIGRATION OF DATA TO CBS.

DEPT OF POST TIES UP WITH 400 ECOMMERCE RETAILERS

16 March, 2016, New Delhi: In order to avail their services to the remotest areas of the country, around 400 retailers have tied with Department of Posts. With the network of 1.55 lakh post offices across the country, the department is aiming to revolutionise its services with the help of these ecommerce retailers.

Commenting on the development, Kavery Banerjee, Secretary of Department of Posts, “India Post is a natural partner for ecommerce companies because of our reach and network. We are looking at 100 per cent year-on-year growth and by March, we will generate revenues of INR 250 Cr from parcels and speed post.”

According to the note released by the IT ministry, “The Department has tied up with more than 400 ecommerce agencies, including Flipkart, Amazon, YepMe, Snapdeal and the like, for delivering ecommerce pre-paid as well as cash-on-delivery (CoD) orders.”

As per the official data of Department of Posts, everyday it delivers around 40,000 ecommerce parcels. The average value of parcels handled by India Post is Rs 5,000 for urban areas and INR 3,000 for rural areas.