Tuesday, February 24, 2009
Upgradation of 45 posts of PPS of the CS Stenographers’ Service to the level of Senior PPS: PIB release Dt Feb 23rd
The Union Cabinet today gave its approval to the proposal of Department of Personnel & Training for upgradation of 45 posts of Principal Private Secretary (PPS) of Central Secretariat Stenographers’ Service (CSSS) in PB-3 ( Rs. 15,600 – 39,100 + Grade Pay Rs. 6600) to the level of Senior Principal Private Secretary ( Sr. PPS) of CSSS in PB-3 ( Rs. 15,600 – 39,100 + Grade Pay Rs. 7600) so as to provide Secretarial / Stenographic assistance, on equal footing, at the level of Sr. PPS to all Secretary / equivalent officers, working in the Ministries / Departments of the Government participating in the Central Secretariat Stenographers’ Service.
New Millennium Indian Technology Leadership Initiative scheme expanded : PIB press Release Feb 13th
The Cabinet Committee on Economic Affairs today gave its approval to the expansion of CSIR managed New Millennium Indian Technology Leadership Initiative (NMITLI) programme with a budget outlay of Rs.700 crore in the XI Five Year Plan. The programme will now experiment newer ways of doing R&D in Public-Private-Partnership (PPP) mode for innovation.
Various newer mechanisms which would be operationalized under NMITLI include : funding R&D projects along with industry on equal sharing (50:50 initiative); co-financing of projects with Venture Capital Funds; setting up of NMITLI innovation centers in selected areas for long term sustained efforts; support to post NMITLI projects; acquisition of early stage relevant knowledge / IP for portfolio building etc.
The flexibility to convert loan into equity and involving international companies selectively in the R&D projects has also been permitted under NMITLI in order to push the programme to the next level.
India has entered into a new era of R&D activities and innovation led development, it is earnestly hoped that expanded NMITLI approaches would further spur public-private partnership lead innovation and development in the country and would help create desired technological niches for Indian industry.
Council of Scientific & Industrial Research (CSIR) has been managing the NMLTLI programme on behalf of Government of India. NMITLI has carved out a niche for itself and is regarded as a flagship R&D support programme in PPP mode to help Indian industry emerge a technology leader in the identified domain.
Various newer mechanisms which would be operationalized under NMITLI include : funding R&D projects along with industry on equal sharing (50:50 initiative); co-financing of projects with Venture Capital Funds; setting up of NMITLI innovation centers in selected areas for long term sustained efforts; support to post NMITLI projects; acquisition of early stage relevant knowledge / IP for portfolio building etc.
The flexibility to convert loan into equity and involving international companies selectively in the R&D projects has also been permitted under NMITLI in order to push the programme to the next level.
India has entered into a new era of R&D activities and innovation led development, it is earnestly hoped that expanded NMITLI approaches would further spur public-private partnership lead innovation and development in the country and would help create desired technological niches for Indian industry.
Council of Scientific & Industrial Research (CSIR) has been managing the NMLTLI programme on behalf of Government of India. NMITLI has carved out a niche for itself and is regarded as a flagship R&D support programme in PPP mode to help Indian industry emerge a technology leader in the identified domain.
Nostrum Pharmaceuticals Obtains Worldwide Licensing Rights From IMTECH for Clinical Development of the Small Molecule Caerulomycin and Its Proprietary
EDISON, N.J., Feb. 23 /PRNewswire/ -- Nostrum Pharmaceuticals, LLC ("Nostrum"), a privately-held company based in Edison, New Jersey, announced today that it has obtained a worldwide license to develop and commercialize Caerulomycin A, and its proprietary derivatives and analogues ("Caerulomycin") for their novel indication of immunosuppression. The license was obtained from Institute of Microbial Technology ("IMTECH"), Chandigarh, India, one of India's preeminent research institutes, governed by the national government's Council of Scientific and Industrial Research ("CSIR").
Nostrum's President and founder, Dr. Nirmal Mulye, Ph.D., expressed his appreciation for the continued efforts by IMTECH and Nostrum's Symmetrix subsidiaries to pursue development of novel biopharmaceutical therapeutic protein drugs, including Caerulomycin and a clot busting protein known as Clot Specific Streptokinase obtained earlier pursuant to license from IMTECH. Dr. Mulye stated that, "our collaborative work with IMTECH in the clinical development of these therapeutic proteins has been ongoing since 2006 and offers a substantial commercial potential for these products in the market worldwide."
Dr. Yatindra Prashar, Ph.D., President and CEO of Nostrum's subsidiary Symmetrix Pharmaceuticals, LLC, based in Edison, NJ, and parent of Singapore-based Symmetrix Biotech Pvt. Ltd. (collectively "Symmetrix"), was principally responsible for reaching the new license agreement with IMTECH. Dr. Prashar emphasized that, "This novel bioactivity of Caerulomycin has shown remarkable promise in immunosuppression of both T-cells and B-cells in both in-vitro experiments and in rodent animal model studies. In addition, preliminary studies carried out by IMTECH also show a lack of toxicity in the rodent experiments. Based on these observations made by IMTECH's scientists, Caerulomycin has a potential to develop into a blockbuster drug to be used to prevent organ transplant rejection and diseases such as certain autoimmune disorders where immunosuppression is the key to the mitigation of the disease symptoms."
Dr. Girish Sahni, Ph.D., Director, IMTECH, added, "Licensing of Caerulomycin to Nostrum is a proud achievement for IMTECH, especially for the scientific teams led by Dr. Javed Agrewala, Ph.D., Dr. R. M. Vohra, Ph.D., Dr. Arvind Singla, Ph.D. and Dr. R. S. Jolly, Ph.D., that developed Caerulomycin over several years of meticulous research which led to the filing of patent applications for the technology. Moreover, this is the second molecule that IMTECH has under license with Nostrum, the first being a novel thrombolytic clot-buster protein known as SMRX11. While SMRX11 was the first patented recombinant DNA based biopharmaceutical molecule licensed to a foreign pharmaceutical company by any institution in India, Caerulomycin is the first small molecule being licensed by IMTECH to a foreign company, and it is a proud achievement for IMTECH and CSIR."
Earlier today in New Delhi, Dr. Mulye and Dr. Sahni signed the licensing agreement at CSIR headquarters at a function that was attended by the Honorable Mr. Kapil Sibal, Minister of Science and Technology, Government of India, and Professor Samir K. Brahmachari, Director General, CSIR. The function was also attended by various dignitaries within the Indian scientific establishment, and the signing event was covered by the press and television media. Terms of the licensing agreement were not disclosed.
Mr. Sibal, the Minister of Science and Technology, acknowledged that the "Caerulomycin agreement was once again a new first whereby IMTECH and CSIR have been able to license for clinical development a small molecule for therapeutic purposes." Mr. Sibal praised and congratulated Dr. Sahni, Director IMTECH and the scientific teams at IMTECH that developed the Caerulomycin compound, and he also congratulated Dr. Mulye and Dr. Prashar for their prior commitment to take forward the collaboration between Nostrum and IMTECH for SMRX11 and expressed confidence that the same commitment would be shown by Nostrum to carry forward this new collaboration on Caerulomycin. He expressed "hope and confidence that Nostrum and its Symmetrix subsidiaries will nurture the Caerulomycin project well and develop it into a blockbuster drug."
Prof. Brahmachari, Director General, CSIR, also congratulated Dr. Mulye and Dr. Sahni for the growing partnership between Nostrum and CSIR and cited the relationship as an outstanding example of public-private partnership that will help an organization like CSIR achieve its basic mandate to carry out research that ultimately benefits mankind. Prof. Brahmachari also complimented the scientific teams at IMTECH for developing the immunosuppressant Caerulomycin molecule.
Nostrum is involved in the development and commercialization of products using novel drug delivery systems for generic and innovative pharmaceutical products in the United States and abroad. Relatedly, Symmetrix's core capability aims at establishing a pipeline of novel, patented biopharmaceutical therapeutic protein drugs by identifying emerging technologies worldwide. Located on a 25 acre campus in Chandigarh, India, IMTECH is a research institute for basic and applied biomedical and microbiological research.
Monday, February 23, 2009
Implementation of Government’s decision on the recommendation of the Sixth CPC – Revision of provisions regulating gratuity
No.7/7/2008-P&PW (F)
Government of India
Ministry of Personnel Public Grievances and Pensions
Department of Pension and Pensioners Welfare
*******
Lok Nayak Bhawan,
Khan Market, New Delhi-110 003
dated 13th February, 2009
OFFICE MEMORANDUM
Subject : Implementation of Government’s decision on the recommendation of the Sixth CPC – Revision of provisions regulating gratuity .
The undersigned is directed to say that in terms of para 7.1 of this Department’s O.M. No.38/37/2008-P&PW(A) dated the 2nd September, 2008 issued in implementation of the decision taken on the recommendation of the Sixth Central Pay Commission, the benefit of adding years of qualifying service for the purpose of computation of pension shall stand withdrawn with effect from the date of issue of the O.M.
2. Sixth Central Pay Commission in Para 5.1.33 of its Report made the following recommendation:
“Linkage of full pension with 33 years of qualifying service should be dispensed with. Once an employee renders the minimum pensionable service of 20 years, pension should be paid at 50% of the average emoluments received during the past 10 months or the pay last drawn, whichever is more beneficial to the retiring employee. Simultaneously, the extant benefit of adding years of qualifying service for purposes of computing pension/related benefits should be withdrawn as it would no longer be relevant.”
This recommendation was accepted by Government of India vide Resolution No.38/37/2008-P&PW (A) dated 29th August, 2008.
3. It is clear from the above recommendations/decisions, that the benefit of adding years of qualifying service is withdrawn for the purpose of computing pension as well as other related benefits such as gratuity.
4. This issues with the concurrence of the Ministry of Finance, Department of Expenditure U.O. No.4.2/40/2009-IC dated 12.2.2009
5. Ministry of Agriculture etc. are requested to take into consideration the above position while computing pension and gratuity of government servants who have retired since 2.9.2008.
Sd/-
(M.P. Singh)
Director (PP)
Sunday, February 22, 2009
CSIR lab in second licensing deal with US pharma company
Bangalore: Chandigarh-based Institute of Microbial Technology, or Imtech, a constituent laboratory of the Council of Scientific and Industrial Research, or CSIR, has licensed a new drug molecule to the US’ Nostrum Pharmaceuticals Inc. for $3 million (about Rs15 crore).
Imtech will make a formal announcement on Monday, disclosing the terms of the deal, but its director Girish Sahni finds it’s creditworthy that his lab could strike the deal in an economic slowdown and in an environment where pharma companies “do not want to pick up molecules from Indian laboratories”.
The CSIR lab and New Jersey-based Nostrum have an association going back to July 2006 when the US firm obtained worldwide technology licensing rights from Imtech for a clot-busting therapeutic protein for $20 million.
Considered as signalling a paradigm change in the way government labs worked, that agreement also led, for the first time for any Indian lab, to the “incubation of that molecule” in Imtech. “We have learnt a lot working with Nostrum on that molecule which is progressing well and is being tested on monkeys in the US,” said Sahni.
This time, the discovery is about a novel bioactivity of Caerulomycin A, a known compound with antibiotic properties. In the new form, which is derived from a microbe, Caerulomycin has shown promise in so-called immunosuppression of T and B cells in both lab studies and in animal (rodent) models. The white blood cells called T and B cells are the protective cells that attack any foreign entity entering the human body.
This property of the compound, says Sahni, makes it a potentially good candidate for drugs that prevent organ transplant rejection as well as those used in autoimmune disorders. Autoimmune disorders, including type I diabetes and rheumatoid arthritis, are diseases where the body reacts against some of its own tissue and produces antibodies to attack itself.
While the clot-busting protein was the first proprietary recombinant DNA-based biopharmaceutical molecule licensed to an overseas company by any government institution, Caerulomycin is the first “small” molecule (used in regular drugs) to be licensed, say Imtech scientists.
The new molecule will be developed through traditional chemical synthesis. Imtech has a pipeline of 15-20 other molecules, which it is trying to improve to get advance derivatives in areas such as oncology and human antibodies.
“We are also looking for new compounds in the microbial diversity,” says Sahni, who thinks this deal would encourage other labs to commercialize their discoveries.
In recent past, CSIR has been making a serious attempt to derive monetary value out of its intellectual property. Director general Samir K. Brahmachari says even though CSIR is ahead of many public-funded institutions in the world in terms of the percentage of technology transferred to industry, it still has to achieve more in the area. “The amount of money realization is low but we are working on that.”
Courtesy : Livemint.com
The CSIR lab and New Jersey-based Nostrum have an association going back to July 2006 when the US firm obtained worldwide technology licensing rights from Imtech for a clot-busting therapeutic protein for $20 million.
Considered as signalling a paradigm change in the way government labs worked, that agreement also led, for the first time for any Indian lab, to the “incubation of that molecule” in Imtech. “We have learnt a lot working with Nostrum on that molecule which is progressing well and is being tested on monkeys in the US,” said Sahni.
This time, the discovery is about a novel bioactivity of Caerulomycin A, a known compound with antibiotic properties. In the new form, which is derived from a microbe, Caerulomycin has shown promise in so-called immunosuppression of T and B cells in both lab studies and in animal (rodent) models. The white blood cells called T and B cells are the protective cells that attack any foreign entity entering the human body.
This property of the compound, says Sahni, makes it a potentially good candidate for drugs that prevent organ transplant rejection as well as those used in autoimmune disorders. Autoimmune disorders, including type I diabetes and rheumatoid arthritis, are diseases where the body reacts against some of its own tissue and produces antibodies to attack itself.
While the clot-busting protein was the first proprietary recombinant DNA-based biopharmaceutical molecule licensed to an overseas company by any government institution, Caerulomycin is the first “small” molecule (used in regular drugs) to be licensed, say Imtech scientists.
The new molecule will be developed through traditional chemical synthesis. Imtech has a pipeline of 15-20 other molecules, which it is trying to improve to get advance derivatives in areas such as oncology and human antibodies.
“We are also looking for new compounds in the microbial diversity,” says Sahni, who thinks this deal would encourage other labs to commercialize their discoveries.
In recent past, CSIR has been making a serious attempt to derive monetary value out of its intellectual property. Director general Samir K. Brahmachari says even though CSIR is ahead of many public-funded institutions in the world in terms of the percentage of technology transferred to industry, it still has to achieve more in the area. “The amount of money realization is low but we are working on that.”
Courtesy : Livemint.com
Speed Clearing – Frequently Asked Questions(RBI)
Question 1 | What is Speed Clearing ? |
Answer | Speed Clearing refers to collection of outstation cheques through the local clearing. It facilitates collection of cheques drawn on outstation core-banking-enabled branches of banks, if they have a net-worked branch locally. |
Question 2 | Why Speed Clearing ? |
Answer | As of now, outstation cheques are paid through two channels viz. on Collection basis or through National Clearing (Inter-city Clearing). This requires movement of cheques from the Presentation centre (city where the cheque is presented) to Drawee centre (city where the cheque is payable) which elongates the realisation time for cheques. Speed Clearing aims to reduce the time taken for realisation of outstation cheques. |
Question 3 | What is “Collection basis” ? |
Answer | A person who has an outstation cheque with him deposits it with his bank’s branch. It is called Presenting branch. This cheque is sent for collection to the city where it is payable / drawn called Destination centre or Drawee centre. The branch providing the collection service at the Destination centre is called Collecting branch. On receipt of the cheque, the Collecting branch presents it in local clearing to the Drawee branch or the Destination branch. Once the cheque is paid the Collecting branch remits the proceeds to the Presenting branch. On receipt of realisation advice of the cheque from the Collecting branch, the customer’s account is credited. This, in short, is the process of Collection. When a cheque is taken on Collection basis by a bank, it credits the customer’s account after realisation. Alternatively, in the absence of a collection arrangement at the Destination centre, the Presenting branch will send the cheque directly to the Destination branch for payment. |
Question 4 | How long does it take for getting credit of an outstation cheque sent |
Answer | Generally, it takes around a week to three weeks time to get outstation cheques realised through Collection basis. In case of National Clearing, it takes around a week's time. National Clearing is an arrangement under which the Clearing Houses managed by RBI provide inter-city cheque collection service to member banks of those Clearing Houses. |
Question 5 | Is National Clearing available in all cities ? |
Answer | No. It is available at fifteen cities viz. Ahmedabad, Bangalore, Bhopal, Bhubaneshwar, Chennai, Guwahati, Hyderabad, Jaipur, Kanpur, Kolkata, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram. |
Question 6 | How does the Local Cheque Clearing work ? |
Answer | In Local Cheque Clearing in 61 major centres, cheques are processed at the Clearing Houses on mechanical sorters, using Magnetic Ink Character Recognition (MICR) technology. Local Clearing handles only those cheques that are drawn on branches within the jurisdiction of the local Clearing House. Generally, the distance between the Clearing House and the participating branches is defined, taking into account the local transportation and communication facilities as the cheques have to physically move to and from the Clearing House. For example, for a cheque to be processed in Local Clearing in Mumbai, both the presenting and drawee branches should be within the jurisdiction of the Clearing House in Mumbai. |
Question 7 | How does the Speed Clearing work ? |
Answer | Banks have networked their branches by implementing Core Banking Solutions (CBS). In CBS environment, cheques can be paid at any location obviating the need for their physical movement to the Drawee branch. The concept Speed Clearing combines the advantages of MICR clearing with CBS. Cheques drawn on outstation CBS branches of a Drawee bank can be processed in the Local Clearing under the Speed Clearing arrangement if the Drawee bank has a branch presence at the local centre. |
Question 8 | When will the beneficiary get funds under Speed Clearing ? |
Answer | As on date, the local cheques are processed on T+1 working day basis and customers get the benefit of withdrawal of funds on a T+1 or 2 basis. 'T' denotes transaction day viz. date of presentation of cheque at the Clearing House. So, the outstation cheques under Speed Clearing will also be paid on T+1 or 2 basis. |
Question 9 | How is Speed Clearing an improvement over National Clearing ? |
Answer | In case of National Clearing the cheque is realised in around a week's time. Under the Speed Clearing, it would be realised on T+1 or 2 basis viz. within 48 hours. National Clearing is restricted to cheques drawn on the specified locations. Speed Clearing has no geographical limitation. Cheques drawn on any location may be cleared as long as the branch is in CBS. National Clearing necessitates movement of the cheque to the Drawee centre. Speed Clearing facilitates the clearing of such cheques locally without the need to move the cheques to the Drawee centre. |
Question 10 | Which are the centres where Speed Clearing is presently available ? |
Answer | Speed Clearing is currently available in 41 MICR centres. |
Question 11 | What about charges for cheques cleared through Speed Clearing ? |
Answer | Presenting branches are currently permitted to levy charges at a rate not exceeding Rs.150 per cheque (inclusive of all charges other than Service Tax) for cheques of above Rs. 1 lakh presented through Speed Clearing. |
SEBI, IRDA flout norms on surplus funds: CAG
New Delhi, Feb. 21 The capital market and insurance sector regulators — Securities and Exchange Board of India (SEBI) and Insurance Regulatory and Development Authority (IRDA) — are flouting Finance Ministry instructions by parking their surplus funds generated through fee charges, penalties, among other things outside the Government accounts.
This has been stated by the Comptroller & Auditor General of India (CAG) in its report on the Union Government accounts for 2007-08. The CAG had in its earlier reports also highlighted that SEBI and IRDA practice on parking of surplus funds were inconsistent with constitutional provisions.
As at end March 2008, sums aggregating to Rs 1,325.49 crore were parked outside the Government accounts. Of the Rs 1,325.49 crore, SEBI’s share stood at Rs 987.95 crore, with the balance Rs 337.54 crore relating to IRDA.
Issuing directions
The CAG report for the Union Government accounts 2007-08 said the Finance Ministry had in January 2005 directed all ministries and departments of the Government to ensure that funds of regulatory bodies are maintained in the Public Account.
“Retention of funds by IRDA and SEBI outside government accounts is not only violative of government instructions, but is also inconsistent with the Constitutional provisions,” the CAG has said.
These bodies have been established by Acts of Parliament and are to be treated as “State” within the meaning of the expression used in Article 12 of the Constitution of India. The monies collected by these bodies, therefore, should be credited to the Government account under Article 266 of the Constitution of India, according to CAG.
While IRDA was specifically directed earlier by the Finance Ministry in July 2002 to deposit its funds in the Public Account, the CAG report noted that no such specific direction has been issued to SEBI despite their continued violation of the Government’s instructions.
The CAG has said the retention of funds by IRDA and SEBI outside government accounts is also not consistent with the accounting procedure followed by other similarly placed independent regulatory bodies such as Telecom Regulatory Authority of India, which are maintaining their accounts as part of the Government accounts.
© Copyright 2000 - 2008 The Hindu Business Line
Saturday, February 21, 2009
Govt staff can see boss’s secret report
Calcutta, Feb. 20: Calcutta High Court today said all central departments other than defence were bound to disclose to employees the contents of their annual confidential report on request.
The order could have far-reaching consequences as it would act as a precedent in case of state government employees as well.
The report, better known as ACR, determines the chances of government employees’ promotions and postings.
The division bench of Justices A.K. Banerjee and P. Mondal said: “Central government authorities, other than defence, are bound to communicate the contents of the ACR of an employee whenever he or she asks for it.”
The judges also said that if the ACR was not revealed to an employee, it would be a violation of “natural justice.” “If an employee has no access to his ACR, how will he rectify his errors?”
The private sector, which also conducts an annual assessment of employees, shares it with them.
A senior IAS officer said: “A subordinate should know how his seniors rate his performance. The report will still remain confidential as it will only be between the junior and the senior and not pasted on a notice board.”
The court order followed a petition by Sourin Biswas, who became a senior Geological Survey of India (GSI) chemist after 11 years of service in 1993 but was twice denied promotion thereafter because of the ACR.
In 1998, a list was drawn up on the basis of seniority for promotion to the post of assistant director. “Biswas was at No. 30, but a person listed below him was promoted while he was not. In 2007, Biswas, the No. 2, was denied promotion,” said his lawyer Smarajit Roy Chowdhury.
When Biswas enquired with his bosses why he was being left out, they said his ACR was not good enough. “When he wanted to access its contents, the authorities said it was confidential.”
Biswas first moved the Central Administrative Tribunal. After it turned down his plea, he moved the court.
The GSI’s lawyer asked the court: “How can the authorities communicate the contents of a confidential report to an employee?”
The court rejected the argument, saying employees could not improve themselves if they did not know their drawbacks.
A senior bureaucrat said that before Independence, the ACR used to be called the Confidential Character Report. “The British bosses wanted to keep track of whether employees were engaged in the Freedom Movement or where their sympathies lay.”
Courtesy : The Telegraph
No pay commission arrears to be paid before elections
Govt misses opportunity to boost demand, say consumer goods makers.
Consumer goods manufacturers, expecting to see a revival of demand from the nearly Rs 16,500 crore Pay Commission arrears for government employees, are likely to be disappointed.
More than 8.3 million central government employees and pensioners will have to wait till at least August 2009 to receive the second instalment of Sixth Pay Commission arrears.
This became clear from the Interim Budget presented last week, which has not sought Parliamentary approval in its expenditure estimates for the first four months of the next fiscal starting April 2009, said a senior finance ministry official.
“The new government will have to seek Parliament approval when they submit the budget,” said the same official.
The Rs 32,000-crore domestic consumer durables industry was betting big on the Pay Commission’s recommendations to act as an added impetus to sales. Industry observers believe the arrears would have enabled a major chunk of consumers from smaller towns and cities to go in for their first purchases, boosting the mid-market segment of the business.
“It will be a missed opportunity,” said V Ramachandran, director, sales and marketing, LG Electronics India. “Typically, disposable income goes into discretionary purchases and since the durables category tends to attract this expenditure, it would have supported growth.”
Pay Commission largesse of around Rs 11,000 crore for an estimated 4.5 million government employees was widely regarded as the key reason for a 30-35 per cent boost in festive season consumer electronic sales last year, from a 7-10 per cent average growth for the year. In fact, it was consumer durables that drove industrial growth of 4.8 per cent in September.
Companies have been clamouring for a fiscal stimulus package from the government, as the domestic demand has also been falling sharply in the past few months.
India’s factory index reported a dip in both consumer durables (like refrigerator, television sets) and consumer non-durables (like toothpaste, soaps) in December 2008, the latest month for which data are available.
The government is estimating a total spend of Rs 47,500 crore for implementing the Sixth Pay Commission in the current and next financial year. Around Rs 27,000 crore is towards payment of arrears, as the implementation is from 2006.
Courtesy : Business Standard
Thursday, February 19, 2009
Opening of bank accounts
Lok Sabha
Raghuram Rajan Committee Report had observed that over 40 per cent of India's working population earn but have no savings. Some of the major recommendations of the committee include:
i. expanding access to financial services;
ii. freedom to banks to setup branches and ATMs;
iii. creating more efficient and liquid markets;
iv. greater participation of foreign investors in domestic market;
iv. creating a growth-friendly regulatory environment; and
v. creating a robust infrastructure for credit.
The Government of India has taken the following steps to ensure opening of more bank accounts, especially in the rural areas of the country including Andhra Pradesh:
• Banks, have been advised to make available a basic banking 'ïî frills' account either with 'nil' or very low minimum balances.
• Small borrowers with loans settled under the one time settlement scheme have been made eligible to access fresh credit.
• Banks have been advised to issue General Credit Cards to eligible beneficiaries without insistence on security, purpose or end use of credit.
• Banks have been permitted to utilise the services of Non-Governmental Organisations, Self Help Groups, Micro Finance Institutions and other Civil Society Organisation as intermediaries in providing financial and banking services.
• All Scheduled Commercial Banks and Regional Rural Banks have been advised to achieve the target of adding 250 rural household accounts during this year. Most of the Public Sector Banks have achieved their targets for the year 2008-09.
This information was given by Minister of State for Finance, Shri Pawan Kumar Bansal in reply to a question raised by Shri K.J.S.P. Reddy and Shri Abdullakutty in Lok Sabha today.
i. expanding access to financial services;
ii. freedom to banks to setup branches and ATMs;
iii. creating more efficient and liquid markets;
iv. greater participation of foreign investors in domestic market;
iv. creating a growth-friendly regulatory environment; and
v. creating a robust infrastructure for credit.
The Government of India has taken the following steps to ensure opening of more bank accounts, especially in the rural areas of the country including Andhra Pradesh:
• Banks, have been advised to make available a basic banking 'ïî frills' account either with 'nil' or very low minimum balances.
• Small borrowers with loans settled under the one time settlement scheme have been made eligible to access fresh credit.
• Banks have been advised to issue General Credit Cards to eligible beneficiaries without insistence on security, purpose or end use of credit.
• Banks have been permitted to utilise the services of Non-Governmental Organisations, Self Help Groups, Micro Finance Institutions and other Civil Society Organisation as intermediaries in providing financial and banking services.
• All Scheduled Commercial Banks and Regional Rural Banks have been advised to achieve the target of adding 250 rural household accounts during this year. Most of the Public Sector Banks have achieved their targets for the year 2008-09.
This information was given by Minister of State for Finance, Shri Pawan Kumar Bansal in reply to a question raised by Shri K.J.S.P. Reddy and Shri Abdullakutty in Lok Sabha today.
Bogus caste certificates
Some complaints of appointment on the basis of fake caste certificates have come to the notice of the Government.
If it is established that a candidate secured employment on the basis of a fake certificate, he is removed from service. Instructions have been issued that the caste status of a candidate claiming to belong to Scheduled Caste, Scheduled Tribe or Other Backward Class should be verified at the time of initial appointment as well as at the time of every important upturn of employee’s career so that any person may not get appointment on the basis of fake certificate. Information about fake caste certificates is not centrally maintained.
This information was given by the Minister of State in the Prime Minister’s Office and Ministry of Personnel, Public Grievances & Pensions, Shri Prithviraj Chavan in a written reply to a question in the Rajya Sabha today.
If it is established that a candidate secured employment on the basis of a fake certificate, he is removed from service. Instructions have been issued that the caste status of a candidate claiming to belong to Scheduled Caste, Scheduled Tribe or Other Backward Class should be verified at the time of initial appointment as well as at the time of every important upturn of employee’s career so that any person may not get appointment on the basis of fake certificate. Information about fake caste certificates is not centrally maintained.
This information was given by the Minister of State in the Prime Minister’s Office and Ministry of Personnel, Public Grievances & Pensions, Shri Prithviraj Chavan in a written reply to a question in the Rajya Sabha today.
Wednesday, February 18, 2009
Visitor profile of Blog
Dear Readers Thank you for your visit . Here is a network location of various visitors visiting my Blog since inception of Blog. This has nothing to do with invasion of privacy of viewers but to specifically thanks the persons visiting from these locations.
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