Tuesday, 20 February 2018

No RBI Deputy Governor To Supervise Banks For The Last 7 Months

No RBI Deputy Governor To Supervise Banks For The Last 7 Months

For close to seven months, the RBI does not have a full-time deputy governor (DG) handling the supervision of banks, both state-run and private, with the government failing to find a replacement for S S Mundra who retired in July.
RBI has four deputy governors, including one from the banking sector. While it has an economist in Viral Acharya, and B P Kanungo and N S Vishwanathan have risen through the ranks, the regulator does not have a full-time head of the crucial department that oversees functioning of banks.
The role of the department of banking supervision, which also undertakes inspection, is under the scanner as RBI is seen to have failed in spotting the alleged over Rs 11,300-crore fraud that had been going on for over six years until it was busted in January after being spotted by PNB.
The government had initiatied the process to appoint the fourth DG before Mundra retired on July 30 but scrapped the panel of short-listed candidates who had been interviewed. In December, over four months after interviews were conducted, the process was restarted with the government yet to shortlist a new set of candidates.
While several bankers are expected to compete for the job, many see SBI MD B Sriram, who was in the race to head the country’s largest bank, as a top contender. In the past, public sector bankers, usually CMDs, were appointed DGs but last time, private sector and foreign bank executives were also considered.
The department of banking supervision was set up in 1993, after the Harshad Mehta scam where the RBI’s role had come under scrutiny.
Source: ET
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Monday, 19 February 2018

Two separate national Biller created for RRB

Two separate national Biller created for RRB


Details of Biller as below

Two separate National Biller Ids were created for collection of Railway recruitment application fees from the applicants. 

1. For collection of Asst. Loco Pilot & Technical Posts application fees

Biller ID : 9268
BIller Name : RRB_ALP_TECH_2018

2 For Collection of Group D application fees
Biller ID : 9299
Biller Name :GROUP D_CEN-02_RRB

Biller name is also printed on top of the payment challan for identification of Counter PA. 
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CGHS – Combined Recruitment for MTS(MA) and (LMA) under CGHS

CGHS – Combined Recruitment for MTS(MA) and (LMA) under CGHS

CGHS – Combined Recruitment for MTS(MA) and (LMA) under CGHS



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Merger of Savings Certificates and Public Provident Fund

Merger of Savings Certificates and Public Provident Fund

Government of India makes Amendments in Small Savings Act; Proposes merger of Government Savings Certificates Act, 1959 and Public Provident Fund Act, 1968 with the Government Savings Banks Act, 1873;

All existing protections have been retained while consolidating PPF Act under the proposed Government Savings Promotion Act.​ ​

The Government gives highest priority to the interest of small savers, especially savings for the benefit of girl child, the senior citizens and the regular savers who form the backbone of our country’s savings architecture. In order to remove existing ambiguities due to multiple Acts and rules for Small Saving Schemes and further strengthen the objective of “Minimum Government, Maximum Governance”, Government of India has proposed merger of Government Savings Certificates Act, 1959 and Public Provident Fund Act, 1968 with the Government Savings Banks Act, 1873. With a single act, relevant provisions of the Government Savings Certificates (NSC) Act, 1959 and the Public Provident Fund Act, 1968 would stand subsumed in the new amended Act without compromising on any of the functional provision of the existing Act.

All existing protections have been retained while consolidating PPF Act under the proposed Government Savings Promotion Act. No existing benefits to depositors are proposed to be taken away through this process. The main objective in proposing a common Act is to make implementation easier for the depositors as they need not go through different rules and Acts for understanding the provision of various small saving schemes, and also to introduce certain flexibilities for the investors.

However, concerns have been raised from different corners and also by print and social media that the Government aims to bring down the protection against the attachment of Public Provident Fund Account under any decree or order of any court in respect of any debt or liability incurred by the depositors. It is made clear that there is no proposal to withdraw the said provision and the existing and future depositors will continue to enjoy protection from the attachment under the amended umbrella Act as well.

Apart from ensuring existing benefits, certain new benefits to the depositors have been proposed under the bill. These are:

As per PPF Act, the PPF account can’t be closed prematurely before completion of five financial years. If depositor wants to close PPF account before five years in exigencies, he can’t close the account. To make provisions for premature closure easier in respect of all schemes, provisions could now be made through specific scheme notification. The benefits of premature closure of Small Savings Schemes may now be introduced to deal with medical emergencies, higher education needs, etc.

Investment in Small Savings Schemes can be made by Guardian on behalf of minor(s) under the provisions made in the proposed bill Guardian may also be given associated rights and responsibilities.

There was no clear provision earlier regarding deposit by minors in the existing Acts. The provision has been made now to promote culture of savings among children.

There were no clear provisions in all the three Acts for the operation of accounts in the name of physically infirm and differently abled persons. Provisions in this regard have now been made.

As per existing provisions of the Acts, if depositor dies and nomination exists, the outstanding balances will be paid to nominee(s). Whereas, Hon’ble Supreme Court in its judgement stated that nominee(s) is merely empowered to collect the amounts as Trustee for the benefit of legal heirs. It was creating disputes between the provisions of the Acts and verdict of Supreme Court. Hence, right of nominees have now been more clearly defined.

In the existing Acts, there is no provision for nomination with regard to account opened in the name of minor. Further, existing Acts say that if account holder dies and there is no nomination and amount is more than prescribed limit, the amount shall be paid to legal heirs. In this case, the guardian has to obtain succession certificate. To remove this inconvenience, provisions for nomination with regard to account opened in the name of minors have been incorporated. Further the provision has been made that if the minor dies and there is no nomination, the balances shall be paid to guardian.

The existing Acts are silent about grievance redressal. The amended Act allows the Government to put in place mechanism for redressal of grievances and for amicable and expeditious settlement of disputes relating to Small Savings.

The above provisions which are proposed to be incorporated in the amended Act will add to the flexibility in operation of the Account under Small Savings Schemes.

Apart from offering higher interest rates compared to bank deposits, some of the small savings schemes also enjoy income tax benefits. No change in interest rate or tax policy on small savings scheme is being made through this amendment.

Apprehension that certain Small Savings Schemes would be closed is also without basis

Source : PIB
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CGHS – Permission for Investigations/Treatment Procedures

CGHS – Permission for Investigations/Treatment Procedures

No Permission is required for getting listed Investigations/ Treatment Procedures done at the CGHS empanelled Diagnostic Centres/Hospitals, if prescribed by CGHS Medical Officer/ CMO Incharge or Government Hospital specialist.

Listed Investigations/Treatment Procedures prescribed by a specialist of empanelled hospital need to be endorsed by the referring CGHS Medical Officer/ CMO Incharge, however permission is not required in this case also.

For unlisted Investigations/Treatment Procedures permission is required from the AD of the City/Zone in case of pensioners and Head of Department/Office in case of serving employees. However for pensioners of Autonomous bodies the permission is to be given by the concerned department only.

Procedure for getting the investigations done by an empanelled Diagnostic centre/Hospital

The following documents are required to be submitted:

1. Self attested copy of prescription of CGHS Doctor / Government specialist
2. Copy of CGHS Card of the patient and main card holder.
3. Original Prescription and Original Cards are to be produced at the centre for verification.

Investigation can be done within 14 days of the advice only.

Procedure for getting for any treatment procedure done at an empanelled hospital

The following documents are required:

1. Self attested copy of prescription of CGHS Doctor / Government specialist
2. Copy of CGHS Card of the patient and main card holder.
3. Original Prescription and Original Cards are to be produced at the centre for verification.

Treatment procedures can be done within 3 months of the advice only.
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Rotomac loan default swells to Rs 3,695 crore, CBI files case against Vikram Kothari

Rotomac loan default swells to Rs 3,695 crore, CBI files case against Vikram Kothari

NEW DELHI: The Central Bureau of Investigation (CBI) has filed a case against Rotomac Pens promoter Vikram Kothari and others for allegedly cheating a consortium of public sector banks of Rs 3,695 crore by defaulting on loans he had taken for his business.


Earlier, the loan default was estimated at Rs 800 crore+ but scrutiny of documents by CBI revealed that the amount is much larger.


After registering an FIR last night, CBI teams conducted raids at several locations in Kanpur and questioned Kothari, his son and wife on Monday.


CBI says that Rotomac cheated a consortium of 7 banks by siphoning off bank loans to the tune of Rs 2,919 crore, excluding interest. CBI says total outstanding amount, along with interest liabilities for M/s Rotomac, is Rs 3,695 crore.


According to the FIR copy, loan exposure of the banks are - Bank of India: Rs 754.77 crore, Bank of Baroda: Rs 456.63 crore, Indian Overseas Bank: Rs 771.07 crore, Union Bank of India: Rs 458.95 crore, Allahabad Bank: Rs 330.68 crore, Bank of Maharashtra: Rs 49.82 crore, Oriental Bank of Commerce: Rs 97.47 crore, news agency ANI reported.


There have been no arrests in the case yet, CBI spokesperson Abhishek Dayal categorically said. He said Kothari, his wife and his son are being examined by the CBI, which is conducting the searches.


The Enforcement Directorate (ED) has also registered a money laundering case against Kothari and his family members in connection with the alleged bank loan fraud of Rs 3,695 crore, officials said.


The case was filed under the Prevention of Money Laundering Act (PMLA), after studying the CBI FIR that was registered yesterday.


The ED, the officials said, would probe if the funds obtained through the alleged fraud were laundered and if the proceeds of the crime were subsequently used by the accused to create illegal assets and black money.
Seven banks cheated by Rotomac are - Bank of India, Bank of Baroda, Bank of Maharashtra, Indian Overseas Bank, Union Bank of India, Allahabad Bank and Oriental Bank of Commerce.


This is the second major financial scam to break out after the sensational Rs 11,400 crore fraud+ allegedly committed by billionaire jewellery designer Nirav Modiand his uncle Mehul Choksi, who is a promoter of Gitanjali group of companies. Both fled the country before the Punjab National Bank realised the depth of the alleged crime.
(With inputs from PTI)
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PNB Fraud: Vigilance Department Seeks Report Over How Rs 11,400 Crore Was Siphoned Off by Nirav Modi

PNB Fraud: Vigilance Department Seeks Report Over How Rs 11,400 Crore Was Siphoned Off by Nirav Modi

New Delhi, Feb 19: Shaken by the enormity of the Punjab National Bank fraud case involving celebrity diamond merchant Nirav Modi, the Central Vigilance Commission (CVC) on Monday met top officials of the affected PSU bank and finance ministry in New Delhi. According to a report, Central Vigilance Commissioner KV Chowdary met the officials and asked for a report over how nearly Rs 11,400 crore was siphoned off.
Sources said PNB officials shared details with the CVC of action taken by the bank in the fraud case. The bank also informed the commission about the action initiated against officials allegedly involved in the scam. 
The CBI has registered two FIRs – one on January 31 and another a few days ago – against Modi, his relative Mehul Choksi of Gitanjali Gems and others for allegedly defrauding PNB of about Rs 11,400 crore. 
The CVC also met a Superintendent of Police of Bank Security and Fraud Cell of the Central Bureau of Investigation (CBI) in connection with the scam, the sources said.
Raids on Nirav Modi, Mehul Choksi Continue
Meanwhile, the Enforcement Directorate (ED) continued raids, searches on properties of Nirav Modi and his relative Mehul Choksi, owner of Gitanjali brand of showrooms, for the fifth consecutive day.
Apart from Mumbai, the central agency conducted searches at 34 other locations in various cities, including Mumbai, Pune, Aurangabad, Thane, Kolkata, Delhi, Lucknow, Bengaluru and Surat, in connection with its probe.
The agency has seized diamonds, gold jewellery and other precious stones worth Rs 5,694 crore till now in the case even as it has summoned Modi and his relative Mehul Choksi, the promoter of Gitanjali Gems, later this week. Sources said the ED was looking at collecting all the financial documents — personal and official — of Modi, Choksi and their businesses in order to take the probe forward. 
Will Honour All “Bonafide Commitments”: PNB
The PNB has assured that it would honour all “bonafide commitments” under Letter of Undertakings (LoU) and Foreign Letters of Credit (FLC) as per the law.
“PNB clarifies that we will honour all our bonafide commitments under LoUs and FLCs as per law of the land and as per specific existing guidelines of regulator i.e. RBI on LOUs and FLCs,” the company said on its website.
(With inputs from agencies)
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Rajya Sabha rejected the Bill to enforce Employment as a Fundamental Right – PTI News

Rajya Sabha rejected the Bill to enforce Employment as a Fundamental Right – PTI News 

THE PRIVATE MEMBER BILL WAS REJECTED BY 21 VOTES IN FAVOUR AND 18 AGAINST, AFTER VISHAMBHAR PRASAD NISHAD OF THE SAMAJWADI PARTY REFUSED TO WITHDRAW IT TWICE, NECESSITATING A DIVISION AND VOTING ON IT.
Vishambar Prasad Nishad, while moving the Constitution (Amendment) Bill 2016 (insertion of new article 16 A), sought the support of the House for it, emphasising that due to lack of employment opportunities, the youths were being forced to indulge in criminal activities.
Vishambar Prasad Nishad, while moving the Constitution (Amendment) Bill 2016 (insertion of new article 16 A), sought the support of the House for it, emphasising that due to lack of employment opportunities, the youths were being forced to indulge in criminal activities.(PTI Photo)
The government narrowly escaped facing an embarrassment in the Rajya Sabha on Friday, as the House rejected by just three votes a private bill seeking to guarantee employment to every citizen above 18 years of age or provide them unemployment allowance.
The private member bill was rejected by 21 votes in favour and 18 against, after Vishambhar Prasad Nishad of the Samajwadi Party refused to withdraw it twice, necessitating a division and voting on it.
There were about 40 members in the House when the bill was being debated. The present Rajya Sabha has 245 members.
Nishad, while moving the Constitution (Amendment) Bill 2016 (insertion of new article 16 A), sought the support of the House for it, emphasising that due to lack of employment opportunities, the youths were being forced to indulge in criminal activities.
In his intervention during the debate on the measure, Labour Minister Santosh Gangwar said “Government is committed to create new avenues of employment despite the fact that it is not a fundmental right. There are well-crafted policies.”
Listing out government initiatives to create jobs, the minister urged Nishad to withdraw the bill.
Replying to the debate and the minister, Nishad said Gangwar has not answered his queries and was going by the BJP’s mainfesto which promised creation of 2 crore jobs every year.
When Deputy Chairman P J Kurien asked Nishad whether he would like to withdraw the bill, the SP leader insisted on moving it for voting.
After a voice vote, the House went for a division in which 18 members supported the bill and 21 opposed it.
Earlier moving the legislation, Nishad had said that “as per this bill, any citizen of the country who has attained the age of 18 years should have a right to emplyoment and if he does not get it, there should be a provision of unemployment allowance which should be decided by Parliament.”
He said there were various reasons for rise in joblessness in the country, including rise in population, industrial closures and lack of irrigation in various parts. “Unemployment has negative impact on the growth of the country leading to rise in poverty,” he said.
Supporting the bill, Ananda Bhaskar Rapolu of Congress said UPA regime in its 10 year rule provided stipend to around 14 crore people in the agrarian sector.
However, the BJP-led government had promised in 2014 that it would provide employment to over 2 crore people every year but in reality, only around 80,000 jobs were being generated, he said.
Rapolu said economic inequality in the country was rising and it can lead to serious challenges like agitations and even civil war. “If employment can be provided to all deserving people, only then peace can be maintained,” he added.
Opposing it, Mahesh Poddar and Vikas Mahatme (both BJP) said the focus should be on making people employable rather than making them dependent on government allowance.
Vijila Sathyananth (AIADMK) said it is the right time to amend the Constitution making employment a right.
SP member Alok Tiwari supported the bill saying lakhs of vacancies were not being filled by the government, which also “does not know about the exact situation of unemployment in the country”. He said employment should be made a fundamental right and a commission be set up to fill the vacancies.
Anil Kumar Sahani (JD-U) also supported the bill, while D Raja (CPI) said if the government fails to address the problem of unemployment, then it will also fail.
Similar views echoed by Chhaya Verma (Congress) who said that as per estimates made by different bodies, 15 to 20 crore people lost their jobs due to demonetisation. She also raised the issue of charging GST on workers’ wages in some states.
Neeraj Shekhar (SP) supported the bill saying the people having BTech and MBA degrees were not getting jobs. He criticized government for changing its stand on creating 2 crore jobs and now saying that it would create job-givers.
Source : aipeup3bbsr
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Black badge campaign from today

Black badge campaign from today 

Dear Comrades, 

Please ensure Black badge campaign from today, the19.02.2018 to 24.02.2018 a grand success. Involve each and every GDS to press our demand of implementation of Pay committee report. 
Comradely yours, 
S S Mahadevaiah
General Secretary 





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