India Post readies plan to start bank
The postal department has appointed Ernst & Young as consultant for the project and based on the detailed project report, it will approach the Union cabinet for a final go ahead.
NEW DELHI: The Reserve Bank of India having opened the window for new bank licences, the postal department is finalizing the blueprint to set up a bank of its own at yourneighbourhood post office, a move that will challenge the dominance of large public sector lenders in smaller towns and rural India.
While the department already has a balance sheet of Rs 6.18 lakh crore, which includes deposits of around 5.5 lakh crore, it is expected to set up a new entity that will function as the bank. Transferring the existing deposit base to the bank or converting the entity into a bank will entail an initial capital base of around Rs 55,000 crore to meet RBI's requirement, which the government will find difficult to provide. So, the proposed bank will start with the minimum capital requirement of Rs 500 crore, said a source familiar with the development.
"This will benefit rural areas enormously. There are nearly 1.55 lakh post offices and no capital cost of building is required. We are connecting post offices. As it is, we are offering savings bank in post offices and this is a natural progression. The matter is under discussion with the finance ministry and RBI," communications and IT minister Kapil Sibal told TOI.
The postal department has appointed Ernst & Young as consultant for the project and based on the detailed project report, it will approach the Union cabinet for a final go ahead.
A source said that the new entity will have its own board and guidelines that comply with RBI regulations. Although there are several examples of postal departments getting into banking — ranging from the German and Italian model, to those in South Africa and Japan — sources said the India model will be a lot different given the country's vast geographical spread and low level of banking penetration.
Among the various suitors, the postal department has one of the strongest cases to set up a bank given its massive reach across the country with 1.53 lakh post offices, almost all offering savings bank facilities. In all, there are 23.3 crore savings bank accounts with deposits adding up to Rs 3.8 lakh crore at the end of March 2012. "In a way it is already a savings bank. All that we want to do is make it a commercial bank," said a source.
The plan is to penetrate rural areas and smaller towns, which is also in line with the government's stated aim of offering banking facilities in the hinterland. Over a period of time, services such as investment banking will be added so that the bank becomes a full-fledgedfinancial services entity.
The postal department has already initiated steps to connect post offices through an electronic network, which will be useful while setting up a bank. Connectivity ensures that customers can transact business through any branch in the country. It has also ordered the procurement of over 800 ATMs
But manpower issues are going to be a big challenge. "Getting direction is one thing, developing or procuring capability is another thing altogether. If the regulator is convinced, capability will follow," said Ashvin Parekh, partner and national leader for financial services at consulting firm E&Y. Parekh, however, refused to discuss the issue further as his firm is advising the postal department on its banking foray. Source Times of India 14 March 2013.
CIRCULAR ON REPLACING THE EXISTING FACILITY OF ‘PHASED WITHDRAWAL” WITH “DEFERRED WITHDRAWAL”.{CLICK HERE FOR DETAILS
TWO DAY ALL INDIA STRIKE BY DIFFERENT TRADE UNIONS AND ASSOCIATIONS: GOVERNEMTN REPLY IN RAJYA SABHA.
STATEMENT REFERRED TO IN REPLY TO PARTS (a) TO (c) OF RAJYA SABHA STARRED QUESTION NO. 235 FOR 13TH MARCH 2013 BY SHRI K.N. BALAGOPAL REGARDING “ALL INDIA STRIKE BY TRADE UNIONS”.
(a) & (b): Yes, Sir. Government was aware of the two days all India Strike by different trade unions on February 20 and 21, 2013. A meeting was convened by Union Minister of Labour & Employment with the representatives of Central Trade Unions (CTUs) on 13th February, 2013 to discuss the charter of demands. The demands of CTUs were discussed at length. It was clarified to the Union representatives that their demands would be looked into by the Government and they were requested to withdraw strike. The Hon’ble Prime Minister also made an appeal to CTUs to withdraw their country-wide General Strike. Subsequently, a group of Senior Ministers of the Cabinet held a meeting with the representatives of the major CTUs on 18th February, 2013. The GoM assured the representatives of CTUs that Government is serious on the demands related to working class and taking all possible measures to redress them. They also appealed to the representatives of CTUs to reconsider their stand for going on strike.
(c): Government has taken various measures to address the concerns raised by the trade unions. Particular attention is drawn to the huge amount of food subsidy incurred by the Government to ensure availability of food grains to the poor at very concessional rate through the Public Distribution System. The Government’s efforts to pass the Food Security Bill in the Parliament will further increase the availability of subsidized food grains to the larger segments of the population. Ministry of Labour & Employment has prepared a National Employment Policy to ensure that the growth process is inclusive and equitable. The policy has been drafted with a view to mainstreaming employment into policy making for socio-economic development of the country. It will provide a proper framework towards achieving the goal of remunerative and decent employment for all women and men in the labour force. So far enforcement of labour laws in Central Sphere is concerned, there exists a well-defined and effective machinery. Similar arrangements are also available in the States. The Government has enacted Unorganised Workers’ Social Security Act, 2008. The Government of India has also set up National Social Security Fund (NSSF) with a corpus of Rs.1000 crore. National Social Security Board (NSSB) has also been constituted which is advising the Government from time to time on Social Security Schemes. Action is being taken to amend the Contract Labour (Regulation & Abolition) Act, 1970 wherein it is, inter-alia, proposed that in case where the contract labour perform the same or similar kind of work as the workmen directly appointed by the principal employer, the wage rates, holidays, social security provisions of contract labour shall be the same as are available to the directly appointed workmen on the roll of principal employer. Further, a Bill is being brought before the Parliament to amend the Minimum Wages Act, 1948 to provide a National Floor Level Minimum Wage
Full details of Rajya Sabha Q&A:
Full details of Rajya Sabha Q&A:
GOVERNMENT OF INDIA
MINISTRY OF LABOUR AND EMPLOYMENT
RAJYA SABHA
STARRED QUESTION NO-235
ANSWERED ON-13.03.2013
All India strike by trade unions
235 . SHRI K.N. BALAGOPAL
(a)whether Government was aware about the two day all India strike by different trade unions and associations on February 20 and 21, 2013;
(b)if so, the details of the steps taken by Government to address their issues and avoid the strike; and
(c)whether Government is planning any measures to address the concerns raised by the trade unions?
(a)whether Government was aware about the two day all India strike by different trade unions and associations on February 20 and 21, 2013;
(b)if so, the details of the steps taken by Government to address their issues and avoid the strike; and
(c)whether Government is planning any measures to address the concerns raised by the trade unions?
ANSWER
(SHRI MALLIKARJUN KHARGE)
(a) to (c): A statement is laid on the Table of the House. **see above**
Source: Rajya Sabha Q&A
(a) to (c): A statement is laid on the Table of the House. **see above**
Source: Rajya Sabha Q&A
PHOTOS 29th AIC OF AIPEU Gr. C - THIRUVANANTHAPURAM (KERALA) FROM 10th TO 12th MARCH, 2013.
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| Addressing of Delegates and CHQ office bearers |
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| Souvenier Released by com.Sukomalsen and copy handedover to Com.R.L.Bhattacharya |
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| Com.Sukomal Sen and com.P.Balakrishnan addrressing |
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| Com.K.V.Sridharan felecitated and Rception committee General Secretary Com.JacobThomas addrressing CHQ OFFICE BEARERS OF AIPEU Gr. C
ELECTED UNANIMOUSLY:
President Com. R.Sivannarayana (Andhra Pradesh)
Working President (1) Com.Mangesh Parab (Maharashtra)
(2) Com.N.Gopalakrishnan (Tamilnadu)
Vice President (1) Com.R.C.Mishra (Odisha)
(2) Com.Smt. C.P.Sobhana (Kerala)
General Secretary Com.M.Krishnan (Kerala)
Dy. Genl. Secy (1) Com.N.Subramanian (Tamilnadu)
Asst.Genl.Secy (2) Com.R.N.Parashar (Uttar Pradesh)
(3) Com.G.Maity (West Bengal)
(4) Com.P.Veeramani (Tamilnadu)
Financial Secy. (1) Com.Balwinder singh (Delhi)
Asst. Fin. Secy (2) Com.H.P.Diwakar (Rajasthan)
Org. Genl. Secy (1) Com.S.A.Hameed (Chattisgarh)
(2) Com.U.K.Tiwari (Bihar)
(3) Com.L.P.Saikia (Assam)
AIPEU Gr.C (CHQ) WOMEN COMMITTEE
Chariperson : Com. Nandasen (West Bengal)
Convener : Com.C.P.Sobhana (Kerala)
Committee Members :
Com.K.Pushpeswaridevi (Andhra Pradesh)
Com.Manimeghalai (Tamilnadu)
Com.Mausumi Majumder (Assom)
Com.P.Rema (Kerala)
Com.Manali (Maharashtra)
Com.Manju Srivashtava (Madhya Pradesh)
Com.Srimathi (Andhra Pradesh)
Com. Angel Sathiyanathan (Tamilnadu)
NFPE conveys greetings and congratulations to the newly elected office bearers of AIPEU Group ‘C’ and the Mahila Committee Members.
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RECOGNITION OF CERTIFICATES/QUALIFICATIONS AWARDED BY RAJASTHAN STATE OPEN SCHOOL, JAIPUR AND ANDHRA PRADESH OPEN SCHOOLING SOCIETY FOR THE PURPOSE OF EMPLOYMENT IN CENTRAL GOVERNMENT OFFICES.
No.14021/1/2012-Estt.D
Government of India
Ministry of Personnel, P.G. & Pensions
Department of Personnel & Training
North Block, New Delhi
Dated the 5th March, 2013
OFFICE MEMORANDUM
Subject: Recognition of certificates/qualifications awarded by Rajasthan State Open School, Jaipur and Andhra Pradesh Open Schooling Society for the purpose of employment in Central Government Offices.
The undersigned is directed to state that the matter whether qualifications/certificates awarded by Rajasthan State Open School, Jaipur and Andhra Pradesh Open Schooling Society are recognized for the purpose of employment in Central Government Offices has been considered in consultation with the Ministry of Human Resource Development.
2. Department of School Education and Literacy, Ministry of Human Resource Development had clarified vide their O.M. No.F-2-35/2011-Sch.3 dated 07.09.2012 that Council of Boards of School Education in India (COBSE), an Association of National and State School Education Boards, is responsible for verifying genuineness/recognition of School Education Boards in India. It grants membership to boards/Institutes that are set up by an Act of Parliament or State Legislature or an executive order of the Central/State Governments and follow the National Curriculum Framework. The certificates issued by its member Boards are equivalent to any other board across the country. It was informed that Andhra Pradesh Open Schooling Society and Rajasthan State Open School, Jaipur, are its members and their courses are recognized by COBSE and all its member Boards, and are valid for further studies and appointment in the Central and State Government departments. As regards, validity of certificates issued by Rajasthan State Open School, Jaipur and Andhra Pradesh Open Schooling Society for employment purposes, it may be got verified from the respective State Open Schools, wherever, necessary.
3. Hindi version will follow.
sd/-
(Pushpender Kumar)
Under Secretary to the Government of India
Source: www.persmin.nic.in
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