Tuesday, September 3, 2013

IT-major Infosys, which bagged the India Post contract last year to upgrade the department’s technology framework for financial services, is in its final stages of providing a software solution for a hand-held device to be used by the postal network. The device will help it deliver an array of financial products directly to the consumers even in the most remote areas.
The hand-held technology device to be used by the postman will ensure last-mile connectivity for banking transactions of India Post across its over 1.5 lakh branches. The country's second largest IT-services exporter has already developed the necessary software and is waiting for the hardware partner to be finalised, which will be decided by the Department of Posts.
Talking to FE, CN Raghupathi, head, India business unit, Infosys, said, “The idea is to make India Post a modern bank where the postman becomes a banking correspondent where he can do banking transactions with the hand-held device.”
Infosys bagged the multi-year deal from Department of Posts in August, 2012, valued at around R700 crore to bring about a technological transformation. Under the deal, Infosys will implement its core banking solution, Finacle and McCamish insurance product, which will connect 150,000 post offices and cover 200 million customers with India Post's Financial Services System Integration plan.
The ambitious India Post 2012 vision has certain key objectives such as modernisation and computerisation of all post offices, development of robust software systems, creating data centres and deployment of rural information communication technology infrastructure in over 1.3 lakh
Source   :  Financial  Express 

Tuesday 3 September 2013

            NEW DELHI: There are no uniform rules for female employees in government departments and organizations and they are treated by varying yardsticks when it comes to essential benefits like maternity and child care leave (CCL). 
       Dismayed after finding that maternity leave can vary from 90 to 135 days, a Parliamentary panel has suggested that all government departments and organizations should ensure 180 days of leave for their women employees
            The panel found many organizations grant 90, 85 or 135 days of maternity leave. It has said child care leave (CCL) of 730 days must be granted with pay to women employees across the board in government.

            The committee was also distressed by the low presence of women employees in Government organizations. "It is disheartening to observe that it is significantly low...10.04% as per the 2012 census of Central Government employees," the panel said. The representation is particularly poor in semi-urban and rural areas. 

            The Standing Committee on Law, Personnel and Public Grievances on the 'status of women in government employment and in public sector undertakings' was unhappy that while a majority of the organizations do grant CCL, but they do so without pay. 
            For example, Mahanandi Coalfields Ltd gives CCL to female employees working as executives but not for non-executive category. In Cochin Shipyard Ltd, CCL is not granted since there is no specific direction from the department of public enterprises.

            The policy has been discontinued in Mormugao Port Trust even though CCL benefits have been extended to all civilian female industrial employees in government since September, 2008. But many women employees hesitate to avail the leave, if granted without pay.

            Introduction of "flexible timings" for female employees, especially young mothers, so that organizations can retain talent has been mooted by the committee headed by Congress MP Shantaram Naik as the panel found household responsibilities as a major reason for attrition among women employees. 
            The government has been asked to explore the policy on "staggered working hours" or "work at home" for female employees. The panel was informed that the recommendation of Sixth Pay Commission regarding staggered working hours was not accepted by the Government. 
            Single women should be given postings closest to their hometown or places of their choice, the panel said. "It should be mandatorily ensured," it said, adding that this "pertinent factor" should be kept in mind during allocation of postings by department heads.

            The provision for giving same station posting to couples may be given statutory backing, the panel recommended as it found the instruction is not always adhered to
            Women employees who travel beyond office hours should be provided with security and proper transport by the employer in order to ensure their safety, the Committee said. 

            The panel also noted that action taken on complaints of sexual harassment at workplace is "not satisfactory". It felt merely transferring a delinquent employee to a different branch or station is inadequate and strict disciplinary action is needed. "The punishment has to be deterrent for prospective offenders," the panel said. 
Source: http://timesofindia.indiatimes.com   (o1 Sep,2013)

            Cabinet is likely to approve GDS bonus ceiling for Rs.3500- in the ensuing meeting:
After clearance of the Department’s proposal of Rs.3500-  bonus ceiling to GDS by the Ministry of Finance during 3rd week of August, the process for cabinet approval has started and a note has been submitted by the Department to the Min. of Finance to submit for further approval in the Cabinet meeting. It may be expected in the ensuing meeting of the Cabinet.
 It is always an admitted fact that every time the GDS issues are resolved with the continuous efforts of NFPE & JCA and at times by Confederation, none can claim on their own or for their own. One can’t deny that the Committee (Shri Alok Saxena Committee) for reviewing the GDS bonus issue only after 12.12.12 one day strike.  It is the issue of 2.7 lakh Gramin Dak Sevaks and not limited to a section or a class which claims for their fancy. Information published or conversant to the members explicitly depends upon the context and source but not on the mere exposure. We are not interested to make it another issue to create confusion and things left to the diplomacy of the so called claimants.
 However, all details will be published on receipt of the information obviously.

What  is  the  present  rate  of  interest  for  SB  Accounts 

Whether  any  nomination  facility  is  available  for   Savings  Bank  Account  in  Post  Office 

Yes   Nomination  facility  is  available  for  all  individual  accounts   except  in Minor  accounts 

Whether  a  minor  can  open  a  saving  account    

Yes,  If  he  is  of  10 years  of  age   he  can  open  account  other  wise  guaridan  can  open   for  him       

Whether   Introduction  is  compulsory  for    Open  SB  account  

Yes  ,  Introduction  of  the  depositor  is  compulsory  for  Individual  accounts   unless  the  depositor  is  known  to  the  post  office  

Whether  there  is  any Limit  for deposit  in   SB  account  

From  01.10.2011   onwards  ,  there  will  be  no  limit  for  retaining balance   in  single  as  well  as  Joint  accounts 

What  is  the  minimum  balance   of cheque  account for  SB  account 


What  is  the  minimum  amount  of  deposit  in  RD account 

Rs  10/-

Whether   a  RD  account   can  be  continued   after  maturity  period 

Yes  it  can   be  continued   for a  further  period  of  five  years  from  date  of  maturity 

Then  what  is  the  rate  of  interest  of  matured  for  post  maturity  period   in  RD  accounts 

The  depositor  shall  be  entitled  to  a  simple  interest  at  the  rate  applicable  time  to  time to  PO savings  account  from  the  date  of  maturity   till  the  date  of  payment 

Whether  there  is  any  Premature  closure  is  allowed  for   Recurring  Deposit (RD) 

Yes  ,  Premature  closure  is  permitted  on  completion  of  three  years  from  the  date  of  Opening 
What  is  the  present  rate  of  interest  rate of   1,2,3,5  year  Time  Deposit (TD)   accounts 
For   1  and  2  Year    8.20 %   per annum   For  3 year     8.30 %  Per  annum  and  5 year    8.40 %  per  annum 
Whether  any  limit  is  exists   for  open  TD  accounts   in  case  of  no  of  accounts

No  ,  Any  number  of   TD  accounts   can  be  opened  
Whether any  facility  for transfer  annual interest of  TD  accounts  to  my  Savings  account 
Yes    Annual  interest can  be  automatically  credited   to  Savings  account 
What  is  the  rate  of  interest  allowed   at the  time  of  Post  maturity  for  TD  accounts
Post  maturity  interest  shall  be  allowed  at  SB  rate 
What  are  the  conditions  for  premature  closure   for   TD  accounts 

Premature  closure  of  the  account  is  permitted  on  some  conditions
In  case  of  premature  closure  TD  accounts  of  1,2,3 and  5  Years   accounts  . if  deposit   is  withdrawn  after  six  months  , but  before  the  expiry  of  one  year    from  the date  of  deposit   , simple  interest  at  the  rate  applicable  from  time  to  time  to  PO  savings  account  shall  be  payable 
           In  case  of  premature  closure  on  or  after  01.12.2011 ,  if  the  deposit is  withdrawn  after   expiry of  one  year  from  the  date  of  deposit  ,  interest  on    such  deposit  shall  be  calculated  at  the rate  , which  shall  be  one  percent  less  than  rate  specified  for  a  period  of  deposit  of  1 year,  2  years  and  3  years 
What  is  the  maturity  period  of  Monthly  income  Scheme  (MIS) 

The  maturity  period  of  MIS  on  or  after   01.12.2011
What  is  the  minimum  and  maximum  amount  for  open a MIS  account

Minimum  amount  of  deposit  is  Rs  1500 and  in  multiples  of  Rs  1500/-  Maximum  amount  is  Rs  4.5  Lakhs in  the  case  of  Single  account and  9 lakhs  in  the  case  of  Joint  account 

What  is  rate of  interst   for  MIS  accounts

From  01/04/2013   the  rate  of  interest  for  MIS  accounts  is  8.4 %  per  annum 
What  is  the  rate of  bonus which  is  applicable  for  MIS  account ?

No  Bonus  will  be  paid  for  the  accounts  opened  from  13/02/2006  to  07/12/2007
 5 %  Bonus  is  payable  for  the accounts  opened  on  or  after  08.12.2007.

 There  shall  be  no  bonus  admissible on  maturity  in  the  accounts  opened  on  or  after  01.12.2011
Whether    premature  closure  is  allowed   for  MIS  ,  If  so   then  what  are  the  conditions   for that  

Yes,  If  the account  is  closed  before  three  years   an  amount  equal  to  two  percent  of  the  deposit  shall  be  deducted  and  If  the  account  is closed  after  three  years an  amount  equal  to  one  percent  on  the  deposit   amount  shall  be  deducted  .
What  is  the  period  for   Senior    Citizens savings  scheme 
Five  Years 
Who  can  open  SCSS  account  ?

Any  individual  who  has  attained     the  age  of  60 years  on  the  date  of  opening  or  who  has  attained  the  age  of  55 years or  more  but  less  than  60 years  and  who  has  retired  on  superannuation  or  otherwise  on  the  date  of  opening  of  an  account under  these  rules  subject  to the condition  that  the  account  is  opened  by  such  individual  within  one  month  of  the  date  of  receipt of  the  retirement  benefits  along  with  a  certificate  from  the  employer  indicating  the  fact of  retirement  on  superannuation  or otherwise   ,  retirement  benefit  and  period  of  such employment  with  the  employer  is  attached  with  the  supplication form

Whether  the  joint  account  is  permitted  in  the  case  SCSS  account  ,  If  so  what is the  condition 

Yes  ,Joint  account  is  opened  with the  spouse  only  and  not  with  any  other  person  ,
In  the  case  of  joint  account    the  age of  first applicant  ie  depositor  is  the  only  factor  to  decide  the  eligibility  and  there  is  no   age bar/limit  for  second  applicant 

What  is  the  present  interest  rate  of  SCSS  account 

9.2 %  per  annum 

Whether  the  Premature  closure  is  allowed   in  SCSS  account   

Yes,  It  is  allowed  after one  year  from  the  date  of opening  
 After  one  year   and  before  2  years   from  the  date  of opening   Deduct  1.5  %  from  Depost  amount  If  the  account  is  closed  after  two  years  Dedcut    1  %  from  the  deposit