Saturday, October 29, 2016
Friday, October 28, 2016
Thursday, October 27, 2016
DA Announced 2 per cent for central government employees, pensioners,w.e.f 01/07/2016
The Cabinet on Thursday approved 2 per cent hike in Dearness Allowance (DA) for central government employees and pensioners, effective from July 1, 2016. The proposal to hike the DA was approved during the Cabinet meeting today afternoon at the Prime Minister’s Office. The announcement, which comes ahead of Diwali, is set to bring cheer to around 50 lakh central government employees and 58 lakh pensioners in the country.
Dearness allowance is provided to employees and pensioners to minimise the impact of price rise on their earnings. Earlier this year, the government hiked dearness allowance by 6% to 125 % of the basic pay. It was later merged into the basic pay, based on the recommendation of the 7th Pay Commission Panel.
Temporary Employee to be paid at par with regular worker: SC
NEW DELHI: 26.10.2016.
In a big relief to lakhs temporary employee who have been hired by government departments and agencies across the country on contractual basis, the Supreme Court on Wednesday held that they are entitled to wages at par with permanent employees and principle of 'equal pay for equal work' must be followed.
A bench of Justices JS Khehar and SA Bobde said the principle of 'equal pay for equal work' constitutes a clear and unambiguous right vested in every employee whether engaged on regular or temporary basis.
"In our considered view, it is fallacious to determine artificial parameters to deny fruits of labour.
"In our considered view, it is fallacious to determine artificial parameters to deny fruits of labour.
An employee engaged for the same work, cannot be paid less than another, who performs the same duties and responsibilities. Certainly not, in a welfare state. Such an action besides being demeaning, strikes at the very foundation of human dignity," the bench said.
The bench said the principle had been expounded through a large number of judgments rendered by theapex court and and constitutes law declared by the Supreme Court.
"Any one, who is compelled to work at a lesser wage, does not do so voluntarily. He does so, to provide food and shelter to his family, at the cost of his self respect and dignity, at the cost of his self worth, and at the cost of his integrity. For he knows, that his dependents would suffer immensely, if he does not accept the lesser wage," Justice Khehar, who wrote the judgement, said. "
"Any one, who is compelled to work at a lesser wage, does not do so voluntarily. He does so, to provide food and shelter to his family, at the cost of his self respect and dignity, at the cost of his self worth, and at the cost of his integrity. For he knows, that his dependents would suffer immensely, if he does not accept the lesser wage," Justice Khehar, who wrote the judgement, said. "
Any act, of paying less wages, as compared to others similarly situate, constitutes an act of exploitative enslavement, emerging out of a domineering position. Undoubtedly, the action is oppressive, suppressive and coercive, as it compels involuntary subjugation," he said.
The court passed the verdict on a bunch of petition filed by tempoary employee working for state of Punjab seeking wage parity with regular employee. They approached the apex court after Punjab and Haryana High Court held that temporary employees were not entitled to the minimum of the regular pay-scale, merely for reason, that the activities carried on by them and the regular employees were similar.
Setting aside the HC order, the apex court held that the principle of equal pay for equal work must be followed in the country as India was a signatory of International Covenant on Economic, Social and Cultural Rights. "India is a signatory to the covenant, having ratified the same on April 10, 1979. There is no escape from the above obligation, in view of different provisions of the Constitution and in view of the law declared by this court under Article 141 of the Constitution of India, the principle of 'equal pay for equal work' constitutes a clear and unambiguous right and is vested in every employee - whether engaged on regular or temporary basis,"it said.
COURTESY - THE TIMES OF INDIA.
Saturday, October 22, 2016
9 Ways To Keep Your Debit Card Safe From Hackers
3) Change your PIN every two-three months.
4) Never share your ATM PIN with anyone. Not even bank officials.
5) Your net banking details are equally important. Keep changing your net banking password.
6) Don't ignore alerts that say your card has been used for a transaction you didn’t do, even if the amount is small.
7) Ask your bank whether you should change your card.
8) Remember, RBI has asked banks to send both SMS and email alerts. So register for these alerts if you haven't.
9) Contact your bank if you notice any activity in your account that wasn't generated by you.
Thursday, October 20, 2016
BO Computer Device information - under RICT Solutions -Department unveiled the project
Main Computing Device (MCD)
Peripherals / accessories to MCD
Important abbreviations
Wednesday, October 19, 2016
India Post Payment Bank Recruitment: Eligibility & Salary Doubts Answered
The Indian banking sector is finally opening up with new banks being established from this year.India post has started India Post Payment Bank and has also issued a massive recruitment notification for officer posts.Since freshers are also eligible for these positions, and IPPB being a new bank,many aspirants have doubts related to eligibility,job profile etc..
For the candidates to better understand India post payment bank recruitment 2016,here is a compilation of answers for some of your most common doubts.
As per the notification, the online registration closes on October 25.So if you are eligible,go ahead & submit your applications immediately instead of waiting for the last minute.
Age & Qualification Doubts:
Q: India Post Payment Bank (IPPB) – Is it a govt job or private?
A: India Post Payments Bank (IPPB) is 100% owned by Government of India through Department of Posts.So it is completely a govt bank job.
Q: I will turn 20 years in January 2017.Am I eligible for Assistant Manager (Territory- scale I) post?
A: No.The age limit fixed for recruitment of this position is 20 - 30 yrs, as on September 1, 2016.
Only those who are born not between 02.09.1986 & 01.09.1996 are eligible to apply for scale I positions.
Q: What is the age requirement for Manager (scale II) & Senior Manager (scale III)?
A: Manager (scale II): 23 to 35 years (birth date must be within 02.09.1981 & 01.09.1993
Senior Manager (scale III): 26 to 35 years (born between 02.09.1981 & 01.09.1990)
Q: I belong to OBC/ SC/ ST category.Are there any relaxations in age?
A: Like in any govt recruitments, the maximum age is extended by 3 yrs for OBC, 5 yrs for SC, ST, 10 yrs for persons with disability (PWD)
Q: I have only 45% in degree.Am I eligible?
A: You are eligible as pass in degree is enough to apply.The percentage of marks doesn't matter for india post payment bank recruitment 2016.
Q: I am in final semester/ year of college & will complete degree only in 2017.
A: Candidates who have completed their degree by Sep 1, 2016 are only eligible for these jobs.
Therefore those who are doing their final semester/ year or waiting for results are NOT permitted to apply.
Experience related Doubts
Q: Is experience required for Assistant Manager (scale I) cadre job?
A: No.Freshers are also eligible for this post
Q: What are the experience conditions for scale II & III positions?
A: There are 652 scale II & 408 scale III vacancies in India post payment bank recruitment.So each post has separate condition listed below:
Manager (scale II): 3 yrs experience of working in scale I in any public sector bank or equivalent scale in a private bank or similar level in any other organization.
Senior Manager (scale III): Minimum 6 yrs experience of working in scale II in any govt bank or equivalent scale in a private bank or similar level in any other organization.
Salary, Bond & Job Location Doubts
Q: What is the salary of officers in India post payment bank?
A: The payscale for employees in IPPB varies with scale.
Assistant Manager (scale I): Rs.65,000 /month Manager (scale II): Rs.83,000 /month
Senior Manager (scale III): Rs.1,06,000 /month
The above salary is inclusive of allowances & benefits.So your take home salary could be around 30% lesser than the CTC given above.
Q: Is there any service bond in india post payment bank?
A: There is NO agreement or service bond in IPPB
Q: Can I get posting in my home state? Are there transfers?
A: The IPPB recruitment is not conducted state-wise.So you may be posted to any branch of the bank located across India.
Tuesday, October 18, 2016
20 Points We Should Know About IPPB
1. What is a Payments Bank?
A Payments Bank is a “differentiated bank” set-up under the guidelines issued on Nov 27, 2014 by the Reserve Bank of India (RBI) to further financial inclusion for the underserved population by providing (i) current and savings accounts and (ii) payments or remittance services to migrant labour workforce, low income households, small businesses, unorganised sector entities and other users. This is to be done by enabling high volume-low value transactions in deposits and payments or remittance services in a secure technology-driven environment.
2. Why is a Payments Bank required?
A vast majority of the rural population (over 60%, as per RBI), is still unbanked or underbanked. An easily accessible payments network and universal access to savings is fundamental to financial inclusion. At the same time, several non-banking entities such as the Department of Posts (DoP), prepaid payment instrument companies, business correspondent companies, etc., have had reasonable success in facilitating payments and other select financial services in urban areas. Their customers, however, face several limitations and difficulties arising out of their nonbanking status. Of particular note amongst these is the DoP which has a wide network and experience of handling financial transactions, but does not have a banking license. Given their potential to further the cause of financial inclusion, the RBI granted such entities a differentiated banking license, i.e. a payments bank license, which enables these entities to provide banking services other than credit. Credit and insurance are as integral to financial inclusion as are other banking services, and payments bank can offer these products as well but only in partnership with other banks/ insurers and on a non-risk sharing basis.
3. What is the scope and activities of the Payments Bank?
· As per the RBI Guidelines, the payments bank will be set up as a differentiated bank and shall be permitted to set
· up its own outlets such as branches, Automated Teller Machines (ATMs), Business Correspondents (BCs), etc. to undertake only certain restricted activities permitted to banks under the Banking Regulation Act, 1949, as given below:
1. Acceptance of demand deposits, i.e., current deposits, and savings bank deposits from individuals, small businesses and other entities, as permitted. The payments bank will be restricted to holding a maximum balance of Rs. 1,00,000 per individual customer.
2. Issuance of ATM / Debit Cards. Payments banks, however, cannot issue credit cards.
3. Payments and remittance services through various channels including branches, Automated Teller
4. Machines (ATMs), Business Correspondents (BCs) and mobile banking.
5. Issuance of PPIs as per instructions issued from time to time under the PSS Act.
6. Internet and mobile banking - The payments bank is expected to leverage technology to offer low cost banking solutions.
7. Functioning as Business Correspondent (BC) of another bank – a payments bank may choose to become a BC of another bank, subject to the RBI guidelines on BCs.
8. As a channel, the payments bank can accept remittances to be sent to or receive remittances from multiple banks under a payment mechanism approved by RBI, such as RTGS / NEFT / IMPS.
· Payments banks will be permitted to handle cross border remittance transactions in the nature of personal
· payments or remittances on the current account.
· Payments banks can undertake other non-risk sharing simple financial services activities, not requiring any commitment of their own funds, such as distribution of mutual fund units, insurance products, pension products, etc. with the prior approval of the RBI and after complying with the requirements of the sectoral regulator for such products.
· The payments bank may undertake utility bill payments etc. on behalf of its customers and general public.
4. Are there any restrictions on payments banks as compared to other commercial banks?
· Given that their primary role is to provide payments and remittance services and demand deposit products to small businesses and low-income households, payments bank will initially be restricted to holding a maximum balance of Rs. 1,00,000 per individual customer.
· Payments banks cannot issue credit cards and cannot grant loan/ credit out of their own books of accounts.
· Apart from amounts maintained as Cash reserve ratio (CRR) with RBI, Payments Bank will be required to invest minimum 75 percent of its demand deposit balances in Government securities/treasury bills with maturity up to one year and hold maximum 25 percent in current and fixed deposits with other scheduled commercial banks for operational purposes and liquidity management.
· The payments bank cannot set up subsidiaries to undertake non-banking financial services activities. The other financial and non-financial services activities of the promoters, if any, should be kept distinctly ring-fenced and not comingled with the banking and financial services business of the payments bank.
· The payments bank will be required to use the words “Payments Bank” in its name in order to differentiate it from other banks.
5. Has this model of Post office setting up a bank worked anywhere else in the world?
Postal operators are the leading financial services providers in over 75% of the countries around the world. Someof the Post Banks in the world have been highly successful, i.e. Japan, New Zealand, Switzerland, France, China,South Korea, South Africa, Morocco to name a few.
Department of Post
6. Why is DoP setting-up a payments bank?
· DoP has been successfully running the Post Office Savings Bank for the Ministry of Finance. Setting up its independently owned bank is the next logical progression. Based on feasibility studies and a subsequent Detailed
· Project Report, the Department, in 2013, made an application to the RBI and a proposal to the Public Investment Board (PIB) to set up a universal bank. However, the Department was advised by the PIB to set up a “differentiated bank” under the relevant guidelines. Accordingly when the RBI came up with the guidelines for licensing of Payments Banks in November 2014, the Department of Posts made an application for the same and got the in-principle approval in September 2015 for setting up its payments bank.
· The setting up of the payments bank is therefore necessary in view of current market realities and to ensure continued relevance of DoP’s products and services. Among other things, the decision to set up the payments banks comes in the wake of changes in the banking and payments landscape in the country. The payments bank will ensure that the banking and payments services offered through the postal network are well integrated and completely inter-operable with the rest of the banking and payments ecosystem and will leverage new age technology in line with key technological advances in the banking sector such as unified payments interface (UPI).
7. What is the GOI’s outlook on DoP’s foray into banking?
In the Union Budget of 2015-16, the Honourable Finance Minister made the following announcement:
“The Government is committed to increasing access of the people to the formal financial system. In this context, Government proposes to utilize the vast Postal network with nearly 1, 54,000 points of presence spread across the villages of the country. I hope that the Postal Department will make its proposed Payments Bank venture successful so that it contributes further to the Pradhan Mantri Jan Dhan Yojana.”
In his Independence Day speech at the Red Fort, on 15th August 2016, the Hon’ble Prime Minister Shri Narendra Modi spoke about IPPB:
“The Post Office is an example of our identity. We have revived and rejuvenated our post offices. IT is now linked with the poor and small persons. If any government representative gets the affection of a common man in India, it is the postman. Everyone loves the postman and the postman also loves everybody, but we never paid attention towards them. We have taken a step to convert our post offices into payments banks. Starting with this, the payments bank will spread the chain of banks in the villages across the country in one go”
8. How will setting up the payments bank benefit DoP?
The payments bank will not only drive revenues for DoP but also help in maintaining DoP’s brand image and relevance in the current financial landscape that is evolving rapidly. For e.g. Utility bill payments services of the IPPB as a Bharat Bill Payment Operating Unit (BBPOU) will help DoP in increasing its market share in the utility bill payments space and provide technology driven services to customers. New age technology will enhance customer experience, provide more options and help in serving the larger cause and vision of the GOI i.e. to bring about financial inclusion for the vast unbanked and underserved population.
9. What will be the role and relationship of DoP with the proposed payments bank?
· The payments bank will be 100% owned by the Government of India via DoP, and will have an independent board of directors with representation from DoP and other stakeholders from within the Government of India to ensure strategic alignment with the overall objectives of the DoP and the Government of India.
· The post offices at different levels will be the main customer touch points for the bank’s services. A close liaison between the bank and DoP staff at the access points will be maintained on a regular basis at the branch level for success of the delivery model India Post Payment Bank (IPPB)
10. When will India Post Payments Bank (IPPB) start operations?
IPPB is expected to start operations in FY 2017-18
11. How many branches are likely to be opened?
IPPB is slated to have 650 branches at district headquarters. All post offices across the country will function as customer access points for IPPB.
12. What will be the USP for IPPB?
The latest payments and banking technology, easy to use interface, the trusted network of the post office and its dedicated staff with a local connect will be the USP of the IPPB. IPPB will bring in innovative services and interface for its target customer segments in all areas. The accessibility and ease of use of services through a combination of modern technology and the widespread DoP physical network, capable of providing door step services will make it a unique payments bank. Through a combination of physical and digital channels, payments bank will build the most accessible bank in the country especially in rural and underserved areas of the country.
13. How will IPPB employees be recruited? What are the various mechanisms through which they get selected?
Various options regarding the recruitment and selection of IPPB employees have been considered. These include deputation from DoP or other public sector banks, direct recruitment through IBPS, contractual arrangements for certain skilled staff positions etc.
DoP’s role in IPPB
14. How will IPPB function?
IPPB has been set up as 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 approx.
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 led solutions to extend access to formal banking.
Products and Services
15. How will the products and services of IPPB be different from DoP’s payment and remittance products?
· DoP payments and remittances products are based on the basic money order services adapted for the digital age.
· While IPPB will provide the same 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 banking transactions and easy to use mobile and internet banking options IPPB will significantly improve accessibility of its services. Additionally, IPPB products will be well integrated and inter-operable with the rest of the banking industry.
· 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.
· Product innovation will be a continuous exercise to expand the bouquet of services adapting to the evolving needs of its customers technologies and the rapid advancements in communication and payments
16. Will there be an impact on POSB?
· 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 ceiling 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 offered by the payments bank. POSB accounts are mainly savings instruments.
· Simply put while POSB is more focussed on returns from small savings, IPPB will be focussed on transactions.
· Thus there will be an inherent synergy between the two and each will complement the other.
17. How will IPPB improve disbursement of subsidies?
IPPB is being set up by the GoI with a primary focus of improving the Direct Benefit Transfer of various subsidies.
IPPB will be providing a robust technology platform for DBT disbursements and build a strong reporting mechanism.
By channelling a majority of subsidy disbursements through its combined network, DoP-IPPB combine will significantly increase its current market share.
Customers
18. Who will be the target customer of IPPB?
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.
19. How will the customer choose between the savings account of POSB and IPPB?
· Both POSB and IPPB will have different branding and the product features will be quite different. At time of signing up, customers will be clearly told what the product features are and customers will be able to choose the product of their choice.
· Given the difference in purpose of the two accounts, the POSB customers can be encouraged to open an IPPB account for managing their fund flow including bill payments, remittances to other family members, businesses etc.
· depending on their needs. Customers focusing on savings may prefer to have their deposits with POSB and transact through their IPPB account as per requirements.
· Customers will be given the option 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.
Overall
20. I would like to know more and contribute to the IPPB journey. How can I do that?
You can send your questions and suggestions to pbi-project@gov.in or call us at +91 11 23096008 and check for regular updates on https://www.facebook.com/ippbonline/ and http://utilities.cept.gov.in/dop
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