Wednesday, March 4, 2015

Details of the saving schemes, remittances, life insurances and social disbursements


                             AS ANSWERED IN RAJYA SABHA


(1) POST OFFICE SAVING BANK

At present Department of Posts is offering 9 Small Savings Schemes, named below, to the public on behalf of MoF (DEA).
      i.      Savings Account
        ii.     Recurring Deposit
      iii.    Time Deposit                                     
 iv.    Monthly Income Account Scheme
 v.     Senior Citizens’ Savings Scheme
vi.    Public Provident Fund
vii.   National Savings Certificates (VIII and IXth Issue)
viii.  Kisan Vikas Patra (re-launched on 18.11.2014)
 ix.   Sukanya Samriddhi Account (launched on 22.01.2015)

In the above schemes, only mobilization of Small Savings through deposits is done and there is no provision of credit facility to the members of public.Core Banking is being implemented in the Post Offices. As on 23-02-2015, CBS facility is available in 2129 Post offices. ATMs have also been installed in 11 locations across the country.


(2) MONEY REMITTANCE SERVICES THROUGH POST OFFICES

Department of Posts is the largest provider of money remittance services in the country. As may be seen from the table below, the Post Office paid out a total of Rs.12,000/-  crores during 2013-14 to 9 crore  reciepients, under its domestic and international remittances.

Sl.No
Type
Services
Number of Transactions

Amount Disbursed (In Crores)
1
Domestic remittances
(Money orders)
e-MO & iMO
9,24,54,809
8297.24
2

International Remittances
International Financial System,
Western Union and Money Gram
17,46,921
3771.94
Total
9,42,01,730
12,069.18


(i) Domestic money remittance services: The domestic money transfer facility through post office is called Money Order.   This service is available in all post offices, and is of two categories:

(ii)Electronic Money Order (eMO): The eMO service introduced in 2008 has since replaced the manual money order service. It has modernised the transmission process of money orders by ensuring quick and secure electronic transmission. Time taken for Transmission is very less and amount is normally paid within a day of booking. The maximum amount that can be sent in a single eMO is Rs. 5000/- and the money is paid in cash at the door step of the payee. Customers also have the convenience of tracking the eMO through Indiapost website.

(iii)Instant Money Order (iMO): DoP also provides an advance money order service under the brand instant Money Order. This is an instant, web based money transfer service. Amounts from Rs.1000/- to Rs.50000/- can be remitted through designated iMO post offices. The remitter has to fill-up prescribed form at an iMO post office and produce valid photo identity. Money Order Commission varies based on the amount of remittance, and ranges from Rs. 100/- to Rs. 120/-. Payee has to visit the post office, fill up the prescribed form and produce the identity proof to receive the money. Amount recieved can also be credited to the post office savings account of the payee.

(iv) International remittance services: The Department is also offering inward international money transfer, which is done through three different channels. First is the International Financial System, which is a post-to-post collaboration. The other two are third party services, in tie up with Western Union Money Transfer and Moneygram respectively. These channels are quick and easy ways of transferring personal remittance from abroad to beneficiaries in India. Together, they make it possible for post office customers to receive money from nearly 200 countries through identified post offices.  Remittances play an important role in the local economies in large parts of the country. They contribute mostly to economic growth and to the livelihoods of less prosperous people, and are hence significant to the people of rural and inaccessible areas.

(3) PAYMENT OF WAGES AND PENSIONS UNDER SOCIAL SECURITY SCHEMES THROUGH POST OFFICES

The Department has been entrusted with the task of disbursing wages and pensions under various Government sponsored Social Security Schemes like;

·         Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS),
·         Indira Gandhi National Old Age Pension Scheme (IGNOAPS),
·         Indira Gandhi National Widow Pension Scheme (IGNWPS),
·         Indira Gandhi National Disability Pension Scheme (IGNDPS) and
·         Indira Gandhi Matritva Sahyog Yojana (IGMSY).

3.1. Disbursement of MGNREGA wages through post offices

 The Scheme is operational through 96,735 post offices as on 31.03.2014. The MGNEREGS payments for the year 2013-14 are as follows-

Year
No. of MGNREGA accounts (in crore)
Amount disbursed (Rs in crore)
2013-14
6.42
11,403

3.2. Payment of various social security pension schemes: Department also undertakes payment of pensions under National Social Assistance Programme (NSAP) of the Ministry of Rural Development (MoRD). These include:

1.    Indira Gandhi National Old Age Pension Scheme (IGNOAPS),
2.    Indira Gandhi National Widow Pension Scheme (IGNWPS) and
3.    Indira Gandhi National Disability Pension Scheme (IGNDPS)

These payments for pension schemes are being effected either through Money Orders or Post Office Savings Bank (POSB) accounts depending upon the choice of implementing agency and beneficiaries. During the year 2013-14, Rs. 1494.47 crores have been disbursed through 3.95 crores accounts and more than Rs. 4085 crores  have been paid through 5.38 crore money orders.

3.3. Cash Payment under Indira Gandhi Matritva Sahyog Yojana (IGMSY Scheme)
  
 IGMSY, a Conditional Cash Transfer (CCT) Maternity Benefit Scheme for addressing maternal under-nutrition, has been introduced in 52 identified districts through the platform of Integrated Child Development Services (ICDS) Scheme. The Scheme envisages providing cash directly to women during pregnancy and lactation subject to the individuals fulfilling specific conditions. Postal network in these districts is contributing to the success of the Scheme by opening POSB accounts for the beneficiaries and facilitating transfer of cash to them under the Scheme.  More than 4.43 lakh such accounts have been opened so far through which Rs. 70.68 crore have been disbursed.

Through the above activities the postal network has succeeded in increasing the purchasing power of the people, thereby giving impetus to economic activities in the rural and backward  areas of the country.

4.  LIFE INSURANCE SCHEME

Department of Posts provides Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) schemes to the citizens.  The status of PLI/RPLI funds and the business procured during the last year are as under:

 Year
No. of Policies procured during the year
Sum Assured of policies procured (in Rs. Crore)
Aggregate No. of Policies in force
Aggregate Sum Assured (in Rs. Crore)
2013-14
10,20,379
6850.17
2,32,32,236
99097.34


BANKING SERVICES IN POST OFFICES -- RAJYA SABHA Q & A



GOVERNMENT OF INDIA
MINISTRY OF COMMUNICATIONS AND INFORMATION TECHNOLOGY
DEPARTMENT OF POSTS  

RAJYA SABHA
UNSTARRED QUESTION NO.533
TO BE ANSWERED ON 27th FEBRUARY, 2015


BANKING SERVICES IN POST OFFICES

†533. SHRI BHUPENDER YADAV:                                                         

Will the Minister of COMMUNICATIONS AND INFORMATION TECHNOLOGY be pleased to state:

(a)       whether Government proposes to entrust banking related services to the Department of Posts;

(b)       whether all post offices in the country would also function as a bank; and

(c)        if so, by when this work is likely to be completed?

ANSWER

THE MINISTER OF COMMUNICATIONS AND INFORMATION TECHNOLOGY
(SHRI RAVI SHANKAR PRASAD)

(a)       Yes Sir. The Department of Posts applied to the Reserve Bank of India for issuance of license for setting up of Payments Bank on 30.01.2015.
(b)       No Sir. The Government does not propose to convert all post offices in the country to function as a bank. However, Department of Posts applied for license for setting up a Payments Bank on 30.01.2015, which may utilize a part of existing resources /infrastructure of the Department.
(c)        Date of completion of the above work will be depended on the decision of the Reserve Bank of India.

************

GOVERNMENT OF INDIA
MINISTRY OF COMMUNICATIONS AND INFORMATION TECHNOLOGY
DEPARTMENT OF POSTS  

RAJYA SABHA
UNSTARRED QUESTION NO.547
TO BE ANSWERED ON 27th FEBRUARY, 2015

DEPARTMENT OF POSTS ENTERING INTO BANKING SERVICES

†547. SHRI RAM NATH THAKUR:

Will the Minister of COMMUNICATIONS AND INFORMATION TECHNOLOGY be pleased to state:

(a)       whether Government plans to establish Post Bank of India by converting the wide network of post offices spread across the country into commercial banks, if so, the details thereof;

(b)       whether the Department of Posts had expressed its intention before the Government of entering into banking services in the rural areas during a discussion on the suggestions of a task force constituted on India Post; and

(c)        if so, the details thereof and the action plan made by Government in this regard?


ANSWER

THE MINISTER OF COMMUNICATIONS AND INFORMATION TECHNOLOGY
(SHRI RAVI SHANKAR PRASAD)

(a)      The Government does not propose to convert the wide network of post  offices spread across the country into commercial banks. The proposed Post Bank of India is envisaged as an independent entity.
(b)     During the discussions on the suggestions put forward by task force constituted for leveraging the Post Office Network, the Department of Posts expressed the view that it is ready to enter into the banking space with focus on rural areas.
(c)    Based on a consideration of all relevant aspects, the Department of Posts has submitted an application to Reserve Bank of India seeking License for setting up a Payments Bank as an independent entity.

Holi Festival - celebrate safely, wisely and Eco friendly

It is necessary to have Eco friendly celebration of festival Holi. We need to take some step in order to save environment. There are many way in which nature being disturbed by Holi every year. This is not only affecting us but also clear up wild animals etc. we will be discussing about the ways to celebrate eco friendly holi along with sharing quotes that may motivate you to play in favor of environment. Main thing that are against environment in Holi festival are use of toxic chemical colours, use of wood for burning Holi fires. a huge water wasted during Holi. First water is wasted dissolving colors and throwing on each other than washing out holi cloths, removing colours from body.

Dry colours, commonly known as gulals, have two components – a colourant that is toxic and a base which could be either asbestos or silica, both of which cause health problems. Burning of wood in Holika Dahan, leads to cutting of large number of trees and also causing air population in large amount. According to a news article, studies done in the state of Gujarat reveal that each bonfire uses around 100 kg of wood, and considering that approximately 30,000 bonfires are lit in the state of Gujarat just for one season, this leads to a wastage of a staggering amount of wood. Ways to Celebrate Eco Friendly Holi
  • Use Eco friendly colours - you can make colours your own, search the method for the same. OR can celebrate "Phoolon Ki Holi".
  • Celebrate a waterless Holi - dry holi is celebrated in many places with organic colours.

Eco Friendly Holi Quotes Slogans Greeting Poster

  • This Holi I wish you play it safe and keep our environment clean. Play eco-friendly Holi 2015.
  • Nature has always loved us and now its time for us to love it back, play safe Holi and love nature.
  • Play Eco-Friendly holi - Save water - Save Trees - Play Tilak Holi - wish you a happy holi 
  • The dominant idea behind Holi festival is that we should live more in harmony with nature instead of trying to destroy her and make her our slave.
  • Holi is a time to reach out with the colors of joy. It is the time to love and forgive. It is the time expresses the happiness of being loved and to be loved through colors.
  • Holi is a special time of year to remember those who are close to our hearts with splashing colors!
  • Holi is the apt time to break the ice, renew relationships and link yourself with those that you wanted to with a bit of color. Happy Eco-Holi 2015
  • Holi is the day to express love with colors. It is a time to show affection. All the colors that are on you are of love!
Eco Friendly Holi Quotes Slogans Greeting Poster