Wednesday 19 June 2013

India Post’s bank plans meet hurdle

The Department of Financial Services (DFS) has opposed the proposal of the Department of Posts (DoP) to apply for a banking licence. According to the DFS, though the network of post offices is large with 1.55 lakh offices across the country, they neither have an interconnected system in place to give people access to their money anywhere and at anytime like the banks, nor experience in lending.

“A Cabinet note is being circulated by the DoP for them to apply for a banking licence. But we are against the move,” a senior DFS official told FE.
The DoP wants to start a bank initially with at least 40-50 branches – with one or two in each state – with a focus on lending to small and medium enterprises and gradually over a period of ten years increase the branch network to around 800 by going into rural areas. According to the RBI guidelines, the initial minimum paid-up voting equity capital for a bank should be Rs 500 crore, while the DoP has sought a capital of Rs1,900 crore for its banking venture, sources said.
The DFS official, however, said the DoP's plan seems “half-baked” as it was “not clear on how they will evolve a system like the banks have to help their depositors access money easily anywhere at anytime.”
“Banking is a different ball game altogether. It will require a lot of training for the post office staff to learn the rules. It will not be easy for DoP to run a full-fledged bank,” the official said, adding that a lack of experience in lending is also a drawback for the DoP.
The DoP, however, is keen to submit its application to the RBI before the July 1 deadline and the bank will be set up a through a wholly-owned Non-Operative Financial Holding Company (NOFHC). The DoP had taken the help of consultancy firm Ernst & Young in preparing its strategy. “The main benefit (in giving a bank licence to DoP) is that it will help boost the financial inclusion plan,” said Ashvin Parekh, national leader (global financial services), Ernst & Young. The Cabinet note was prepared on the basis of the Ernst & Young report.
The DoP intention is not to convert all its post offices into banks, but wants a separate banking entity for which it has decided to hire a separate team of professionals, sources said. It has already spent around R200 crore in the last four years to put up a core banking solutions-like system in place, they added.
Incidentally, the government had started a R4909 crore-worth information technology-driven project to modernise the postal network. The government had allocated R532 crore in 2013-14 to make post offices a part of the core banking solution and help it offer real time banking services.
The DoP also pointed out that the post offices reach even the remote corners of the country as the network includes 1.4 lakh post offices in rural areas, 15,000 in urban areas and another 30,000 points of presence. Post offices already offer many financial services for urban and rural people including savings accounts, recurring deposit accounts, monthly income schemes, public provident fund, time deposits, senior citizens savings scheme, national savings certificates and postal life insurance. Besides, post offices also offer money remittance services, distribution of mutual funds and securities and are also provide electronic international money order service and forex services.

The DoP also provides services on the new pension scheme and retail services such as sale of forms and bill collection. The DoP is also a government agent for providing services on Mahatma Gandhi National Rural Employment Guarantee Scheme wage disbursement and old age pension payments.



Source : www.financialexpress.com
[http://www.financialexpress.com/news/india-post-s-bank-plans-meet-hurdle/1130814]

Promotion process 2013-14 – Relaxations regarding Rural/Semi-urban experience and field experience for Specialist Officers

F.No.4/11/3/2013-IR
Government of India
Ministry of Finance
Department of Financial Services

Jeevan Deep, IIIrd Floor,
Parliament Street, New Delhi
Dated the June 3, 2013

To
CEOs of all PSBs 

Subject: Promotion process 2013-14 – Relaxations regarding Rural/Semi-urban experience and field experience for Specialist Officers 

Sir, 
I am directed to refer to this Department’s letter of even number dated 4.4.2013 and 22.5.2013 on the above subject and to say that references received from PSBs seeking relaxations in the guidelines for promotion process 2013-14 have been examined in this Department.

2. It has been decided that if required the Banks may, with the approval of their Boards, provide relaxations, in the guidelines on promotion on the following points:-

i) In case officers being considered for promotion for the year 2013-14 do not have sufficient rural/semi-urban experience they may be posted to such areas, post promotion, in order to fulfil the mandatory requirement.

ii) In case officers of specialized cadre being considered for promotion for the year 2013-14 do not have sufficient experience of field operations , they may be posted to such positions post promotion, in order to fulfil the mandatory requirement.

3. The Banks may extend such relaxation/ deviation only if required and must properly record the reasons in the minutes of the Board meeting.

4. This issues with the approval of Secretary (FS). 

Yours faithfully,
sd/-
(Manish Kumar)
Under Secretary to the Government of India
Copy to all Government Nominee Directors

Source: www.financialservices.gov.in
[http://financialservices.gov.in/download.asp?rec=267&NotificationType=C]

Submission of Annual immovabie Properry Returns by Group A officer of Department of Posts for the year ending 2012 as on 01.012013 - (Placing in Public domain)







SUBMISSION OF LIFE CERTIFICATES WITH ADDITIONAL INFORMATION IN NOVEMBER EVERY YEAR


Declaration of bonus on PLI policies for the year 2010-11

Simple Reversionary Bonus rate for the year ending 31.03.2011 on the Postal Life Insurance Policies on their becoming claim, due to death or maturity:-

Sl.
Type of Insurance Policy
Rate of Bonus
(i)
Whole Life Assurance (WLA)
Rs.85 per thousand sum assured
(ii)
Endowment Assurance (EA)
Rs.60 per thousand sum assured
(iii)
Money Back Policies (AEA)
Rs.55 per thousand sum assured
(iv)
Convertible Whole Life Policies
Whole Life Bonus would be applicable but on conversion, Endowment Bonus rate will be applicable
(v)
Terminal Bonus
Rs.20 per sum assured of Rs.10,000 subject to maximum of Rs.1,000 for whole life policies and Endowment policies with term of 20 years and above.

The rate of Bonus for the year 2010-11 will be applicable from the date of receipt of this notification by the Circles and this will also be applicable to claim cases received but not settled till the date of receipt of this Notification.
Interim Bonus at the rates mentioned above will also be payable for all claims arising due to maturity or death until future valuation is completed.

To view Department of Posts (Directorate of PLI) Letter No.04-02/2012-LI dated 17.06.2013 please Click Here.

Notification of holding LGO Examination for the year 2013 on 8/9/2013 issued by Directorate.

Directorate vide memo No. A.34012/7/2013-DE dated 17/6/2013 has issued notification for holding Limited Departmental Competative Examination for the promotion of Lower Grade Officials to the cadre of Postal Assistants / Sorting Assistants for the year 2013 on 8/9/2013. To view the original copy of Directorate memo, please CLICK HERE.

PA/SA DIRECT RECRUITMENT RESULT 2013


It is informed that the circle wise final result of PA/SA direct recruitment exam will be announced during the period from 1st August to 30th September 2013. Valuation of exam papers already over and Hall permit for computer test will be issued shortly. It is proposed to have online computer test for the selected candidates. About 14 lakhs candidates appeared in the exam for PA for the vacancies around 5100.


(M. Krishnan)
General Secretary

source : http://www.aipeup3chq.com/

FOR IPO EXAM 2013.... Conducting of Limited Departmental Competitive Examination for promotion of to the cadre of Inspector Posts (66.66%) Departmental quota for the year 2013