रक्षा लेखा प्रधान नियंत्रक (पेंशन)
द्रौपदीघाट, प्रयागराज–211014

PRINCIPAL CONTROLLER OF DEFENCE ACCOUNTS (PENSIONS)
DRAUPADI GHAT, PRAYAGRAJ-211014

महत्वपूर्ण

पी. सी. डी. ए. (पेंशन) ने भारतीय स्टेट बैंक से API इंटीग्रेशन कर लिया है। स्पर्श पेंशनर, जिनका पेंशन खाता भारतीय स्टेट बैंक में है, देश भर में स्थित भारतीय स्टेट बैंक के किसी भी शाखा में उपस्थित हो कर अपना वार्षिक पहचान (जीवन प्रमाण पत्र) को प्रस्तुत / अद्यतन करा सकते हैं। अतः सभी स्पर्श पेंशनर, जिनका पेंशन खाता भारतीय स्टेट बैंक में है एवम जिनका वार्षिक पहचान (जीवन प्रमाण पत्र) अभी लंबित है, से अनुरोध है की वो नजदीक के भारतीय स्टेट बैंक की शाखा में उपस्थित हो कर अपना वार्षिक पहचान (जीवन प्रमाण पत्र) प्रस्तुत करें।

SBI Bank Holiday list 2023 in India

IMPORTANT

PCDA (Pensions) has done API integration with SBI (State Bank of India). SPARSH pensioners having their pension account with SBI can visit any branch of State Bank of India across the country for submitting / updating their annual identification (Life Certificate). Therefore, all the SPARSH pensioners having their account with SBI, whose annual Life Certificate is still pending are requested to visit nearest SBI bank branch.

The post SPARSH pensioners having account with SBI can submitting / updating their annual identification appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF EXPENDITURE
CENTRAL PENSION· ACCOUNTING OFFICE
TRIKOOT-11,BHIKAJI CAMA PLACE,
NEW DELHl-110066
PHONES :26174596, 26174456, 26174438

CPAO/ T&Tech/ Bank Performance/ 37 Vol-III(A)/ 2021-22/e07607/112

05.10.2021

Minutes of the Meeting

Kindly find enclosed the Minutes of the VC Meeting held under the Chairmanship of Chief Controller (Pensions), on 30.09 .2021 at 11:00 A.M with all the Heads of CPPCs/ Government Business Divisions of State Bank of India, for information and further necessary action.

This issues with the approval of Chief Controller (Pensions).

(Neha Garg)
(Assistant Accounts Officer)

Minutes of the meeting held on 30.09.2021 with all the Heads of CPPCs/ Government/ Business Divisions of State Bank of India (SBI)

A Meeting was held on 30 .09.2021 at 11:00 A.M. under the Chairmanship of Chief Controller (Pensions) with the representatives of Heads of CPPCs/ Government Business Division of State Bank ofIndia (SBI) to discuss pension related issues. At the outset, the Chief Controller (Pensions) welcomed all the participants and emphasized on the need for timely payment of pension and arrears into the accounts of the pensioners/family pensioners. Subsequently, agenda items of the meeting were discussed in detail and following decisions were taken .

1. Non- submission of e-scrolls

It was observed that the e-scrolls are penQing since 2016 in some of the CPPCs of SBI. DGM GAD, SBI informed that the major pendency is at the level of CPPC- Bhopal, Chennai, and Kolkata and that action was being taken to rectify the situation and the scrolls would be made available soon.

DGM, GAD, SB! informed that technical issues are sometimes faced by CPPCs during uploading of e­ scroll data. Sr. TD (NIC) suggested that the procedure of scroll upload would be reiterated and will be made available at CPAO’s website and CPAO’s Youtube channel.

All the CPPCs were also requested to send their issues related to uploading of e-scroll at sraotech67 [at] gmail [dot] com and kumar [dot] davinder [at] nic [dot] in for early resolution.

(Action: SBI and NIC,CPAO)

2. First credit of pension

All the CPPCs were directed to diligently follow CPAOs OM dated 12.07.2021 regarding first credit of pension on the basis of e-PPO into the account of the pensioners/ family pensioners. It was informed that CPPC Delhi and CPPC Chandigarh have more pendency than other CPPCs. DGM, GAD, SBI assured that the issue will be resolved at the earliest. All the CPPCs were suggested to share the data on first credit in the following format-

It was also pointed out by the NIC (CPAO) that they are not receiving acknowledgement as per format shared with the banks. Therefore, all the CPPCs were requested to diligently provide the acknow ledgement of receipt/status of ePPO.

CPPCs were also requested to share the cases with CPAO in which Undertaking Certificate is not received with the e-PPO. CPAO will accordingly take up the matter with the respective PAOs.

(Action: SBI)

3. Issuance of pension slips

DGM, GAD, SBI informed that pension slips were being sent to all pensioners whose email IDs and phone numbers were registered with SBI. It was further informed that SBI is providing the break up in pension slip via SMS, e-mail, internet banking, pension seva portal, etc. He also informed that SBI is developing a system whereby pensioners will receive an SMS at all stages of the pension process which is a welcome effort. SBI informed that such a system will be developed by the end of December, 2021.

All the CPPCs were requested to submit the compliance status and send the information in following format:

(Action: SBI)

4. Return of PPO, if pension has not been credited to the account of the pensioner for a period of 3 years and above

All CPPCs were directed to follow the guidelines of the Scheme Booklet and return the PPOs, if pension had not been credited to the account of the pensioner for a period of 3 years and above .

Furthermore it was also decided that NIC (CPAO) will also prepare a list of such pensioners and provide it to SBJ .

(Action: SBI and NIC, CPAO)

5. Master Data Reconciliation

It was decided that all the SBI CPPCs will submit the master data to CPAO for reconciliation on a quarterly basis.

(Action: SBI )

6. Conversion of old PPO number to 12 digit PPO number

DGM, SBI, GAD informed that the CPPCs were in the process of carrying out the exercise. CPPCs were requested to expedite the process and send scanned copies of PPOs along with the requisite documents to CPA<t to obtain the 12 digit PPO No.

It was informed to SBI that some pension cases having PPO numbers in old format against which reimbursement was being taken by CPPCs do not pertain to CPAO. NIC (CPAO) also informed that the 12 digits have been allotted in some cases but CPPCs are still using the old PPO numbers in e-scrolls. CPPCs were requested to rectify such cases.

(Action: SBI)

7. Start of family pension if family pensioners account pertains to different banks.

It has been observed that in cases where the family pensioner has an account in a bank other than SBI, start of family pension is heavily delayed.

In view of the above, all the SBI CPPCs were requested to adhere to the scheme guidelines and expedite the process of transfer of necessary documents to the bank of family pensioners.

(Action: SBI)

8. Miscellaneous

a) All CPPCs of SBI are requested to share the Action Taken Report (ATR) to CPAO by 12th October, 2021 at :

sraotech67 [at] gmail [dot] com 
satish [dot] kumar67[at] gov [dot] in

(b) DGM, GAD, SBI is requested to ensure compliance to the minutes of the meeting by all the CPPCs

(c) If banks do not receive the response from CPAO in a timely manner, they can raise the matter with the CC(P) via e-mail.

(d) A review meeting will be tentatively held ‘on 18.10.2021 where the progress of the CPPCs will be analysed.

9. The meeting ended with a vote of thanks to the chair.

The post Minutes of the meeting held on 30.09.2021 with all the Heads of CPPCs/ Government / Business Divisions of SBI appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF EXPENDITURE
CENTRAL PENSION ACCOUNTING OFFICE
TRIKOOT-II, BHIKAJI CAMA PLACE,
NEW DELHI-110066

CPAO/IT &Tech/Master data/14 (Vol-III)/2018-19/176

21 .01.2020

Minutes of the Meeting

Kindly find enclosed the Minutes of the Meeting held on 10.01.2020 at 10:00 AM at Conference Hall of Central Pension Accounting Office (CPAO) with all Heads of CPPCs /Government Business Divisions of State Bank of India to review the implementation of 7th CPC pension revision and to discuss other issues under the Chairmanship or Chief Controller (Pension) for information and further necessary action.

Sr. Accounts Officer (IT & Tech)

Minutes of the meeting held on 10.01.2020 with all the Heads of CPPCs/ Government Business Divisions of State Bank of India (SBI) to discuss various issues.

Also check: Revised Rotational Transfer Policy applicable to CSS officers – Latest DoPT Orders 2020

A Meeting was held on 10.01.2020 under the Chairmanship of Chief Controller (Pensions) with the representatives of CPPCs of SBI to discuss the timely payment of revised pension and arrears under 7th CPC and other pension related issues. At the outset, Chief Controller (Pensions) welcomed all the participants and emphasized on the need of timely payment of revised pension and arrears in the accounts of the pensioners by the CPPCs. Agenda items of the meeting were discussed in detail and the following decisions were taken.

List of participants is attached at Annexure-I.

Agenda Item No. 1- Implementation of 7th CPC Pension Revision and its reporting by CPPCs

It has been observed from the reports as on 30th December, 2019 that there are delays in crediting the revised pensions as well as arrears of pensions/family pensions by the CPPCs. As per the reports, there arc many cases which are pending for more than 31 days. CPPC-wise details of the pending cases were handed over to all the representatives. Most of the CPPCs reported that they had already revised and credited pension to the pensioner / family pensioner accounts.

It was informed by the CPPCs that revision of pension cases are pending due to following reasons,

a) Discontinued PPO (more than 3 years.)

b) Non submission of life certificate.

Keeping in view of the above, it was decided that all the CPPCs would :

a) reconcile the scams of revised pension cases provided to them

b) prepare a list of discontinued PPOs and forward it to CPAO.

c) prepare a list of cases in which life certificate is pending along with details of the pensioners and forward it to CPAO.

(Action : CPPCs )

Agenda Item No. 2 – Obtaining KYC from CPPCs for settlement of pending revision cases.

Most of the revisions pertaining to 7th CPC are already done. As per the records of CPAO, 119690 revision of pension cases are still pending as details of some pensioners are not available with either concerned PAO or I lead of Office.

Although KYC details were received from all the CPPCs of Sl:JI, All the CPPCs are req uested to furnish the detail of the KYC detail as and when it is asked by the CPAO.

(Action : CPPCs )

Agenda Item No. 3 – IT related issue w.r.t e-Revision and fresh Pension cases

• Acknowledgement of SSA

All the CPPCs of SBI were instructed to ensure forwarding the acknowledgement of e-SSA electronically to CPAO at the earliest so that the difference between e-SA forwarded by the CPAO and e-SSA received by the CPPCs could be nullified. CPPCs were also provided the formal for Acknowledgement. All the CPPCs were advised to share their inputs with NIC, CPAO, if any problem is faced.

All the CPPCs were also instructed to acknowledge the receipt of SSA and Physical PPO booklet received by them .

(Action: CPPCs / NIC CPAO)

• Development of e-PPO Booklet

CPAO is forwarding the e-PPOs received from PFMS to the CPPCs along with physical PPO booklets for making necessary changes in their system. However, the manual PPO booklet is deemed sacrosanct for making payment. It was also intimated in the meeting that physical PPO booklet will be discontinued soon.

All the CPPCs were again requested to make necessary changes in their software accordingly and comments, if any, may please be submitted to CPAO.

(Action: CPPCs)

Agenda Item No.4- Compliace of Internal Audit observations on 7th CPC revisions.

It has been observed that clear and complete compliance reports arc not being submitted by the concerned CPPCs .

All the CPPCs were requested to give full details in their compliance reports of the objection raised by Internal Audit Wing so that the same could be verified and settled. All the CPPCs were also been asked to improve and strengthen their internal control mechanism to avoid re-occurrence of the mistakes pointed out by the Internal Audit Wing of CPAO.

The possibility of providing a utility lo upload the compliance report on the Bank’s login section of CPAOs website will also be explored.

Internal Audit Wing was instructed to prepare an “Audit Manual” under the guidance of Technical Section, CPAO.

(Action: CPPCs , NIC(CPAO), IAW (CPAO) and IT & Technical (CPAO))

Agenda Item No. 5 – Timely commencement of family pension, additional pension & restoration of commuted portion of pension by CPPCs

It has been observed that family pension, additional pension and commuted portion of pension are not timely commenced/restored. Since these issues are regularly discussed in the various meetings i.e. SCOVA Meeting, High Level Meeting, Standing Committee Meeting, etc., all the CPPCs were advised to ensure timely payments.

(Action: CPPCs )

Agenda Item No.6 – Timely submission of Life Certificates :

CPAO is responsible for the disbursement of death/disability pension under NPS­ Additional Relief. First time identification of the pensioners is being done in the Bank branches based on the KYC details available with the CPPCs where the pensioners / family pensioners have opened their pension accounts. CPAO starts the pension payment based on the first time identification report received from CPPCs. These CPPCs branches are also responsible for sending the life certificates of the pensioners / family pensioners to CPAO for the continuation of pension to NPS-AR pensioners, in the month of November as CPAO is the disbursing authority.

However, it is noticed that in many cases, despite submission of life certificates by the pensioners, bank branches have not forwarded the same to CPAO. It has also come to notice of this office that some bank branches are refusing to accept life certificate from NPS-AR pensioner for onward transmission to CPAO.

It was decided that CPAO will send the details of pending life certificates of NPS-AR pensioners to concerned CPPCs with a request to instruct concerned branches to obtain and furnish the life certificate to CPAO in time so that pensioners are not put under any financial hardship.

All the CPPCs were requested to accept life certificate both physically and digitally and promote “jeevan Praman” among pensioners.

Further, CPPCs were once again informed that they should not make payment in NPS-AR cases.

(Action: CPPCs & NPS Section)

Agenda item No .7 – Return of Old PPO by the CPPCs .

Allotment of 12 digits PPO Number

It has been noticed from the CPAO data base that some pensioners are still drawing pension from the old alpha numeric code. These alpha numeric data is reflected in the Payment scroll. CPPC-wise derails were provided to the concerned CPPCs.

It was decided that all the CPPCs will send a scan copy of the PPO for allotment of 12 digit PPO Number.

• Return of Inactive PPOs.

Pension Payment Orders which are not in operation /inactive may be returned to CPAO for deletion from the CPAO database. It is noticed from the database of CPAO that old PPOs which arc inactive arc not being forwarded by the bank to the CPAO. CPPCs were advised to forward the same to CPAO al the earliest

(Action: CPPCs )

Agenda Item No.8- Submission of e-scrolls and Master Data Reconciliation

• Submission of e-scrolls

It has been observed that there is slight improvement in submission of e-scrolls by CPPCs.

Details of pending scrolls were shared with the CPPCs and all the CPPCs were instructed to ensure that e-scrolls are updated on a daily basis to CPAO after matching it thoroughly with the pension payments made. The CPPCs should ensure that the date of scroll should be the date of transaction as appearing in the put through statement issued by RBI. Furthermore, if any problem is faced by the CPPCs in uploading the e-scroll, they may contact this office on email addresses mentioned below:-

kumardavinder [at] gmail.in
it [dot] support [dash] cpao[at]gov[dot]in
sraotech67 [at] gmail.com

(Action: CPPCs and NIC)

• Master Data Reconciliation

Correct and reconciled master data maintained at CPPC level is a must for ensuring correct payment of pension to the pensioners and avoid chances of excess/less/wrong payment of pension. However, many instances have come to the notice of CPAO regarding less/over payment of pension leading to the grievances and court cases by the pensioners. The reason for discrepancy in payment of pension is that CPPCs are not reconciling the master data with the CPAO database regularly. There is inordinate delay in uploading of Master Data by some CPPCs. Some CPPCs have not submitted their Master Data for last 2 years. For updating on Master Data at CPAO level, whenever any value/data in the pension of a pensioner/family pensioner is changed, the same is required to be reported by the bank through Format-F of e-Scroll However, it is noticed that CPPCs are not providing the changed information to the CPAO.

All the CPPCs were instructed to upload Master Data for reconciliation and submit the changed information in Format-F on “quarterly” basis. Furthermore, if any problem is faced by the CPPCs in uploading the master data, they may contact this office on email addresses mentioned below:

kumardavinder [at] gmail.in
it[dot]support [dash] cpao[at]gov[dot]in
sraotech67 [at] gmail.com

(Action: CPPCs and NIC)

Agenda Item No. 9-Discontinuation of BSR Code

At present, BSR code is being used in CPAO to identify bank branches. It has been observed in many cases that Pensioners do not know BSR code of Pension Account Holding Branch and even many bank branches do not know their BSR Code and often misunderstand it with branch code. IFSC is another uniq ue code which can be used to identify individual bank branches and is known to both CPPCs and pensioners.RBI has also given its consent for using IFSC instead of BSR code for identification of Bank Branches.

However, the IFSC from all the CPPCs of SBI have been received. All the CPPCs and GBDs of SBI are requested to send the IFSC of the branches as and when it is asked by the CPAO.

(Action: CPPCs )

Agenda Item No.10- Handing over of SSA to the pensioners by CPPCs

All present, pensioner copy of SSA is being sent to the pensioners through post. References arc being received by pensioners that they are not receiving their SSA copy due to following reasons.

1. Some pensioners change their addresses after retirement.
2. Some pensioners/family pensioners are illiterate and they are not well versed with technology to take printout of their SSA from CPAOs website.

All the CPPCs agreed to provide a copy of SSA to the pensioner by the Pension Account Holding Branch on request of the pensioner.

(Action: CPPCs)

Agenda Item No. 11-Pendency of Pensioners’ Grievances for more than 3 months through Web Responsive Pensioners’ Service (WRPS)

It has been observed that many grievances are pending with CPPC, some of which are more than 30 days. CPPCs informed that they had disposed some of the grievances but not updated them under WRPS module.

CPPCs were requested to ensure that all the grievances which are pending with them are disposed of within one month and update the same on the WRPS portal so that pensioners are informed accordingly.

(Action: CPPCs / (NIC) CPAO /Grievance Cell)

Agenda Item No.12- Providing of Payment Details to all the Pensions

As per CPPC guidelines, CPPCs should provide account statement, TDS details, pension slip, the Due and Drawn Statement in respect of each arrear and the Annual Income Statement to the pensioner.

CPPCs were requested to follow the CPPC guidelines and provide the pension slip, breakup of the pension and arrear payments and other information as required to the pensioners.

(Action : CPPCs)

Agenda Item No. 13 – Issues pertaining to Defence Accounts, Deptt. of Telecommunication and Ministry of Railways

Defence Accounts :

a. Acknowledgement of e-PPO by CPPCs

All the CPPCs were suggested lo develop a mechanism for acknowledgement of c· PPOs by CPPCs.

b. Delay in crediting of pension and family pension in the account of the pensioners.

It has been observed from the e scrolls received in the O/o PCDA that some of the CPPCs are crediting pension and Family pension very late in the account of pensioner especially civilian pensioner. All the CPPCs were handed the pendency list and were requested to improve their performance in crediting the pension/ family pension on time.

c. To provide image of PPO for data purification

All the CPPCs were requested in the meeting to provide PPO image to them to facilitate data purification which was agreed to.

d. Attend the meeting as and when it is convened by the PCDA.

All the CPPCs were requested to attend meetings as and when convened by the PCDA

Dept of telecommunication:

a) Recovery of excess and overpayment of pension

b) Return of inactive PPOs

c) Delay in Timely Payment of Pension and Family Pension

d) Reconciliation of Data

Ministry of Railways :-

a) Non-submission of E-scroll on time and Reconciliation thereof.

b) Acknowledgement of e-PPO

(Action: CPPCs)

Agenda Item No.14- Any other points with permission of chair

a) Payment of LTC to the pensioners of UT Chandigarh

The issue of payment of LTC to the pensioners of UT Chandjgarh was raised. The issue is being examined by the Central Pension Accounting Office (CPAO).

The meeting ended with a vote of thanks to the chair.

The post Minutes of the meeting with all the Heads of CPPCs / Government Business Divisions of SBI held on 10.01.2020 to discuss various issues appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

Pension seva SBI (state bank of India)

SBI has launch a website, where pensioners drawing pension from SBI can check their pension-related details instantly. One can view the pension payment details from the first pension onwards as well as other details.

Check this: 7th CPC DA Arrears Ready Reckoner Tables for Level-7

What are the services available in pension seva SBI

SBI Pension Seva is a website where pensioners of SBI can login and check their pension related details instantly.

The services available on pension seva sbi website include:

• Download of Arrear calculation sheets
• Download of Pensionslip/ Form 16
• Pension Profile Details
• Investment related details
• Life Certificate status
• Transactions Details

Also read: 7th CPC DA Arrears Ready Reckoner Tables for Level-13A

• Senior Citizen Savings Scheme (SCSS)
• EPPO provision for Defence/ Railway/ CPAO/ Rajasthan pensioners

Extended Benefits to Pensioners

• SMS alert on mobile phone with pension payment details.
• Pension slip through email/pension paying branch.
• Facility to submit life certificate at any branch of State Bank of India.
• Jeevan Pramaan facility available at branches.
• Senior Citizen Savings Scheme (SCSS)
• EPPO provision for Defence/ Railway/ CPAO/ Rajasthan pensioners

The post How to download of Arrear calculation sheet for pensioners appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

Public sector bank State Bank of India (SBI) said that it has released Rs 3,323.24 crore in arrears to defence pensioners as part of the 7th Pay Commission on Friday. The bank released the amount to about 9.94 lakh pensioners, Rajnish Kumar, managing director (national banking group), said in a statement.

Last month, the bank released about Rs 4,003 crore worth in arrears to 4.60 lakh retired services pensioners. The bank serves to the largest share of central government pensioners across the country and to about 50 percent of total defence pensioners.

This means that so far, roughly Rs 7,300 crore worth in arrears has been released to defence pensioners till now.

In October, the defence ministry had said that it had deferred the representation of the armed forces for a percentage-based system rather than a slab-based system for determining disability pension to the Anomaly Committee of the 7th Central Pay Commission (CPC).

The move followed criticism from the opposition parties and the defence forces over a letter issued on September 30, which had stated that a slab-based system will replace the percentage method of calculating the pension for the disability pension for the Army, Navy and the Air Force personnel.

“Service Headquarters have represented that the percentage based system should be continued under the 7th pay commission for calculating disability pension for Defence Services at par with their Civilian counterparts. The Ministry has referred the representation of the Service Headquarters to the Anomaly Committee of 7th pay commission for consideration,” a statement by the defence ministry stated.

PTI

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State Bank of India will grant special leave of two days to its employees as reward for having taken additional stress since November 8 when demonetisation was announced.

Employees would be able to avail this leave any time until March 2018, said SBI Chairman Arundhati Bhattacharya in Mumbai on Wednesday.

“Our employees will get rewarded, I am sure. We are looking into what can be done. We have already given overtime wherever it is due.”

On the issue of new currency notes being diverted by some bank employees, Bhattacharya clarified that in any system there would be a few bad examples.

She observed that such incidents of Rs.100-200 crore being diverted to a select few had created doubts in the minds of people. The banking sector had dispensed Rs.7 lakh crore worth of money in the system during this period. But those who are guilty of such malpractices will be dealt in accordance with law, she said.

Bankers have been going about their job silently and without being given credit for implementing such a challenging task, she said.

They had been putting in late hours and many could not go home in the initial few days, she said.

The SBI chief said that there were checks and balances in place but if checks were tightened further, banks would not be able to serve their customers.

SBI was using analytics to ascertain the number of notes received by the bank versus the number issued to customers, besides reporting suspicious transactions on a daily basis, Bhattacharya said.

Source : The Hindu

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Taking a cue from its bigger peer State Bank of India, public sector lender Punjab National Bank (PNB) has come out with special home and auto loan offers to attract Central government employees who are flush with cash after the bonanza handed out to them with the implementation of the recommendations of the 7th Central Pay Commission (CPC).

The scheme titled “PNB Pride” is effective from October 1, 2016, and comes with zero documentation and processing charges. Other terms and conditions applicable to existing home and vehicle loan borrowers will apply to those availing of loans under the “PNB Pride”, according to the bank.

The aim of the scheme, according to the lender, is to “ensure availability of Housing Loan and Vehicle Loan at attractive rates and ensure a house and a car for all government employees.”

The floating rate of interest for vehicle loans will be 9.55 percent (0.25 percent + marginal cost of lending rate, or MCLR). The fixed rate of interest is also the same, with a reset clause of three years.

As for home loans, the floating rate will be 9.30 percent and the fixed at 9.80 percent.

Earlier, State Bank of India (SBI) had announced flexible home loans to Central government employees (SBI Privilege Home Loan) and defence personnel (SBI Shaurya Home Loan”) with pensionable service.

“Under the new schemes, employees of central/state governments, defence forces, public sector banks, public sector enterprises of central government and other individuals with pensionable service will be offered home loans tailored to their specific needs,” the bank said in a statement in August this year.

“The launch of ‘SBI Privilege Home Loan’ and ‘SBI Shaurya Home Loan’ products is timed with the notification of 7th Pay Commission recommendations. Surplus income can thus be utilised by government employees and defence personnel towards purchase of new/better house,” it added.

The bank gave an option to Central government employees to repay home loans up to the age of 75 years, as against 70 years applicable in other home loans given by the bank.

The recommendations of the 7th CPC cover 47 lakh Central government employees and 53 lakh pensioners, of which 14 lakh employees and 18 lakh pensioners are from the defence forces.

Source: Yahoo news

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New Delhi: State Bank of India, the country’s largest lender, and its rivals are set to launch programmes aimed at encouraging central government employees in line for fatter 7th pay commission arrears to borrow and spend on consumer goods, cars and homes.

The government announced its employees would get the higher salaries from August along with arrears of the first seven months under the Finance ministry Office Memorandum No.1-5/2016-IC issued on Friday. The pay commission award is due from January 1.

Punjab National is also firming up plans to tap salary increases to the tune of a total Rs 70,000 crore through this financial year thanks to the award of the Seventh Central Pay Commission.

State-owned SBI will raise the age bar on loan repayments by five years in the two schemes it’s planning. It will also offer lower interest rates and the flexibility of paying higher installments in the first few years.

“We will launch SBI Privilege to suit the needs of the borrowers who will be benefiting from the pay commission,” SBI managing director Rajnish Kumar told The Economic Times. “This new scheme will allow home loan borrowers to service loans till the age of 75 from the existing age of 70 years besides a five basis point reduction in interest rates if they repay through check-off facility (or payments deducted directly from the salary).” A basis point is 0.01 percentage point.

Another progamme, SBI Shaurya, is aimed at defence personnel, who are also in line for pay and pension increases.

“We expect that the major demand will be from personal loans and car loans,” a Bank of Baroda executive told The Economic Times. “We will be soon be coming out with interesting offers on these two product lines.”

After the sixth pay commission award in 2008, the sales of two wheelers and passenger cars rose 25%. Analysts expect a similar bump, though not as sharp, this time around.

The increase in salary this time is an average 15% compared with 40% last time. Plus, last time the arrears were for two years, resulting in a bigger surge.

Inputs with ET

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New Delhi: A section of public sector bank employees today deferred its proposed two-day nationwide strike from tomorrow following a retrain order from the Delhi High Court.

“In view of Delhi High Court restrain order our strike on July 12 and 13 stands deferred,” All India Bank Employees’ Association General Secretary C H Venkatachalam said.

Earlier, the employee union had announced to go on strike to protest against the proposed merger of SBI associates and privatisation of IDBI Bank.

All India Bank Officers’ Association and State Sector Bank Employees’ Association had also announced their support to the strike.

In the event of the strike, normal banking operations could have been affected on July 12 and 13.

The high court in its order on a plea of State Bank of Patiala and four other subsidiary banks of SBI restrained State Sector Bank Employees Association (SSBEA) and All India Bank Employees’ Association (AIBEA) from proceeding ahead with the two-day strike till the next date of hearing.

The HC listed the matter for further hearing on July 20.

The five associate lenders of SBI are State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Mysore, State Bank of Patiala and State Bank of Hyderabad.

PTI

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CTS- 2010 Standards implementation : Standardisation and Enhancement of Security Features in Cheque Forms, the introduction and implementation of additional security features on cheque forms will commence from 1.1.2013, this Guidance Note will be called CTS-2010.

Important things on new cheque leaf as follows:

A) Water Mark (to be incorporated at the paper manufacturing stage)

B) Void Pantograph ( at printing stage)

C)Ultra-violet logo of Bank(at printing stage)

D) Standardized field placements of a cheque

E) Cheque printing colours and background.

F) Microlettering.

G) New Rupee Symbol at CAR (Courtesy Amount Recognition) amount in figure field.

H) Printer Name along with CTS – 2010
What would be benefit of cheque truncation to customers of banks?
Before we answer this question, we have to understand the present system of cheque clearance. The cheques presented by customers, today, are sent to the clearing house at the drawee centres by the beneficiaries’ bank. The cheques at the bigger cities, in view of the large volume of paper instruments, are subjected encoding and then to mechanical sorting and thereafter reach the drawee branches.

As per the existing banking practice, these instruments received at the counters of the drawee branches are paid or returned by them. The returned instruments are passed on to the presenting customers through the process of a return clearing. Only after the return clearing process gets over, banks release the credit to the customers. The beneficiaries’ account gets credited on the same day on which the drawees’ account gets debited; however, the beneficiary is permitted to use the proceeds only after the return clearing process.

With the introduction of the imaging and truncation, the physical movement of instruments would be stopped and the electronic movement of images of cheques would speed up the process of settlements and ultimately alter the clearing cycles. The clearing cycle could be shortened and it would be possible for customers to realize the proceeds of cheques early. Thus cheque truncation would reduce effectively the time of float, i.e. time from the point of issue of cheque to the point of time the actual debit takes place. In case such clearing is introduced across the cities, it would ensure the realisation of inter-city instruments faster thus ensuring early availability of funds to beneficiaries.

Thus the benefits could be summarized as:
a) Faster clearing cycle;
b) Better reconciliation/verification process
c) Better Customer Service ñ Enhanced Customer Window
d) T+0 for Local Clearing and T + 1 for inter-city clearing.
e) Elimination of Float – Incentive to shift to Credit Push payments.
f) The jurisdiction of Clearing House can be extended to the entire country – No Geographical Dependence
g) Operational Efficiency will benefit the bottom lines of banks – Local Clearing activity is a high cost no revenue activity.
h) Minimises Transaction Costs.
i) Reduces operational risk by securing the transmission route

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