BREAKING NEWS

BREAKING NEWS ""**If we want PSU bank to compete with Pvt bank ---Give them a break Saturday first*** DA FOR BANKER FROM FEBRUARY 2023 SEE DETAILS CHART FOR OFFICER AND WORKMAN***Outcome of Today’s meeting with IBA - 31.01.2023***All India Bank Strike 27.06.2022******PLEASE VISIT INDIAN TOURISM CULTURE & HERITAGE *****NITI Aayog finalised names of Two public sector banks and one general Insurance Co. for privatisation****No economic reason to privatise PSU banks---post date 24.05.2021******Mobile users may soon be able to switch from postpaid to prepaid and vice versa using OTP*****India May Privatise or Shut 46 PSUs in First 100 Days, Says NITI Aayog's Rajiv Kumar----We should start with the banks*****Expected DA for Bank Employee from August 2019 is 24 slab to 29 slab*****RTGS time window from 4:30 pm to 6:00 pm. with effect from June 01.06.2019******WITHOUT CUSTOMER'S CONSENT BANK CAN NOT USE AADHAAR FOR KYC ----RBI***** Salient features of Sukanya Samriddhi Account---Who can open and how?******OBC posts 39% rise in Q4 profit, OBC readt tWITHOUT CUSTOMER'S CONSENT BANK CAN NOT USE AADHAAR FOR KYC ----RBI o take another Bank--MD MUkesh Jain*******DA FOR BANKER FROM NOV 2018 IS INCREASE 66 SLAB I.E 6.60%****40,000 STANDARD DEDUCTION IN YOUR TAX - IS A GREAT DRAM/BLUFF BY JAITLY SEE DETAILS+++++++Cabinet approves plans to merge PSU banks-The final scheme will be notified by the central government in consultation with the Reserve Bank. post date 23.08.2017****IBA to restrict the negotiations on Charter of Demands of Officers' Associations up to Scale-III only post dated 07.07.2017*****

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BREAKING NEWS ""**If we want PSU bank to compete with Pvt bank ---Give them a break Saturday first****Outcome of Today’s meeting with IBA - 31.01.2023*********

Monday, August 31, 2015

Administrative Office Words - English & Hindi useful for your day to day work

Administrative Office Words - English & Hindi

Accountलेखा (lekhaa)
Accusationअभियोग (Abhiyog)
Accusedअभियुक्त (abhiyukt)
Actअधिनियम (adhiniyam)
Actingकार्यकारी (karikaari)
Administrationप्रशासन (Prashaashan)
Adultप्रौढ (prauDh)
Advanceअग्रिम (Agrim)
Adviceसलाह (salah)
Advocateअधिवक्ता (adhivakta)
Agentअभिकर्ता (abhikarta)
Airplaneवायुयान (Vayuyan)
Algebraबीजगणित (beej ganit)
Allowanceभत्ता (Bhatta)
Ambassadorराजदूत (rajdoot)
Amendmentसंशोधन (sanshodhan)
Applicationआवेदनपत्र (avedan patra)
Appointmentनियुक्ति (niyukti)
Approvalअनुमोदन (anumodan)
Atom Bombअणुबम (aNubam)
Benchन्यायपीठ (Nyaaypith)
Billविधेयक (vidheyak)
Broadcastingप्रसारण (prasaaraN)
Businessब्यापार (vyapaar)
Censusजनगणना (Jangardna)
Circularपरिपत्र (Paripatra)
Clerkलिपिक (Lipik)
Commissionआयोग (Aayog)
Conditionशर्त (shart)
Constitutionसविधान (Savidhaan)
Correspondenceपत्राचार (Patraachaar)
Corruptionभ्रष्टाचार (Bhrashtraachaar)
Delegateप्रतिनिधि (Pratinidhi)
Democracyप्रजातंत्र (Prajaatantr)
Deputationशिष्टमंडल (Shishtamandal)
Diplomacyकूटनीति (kootnit)
Directorनिदेशक (Nideshak)
Discoveryआविष्कार (aavishkaar)
Electionचुनाव (Chunaav)
Embassyदूतावास (Dutaavaas)
Engineerअभियंता (Abhiyantaa)
Estateसम्पदा (Sampadaa)
Estimateआकलन (Aakalan)
Evidenceसाच्छी (saachhy)
Exchangeविनियम (Viniyam)
Experimentप्रयोग (prayog)
Exportनियात (Niyaat)
Facultyनिकाय (Nikaaya)
Fareकिराया (kiraya)
Fin Ministerवित्त मंन्त्री (vitt mantri)
Financeवित्त (Vitta)
Fire Brigadeदमकल (damkal )
Formulaसूत्र (Sutra)
Gazetteसूचनापत्र (suchana patra)
Governmentसरकार (sarkaar)
Governorराज्यपाल (Rajpaal)
Grantअनुदान (anudaan)
Guardianसरक्षक (sanrakshak)
Habitआदत (aadat)
Headquarterमुख्यालय (Mukhyaalaya)
High courtउच्च न्यायालय (uchch-nyayalay)
Highwayराजपथ (Raajpath)
Honoraryअवैतनिक (avaitanik)
Illegalअवैध (Avedh)
Importआयात (Aayaat)
Income taxआयकर (aaykar)
Infantryपद सेना (pad sena)
Institutionसंस्था (sansthaa)
Jointसंयुक्त (Sanyukt)
Judgeन्यायाधीश (nyayadhish)
Judgementन्याय, निर्णय (nyay, nirNay)
Laboratoryप्रयोगशाला (prayogshala)
Lawनियम (Niyam)
Lawविधि (vidhi)
Legislationविधान (vidhan)
Liabilityउत्तरदायित्व (uttardayitva)
Literatureसाहित्य (saahitya)
Majorityबहुमत (bahu-mat)
Managerप्रबन्धक (prabandhak)
Ministryमंत्रालय (Mantralaya)
Minorityअल्पमत (alp-mat)
Miscellaneousविविध (vividh)
Nationalराष्ट्रीय (rastriya)
Navyनवसेना (nav-sena)
Offence/Crimeअपराध (Aparaadh)
Officialशासकीय (Shaasakiya)
Oppositionविरोध (virodh)
Orderआदेश (Aadesh)
Ordinanceअध्यादेश (adhyadesh)
Paragraphअनुच्छेद (anuchchhed)
Parliamentसंसद (Sansad)
Passportपारपत्र (paar patra)
Payवेतन (Vetan)
Post-mortemशवपरीक्षा (shav parikshaa)
Principleसिद्धान्त (sidhdhaant)
Processionजलूस (jaloos)
Programकार्यक्रम (Kaaryakram)
Proposalप्रस्ताव (prastav)
Qualificationयोग्यता (yogyata)
Recognitionमान्यता (Maanyataa)
Registeredपंजीकृत (panji-krit)
Republicगणतन्त्र (gan-tantra)
Reservationआरक्षरण (Aarakshan)
Resignationत्यागपत्र (tyag-patra)
Right/Authorityअधिकार (Adhikar)
Sectionअनुभाग (Anubhaag)
Securityसुरक्षा (surakshaa)
Seniorवरिष्ठ (Varishth)
Sentenceवाक्य (vaakya)
Superintendentअधीक्षक (Adhikshak)
Syllabusपाठ्यक्रम (paathyakram)
Telephoneदूरभाष (door bhas)
Televisionदूरदर्शन (door darshan)
Time-tableसमयसारिणी (samay sariNi)
Trafficयातायात (yaataayaat)
Trainingप्रशिक्षण (prashikshan)
Transferस्थानान्तरण (sthaanantaran)
Transportपरिवहन (Parivahan)
Tribunalअधिकरण (Adhikaran)
U.N.O.संयुक्तराष्ट्रसंघ (Sanyukta Rastra Sangh)
Unanimousसर्वसम्मति (sarv sammati)
Vacationअवकाश (avakaash)
Validमान्य, वैध (maanya, vaidh)
Vocationव्यवसाय (vyavsaay)
Volunteerस्वयंसेवक (svayam sevak)
Wagesमजदूरी, वेतन (mazdoori, vetan)
War timeयुद्धकाल (yuddh kaal)
Willवसीयत (vasiiyat)

PPF A/C Scheme & Features

PPF A/C Scheme & Features

Features of PPF Account
  • An individual can have only one PPF account. However, he can open an account in his minor child's name.
  • The ceiling of amount deposited in PPF account increased to Rs. 1.50 lac.
  • Deposits made in PPF accounts ( Upto a maximum of limit of investment per annum ) are eligible for deduction under Section 80C of Income Tax Ac.
  • There is no concept of joint holding in a PPF account. It has to be in a single name only. You can however nominate your dependents to your PPF account.
  • Interest is computed on the minimum balance between the 5th and end of a month. If you are investing a lump sum to save tax, deposit the amount before march 5 of the year to get interest on your deposit. Therefore, to get interest on your deposit for the month in which the amount deposited; the amount be deposited before 5th day of the month.
  • You cannot offer the balance in your PPF account as collateral to take a loan. Nominee can claim the balance in the PPF account holder. they cannot continue the account or make additional contributions.
  • Balance in PPF account cannot be attached under court decree.
  • Entire deposit in a PPF account is exempt from the Wealth Tax.
  • The deposit in a minor account is clubbed with the deposit of the account of the guardian for the limit of Rs. 1,50,000/-.
  • When PPF came into force
  • The scheme came into force on Ist July, 1968. [Issued vide Government of India, MOF (DEA) Notification No. GSR 1136 dated 15.6.1968 and further amended from time to time]
  • Who can open a PPF Account
  • An individual can have only one PPF account in his name and may also subscribe on behalf of a minor.
  • Non Resident Indians are not eligible to open an account under the Public Provident Fund Scheme.
  • If a resident who subsequently becomes Non Resident Indian during the currency of the maturity period prescribed under Public Provident Fund Scheme, may continue to subscribe to the Fund till its maturity on a Non Repatriation Basis.
  • Where the PPF account can be opened?
  • PPF accounts can be opened at designated branches of State Bank of India and its associate banks
  • Designated branches of other nationalized banks
  • All Head Post Offices and other designated Post Offices
  • What are the tax benefits from PPF?
  • Deposits made in PPF accounts Upto a maximum limkit of Rs. 1,50,000/- eligible for deduction under limit of Section 80C of Income Tax Act.
  • On maturity, the entire amount including the interest is non-taxable.
  • Entire deposit in a PPF account is exempt from the Wealth Tax.
  • Minimum And Maximum Amount that can be deposited?
  • Minimum amount of Rs. 500 and Maximum amount Rs. 1,50,000/- be deposited in a year.
  • Number of subscription in a year
  • The subscription in multiples of Rs. 5 may, for any year, be paid into the account in one lump sum.
  • In Installments not exceeding twelve in a year.
  • If fails to deposit amount in any year
  • A subscriber who fails to subscribe in any year according to the limits of minimum amount, may approach the Accounts Office for condonation of the default, on payment, for each year of default, a fee of Rs. 50 alongwith arrear subscription of Rs. 500 for each year.
  • Transfer of PPF Account?
    A subscriber may apply for transfer of his account from one "Account Office" to another "Account Office" designated for this purpose.
    Withdrawals from the PPF Account
  • Any time after the expiry of five years from the end of the year in which the initial subscription was made.
  • A subscriber may, if he so desires, apply in Form C or as near thereto as possible, together with his pass book for withdrawing from the balance to his credit.
  • An amount not exceeding fifty per cent of the amount that stood to his credit at the end of the forth year immediately preceding the year of withdrawal or at the end of preceding year, whichever is lower, less the amount of loan, if any, which remains to be repaid.
  • Provided that not more than one withdrawal shall be permissible during any one year.
  • Closure of account
  • Any time after the expiry of 15 years from the end of the year in which the initial subscription was made by him, a subscriber may, if he so desires, apply in Form C, near thereto as possible together with pass book.
  • Continuation of account after maturity
  • On the expiry of 15 years from the end of the year in which the initial subscription was made but before then expiry of one year thereafter, may exercise an option with the Accounts Office in Form H, or as near thereto as possible, that he would continue to subscribe for a further block period of 5 years.
  • Loan against PPF Account
  • Any time after the expiry of one year from the end of the year in which the initial subscription was made but before expiry of five years from the end of the year in which the initial subscription was made.
  • A subscriber may, he so desires, apply in Form D or as near thereto as possible, together with his pass book for obtaining loan not exceeding twenty five percent of amount that stood to his credit to at the ends of the second year immediately preceding the year in which the loan is applied for.
  • Loan in Minor Child's account
  • Where the application is made by a person who has made subscriptions to the Fund on behalf of a minor of whom he is the guardian, he shall furnish a certificate in the following form to get loan as above, namely:-
  • Repayment of loan and interest
  • The principal amount of a loan under this Scheme shall be repaid by the subscriber before the expiry of thirty six months from the first day of the month following the month in which then loan is sanctioned.
  • The interest on loan amount is plus 2% per annum against the prevailing interest rates.
  • Nomination and repayment after death
    • subscriber to the fund may nominate in Form E or, as near thereto as possible, one or more persons to receive the amount stading to his credit in the event of his death before the amount has become payable or, having become payable,has not been paid.
    • No Nomination shall be made in respect of an account opened on behalf of minor
    Rate of Interest payable in PPF Account?
  • Interest at the rate, notified by the Central Government in official gazette from time to time, shall be allowed for calendar month on the lowest balance at credit of an account between the close of the fifth day and the end of the month and shall be credited to the account at the end of each year.
  • Provided that where the interest to be credited contains a part of a rupee. Then, if such part is fifty paise or more, it shall be increased to one complete rupee, and if such part is less than fifty paise, it shall be ignored.
  • Public provident fund (PPF) will earn an interest of 8.7%, reduced from 8.8 % and the new rates are effective April 1, 2013.

    PPF Interest Rates Over a Period of Time from April-1986

  • Payment of Gratuity Under Gratuity Act, 1972

    Payment of Gratuity Under Gratuity Act, 1972 and
    Bipartite Settlement / OSR In Banks after 10BPS

    You can Calculate here Gratuity payable under Gratuity Act, 1972 & BPS / OSR

    Gratuity in the Banks is payable to employees and officers both under the Gratuity Act, 1972 as well as under the provisions of our Bipartite Settlement for employees and as per OSR for officers whichever is higher.
    (other than in SBI where Gratuity is paid only under the Act with a ceiling of Rs. 10 lacs)

    Eligibility :

    Eligible Amount:

    The higher of the two in (a) i.e. Gratuity as per Act or (b) i.e. Gratuity as per OSR / BPS will be paid.

    Gratuity Paid upto Rs. 10.00 lakhs is exempt from income tax under sec 10(10).

    PAYMENT OF GRATUITY FROM 1.11.2012
    • In terms of Section 4 (5) of the Payment of Gratuity Act, 1972, Gratuity under Gratuity Act or BPS provisions /OSR whichever is higher is payable.
    • Hence for every retiring employee, Gratuity has to be re-calculated both under the Act and under BPS and higher of the two will be paid.
    • For those employees who have retired from November, 2012, Gratuity will be re-calculated both under the Act and as per BPS / OSR and arrears/difference if any will be paid to them.

    NEW DA FROM NOV 2015 WILL BE 39.70% for bank employee

    Now, today i.e. on 31.08.2015, CPI for the month July'15 announced as 6003.21. On assumptions that CPI data would slightly increase   for the next two months i.e. for Aug'15 & Sep'15 in that situation the expected (tentatively) increase in DA Slabs comes to 33 slabs for the month of Nov'15 - Jan'16, the expected DA payable in terms of percentage is as under :-


    CPI for the Quarter


    Average CPI for the Quarter April -June 2015 as above = 5896.69


    FOR JULY                                                                                                        6003.21
           AUGUST                                                                                                   6025.21
         SEPTEMBER                                                                                              6055.39

    Average CPI for the Quarter JULY TO SEPTEMBER  2015 as above = 6027.93.

    NEW DA   FROM NOV 2015 WILL BE (6027.93-5896.69)/4=33 SLAB i,e 3.3%

    Total DA will be 36.40+3.30= 39.70%

    Please note that it is only tentative number of DA slabs assessed by everything banking news group for the quarter Nov'15 - Jan'16 based on assumptions of CPI as mentioned above.
    On release of CPI data for the month of Aug'15 we will re-calculate the DA that would become payable for the period Nov'15 - Jan'16.


    Friday, August 28, 2015

    PSBs need govt support for viability of social schemes: SBI

    SBI chief Arundhathi Bhattacharya said on Friday the government needs to think about "ways and means" to sustain social security schemes such as Pradhan Mantri Jan Dhan Yojana in the long run and compensate public sector banks (PSBs) to make such initiatives commercially viable.
    "The government wants that it (PMJDY) should be a sustainable kind of initiative... that we should not do it and then allow it to die because it is not commercially viable. So obviously, the government will have to think of ways and means to ensure that these accounts, once they come in, become commercially viable accounts," she told reporters.
    "We are already working on it with the government. I don't think the government intends not to give anything. But we are working on what it should be," she added.
    The remarks from the chief of country's largest lender comes a day after Reserve Bank Governor Raghuram Rajan stressed on the need to compensate PSBs to maintain a level playing field as many of the private sector banks do not get pinched by such measures.
    "We should recognise that PSBs undertake public interest activities (like the roll-out of accounts under PMJDY) that are not always fully compensated. The government should endeavour to keep the competitive playing field level by fully compensating banks for activities it wants to undertake in the public interest," Rajan wrote in the Overview section of RBI's annual report.
    The government launched PMJDY on August 28, 2014, for extending formal financial services to the excluded population.
    As of June 30, 2015, nearly 165.7 million PMJDY accounts have been opened.
    Bhattacharya said the bank is looking at compensation such as a hike in commissions for transferring subsidy under the Direct Benefit Transfer (DBT) scheme.
    The State Bank of India chairman said there is a cost involved in opening PMJDY accounts and these costs will have to get amortised over a period of time till the time these accounts turn viable.
    "These will turn viable as the DBT comes in, as more and more of these programmes, which the poor will be able to afford, are launched, and we see actually see activation in the accounts," Bhattacharya said.
    According to Bhattacharya, once there is an improvement in financial literacy, access to finance, higher number of products focusing on such people are launched and as the DBT comes, these accounts will start becoming viable.
    "Yes, may be it is not paying for itself today, but I think with such a huge initiative that has been taken, we need to be a little more patient," she added.
    In SBI, at least 45 per cent of the total Jan Dhan accounts are active.
    "The number is lower for us because first of all we have large base and second we have some of the most backward districts as we are the SLBC (State Level Bankers' Committee) leader in all the backward districts of the country, and therefore we have a more of a handicap than some other banks," she noted.
    Bhattacharya on Friday inaugurated a new office building of its brokerage arm SBICap Securities in Mumbai.

    Govt begins search for new Sebi Chairman to succeed UK Sinha

    The government has begun the search for a new Chairman of the capital markets regulator Sebi to succeed the incumbent UK Sinha, whose term is scheduled to come to an end on February 17, 2016.
    Inviting applications, the Finance Ministry said in a notification that the Chairman would be appointed for a five-year period or up to the age of 65 years, whichever is earlier. Besides, he would be eligible for re-appointment.
    The applications have been invited by October 7, 2015.
    "The appointment shall be made by the central government on recommendation of a search-cum-selection committee... It may, however, be noted that the search-cum-selection committee is free to identify and recommend any other person also, on the basis of merits, who has not applied for the post," the Ministry said.
    The Chairman would have an option to receive pay "as admissible to a Secretary to the Government of India, or a consolidated salary of Rs 4.5 lakh per month". The salary remains unchanged from what is being paid currently.
    Sinha, a 1976 batch IAS officer of Bihar cadre, assumed office as the Securities and Exchange Board of India (Sebi) Chairman on February 18, 2011 when the previous UPA government was in the power.
    While Sinha was initially appointed with a three-year term, he was later given a two-year extension. As per his age, Sinha is eligible for a one-year extension.
    It could not be ascertained whether Sinha was offered an extension or not.
    In addition to the post of Chairman, the government is empowered to appoint five members on the board of this key regulatory body, which regulates stock exchanges, various kinds of market entities including brokers, mutual funds, FIIs, rating agencies and investment bankers, as also thousands of listed companies.
    Of these five members, at least three must be whole-time members. Currently, there are three whole-time members on the Sebi board, while the government last month appointed Arun Sathe, who has been an RSS full-timer in the past and who had unsuccessfully fought Lok Sabha elections as a BJP candidate in 1989, as a 'Part-Time Member'.
    Going by the current board composition, the government can appoint one more member.
    Among the three whole-time members, the current tenure of Prashant Saran and S Raman will end in 2017 while that of Rajeev Kumar Agarwal will come to an end in 2016.  The Finance Ministry said the applications need to be accompanied by ACR/APAR (Annual Confidential Report/Annual Performance Appraisal Report) of the last five years, Vigilance Clearance, No Penalty and Integrity Certificate through 'proper channel' in case of serving government officers and employees of PSUs, academic and research institutions.
    Listing the eligibility criteria, it said the applicants should be "person of ability, integrity and standing who have shown capacity in dealing with problems pertaining to securities markets or have special knowledge or experience of law, finance, economics, accountancy, administration or in any other discipline, which in the opinion of the Central Government shall be useful to the Board".
    "Keeping in view the role and importance of Sebi as a regulator, it is desirable that persons with high integrity, eminence and reputation preferably with more than 25 years of professional experience and in the age group of 50-60 years may apply."
    Before joining Sebi, the current Chairman Sinha was heading UTI Mutual Fund. Prior to that, he had served in Finance Ministry among other positions as an IAS officer.
    During his tenure, Sebi has taken a number of steps to check manipulation and ensure safeguards of the investors and overall marketplace.
    However, the most keenly watched developments during Sinha's tenure has been grant of greater powers to Sebi and the action taken by the regulator against hundreds of ponzi schemes and lately against more than 1,000 individuals and companies suspected of tax evasion and laundering of black money through the stock exchange platform.

    Rs.50 Lakh Stolen from Axis Bank Cash Van in Kerala

    n a daring incident that took place in Uppala, Kasaragod, Kerala on Wednesday, ₹50 lakh was stolen from a van while it was transporting cash...

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