Salute these Girls, They make India proud

'Sakshi Malik's medal is her individual and singular accomplishment.'
'So is P V Sindhu's badminton medal.'
'So is Dipa Karmakar's loss-by-a-whisker.'
'So is the surprise that is 18-year-old golfer Aditi Ashok.

India Post to offer Net banking facility soon

India Post is on a technology upgradation mode to provide a host of financial services to the public, besides strengthening its hold on the logistics sector.

As part of its strategy to get closer to people and make India Post one stop shop for logistics and financial services, including banking and insurance, it plans to provide internet banking facility shortly, reveals its Senior superintendent of Ongole postal division T.A.V. Sarma.

“The online banking facility is presently available to its agents who can generate token number on their own online and transact on behalf of their customers,” he says in a conversation with The Hindu here.

“The facility will be provided to all account holders in a month or two after setting right teething troubles so that the account holders can log into indiapost.gov.in and transact without any hassles,” he adds.

In Ongole division, all the 98 post offices have migrated to the Core Banking Solutions (CBS) to offer a host of insurance products and banking services real-time, he explains.

All savings bank account holders will be provided with Automated Teller Machine (ATM) cards to avoid the unpleasant practice of standing in long queues to transact, he says.

All post offices in the division are provided with sufficient number of ATM cards to cover pensioners and other savings bank account holders and make ATMs the preferred mode of transaction by customers from any India post ATMs from anywhere in the country.

Negotiations are on at the highest level for setting up Post Bank of India and also enable its account holders to withdraw money from any public or private bank ATMs soon with ATM cards issued by the department, he says.

The department has so far set up five ATMs in the division. “More ATMs will be rolled out in the coming months,” he says.

Customers can now track the postal articles from the time of booking to delivery by just giving the details of the mobile numbers of themselves and that of the receivers.

India Post Web Portal Re-Launched with New Design & New Look

In Part of IT Modernisation, India Post web portal has been relaunched with New Design and new look. The India Post website belongs to Department of Posts, Ministry of Communications, Government of India and Site Created and Maintained by Tata Consultancy Services Ltd.

Visit: www.indiapost.gov.in

Urjit Patel appointed RBI Governor

Urjit Patel has been appointed the Reserve Bank of India (RBI) Governor.

"The appointment has been made based on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC), headed by the Cabinet Secretary. The Committee undertook an extensive exercise to suggest a panel of names to the Appointments Committee of Cabinet (ACC)," a statement from the ACC said.

Mr. Patel has been serving as Deputy Governor of the central bank for more than three years. A panel under his chairmanship had proposed inflation-targeting and the setting up of a monetary policy committee.

Finance Minister Arun Jaitley on Thursday held an hour-long discussion with Prime Minister Narendra Modi over the appointment of a new RBI Governor, a post that will fall vacant on September 4.

Mr. Patel holds a Doctorate (Ph.D) in Economics from Yale University. He is also a graduate of the University of London and Oxford University. He is known as an expert on inflation and has also been with the IMF and the Boston Consulting Group.

In September 2016, Urjit Patel will take over as the 24th Governor of the Reserve Bank of India.

Here is a brief outline of his education and career so far:

— Born October 28,1963 Urjit Patel completed his BA from the London School of Economics [LSE, University of London], and M. Phil. degree from Oxford University

— Did his Phd in Economics from Yale University

— Worked at the International Monetary Fund in the U.S., India, Bahamas and Myanmar desks between 1990 and 1995.

— Deputed from the IMF to the RBI between 1996 and 97, during which period he advised on the development of debt market, banking sector reforms, pension fund reforms, real exchange rate targeting and evolution of the foreign exchange market

— Served as a consultant to the Ministry of Finance, Department of Economic Affairs between 1998 and 2001.

— Between 2000 and 2004, he worked closely with several high-level Central and State government committees such as the Task Force on Direct Taxes, the Ministry of Finance, and the Secretariat for the Prime Minister’s Task Force on Infrastructure.

— Served as president of Business Development at Reliance Industries Limited from 1997 to 2006

— Before his appointment as Deputy Governor of RBI in 2013, he was an advisor on energy and infrastructure at The Boston Consulting Group.

Source : http://www.thehindu.com/

RBI may soon allow interoperability of Post payment bank ATMs

New Delhi: India Post, the world's largest mail delivery network, is carving out a separate vertical to manage banking services, a move that will help it win RBI nod for interoperability of its ATMs with those of PSU banks.

India Posts, which had last year won a licence to operate a payment bank, has not been able to move much on starting operations.

"We wanted interoperability of the ATMs of Post Offices with other banks. RBI said we can allow it only if Post offices create a separate bank vertical because RBI has jurisdiction over only banks. The Postal department has taken a positive approach and created a separate vertical," a finance ministry official said.

The vertical will be based out of Bengaluru.

Interoperability will allow individuals to transfer money from their Post Office account to their accounts in any bank. Besides, the Post Office ATMs can be used for withdrawal of money from the bank accounts.

The official, further, said the vertical will be created to operationalise the Post Bank licence and ultimately it would get merged suitably with the Post Bank.

DoP has 28,000 departmental post offices and 1.50 lakh rural post offices across the country.

The Postal Department is proactively setting up ATMs and micro ATMs in its rural post offices so as to tap its wide network for financial inclusion.

"RBI said this separate vertical of the Postal department is open for banking regulation. The RBI is favourably considering the option to provide interoperability," the official said.

"This will help in moving towards a less cash economy. Post Office has its branches even in the remotest areas where banking mitras or business correspondents cannot reach. Interoperability will allow leveraging the reach of Postal department," the official added.

With the formal structure of Post Bank likely to take around a year and half, the government wants to kick start its operations in parts by first putting into use the ATMs of Post Offices.

India Post plans to roll out 10,000 ATMs and 20,000 micro ATMs across the country by the end of this year.

India Post payments bank will primarily target unbanked and under-banked customers in rural, semi-rural and remote areas, with a focus on providing simple deposit products and money remittance services.

The Union Cabinet last month cleared a proposal to set up India Post payments bank with a corpus of Rs 800 crore.

Payments banks can accept deposits (initially up to Rs 1 lakh per individual), offer Internet banking, facilitate money transfers and sell insurance and mutual funds by piggy-backing on existing retail or other networks. Besides, they can issue ATM/debit cards, but not credit cards.

The Postal payments bank, which will be run by Chief Executive Officer, will be professionally managed and there will be a officials from Department of Posts, Department of Expenditure and Department of Economic Services etc on its board.

Source:Zee news

Sodhi on India Post Payments Bank board

Ahmedabad: Gujarat Co-operative Milk Marketing Federation (GCMMF) managing director RS Sodhi has been appointed as an independent director on the board of India Post Payments Bank, which will be the first public sector undertaking under the Department of Posts.

"Recently Sodhi was intimated about his appointment on the board of India Post Payments Bank," confirmed sources in GCMMF, which markets Amul brand of milk and milk products.

India Post Payments Bank received the certification of incorporation from the registrar of companies on August 19. The payments bank is likely to commence its operations by March 2017.

India Posts Payments Bank is one of the 11 applicants to have received the Reserve Bank of India (RBI) approval for setting up the payments bank.

Payments bank licence allows companies to collect deposits, offer Internet banking, facilitate money transfers and sell insurance and mutual funds. India Post currently has the massive network of 1.55 lakh post offices across the country.
Source:TOI

Citi keeps 2016-17 growth at 7.7% on monsoon, 7th Pay Commission award

Indian GDP is expected to expand at 7.7 percent this financial year despite the fact that the pace of activity indicators slackened in April-June, says a Citigroup report.

According to the global financial services major, the pace of growth of activity indicators like commercial vehicle sales, credit to the infrastructure sector, power demand and air cargo, among others, slackened in April-May, taking growth rates back to the average 2015-16 levels.

"Although growth rate of activity indicators dipped in April-June of this fiscal, we remain hopeful that the full year GDP growth could be 7.7 percent," Citigroup said in a research note.

The report further noted that it is comfortable holding on to its 7.7 percent 2016-17 GDP growth forecast for now because of rural economy boost from a better monsoon and 7th Pay Commission impact on public sector salaries.

According to the estimate, rural consumption can go up by around USD 80 billion in 2016-17 if normal rainfall continues for the rest of the monsoon season while the 7th Pay Commission is expected to add USD 10-12 billion to urban consumption.

"Real urban consumption growth could be at a much higher rate of 10 percent in 2016-17 because of the expanding urbanisation process," Citigroup said, adding that the urban consumption pie can go up by around USD 90 billion.

"However, we estimate that the incremental impact of the 7th Pay Commission is only about USD 10-12 billion, lower than the impact of a good monsoon."

This forecast assumes that the net cash inflow to the economy from the Pay Commission would be USD 10-12 billion after adjusting for consumption multiplier, it said.

"Back-ended improvement in consumer demand both from the rural and urban consumer and continuation of a frustratingly slow cyclical investment recovery would be the features of growth in 2016-17," the report said.

Indian economy grew 7.9 percent in the March quarter and recorded a 5-year high growth rate of 7.6 percent for 2015-16 on robust manufacturing growth.

source: zee news