Articles by "General News"

15G 15H 7th CPC Aadhaar Aadhaar Fees Aadhaar Operations Aadhaar Software Aadhaar Survey AAO ABVKY Account Account Opening Form Accountant Exam Books Accountants Accounts Officers Active Directory AD login AD Rollout Adhoc Norms Agent Creation Agent Portal Agents Air Tickes Allowance Android App APAR APS Accounts APY Arrears ATM ATM Cash Loading ATM Form Audit Para AV Rollout Bank Reconciliation Bank Transfer Biometric Device Black Money Blocking Validations BNPL BO BO Device BO Rules BO Slip BO Slip Generator BO Transactions Bonus BOOKS BPC BPM BPM Arrears Table BPM Transfer Branch Office Browser Settings Budget Bulk Bulk Booking Bulk Closure Bulk Upload Bulk Upload File Creator Business Business Hours Business Parcel Cadre Restructuring Calculator Cash & Bank Cash Handling Allowance Cash Management Casual Labour CBS CBS Commands CBS FAQ CBS-CSI CCS Rules CEA Central Government Employees Central Vigilance Commission Certificate Printing CGEGIS CGHS Check List Cheque Cheque Book Cheque Lot Creation Cheque Request Cheques Clearing Child Card Leave Children Education Allowance Circulars & Orders CIS Claim Settlement Clarification Close Account Closure COD Compare and Book Configuration Contract Creation Court News CPAO Orders Creation of CIF CRM Portal CSD CSI CSI Daily Work Flow CSI Hand Book for RMS CSI Helper Tool CSI Master Guide CSI Templates CSI Tool CSI Tools CSI Training Manual CSI Updates CSI Utility Tool CSV File Generator CSV Uploading Currency Ban Currency Exchange Customer Creation Customer Portal DA DA Freeze DA News DA Orders DARPAN Dearness Allowance Dearness Relief Death Claim Default Fee Demonetization Department Exams Department of Expenditure Department of Posts Departmental Examination Desktop Configuration Desktop Settings Despatch Despatch Schedule DEST Digital India Digital Life Certificate Digital Payment Directorate Directorate Appeal Directorate Order Disbursement Discrepancies Document Reversal DOP DOP Core Solutions DOP CSI Hand Book DOP Finacle Guide DOP IFSC Code DOP Internet Banking DOP Mobile Banking DOP News DOP Orders DOP Rulings DoPT DoPT Order DoT DPMS Drivers DSA Dte Orders Duplicate e-Banking Form e-Commerce e-Commerce Portal e-Services Earned Leave ECB Memo ECMS ECMS Settings Emergency Leave eMO eMO Workflow EMOs EMOs Procedure Employee Online Employee Portal Employee Transfer Employment News End User Enumeration EO App EOD ePay Billers ePayment ePost Epson Errors & Solutions ESS Establishment Register EWS Reservation Express Parcel Extension External Antenna F&A Family Pension FAQ Finacle Finacle Guide Finacle Guide Book Finacle Updates Financial Powers First Day on Finacle Five Day Week Fixed Stationary Charges Flow Chart Fmenu Form 60 Forms Forms & Documents Franchised Outlet FRSR FSC Gazette Notification GDS GDS Committee Report GDS New Pay Table GDS Transfer Policy GEM General General Financial Rules General Ledger Sub Head Code General News GL Accounts GL Codes GL Integration Govt Orders GPF Gratuity GST Guide Lines Guidelines HBA Rules HFINRPT Hindi HO Honorarium House Building Advance HR HR Solutions HRA Identity Card Form iMO Incentive Incentive Structure Income Tax Income Tax Saving Increment India Post India Post Mail India Post Toll Free Info Type Inspector of Posts Install Mantra Device Installation Inter SOL Interest Calculator Lite Interest Rates Interest Rates Data Interest Statement International Mail International Parcel Internet Banking Internet Explorer Settings Inventory Inventory Management Inventory Movement Inventory Status Report Inward Clearing Inward Rejection IP IP Exam Syllabus IP&ASP IPO Indent IPOs IPPB IPPB CBS MENUS IPPB FAQ IPPB Finacle Menus Issue Issue Cheque Issue Cheque Book Issue Duplicate Certificates Jan Suraksha Java Jeevan Pramaan Judgement KVP KYC LDCE Leave Leave Management Leave Rules Ledger Inquiry Legacy Document Upload Letter to Dte LGO Exam Liability Document Life Certificate Lipi Passbook Printer List Of Balance List of Holidays List of Office Accounts List of Run Commands Live Account Report Loan Loan Account Loan Account Opening Loan Repayment LTC MACP Mail Booking Mail Guard Mail Operations Marketing Marketing Executives Mass Official Transfer Material Material Balance Maternity Leave Maturity Calculation McCamish MCD MDM Meghdoot Menu List Merchant Mobile App MGNREGA Micro ATM Ministry of Finance MIS MIS Server Mobile Banking Mobile Banking Form Mobile Charges Mobile Number Mobile Wallet MPKBY MTS Name Change National Pension System New Pension Scheme New Policy Bond Formats New Services NJCA NJCA Meeting Nominal Role Nominee NPS NSC NSS Objections Official Transfer Offline Update Online Online Payment Online Registration Online Training Open Account Operations Guide OSL OT Outsource Agents Outstation Cheques Outward Cheque Status Outward Clearing Outward Rejection Overview Ownership Change Part Closure Part Withdrawal Passbook Printing Passbook Reprinting Paternity Leave Pay & Allowance Pay Commission Pay Fixation Pay Revision PAYROLL Payslip Pension Pension Upload Pensioners Pensioners News PFRDA Pincode Tool Pineapple PLI PLI Bonus PLI Terms PMJJBY PMLA PMSBY PO Finacle Guide Point of Sale POLI Rules POS POS Back Office PoS Machine POS Server POSB Post Office Post Office IFSC Code Post Office Operation Guide Post Office Workflow Postal Assistants Postal Exams Postal Manuals Postal Savings Schemes Postman Postman Examination Postman Mobile Application Postmaster Cadre Postmaster Grade-1 PPF PPF Deposit Precautions Prerequisites Prevent Frauds Print Bond Queue Printer Settings Printing Procedure Promotion Proposal Forms Pushback QR Cards Questions & Answers Quick TCB RBI RBI Order RD RD Deposit RD Loan RD Loan Account RD Services Ready Reckoner Receipt Cancellation Recruitment Recruitment Rules Register Letter Reimbursement Remuneration Pay Renewal Report Reports Reservation Retirement Reversal Reversal of Clearing Document Revised Service Request Forms Revision of Interest Rates RFMS Tcodes RICT Risk Allowance Rlist RMFS RMS CSI Guide Rotational Transfers RPLI Rule 38 Rules Rulings Rural ICT Salary Salary Account Salary Upload SAP Saving Schemes Savings Account Savings Schemes SB SB Deposit SB Orders SB Withdrawal SBCO SBI Buddy SCSS Security Tips Senior Citizen Seniority Service Desk Service Tax SETID Settings SGB Short Notes Shortcut Keys Simple CSI Assist SMS Alerts SMS Banking SO SO Slip SO Slip Generator Software Configuration Softwares SOP Sorting Assistants Sovereign Gold Bonds Speedpost Speedpost Booking Machine Split Cheque Book Sports SSA SSC CHSL 2016 Staff Scheduling System Stamp Balance Stamp Indent Stamps Standing Instruction Stenographer Step by Step CSI Guide Stock Stop Payment StopDB Strike Study Materials Super User Syllabus Symantec Sync Issues System Administrators T-Codes Tarrif Tax Slabs TCB TD TDS Teller Cash Balance Tenure Tools TPTA Training Allowance Training Application Training Manual Transfer Transfer In Transfer of Accounts Transfers & Postings Travelling Allowance Treasury Allowance Trial Close UIDAI UIDAI Circular Union Union News Updates UPSC User Guide User Manual Vault Operations Video Viewing Documents Vigilance VP Articles VP Intimation Weblink Webmail Welfare Will Windows Tips Withdrawal Workaround Workflow WUMTS
Showing posts with label General News. Show all posts

January 03, 2017 ,
7th Pay Commission: Top 2 developments before Budget 2017 raise hopes for Central Government Employees
Arun Jaitley addressing a press conference in New Delhi on November 12, 2016.PIB India
The finance ministry seems better placed now after demonetisation to decide on raising allowances as recommended by the 7th Pay Commission.

With the dust at least partly settled over demonetisation and the subsequent disruption at the finance ministry, there seems to be renewed cheer among Central government employees of a decision on allowances as recommended by the 7th Central Pay Commission (CPC). Two developments in this regard are worth taking note of, even as Budget 2017 is about a month away.

As has been reportedly earlier, the second amnesty scheme for tax defaulters — Pradhan Mantri Garib Kalyan Yojana, 2016 — estimated to net the Modi government a substantial amount, the financial outgo of Rs 1,02,100 crore no longer seems to be a hurdle.

However, the note ban decision and the spate of activities that followed the decision about raising allowances to the back burner made employees restive.

Now they hope the government will quickly move on the issue that involves about 47 lakh Central government employees and 53 lakh pensioners, of which 14 lakh employees and 18 lakh pensioners are from the defence forces.

While a website claiming to represent bureaucrats said that the finance ministry is likely to pay the enhanced allowances (possibly along with arrears) after Budget 2017 in February, another said that employees have sought a meeting with the ministry to resolve the issue at the earliest.

"Government is very pleased to pay the higher allowances to its employees after Budget. The acute cash crunch in banks and ATMs that prevailed for a month following the demonetization move of the government has eased from January 1, as the daily withdrawal limit from ATMs has been increased from Rs 2,500 to Rs 4,500. Hence, the Finance Ministry felt it would be wiser to announce of higher allowances after Budget," the Sen Times quoted a senior finance ministry official as saying.

Another significant development is a communication by the staff side National Council of the Joint Consultative Machinery (JCM) seeking an early redressal of the issue.

"Almost four months have passed (since September 1, 2016 meeting) without any outcome. All the Central Government Employees are quite agitated as well as are having mental agony because allowances of the VII CPC, have not been implemented. You are therefore, requested to fix-up a meeting of the Committee on Allowances, at an earliest to resolve the issues placed in the memorandum of the Staff Side(JCM) on various allowances," the letter read.

The CPC examined 196 allowances and gave its recommendations on abolishing or raising some of them while recommending others to be subsumed with other perks. It had proposed 138.71 percent hike in HRA and 49.79 percent for other allowances, while submitting its voluminous report in November 2015.

The Budget for the financial year 2017-18 is likely to be presented on February 1 by Finance Minister Arun Jaitley.

Calculation of financial implications by the 7th CPC.7th Central Pay Commission

December 30, 2016 ,
Closure of the scheme of exchange of Specified Bank Notes(SBN) at banks on December 30th 2016 :

In continuation of trailing mails, please find attached the RBI notification no. DCM (Plg) No.2103/10.27.00/2016-17 dated December 30, 2016 regarding closure of the scheme of exchange of Specified Bank Notes (SBNs) at banks on December 30th 2016. In this connection, following instructions are issued:

1. All Circle/Regional Level control rooms to continue till further orders. 
2. With the closure of the facility of deposit of SBNs (WOS banknotes) as at the close of business on December 30, 2016, all Circles should submit a consolidated report (from 10.11.2016 to 30.12.206)in Annexure 3D in addition to the daily reports of today (30.12.2016), to control Room Directorate.
3. The Post Offices which are linked to the Bank Branches having currency chest should deposit SBNs/WOS banknotes by December 31, 2016.
4. SBNs (WOS banknotes) cannot form part of Post Offices cash balances from the close of business as on December 31, 2016.
5. Necessary action may be taken to deposit WOS banknotes today itself in linked banks.

With regards,

Sachin Kishore
Director (CBS)
 

December 30, 2016 ,
Withdrawal of Legal Tender Character of existing Rs 500/- and Rs 1,000/- banknotes - SB Order No. 12/2016

Director (CBS)
Thu 29-12-2016 18:33
To:
All CPMG;CPMG Telangana Circle;
Cc:
All Postal Divisions;pande.alok@nic.in;Director (Financial Services);ADG (FS I);adsb1dakbhawan@gmail.com;ADG (CBS);


Respected Sir/Madam,
Kindly refer to SB order no. 12 dated 8.11.2016 and Gazette Notification No 10/3/2016-CY.1 dated 8th November 2016 issued by Government of India regarding accepting of WOS banknotes till close of 30th of December 2016. In this connection it is requested to kindly ensure that post offices will accept the WOS banknotes only upto 30th of December 2016.

With regards,

Sachin Kishore
Director (CBS), Sansad Marg,, Dak Bhavan

December 28, 2016 , ,

Central government employees, who have been waiting for higher allowances as the recommendations of the 7th Pay Commission, should not be worried as the government will be in a position to implement the 7th CPC recommendations, thanks to demonetisation. The demonetisation of old Rs 500 and Rs 1000 currency notes that caused cash shortage has made central government employees little anxious, but report by BofA Merrill Lynch Global Research and statement of Reserve Bank of India Governor Urjit Patel will bring smile on their faces.

According to the BofA Merrill Lynch report, Pradhan Mantri Garib Kalyan Yojana, 2016 will bring huge amount in government’s pocket to offset the financial implication of implementing the 7th Pay Commission recommendations. The Pradhan Mantri Garib Kalyan Yojana was announced after demonetisation for declaring unaccounted income.

“The Government announced that the second income disclosure scheme (IDS II) will run till March 31. We continue to estimate that it will net the fisc about Rs1000bn/0.7% of GDP of additional taxes. This should allow Finance Minister Jaitley to hold the FY18 fiscal deficit at 3.5% of GDP – same as FY17’s – and at the same time fund the 7th Pay Commission and recapitalize PSU banks, without cutting back on public capex,” BofA Merrill Lynch said in a note. Earlier, the RBI had made clear that the implementation of the 7th Pay Commission recommendations for central government employees won’t have an inflationary impact.

Earlier we reported that the central government employees will have to wait til March, 2017 to get their higher allowances under the 7th Pay Commission recommendations. Centre is planning to pay higher allowances without arrears. Sources in the Finance Ministry also said the Centre is considering to hike higher allowances for its employees. However there is no report about when the government will start paying higher allowances as recommended by the 7th Central Pay Commission.

The issue of higher allowances has been referred to the ‘Committee on Allowances’. The committee is yet to submit its report. Until acceptance of higher allowances, under 7th Pay Commission, the allowances are now paid according to the 6th Pay Commission recommendations.

Source : http://www.india.com/

December 28, 2016 ,
No.11013/7/2016-Estt.A-III
Government of India
Ministry of Personnel, Public Grievances & Pensions
Department of Personnel & Training
Establishment A-III Desk
North Block, New Delhi,
Dated the 22nd December, 2016
OFFICE MEMORANDUM
Subject:- Central Civil Services (Conduct) Rules 1961 — Guidelines regarding prevention of sexual harassment of women at the workplace – regarding.
The undersigned is directed to refer to the DoPT OM number No.11013/2/2014-Estt.A-III, dated the 16th July, 2015 etc., vide which need for effective mechanism to ensure that inquiries in the case of allegations of sexual harassment are conducted as per the prescribed procedure and that they are monitored have been issued. Recently, a meeting was held under the Chairmanship of Minister, Women and Child Development wherein concern was expressed that the inquiries in such cases are taking unduly long time. It has, therefore, been decided that the following further steps may be taken to ensure that the inquiries are conducted expeditiously and the aggrieved women are not subjected to victimization:

(1) As already conveyed vide OM dated 2nd February, 2015 all Ministries/Departments shall include in their Annual Reports information related to the number of such cases and their disposal.

(2) As far as practicable, the inquiry in such cases should be completed within 1 month and in no case should it take more than 90 days as per the limit prescribed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

(3) It should be ensured that the aggrieved women are not victimized in connection with the complaints filed by them. For a period of five years after a decision in a proven case of sexual harassment, a watch should be kept to ensure that she is not subjected to vendetta. She should not be posted under the Respondent, or any other person where there may be a reasonable ground to believe that she may be subjected to harassment on this account. In case of any victimization the complainant may submit a representation to the Secretary in the case of Ministries/Departments and Head of the Organization in other cases. These representations should be dealt with sensitivity, in consultation with the Complaints Committee, Ministries/Departments and Head of the Organization in other cases. These representations should be dealt with sensitivity, in consultation with the Complaints Committee, and a decision taken within 15 days of the submission of the same.

(4) All Ministries/Departments shall furnish a monthly report to the Ministry of Women and Child Development giving details of number of complaints received, disposed of and action taken in the case.

(Mukesh Chaturvedi)
Director (E)

December 27, 2016 , ,
IPPB is a public limited company under the Department of Posts with an independent Board of Directors. It will be headed by a Managing Director and CEO, and will set up a corporate head quarter and up to 650 branches to manage its functions on a day to day basis. 

IPPB will leverage the physical and IT infrastructure of the Post office and be set up on a lean operating model. It will focus on low-cost, low-risk, technology based solutions to extend access to formal banking.

Products and Services of IPPB

1. IPPB Payment Services

IPPB will provide the benefits of payments and remittances to the customers, by adopting newer, efficient processes and technologies such as mobile based payments, digital wallets and innovative payment and remittance products that are continuously emerging in the market today.

Combined with doorstep cash payment options like traditional money orders, IPPB will differentiate itself from the other players while comparing well with all other benefits offered by competitors.

IPPB will drive the benefits of financial inclusion by bringing a host of financial products to suit the needs of different strata of society with special focus on the marginalized sections and citizens in rural areas. In so doing it will also provide the following proposed services: 

  • Direct Benefits transfer (DBT) of social security payments of various Ministries. 

  • Utility bill payments for electricity, water, telephone, gas etc.

  • Facilitate payments of various Central and State Govt& Municipal dues, taxes and fees/taxes of various Universities/ educational institution.

  • Person to person remittances both domestic and cross-border. Special focus will be on providing, economical, safe and convenient money transfer facilities to migrant labourers, NRIs remitting money to relatives, institutions etc.

  • Demand Deposits (Current account and Savings Account)- with special focus on MSMEs, small entrepreneurs, village panchayats & SHGs.
  • Distribution of third party financial products such as Insurance (health & general), mutual funds and pension products.

  • Access to formal credit products by acting as BCs of banks & MFIs.

Product innovation will be a continuous exercise to expand the bouquet of services adapting to the evolving needs of its customers and the rapid advancements in communication and payments technologies.

2. IPPB Banking Services

Apart from savings account with up to INR 1,00,000 in deposit, the products offered by IPPB are different from POSB products. POSB savings accounts do not have any limit unlike payments bank savings account. On the other hand, payments banks, can offer current accounts for use by businesses and institutions whereas POSB does not offer these accounts. Other kinds of deposits under POSB are unique to it and will not be on offer by the payments bank. The purpose of the savings accounts and current accounts of IPPB is to facilitate flow of money and payments of different kinds from Government to Citizen, Citizen to Government, Citizen to Citizen, Citizen to Businesses and Businesses to Citizens whereas the POSB accounts are mainly savings instruments.

Apart from the existing customers of the DoP, IPPB will focus on the underbanked and unbanked population in different parts of the country. It will also try to target services for MSMEs, senior citizens, students, migrant population, low income households, unorganized sector and other groups with special service requirements. In addition to its own products, the payments bank will partner with third parties to offer a wide range of financial and banking services to cater to the needs of its target segments.

The customers will have the choice of the amount they want to leave in their IPPB account at any point of time and they will earn interest on their money in these accounts also. They would be able to channel money from their IPPB accounts to any of the POSB schemes. For example, an IPPB customer will be able to use money in his account to open and service a RD/ TD/ SSY or any other POSB account. Thus, both IPPB and POSB can synergistically serve the customers.

December 27, 2016 , ,
In a bid to incentivize Digital Payments, Government kick-starts Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana awards; 15,000 people to be awarded everyday over the next hundred days with a mega draw on 14th April 2017; Winners to receive reward money into their bank accounts.

The Government launched the Lucky Grahak Yojana for Consumers and Digi-Dhan Vyapar Yojana for Merchants at the Digi Dhan mela in New Delhi on Sunday.

The schemes are aimed at encouraging people to move towards significantly higher usage of digital transactions through the offer of incentives. Lets take a look as to how you can take benefit from these two schemes.

In order to give a major push to the less cash transaction Government has launched Lucky Grahak Yojana & Digi-Dhan Yojana.

The primary aim of these schemes is to incentivize digital transactions so that electronic payments are adopted by all sections of the society, especially the poor and the middle class.

Finance Minister Arun Jaitley said that government's bid to go cashless means less cash not no cash.

Speaking at the event Finance Minister Arun jaitley said that Aadhar based payment is for people who don't have cards or mobile phones, they only need thumb print for transactions.

Addressing the Event IT minister Ravishankar Prasad said that 36 crore bank accounts have been linked with aadhaar and more that 36,000 crore rupees have been saved by controlling subsidy leakages.
  • Under Lucky Grahak Yojana Daily reward of Rs 1000 will be given to 15,000 lucky Consumers for a period of 100 days.
  • Weekly prizes worth Rs 1 lakh, Rs 10,000 and Rs. 5000 for Consumers who use the alternate modes of digital Payments.
  • 3 Mega Prizes for consumers worth Rs 1 cr, 50 lakh, 25 lakh will be announced on 14th April, 2017 Weekly prizes worth Rs. 50,000, Rs 5,000 and Rs. 2,500 will be given to merchants who accepts online transactions.
  • 3 Mega Prizes for merchants worth Rs 50 lakhs, 25 lakh, 12 lakh for digital transactions will be announced onm 14th April 2017.
  • The schemes will be implemented by National Payments Corporation of India.
  • Only transactions made using RuPay cards, USSD, UPI and Aadhaar are eligible for these schemes --Both schemes will cover small transactions between Rs 50 and Rs 3000 to encourage every section of the society to move to digital payments.
  • Expenditure of the scheme is estimated to be around Rs 340 crore.
  • The winners shall be identified through a random draw of the eligible Transaction IDs which are generated automatically as soon as the transaction is completed by a software developed by National payments corporation of India.

December 26, 2016 ,
In a further push to cashless economy, the Central cabinet has approved the ordinance for paying wages via electronic means - which means that the government has given its nod for cashless salary. Accordingly, the government approved to amend Section 6 of the Payment Of Wages Act. The new ordinance will be applicable to public sector, with the private sector coming under the purview of the new move later, CNN News 18 reported.

"The Union Cabinet today approved the ordinance route to amend the Payment of Wages Act, 1936, to allow employers of certain industries to make payment through the electronic mode and cheques," a source said. Employers will also have the option to pay wages in cash, the source added.
As per practice, the government introduces ordinance to amend laws for immediate implementation of new rules. An ordinance is valid for six months only. The government is required to get it passed in Parliament within that period.

According to CNN-News18, companies can pay their employees only through cheque or through electronic means. All wage workers, who earn less than Rs 18,000 will be come under the new ordinance. However, the specific sectors where the rule will be applicable will be notified later.

The state government will additionally have the discretion whether to pay employees via cheques or electronic transfer. According to reports, the government aims to check under-reporting of salaries, bring transparency in transactions and end exploitation of wage workers.

However, the Opposition lashed out at the government for the ordinance. "Nothing can distract people from the fact that Prime Minister Narendra Modi and his government have failed. Government should trust people and they cannot move without proper infrastructure", the Congress party said.

"It will create a problem for the employees as withdrawal from the banks is difficult. Cashless society is not possible. We will move amendment in the Parliament," Gurudas Dasgupta, CPM leader told CNN-News 18.

Wages, as opposed to salaries, have traditionally tended to be cash payments. The Payment of Wages Act covers employees whose wage does not exceed Rs 18,000 per month. The new procedure will serve the objective of "digital and less-cash economy", the Bill stated. Introduced by Bandaru Dattatreya in the Winter Session of Parliament, the passage of the Bill was disrupted as the government and opposition clashed over demonetisation.

It will also allow state governments to specify industrial or other establishments that adopt cashless modes for salary payments. The new procedure will serve the objective of "digital and less cash economy", the bill states. Andhra Pradesh, Uttarakhand, Punjab, Kerala and Haryana have already made provisions for payment of wages through cheque and electronic transfers after making state-level amendments to the Act.

The original Act had come into force on 23 April 1936, providing for payment of wages in coin or currency notes, or in both. At present, with the written authorisation of an employee, wages can be given through cheque or transferred to his or her bank account.

With inputs from agencies

Source :http://m.firstpost.com/

December 23, 2016 ,

1.As DOP is doing agency functions to MOF in PODB Schemes only, Whereas IPPB is completely owned by Ministry of Communications the Administrative Pricing Mechanism will go.i.e interest rates will be decided by itself.

2.The Schemes operated will be only the two i.e. CA/SA only with maximum limit of one lakh only.

3.The reason for keeping minimum balance is to avoid high networth customers and to provide all services hitherto not available to un/under banked low income customers.

4.After recruitment of high level functional officers a management board will be constituted under the designated chairman cum managing director who is going to be appointed from banking industry.The members of the board will include secretaries of Ministry of Communications, Ministry of Expenditure and the Ministry of Food and civil supplies all the three who are part of IPPB and whose programs will be implemented through IPPB

5.Choosing an operative partner is going to be done by the board, As you all aware already more than 50 institutions are given their consent to be part of IPPB.

6. The collected funds after RBI stipulation s of CRR and Capital Adequacy Ratio the first 75% will be deposited in Govt Securities and the remaining 25% will be parted with the stregetic partner chosen for banking commercial activities.

7.The account opening mode will be hussle-free and on E-KYC method, By just pressing your any finger on the machine and by feeding of just your AADHAAR number. No physical presence or documentation.

8.All DBS schemes of govt of India and its various ministries social benefit scheme last mile delivery will be ensured only through IPPB only.

9.The other banking activities of ECS,Loan disbursement, and collection of its EMI,and utility payments,and the money transfer amongst the banks and clearing of cheques and instruments will be carried out by IPPB.

10. All POSB activities will be continued till the natural closing of the schemes takes place separately on Finnacle platform or till the integration of the leftover SOLs that's sub- offices . For the present they will carryout IPPB operations too along with POSB module.

11.The local money lending through institutions will be boosted by IPPB, The roadside vendors and whose mercantile activities were not till now have the facilities of bank financing will be connected through IPPB to the partner bank or any other bank if so desired.

12.Daily collection of deposits by postman of that area and operation of postman as teller for their banking activities will make sure the inclusive banking for all and at the doorstep can be achieved in the current scenario of cash less economythis very big enterence of IPPB is going to make a big difference.

13.Lastly,the financial stability of IPPB will be ensured by the very big institutional backing of the the INDIA POST and its already trained manpower, with the help of agile postman whose activities are going to be manifold. As of now all the banks profitability is nowadays hinges on fee based income.

Now. 16% of their income is on the services provided. Hence the ATM services and fee based income of IPPB is conservatively estimated at rupees 500 crores at the end of 5th year of operations. That against an equity capital of rupees 400 crores Which makes an EPS of 1.25 rupees against 1 rupee share value.Which will ensure it to offer its shares in public to raise its further capital without knocking the doors of the mentor i.e govt.

14.kindle do keep in mind IPPB is registered Public Limited Company wholly owned by Ministry Of Communications.

December 21, 2016
Ranchi: India Post, Jharkhand, will become the first in the country to open a bank branch India Post Payments Bank (IPPB) in January.

The basic preparations in terms of infrastructure, manpower and training have been completed.
The move to came after Prime Minister Narendra Modi announced that all post offices should be converted to banks by January next year. The IPPB was incorporated as a public limited company, under the department of posts, Government of India, in August 2015 with 100% government equity.




Talking to TOI, post master general, Jharkhand circle, Anil Kumar said that the first bank branch will begin operations at GPO, Doranda, for which a separate building has been constructed. "Once the GPO branch becomes functional, all other post offices in the state will also start functioning," Kumar said.

There are more than 2,800 India Post offices across the state and the number is likely to be increased to 3,400. "In addition, we have over 100 panchayat seva kendras (PSK) and over 4,000 postmen who can work as business correspondents," Kumar said.

The postmen are being provided with PoS machines. Officials will not only receive money for deposits and disburse payments but will also open new accounts, sell insurance instruments and register money orders. At present, the postal department has issued kits to over 2,700 post offices, which includes a biometric device, printer and a tab for digital transactions.

Kumar said that more than 500 people have already been trained on financial inclusion tools, the usage of PoS machines and briefed on the functioning of post offices as business correspondents. "We have hired experts from Infosys and Rico for training our staff and the training is going on in Ranchi and Jamshedpur," Kumar said.

India Post has also issued debit cards to saving account holders in post offices and once the banking facility begins, more debit cards will be issued. "It will work as full-fledged banks in the wake of the existing robust infrastructures in the remote corners of the state," Kumar said.

Out of 456 post offices, 358 have already been brought on the CBS platform and this is all set to boost the banking structure of Jharkhand post offices once the headquarter branch becomes operational.

December 21, 2016 , , ,
Kindly refer to the instructions issued on 19.12.16 in connection with deposit of SBN (WOS Notes) into the accounts (in excess of Rs. 5000/- only once till 30.12.2016). Now RBI has advised that the provisions of the RBI Circular No. DCM (Plg) No. 10.27.00/2016-17 dated 19.12.2016 at sub para (i) and (ii) will not apply to fully KYC compliant accounts. The copy of the RBI Circular No. DCM (Plg) No. 1911/10.27.00/2016-17 dated 21.12.2016 is attached herewith. 

The above changes/modification may be communicated to all concerned.
With regards,

Sachin Kishore Director (CBS) Sansad Marg,Dak Bhavan

December 20, 2016 , , ,


Subject: Restriction on Deposit of WOS Notes into SB Account 


        Kindly refer to the SB Order No. 12/2016 dated 08.11.2016 (Para No. 02 (iii) ) regarding deposits of WOS Notes. There is a partial modification in the acceptance of deposits of WOS notes. RBI vide their notification number RBI/2016-17/189 DCM (Plg) No. 1859/10.27.00/2016-17 dated 19.12.2016 has decided to place certain restrictions on deposit of SBNs (Specified Bank Note/WOS Notes) into the accounts by allowing deposits in excess of Rs. 5000/- will be received for credit only once during the period till December 30th, 2016. Copy of the RBI notification is attached herewith. 

It is requested to kindly issue necessary instructions to all concerned in this regard.

With regards,

Sachin Kishore
Director (CBS)
Sansad Marg,
Dak Bhavan

December 17, 2016
New Delhi: Central government employees need not to file a declaration of their assets and liabilities this year because the new rules under the Lokpal and Lokayuktas (Amendment) Act, 2016 are not ready yet.
So, the extension of deadline for submission of declaration of assets and liabilities till December 31 has become fruitless.
“The extension was given under the old Act of 2014, which is now redundant…We are in the process of drafting the final proforma which only will be valid,” an official in Ministry of Personnel said.
The Lokpal and Lokayuktas (Amendment) Act, 2016 says, “On and from date of commencement of this Act every public servant shall make a declaration of his assets and liabilities in such form and manner as may be prescribed.” Since the filing rules have not been firmed up, there is no requirement for filing of declarations by central government public servants, he added.
The government had extended the deadline of filing assets declaration for the fifth time since the Act came into force.
The Department of Personnel and Training (DoPT) is consulting the law ministry over the final draft of the form for declaration of assets by public servants, so, no fresh deadline fixed yet.
The public servants will now not be required to provide the details of assets of their spouses and other dependents, according to the amendment of the Act, 2016.
TST

December 17, 2016
RBI Imposes Restrictions On Withdrawal From Certain Bank Account

The Reserve Bank imposed certain restrictions on withdrawal if more than Rs 2 lakh has been deposited after November 9 in an account which has a balance of over Rs 5 lakh.
Mumbai: Tightening the noose around people who misused banking channels to park unaccounted money, the Reserve Bank on Thursday imposed certain restrictions on withdrawal if more than Rs 2 lakh has been deposited after November 9 in an account which has a balance of over Rs 5 lakh.
As per a RBI notification, withdrawal or transfer of funds will not be permitted in accounts without quoting of PAN or submission of Form 60 (persons who do not have PAN).
The Reserve Bank also said monthly withdrawal limit of Rs 10,000 will be maintained even if a 'small account' has witnessed increase in annual permissible deposit of Rs 1 lakh.
The notification follows after it was brought to the notice of the RBI that "strict compliance" with KYC (Know Your Customer) provisions is not being ensured in some cases.
In respect of KYC compliant accounts where the required Customer Due Diligence (CDD) procedure has been complied with, RBI said banks and NBFCs should ensure compliance regarding quoting of PAN/obtaining of Form 60 for all transactions.
"No debit transaction, transfer or otherwise shall be allowed in accounts which do not comply with the above mentioned requirements.
"To begin with, this rule shall be strictly applied in accounts where both the thresholds listed -- (i) balance of rupees five lakh or more; and (ii) the total deposits (including credits by electronic or other means) made after November 9, 2016, exceed rupees two lakh," RBI said.
RBI further said if any account is rendered ineligible for being classified as a small account due to credits/balance in the account exceeding the permissible limits, withdrawals may be allowed within the limit prescribed for small accounts.
The monthly limit for withdrawal and transfer from a small account is Rs 10,000. Also, aggregate of all credits in a financial year cannot exceed Rs 1 lakh.
Basic Savings Bank Deposit Accounts (Jan Dhan accounts are akin to BSBDAs), which are not KYC compliant accounts are to be treated as 'small accounts', the RBI added.
Government demonetised old Rs 500/1000 from November 9.
Earlier, RBI had asked banks to strictly follow norms while allowing deposits in dormant accounts.
There have been reports some people misused Jan Dhan and dormant accounts to deposit unaccounted money following demonetisation.
Subscribe to: Posts (Atom)

Author Name

Contact Form

Name

Email *

Message *

Powered by Blogger.