PROS AND CONS OF INDIA POST PAYMENT BANK LICENSE.

The Reserve Bank of India (RBI) recently gave a licence to India Post to function as a payments bank. Does it change anything for the people? Post offices in India have already been working as payments banks. Individuals open accounts, deposit and withdraw money by cash or cheques and receive payments through them. All these transactions are meticulously recorded manually in their passbook. Post offices do not provide any loans or carry out any credit transaction. This has been in operation for more than a century and much before the RBI came into existence. So, what would change after the RBI’s licence?

The Department of Post (DoP) had earlier applied to RBI for a banking licence for its fully-owned subsidiary, India Post. The DoP’s assets and liability position, as revealed by its balance sheet, was far from satisfactory for RBI’s comfort to allow the grant of a banking licence to the parent organization. Its annual deficit kept increasing from Rs.5,339 crore in 2013-14 to Rs.6,378 crore in 2014-15 to Rs.6,665 crore in the budget of 2015-16. As a result, the banking licence had to be granted to a separate entity, India Post, with distinct assets and liabilities of its own. The RBI’s licence for payments bank to India Post should, therefore, separate the banking business from various other services provided by DoP, which may or may not run on a commercial basis. A commercial focus on the banking business is desirable for viability and efficiency.

Mutual transfer request of Postman

 Postman working at chennai city central division. He wants mutual transfer to ramanathapuram or madurai or trichy. His contact no is 9487213539 

GRAND INAUGURATION FUNCTION OF 1000TH CBS OFFICE OF TAMILNADU - PADI S.O

​Sir,

         The photo stills of Grand Inauguration function held at Padi PO,Chennai 600050 ( 1000th CBS Office in TamilNadu Postal Circle)​ on 14.09.2015 Monday. 

Seventh Pay Commission’s Report To Be Implemented Ahead Of States Elections In May

New Delhi: Ahead of the states’ assembly elections in May’ 2016, the Central government may implement the recommendations of the Seventh Pay Commission after receiving the report of the pay panel within this year, which will benefit 50 lakh central government employees and 56 lakh pensioners including dependents.

“The central government will decide execution time of the pay commission’s proposals after the pay panel submits its report, which will be possible pre-election “special packages” for West Bengal, Assam, Kerala and Tamil Nadu, which are all due for polls by May 2016,” an official of the Finance Ministry said, speaking on condition of anonymity.

REVIEW OF THE ORDERS OF ‘HOLDING IN ABEYANCE OF APPOINTMENT/TRAINING’ PERTAINING TO PA/SA EXAM 2014 –REGARDING.

Message from Secretary(Posts) on Post Bank of India

Seeking mutual transfer ????

The following Postal Assistants may kindly be contacted if they required mutual transfers

1. From kovilpatti division to tirunelveli division.

Contact this number :9944626773.

OBC candidate

2. From CHENNAI CITY CENTRAL DIVISION to TRIVANDRUM  9025646436   

OBC candidate

3. From ARAKKONAM DIVISION,(NEAR BY CHENNAI JUST 45 MINUTES TRAVELLING TIME) I WANT TO MUTUAL TRANSFER TO NAMAKKAL, OR SALEM EAST, OR SALEM WEST DIVISION.

PLEASE CONTACT MY MOB NO 9790461376.

4. From Chennai city north division to Erode divison. OBC candidate. Contact numbers 9896933777, 9698933777.

Modi government announces OROP: Six things to know about 'One Rank One Pension'

By ECONOMICTIMES.COM | 5 Sep, 2015, 06.40PM IST

NEW DELHI: Ending a four decade long wait of veterans, Prime Minister Narendra  Modi-led NDA government on  Saturday announced the 'One Rank One Pension' scheme for ex-servicemen. 

"In simple terms, OROP implies that  uniform pension be paid to the Armed  Forces personnel retiring in the same rank with the same length of service,  regardless of their date of retirement. Future enhancements in the rates of  pension would be automatically passed on to the past pensioners. This implies bridging the gap between the rate of pension of current and past  pensioners at periodic intervals," said Defence Minister Manohar Parrikar while making the announcement. 

"Under this definition, it has been decided that the gap between rate of pension  of current pensioners and past pensioners will be bridged every 5 years," he  said. We take a look at six salient features of the OROP scheme, as announced by  Parrikar: 

BONUS CEILING WILL BE INCREASED SOON - SOURCE NEWS

Ministry of Labour and employment assured that Bonus Ceiling will be increased soon

One of the major issue in the Charter of Demands is “Removal of all ceilings on payment and eligibility of bonus, provident fund; increase the quantum of gratuity”. In pursuance of which, Over 11 lakh workers and 15,000 unions participated in the countrywide general strike called by 10 central trade unions on Wednesday. Now the letter received from Ministry of Labour and Employment by General Secretary , BMS has brought some cheer for Central Government Employees.

The Secretary to Govt of India, Ministry of Labour and Employment informed in this letter dated 28-8-2015, that the Government is considering to revise calculation ceiling for Bonus from the present level of Rs.3500/- per month to Rs.7000/- per month or the Minimum wages for the scheduled employment as fixed by the appropriate Government, whichever is higher. Minimum wages have not been fixed yet, however, the minimum wage will be fixed at a level which is respectable.

Further he told that Under the circumstances, on an average the calculation ceiling for the purpose would be Rs.10000 per month .

SB ORDER 10/2015 IMPLEMENTATION OF PMJJBY AND PMSBY SCHEMES IN CBS POST OFFICES

• The Hon’ble Prime Minister of India has launched Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana . Both the PMSBY and PMJJBY schemes are to be implemented from 07-09-2015 in all the Post Offices which are on CBS platform and the commencement of Atal Pension Yojana will be intimated shortly.
• SO order 10/2015 deals with the implementation of PMJJBY and PMSBY schemes.
• Software solution for accepting premium under both the schemes is being deployed in Finacle application and it is availablr from 07th september 2015 in all CBS Sos/HOs.
• For these schemes Date of Birth, Gender and Nominaton are mandatory if these details are not updated then invoke the menu CMRC and modify the said details.
• For enrollment of PMJJBY and PMSBY schemes a new menu is introduced in the DOP Finacle application i,e, CPMY.
• Premium for these schemes should be transferred from POSB account only i..e, when we enter the account number in CPMY menu then system will automatically debit the premium amount( Rs 330 for PMJJBY and Rs 12 for PMSBY) from SB account.