insistence of the Postal JCA the Postal department again wrote to the
Government for referring the GDS issues to 7th CPC last month but it
is confirmed that the Government has rejected it unjustifiably. There appears
to be no place in the heart of the Prime Minister and all his words of Man Ki
Baat do not show any reference to this toiling and exploited section of postal
family. The Postal Department accordingly is preparing to constitute another
Nataraja Murthy type of Officer Committee to go into the wage structure issues
of the GDS. This exercise will no doubt result in repetition of our age old
experience of denial of justice to GDS and will not even be useful to rectify
some fundamental errors in fixation of pay to various categories of GDS on par
with its historically comparable category of regular employees. The Postal
Employees movement cannot tolerate this type of callous attitude from the
Government that spends more time only with the issues of Indian and foreign
NFPE and the
Postal JCA are committed to fight for the cause of GDS and for their inclusion
in the ambit of 7th CPC. NFPE was successful in unifying the
entirety of the CG Employees movement including the Railways and Defence to
effectively place before the government through the Staff Side JCM as well as
an important demand in the charter for struggle by the CG Employees. The
distraction caused by the industrial action of GDS at the call of some other
organisation has been taken advantage of by the government to foist an officer
committee by applying divide and rule theory. NFPE and Postal JCA are not going
to fall for the tactics of the Government but will raise the banner of struggle
as promised time and again since the formation of the Pay Commission.
There can be
only a single reason for the adamant attitude of the Government. It is clear
that if a Pay Commission gives out its recommendations it will be highly
difficult for it to reject it but it can reject easily the recommendations of
any judicial committee as was done to Justice Talwar Committee recommendations.
It can of course obtain a very favourable report through an officer committee.
But the movement had lived through this game of the Government throughout its
existence. We cannot allow the Government to succeed this time and once again
cheat the two and a half lakhs of GDS, who always stood strongly in all
struggles of the Postal Employees movement by undergoing all types of
sacrifices including during the times of bonus ceiling struggle. It is time to
repay to the cause of GDS by the Postal regular employees work force.
The Task Force
Committee’s recommendations to effect a complete structural change of the India
Post and open the doors for the ultimate privatisation of the India Post pose a
serious challenge to the entire postal movement. The recommendations cannot be
ignored as the same are coming out of the high power committee constituted by
the Prime Minister and headed by a former Cabinet Secretary. Any let up on our
side will result in a fate-accompli situation and once the Government takes a
final decision on the recommendations it will be too late for the existence of
the Postal Department as a Government Service. The Postal JCA cannot be a
silent spectator to the destruction of the entire edifice of Postal Department
before its own eyes.
There are other
serious issues in the Charter but the existence of the Postal Department as a
government department and referring the wage issues of two and a half lakhs of
GDs to 7th CPC as against the decision of the Government to
constitute once again an officer committee and cadre restructuring of all
cadres, are the important issues on which no compromise can be made by the
Time to get
into the arena of struggle with total confidence that united struggles always
win. We appeal to all GDS employees that irrespective of their loyalties all
should join this crusade against injustice being perpetrated against them time
and again. We appeal to all departmental regular employees that it is time for
our movement to be ready for making any sacrifice for the cause of our
downtrodden GDS brothers and sisters. Let us march ahead in the path of
indefinite strike and register victory.
MINISTRY OF COMMUNICATIONS
AND INFORMATION TECHNOLOGY
DEPARTMENT OF POSTS
UNSTARRED QUESTION NO.163 TO BE ANSWERED ON 24TH APRIL, 2015
163. DR. PRADEEP KUMAR BALMUCHU:
Will the Minister of COMMUNICATIONS AND INFORMATION TECHNOLOGY be
pleased to state:
whether it is a fact that Government is urging the Department of Posts to come
up with opening of Postal Banks in the country, if so, the details thereof;
whether the Subramanian Committee, to which the matter had been referred, has
submitted its report and has made recommendations in this regard; and
(c) if so, the details thereof?
MINISTER OF COMMUNICATIONS AND INFORMATION TECHNOLOGY
RAVI SHANKAR PRASAD)
(a) Sir, the
Department of Posts has submitted an application to Reserve Bank of India on
30.1.2015 seeking license for setting up Post Bank of India under the rubric of
“Payments Bank”. The Government is committed to increasing access of the people
to the formal financial system and 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. The Government hopes that the Postal
Department will make its proposed Payments Bank venture successful so that it
contributes further to the Pradhan Mantri Jan Dhan Yojana. The details of the
proposed Post Bank would be finalized once the Reserve Bank of India takes a
favourable decision on application submitted by Department of Posts. In the
recent budget speech also the Finance Minister has appreciatingly talked about
(b) & (c )
The Task Force on Leveraging the Post Office Network under
the Chairmanship of retired Cabinet Secretary Shri. T.S.R.Subramanian, has
submitted its report during November-2014. The said task force has recommended
for setting up Post Bank of India. The details of the recommendations are
reproduced in the Annexure- ‘A’ enclosed herewith.
Recommendations of Task
Force on Leveraging Post Office Network with respect to Setting up of Post Bank
proposal is not to convert the PO Network into a Bank, but to set up a fully
professional new Bank to further financial inclusion and meet the objectives of
the Pradhan Mantri Jan Dhan Yojna, which specifically provides for the
extension of credit to all Indians resident in every part of India,
particularly in rural areas.
opportunity for achieving universal financial inclusion via technology and the
institutional reach of the PO Network must not be lost. There is admittedly a
risk involved, as there is in any new venture into uncharted waters. The risk
involved can and must be managed in the interests of the overall larger
The PBI must be professionally managed and operated, with credit and
other risks being handled by experienced experts hired from the market. In its
own interest, its operations must be fully in line and compliant with RBI
A new institution, to be called the Post Bank of India or by some other
suitable name, should be set up as a commercial bank offering the full spectrum
of financial and banking services.
(v) As the
owner of the proposed PBI, the Government of India may take decisions as
appropriate on structural and organizational issues and other details, including
the funding requirements.
Task Force is of the view that the PBI should be set up under an Act of
Parliament and that establishing the PBI as a statutory institution and a
Government Bank would enhance its credibility, insulate it from local pulls and
greatly facilitate its operations.
(vii) It is
essential to structure the proposed PBI in such a manner as to pre-empt the
possibility of outside interests influencing its day-to-day operations.
(viii) The Task
Force also recommends that the PBI should initially be set up as a Public
Sector Bank wholly owned by the Government of India.
initial capital requirement, estimated at Rs. 500 crores as per RBI
requirements would be fully funded by the Government.
After the Bank establishes itself in 3 to 5 years, the Board of Directors could
take a view on floating an IPO to raise fresh capital.
PBI will focus on fulfilling the Government’s mandate of financial inclusion
and on bringing the un-banked and under-banked segments of the population,
particularly in rural, semi-rural and remote areas within the ambit of the
formal monetized economy.
view needs to be taken on how best to seamlessly integrate the earlier banking
operations into the proposed new structure, The best and seamless method would
be to fully absorb the POSB in the new proposed Bank (PBI).
PBI will offer services including credit, which are beyond the remit of the
PBI will develop financial products and services which are specially tailored
to the needs of the rural and urban unbanked population, if necessary in
collaboration with other banks.
PBI will function as a commercially viable and self-sustaining entity without
the need for continuing Government subsidies.
After the Initial gestation period, it should generate its own resources
and sustain itself in the competitive market environment.
PBI should price its services on a cost plus basis and revise these rates from
time to time, so that its operations do not become a continuing and increasing
burden on the Government exchequer.
(xviii) The PBI
will start with a Head Office Main Branch and will thereafter expand its
operations by opening Branch offices in the Metro towns and State capitals, to
be manned by banking professionals.
longer term objectives would be to establish a Branch Office of the PBI in each
District Headquarter over a 3 to 5 year period, to be operated mostly by
The 150,000-plus Departmental and Branch POs will act as Banking
Correspondents for the PBI.
Careful consideration should be given to the various types, elements and
levels of risk involved in the PBI’s operations.
System Protocols and Standard Operating Procedures should be put in place to
manage these risks effectively.
PBI should recruit/commission the services of banking experts to manage its
credit, portfolio and market risks.
Appropriate management capabilities should be mobilized from the market
and robust systems and processes should be put in place to ensure that
Non-Performing Assets are kept within acceptable limits.
It is neither necessary nor desirable to mandate a waiting period before
the PBI enters into credit and lending operations.
PBI should be constituted and begin working as a credit and lending Bank
immediately, without any trial/waiting/learning period.
(xxvii) The PBI
should be set up as an independent Statutory and corporate entity offering the
full bouquet services, including credit, to its customers.
(xxviii) The PBI will
primarily target currently unbanked and under-banked customers in rural,
semi-rural and remote areas, with a focus on providing small and affordable
loans and simple deposit products.
Customers will be provided with full-fledged Savings Accounts, which can
be retained even with zero balances, as provided for in the PMJDY.
Credit risks will be managed by hiring professionals from the banking sector
and by developing and implementing robust protocols for building checks and
balances in the system. Market and robust systems and processes should be put
in place to ensure that Non-Performing Assets are kept within acceptable limits.
FUND INTEREST RATE 2015-16 FIXED AT 8.7%
MINISTRY OF FINANCE
Government Decides to Fix Interest Rates at 8.7% for
General Provident Fund(GPF) and other Similar Funds Including Special Deposit
Scheme, 1975(SDS,1975) for Non-Government Provident, Superannuation and
Gratuity Funds for the Financial Year 2015-16.
It was decided by the Government to link the interest rates of State PFs
(General Provident Fund and other similar funds) including Special Deposit
Scheme, 1975 (SDS, 1975) for Non-Government Provident, Superannuation and
Gratuity Funds for the FY 2015-16 to Public Provident Fund (PPF) rates. In
pursuance of that decision, the Government has decided to fix the rates 8.7% per annumapplicable to the following:-
·The General Provident Fund (Central Services).
·The Contributory Provident Fund (India).
·The All India Service Provident Fund.
·The State Railway Provident Fund.
·The General Provident Fund (Defence Services).
·The Indian Ordnance Provident Fund.
·The Indian Ordnance Factories Workmen’s Provident
·The Indian Naval Dockyard Workmen’s Provident
·The Defence Services Officers Provident Fund.
·The Armed Forces Personnel Provident Fund.
The rate of
interest is applicable to the above funds w.e.f. 1st April,
2015 and until further orders.
Recently, the Government had kept the interest
rates for PPF and other Small Savings Schemes intact. However, interest
rates for 5 year Senior citizen Saving Scheme and Sukanya Samriddhi Account
Scheme have been increased from 9.2 to 9.3% and 9.1 to 9.2% respectively,
keeping in view the commitment of the Government towards the welfare of the
girl child and the senior citizens.DSM/KA : 21.04.2014
ALL AFFILIATES OF CONFEDERATION AND ALL STATE COMMITTEES (C-O-CS) ARE ONCE AGAIN REQUESTED TO ENSURE MAXIMUM PARTICIPATION OF EMPLOYEES IN THE RALLY AS PER QUOTA ALREADY FIXED AND CIRCULATED. PLEASE BRING FLAGS, BANNERS AND PLAYCARDS ALSO.
COME IN THOUSANDS TO MAKE THE RALLY THE BIGGEST RALLY IN THE HISTORY OF CENTRAL GOVT. EMPLOYEES. LET US DEMONSTRATE THE ANGER, PROTEST AND DETERMINATION OF THIRTY LAKHS CENTRAL GOVT. EMPLOYEES IN FRONT OF NARENDRA MODI GOVERNMENT.
INDEFINITE STRIKE IF
DEMANDS ARE NOT SETTLED BY GOVT.
RAILWAY FEDERATIONS, DEFENCE
FEDERATIONS AND CONFEDERATION OF CENTRAL GOVT. EMPLOYEES AND WORKERS WILL
SPEARHEAD THE NATIONWIDE STRUGGLE.
ALL AFFILIATES OF CONFEDERATION AND
ALL STATE COMMITTEES (C-O-CS) ARE ONCE AGAIN REQUESTED TO ENSURE MAXIMUM
PARTICIPATION OF EMPLOYEES IN THE RALLY AS PER QUOTA ALREADY FIXED AND
CIRCULATED. PLEASE BRING FLAGS, BANNERS AND PLAYCARDS ALSO.
COME IN THOUSANDS TO MAKE THE RALLY
THE BIGGEST RALLY IN THE HISTORY OF CENTRAL GOVT. EMPLOYEES. LET US
DEMONSTRATE THE ANGER, PROTEST AND DETERMINATION OF THIRTY LAKHS CENTRAL