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Cabinet approves constitution of 8th Central Pay Commission for Central Govt Employees

Cabinet approves to setup of the 8th Central Pay Commission for Central Govt Employees

8th Pay Commission news: Prime Minister Narendra Modi-led Union Cabinet on Thursday approved the constitution of the 8th Pay Commission, I&B minister Ashwini Vaishnaw said that the Chairman and two members for the same will be appointed soon.

The Pay Commission decides the salary and compensation of central government employees, and with the 8th Pay Commission, they can look forward to a salary hike.

PIB India Official Tweet

Prime Minister Narendra Modi approves setup of the 8th Central Pay Commission for all employees of the Central Government.

Since 1947, seven Pay Commissions have been constituted, with the last one implemented in 2016.

As the 7th Pay Commission’s term concludes in 2026, initiating the process in 2025 ensures sufficient time to receive and review recommendations before its completion

Stay tuned for more updates

JCM Demands 8th Pay Commission in Union Budget 2025-2026 for Central Govt Employees & Pensioners

JCM Demands 8th Pay Commission in Union Budget 2025-2026 for Central Govt Employees & Pensioners

Shiva Gopal Mishra
Secretary

Ph.: 23382286
National Council (Staff Side)
Joint Consultative Machinery
13-C, Ferozshah Road, New Delhi – 110001
E-Mail : nc.jcm.np[at]gmail.com

No.NC/JCM/2025

Dated: January 10, 2025

Hon’ble Minister for Finance,
Ministry of Finance
(Government of India)
North Block,
New Delhi.

Respected Madam,

The staff Side of the National Council(JCM), representing the Central Government employees’ in the country submits the undernoted significant issues/demands of the Central Government for your for kind consideration and including same in the Union Budget 2025-2026.

1. Constitution of the 8th Central Pay Commission for Central Government Employees and Pensioners.

The Wage/Pension revision of the Central Government Employees/Pensioners including Armed Forces and Para Military Forces takes place once in 10 years and the next wage / Pension revision is due on 01.01.2026. As you are aware that any Pay Commission will take minimum 2 years for conducting its study /interaction etc. to submit its final report to the Government and the Government also will take minimum 6 months for taking decision on its implementation. Government itself says that the inflation is in the range of 4% to 7% and on an average it shall be about 9.9%. If we compare the retail prices of essential commodities and goods which are required for daily life from 2016 to 2023 they have increased by over more than 90% as per the local retail market. But we are provided only with 53% DA as on 01.07.2024. The Central Government Revenue has also doubled from the year 2015 to 2023 for which the Central Government Employees contribution is enormous. Moreover, due to acute shortage of manpower in all the Central Government Establishments each employee is forced to do the work of more than 2 employees. Due to the escalating price rise and increasing medical and housing expenditure etc. the Pensioners are also in deep trouble. It is also a fact that a major portion of the wages of the employees/Pension goes back to the Government in the name of Income Tax and GST etc. Therefore, the Hon’ble Finance Minister may kindly announce the setting up of 8th Central Pay Commission for the Central Government Employees and the Pensioners.

Also Check : 8th Pay Commission Latest News

2. Releasing of 18 months arrears of Dearness Allowance/Release which was frozen during the COVID-19 Pandemic period.

We have been demanding to the Government that in accordance with the judgments of the Hon’ble Supreme Court and also considering the fact that the economic conditions of the country is in a satisfactory level, the 18 months DA / DR arrears due to the Central Government Employees and Pensioners which was frozen during the COVID-19 pandemic period may please be paid back to the employees and Pensioners.

3. Restoration of Festival Advance for the Central Government Employees.

In one of the meetings of the National Council (JCM) the Official Side agreed to restore Festival Advance to the Central Government Employees. Even after more than 2 years no Government orders have been issued in this regard. Since, the Festival Advance is only an interest free loan to be recovered in 10 installments, it is requested that as demanded by the Staff Side in the National Council (JCM) Rs.30,000/- per year may be sanctioned as Festival Advance.

4, Implementation of the recommendations of the Parliamentary Standing Committee on Petitions with regard to CGHS facilities to the Central Government Employees and Pensioners.

The Parliamentary Standing Committee on Petitions with regard to CGHS facilities to the Central Government Employees and Pensioners in its 162nd report on the petition “praying for comprehensive medical facilities to Central Government Employees, Pensioners and their dependents” to the Rajya Sabha on 10th of August, 2023 have given various recommendations for improvement of the CGHS functioning. Such as to ensure that once a referral is issued, patient should not be required to visit CGHS Doctor again for undergoing the prescribed treatment procedure / investigations, to settle the complaints on the empanelled hospitals charging excess amount from the beneficiaries, revision of the CGHS rates, establishing additional Wellness Centers, to address the issue of shortage of Doctors, to improve the attitude of Doctors and allied Staff towards the patients, to ensure availability of all types of Medicines, to improve the infrastructure of the Wellness Centers, to construct Buildings for housing the Wellness Centers, relaxation of norms with regard to setting up of new Wellness Centers and consider exploring setting up of new Wellness Centers at a rapid place in newer Towns, retired employees as well as their dependents can avail the benefits of CGHS without much hassle, setting up of more AYUSH WCs in newer cities and also undertake initiatives to popularize Indian system of medicines among the beneficiaries of CGHS etc. The Committee also recommended that a pan-India Committee comprising doctors, beneficiaries and Members of Parliament should be constituted at the top level to do brainstorming on practical things and be mandated to submit a report on the overall aspects of the CGHS following a review of the whole situation. We request to kindly implement all these recommendations of the Parliamentary Standing Committee.

5. Implementation of the Parliamentary Standing Committee recommendations on Pensioners grievances.

The Parliamentary Standing Committee on Personnel, Public Grievances, Law and Justice submitted its report on “Pensioners Grievances” on 10th of December, 2021. The Parliamentary Standing Committee in its report has recommended to implement the recommendations of the 7th CPC regarding Insurance amount and monthly contributions towards the Central Government Employees Group Insurance Scheme, the Committee recommended to provide additional Pension of 5% on attaining 65 years of age, 10% on reaching 70 years of age, 15% on reaching /5 years, enhancing Fixed Medical Allowance to Pensioners to Rs. 3,000/- per month, opening CGHS Centers at District locations or designating functional Government Hospitals in District Headquarters as CGHS Centers etc. None of these recommendations are implemented by the Government. We request that the Government of India may kindly implement all the above recommendation of the Parliamentary Standing Committee.

6. Restoration of Commuted Pension after 12 years.

The Staff Side of the National Council (JCM) has been demanding for restoration of the Commuted Pension after 12 years instead of the present 15 years, since the Government recovers the entire commuted Pension within 11 years with interest. Many of the State Governments are restoring the commuted portion of the Pension after 12 years. There is no justification for recovering the 40% commuted Pension from the Pensioners for 15 years. Therefore, it is requested that the Government may kindly restore the commuted Pension after 12 years from the date of commutation.

7. Strengthening and effective function of the Joint Consultative Machinery (JCM) Scheme for the Central Government Employees.

The JCM Scheme was introduced by the Government of India during the year 1964 with the object of promoting harmonious relations and of securing the greatest measure of cooperation between the Government in its capacity as employer, and the general body of the employees in matters of common concern, and with the object further, of increasing the efficiency of the public service. It is now 60 years after the scheme is introduced. While for the first 4 decades the scheme was functioning effectively with regular meetings and sorting out the problems through joint consultations and compulsory arbitrations, it is most unfortunate that during the past 2 decades the JCM Scheme is diluted and side lined in such a manner that meetings takes place very rarely, issues are pending years together without any solution resulting in arbitrary decisions by the Official Side in all the Ministries on Cadre Review/Corporatization/ Restructuring/Closure/Framing of RR/Abolition of posts etc. This has resulted in demoralization of the Central Government Employees which will have serious impact on their performance and productivity. We therefore, request the Hon’ble Finance Minister to kindly take a decision and announce in the Budget about the effective functioning of the JCM Scheme and to conduct meetings and take decisions in accordance with the constitution of the JCM Scheme.

8. Income Tax rebate for the salaried employees.

Considering the inflation and also the escalating cost of living, health care, education etc. there should not be any Income Tax on salaried income upto Rs. 10 lakh in a year. Tax deduction should be there only for the income which is over and above Rs.10 Lakh per year which means upto Rs.10 lakh income it should be tax free.

We sincerely hope that that your goodself will consider favourably the above-mentioned issues/demands of the Central Government and proposals and the same will be included in the Union Budget 2025-26.

With Kind Regards,

Sd/-
(Shiva Gopal Mishra)
Secretary(Staff Side)

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Admissibility to travel by Tejas Express, Vande Bharat Express & Humsafar Express trains under LTC: DOPT

Admissibility to travel by Tejas Express, Vande Bharat Express & Humsafar Express trains under LTC: DOPT

F.No. 31011/3/2022 – PP. A-IV
Government of India
Ministry of Personnel, Public Grievances & Pensions
Department of Personnel & Training
(Pers. Policy Division)

North Block, New Delhi.
Dated: 14th January, 2025

OFFICE MEMORANDUM

Subject :- Admissibility to travel by Tejas Express, Vande Bharat Express & Humsafar Express trains under Leave Travel Concession (LTC)-reg.

The undersigned is directed to refer to this Department’s O.M. No. 31011/8/2017-Estt.A-IV dated 19.09.2017 regarding admissibility to travel by premium /specific trains under CCS(LTC) Rules, 1988.

2. This department has been receiving a number of references from different offices/individuals about the admissibility of various premium trains like Tejas, Express, Vande Bharat Express & Humsafar Express trains under Leave Travel Concession.

3. The matter has been examined by this Department in consultation with Department of Expenditure and it has been decided that apart from existing Rajdhani, Shatabdi and Duronto trains, travel by Tejas Express, Vande Bharat Express & Humsafar Express trains under LTC as per the entitlement of the Government employees, has now been allowed, as under:-

Pay Level in Pay Matrix (as per 7th Central Pay Commission) of the Central Government employeesTravel Entitlement for LTC in Premium Trains (i.e. Rajdhani, Shatabdi, Duronto, Vande Bharat Express, Tejas Express, Humsafar Express trains)
Shatabdi or Similar type trainsRajdhani Type or Similar type trains
Level 12 and aboveExecutive ClassAC 1st Class
Level 6 to 11Chair CarAC 2nd Class
Level 5 and belowChair CarAC 3rd Class

4. The other terms and conditions of O.M. No. 31011/8/2017-Estt.A-IV dated 19.09.2017 shall remain the same.

5. This issues with the approval of Competent Authority.

(G.K. Rajtish)
Deputy Secretary to the Government of India

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Kendriya Vidyalayas – KVS Vacation and Breaks Schedule for 2025-26

Kendriya Vidyalayas – KVS Vacation and Breaks Schedule for 2025-26

KENDRIYA VIDYALAYA SANGATHAN (HQs)
An Autonomous Body under Ministry of Education, Govt. of India,
18, Institution Area, S.J.SMarg, New Delhi-110016.

F. 110334/1/2023/ के.वि.सं.(मु.)/शैक्षिक/ Vacation & Breaks 25-26/ 7091-7128

दिनांक 13-01-2025

कार्यालय ज्ञापन/Office Memorandum

सक्षम अधिकारी के अनुमोदन अनुसार शैक्षिक सत्र 2025-26 के लिए केन्द्रीय विद्यालयों में ग्रीष्मकालीन, शरदकालीन  तथा शीतकालीन छुट्टियॉं एवं अवकाश (Vacation & Breaks) निम्‍न प्रदर्शित तालिकाओं के द्वारा अधिसूचित किए जाते हैं:-

Approval of the Competent Authority for the schedule of Summer, Autumn and Winter Vacation and Breaks for Academic Session 2025-26 is notified as tabulated: below: –

(क) गर्मी वाले स्थान/(Summer Station):-

(1) क्षेत्रीय कार्यालय:- आगरा, जबलपुर, चंडीगढ़, देहरादून, दिल्‍ली, गुरूग्राम, जम्मू, कोलकाता, लखनऊ, पटना, रांची, सिल्‍चर, तिनसुकिया व वाराणसी।
Regional Office: Agra, Jabalpur, Chandigarh, Dehradun, Delhi, Gurugram, Jammu, Kolkata, Lucknow, Patna, Ranchi, Guwahati, Silchar, Tinsukia and Varanasi.

क्र.सं.
(Sl. No.)
छुट्टियॉं/ अवकाश (Vacation /Break)दिनांक से
(Date from) 
दिनांक तक (Date to) कुल दिवस (Total Days)
1Summer Vacation09.05.2025 (Friday)17.06.2025 (Tuesday)40 Days
2Autumn Break27.09.2025 (Saturday)06.10.2025 (Monday)10 Days
3Winter Break23.12.2025 (Tuesday)11.01.2026 (Sunday)20 Days

(2) क्षेत्रीय कार्यालय: जयपुर, अहमदाबाद, बेंगलुरु, चेन्नई (के.वि. माहे को छोड़कर), हैदराबाद, मुंबई, रायपुर, भुवनेश्वर एवं भोपाल ।
Regional Office: Jaipur, Ahmedabad, Bengaluru, Chennai (Except KV MAHE), Hyderabad, Mumbai, Raipur, Bhubaneswar and Bhopal. 

क्र.सं.(Sl. No.)छुट्टियॉं/ अवकाश (Vacation /Break)दिनांक से (Date from)दिनांक तक (Date to)कुल दिवस (Total Days)
1Summer Vacation02.05.2025 (Friday)20.06.2025 (Thursday)50 Days
2Autumn Break27.09.2025 (Saturday)06.10.2025 (Thursday)10 Days
3Winter Break23.12.2025 (Tuesday)01.01.2026 (Thursday)10 Days

(3) एर्णाकुलम संभाग के समस्‍त केन्‍द्रीय विद्यालय एवं केन्‍द्रीय विद्यालय माहे (चेन्‍नई संभाग)।
All Kendriya Vidyalayas of Ernakulam Region and KV MAHE (Chennai Region).

क्र.सं.(Sl. No.)छुट्टियॉं/ अवकाश (Vacation /Break)दिनांक से
(Date from)
दिनांक तक
(Date to)
कुल दिवस (Total Days)
1Summer Vacation09.04.2025 (Wednesday)28.05.2025 (Wednesday)50 Days
2Autumn Break27.09.2025 (Saturday)06.10.2025 (Monday)10 Days
3Winter Break23.12.2025 (Tuesday)01.01.2026 (Thursday)10 Days

(ख) सर्दी वाले स्थानों के समस्‍त केन्‍द्रीय विद्यालयों (के.वि. केलोंग, गुरुग्राम संभाग को शामिल करते हुए) परंतु देहरादून संभाग के अंतर्गत आने वाले सर्दी वाले स्थान के केन्द्रीय विद्यालयों को छोड़कर:
All Kendriya Vidyalayas of Winter Station (including K.V. Keylong of Gurugram Region) Except Winter Station KVs under Dehradun Region.

क्र.सं.(Sl. No.)छुट्टियॉं/ अवकाश (Vacation /Break)दिनांक से (Date from)दिनांक तक (Date to)कुल दिवस (Total Days)
1Summer Break14.05.2025 (Wednesday)23.05.2025 (Friday)10 Days
2Autumn Break27.09.2025 (Saturday)17.10.2025 (Monday)10 Days
3Winter Vacation04.12.2025 (Thursday)22.01.2026 (Thursday)50 Days

(ग) देहरादून संभाग के अंतर्गत आने वाले सर्दी वाले स्थान के केन्द्रीय विद्यालय (के.वि. एसएसबी चंपावत को सम्मिलित करते हुए):
All Winter Station Kendriya Vidyalayas under Dehradun Region (including K.V. SSB Champawat)

क्र.सं.(Sl. No.)छुट्टियॉं/ अवकाश (Vacation /Break)दिनांक से (Date from)दिनांक तक (Date to)कुल दिवस (Total Days)
1Summer Break14.05.2025 (Wednesday)02.06.2025 (Monday)20 Days
2Autumn Break27.09.2025 (Saturday)06.10.2025 (Monday)10 Days
3Winter Vacation10.12.2025 (Wednesday)18.01.2026 (Sunday)40 Days

(घ) लंबी/अधिक सर्दी वाले स्थान/Long-Winter Station KVs:

1. लद्दाख के.शा. प्रदेश स्थित केन्‍द्रीय विद्यालय (लेह, कारगिल व नुब्रा)।
Kendriya Vidyalayas of Ladakh UT (Leh, Kargil and Nubra).

क्र.सं.(Sl. No.)छुट्टियॉं/ अवकाश (Vacation /Break)दिनांक से (Date from)दिनांक तक (Date to)कुल दिवस (Total Days)
1Summer Break15.07.2025 (Tuesday)03.08.2025 (Sunday)20 Days
2Winter Vacation10.12.2024 (Wednesday)28.01.2026 (Saturday)50 Days

2. केन्द्रीय विद्यालय, तवांग एवं केन्द्रीय विद्यालय, ज़ीरो।
Kendriya Vidyalaya, Tawang and Kendriya Vidyalaya, ZIRO.

क्र.सं.(Sl. No.)छुट्टियॉं/ अवकाश (Vacation /Break)दिनांक से (Date from)दिनांक तक (Date to)कुल दिवस (Total Days)
1Summer Break14.05.2025 (Wednesday)02.06.2024 (Monday)20 Days
2Winter Vacation10.12.2025 (Wednesday)28.01.2026 (Wednesday)50 Days

3. केन्द्रीय विद्यालय, डलहौजी।
Kendriya Vidyalaya Dalhousie.

क्र.सं.(Sl. No.)छुट्टियॉं/ अवकाश (Vacation /Break)दिनांक से (Date from)दिनांक तक (Date to)कुल दिवस (Total Days)
1Summer Break14.05.2025 (Wednesday)23.05.2025 (Friday)10 Days
2Autumn Break27.09.2025 (Saturday)06.10.2025 (Monday)10 Days
3Winter Vacation10.12.2025 (Wednesday)28.01.2026 (Wednesday)50 Days

Note:

  1. Principals of K.V. Kathmandu/ Moscow and/ Tehran will issue Vacation and Break schedule at local level under rule after consultation with Indian Embassy in respective Country under intimation to KVS (HQ), New Delhi.
  2. Both the dates (days) of Vacation & Breaks are inclusive.
  3. If the day before closing or day of opening of Vidyalaya is a holiday or a holiday declared by government the same will be clubbed with Vacation & Break as a prefix/ suffix accordingly.

Sd/-
(डॉ पी. देवकुमार  Dr. P. Devakumar)
संयुक्‍त आयुक्‍त (शैक्षिक) Joint Commissioner (Acad.)

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AICPIN for Nov 2024 released: DA from Jan 2025

AICPIN for Nov 2024 released: DA from Jan 2025

GOVERNMENT OF INDIA
MINISTRY OF LABOUR & EMPLOYMENT
LABOUR BUREAU

Shram Bureau Bhawan, Block No. 2,
Institutional Area, Sector 38 (West),
Chandigarh – 160036

F.No. 5/1/2021-CPI

Dated: 06.01.2025

Press Release

Consumer Price Index for Industrial Workers (2016=100) – November, 2024

1. Labour Bureau, an attached office of the M/o Labour & Employment, has been compiling Consumer Price Index for Industrial Workers every month on the basis of retail prices collected from 317 markets spread over 88 industrially important centres in the country. The index for the month of November, 2024 is being released in this press release.

2. The All-India CPI-IW for November, 2024 remained stationary at 144.5 points (one hundred forty four point five).


Also Check

DA Calculator from Jan 2025

DA Calculation Sheet


3. Year-on-year inflation for the month of November, 2024 stood at 3.88% as compared to 4.98% in November, 2023.

Y-o-Y Inflation based on CPI-IW (General)

4. All-India Group-wise CPI-IW for October, 2024 and November, 2024

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National Executive Committee Meeting of the Confederation of Central Government Employees & Workers Scheduled for February 8, 2025

National Executive Committee Meeting of the Confederation of Central Government Employees & Workers Scheduled for February 8, 2025

The Confederation of Central Government Employees & Workers has officially announced the upcoming meeting of its National Executive Committee. This crucial gathering is scheduled to take place on February 8, 2025, at 10:30 AM at A-2/95 Manisnath Bhavan, ITEF HQ, Rajouri Garden, New Delhi.

Key Agenda Items:

The meeting will address several significant topics aimed at strengthening the organization and advancing its goals. The agenda includes:

  1. Homage to Martyrs
  2. Organizational Review
  3. Review of Agitational Programs observed after last National Executive Committee meeting, and to chalk out charter of demands and future course of action programs on it.
  4. Review of financial status of Confederation and remittance of quota to CHQ
  5. A/C of affliates and conferences of State COCs
  6. Any other items with the permission of the chair

The meeting is expected to play a vital role in strategizing the Confederation’s future actions, addressing grievances, and enhancing the overall welfare of central government employees.

Note: All the National Executive Committee members are requested to ensure their presence in the National Executive Committee Meeting

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GPF interest rate from Jan 2025 to March 2025

GPF interest rate from Jan 2025 to March 2025

(TO BE PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)
INO. 5(3)-B(PD) 2023
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)

New Delhi, the 03 January, 2025

RESOLUTION

It is announced for general information that during the year 2024-25, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.1% (Seven point one percent) w.e.f. 1st January, 2025 to 31st March, 2025. This rate will be in force w.e.f. 1st January, 2025. The funds concerned are:

GPF Interest Calculator

  1. The General Provident Fund (Central Services)
  2. The Contributory Provident Fund (India).
  3. The All India Services Provident Fund.
  4. The State Railway Provident Fund.
  5. The General Provident Fund (Defence Services)
  6. The Indian Ordnance Department Provident Fund
  7. The Indian Ordnance Factories Workmen’s Provident Fund
  8. The Indian Naval Dockyard Workmen’s Provident Fund.
  9. The Defence Services Officers Provident Fund.
  10. The Armed Forces Personnel Provident Fund.

2. Ordered that the Resolution be published in Gazette of India.

Sd/-
(Ashish Vachhani)
Additional Secretary to the Govt. of India

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Centralized Pension Payments System fully rolled out in all Regional Offices of EPFO

Centralized Pension Payments System fully rolled out in all Regional Offices of EPFO

In a landmark move towards enhancing pension services, EPFO completed full scale rollout of the new Centralized Pension Payments System (CPPS) under Employees’ Pension Scheme 1995 in December 2024. About Rs. 1570 Crore pension was disbursed to more than 68 Lakh pensioners pertaining to all 122 pension disbursing Regional offices of EPFO for December 2024.

The first pilot of Centralized Pension Payment System (CPPS) was successfully completed in October, 2024 in Karnal, Jammu and Srinagar Regional Offices with the pension disbursement of about Rs 11 Crore to more than 49,000 EPS Pensioners. The second pilot was taken up in November, 2024 in 24 Regional Offices in which around Rs. 213 crores pension was disbursed to more than 9.3 lakh pensioners.

Announcing the successful rollout, Union Minister Dr. Mansukh Mandaviya said, “The full-scale implementation of the Centralized Pension Payments System (CPPS) across all Regional Offices of EPFO is a historic milestone. This transformative initiative empowers pensioners to access their pension seamlessly from any bank, any branch, anywhere in the country. It eliminates the need for physical verification visits and simplifies the pension disbursement process. CPPS is a testament to our commitment to modernizing EPFO services and ensuring convenience, transparency, and efficiency for our pensioners. With this rollout, we are setting a new benchmark in pension service delivery, aligning with the vision of a tech-enabled and member-centric EPFO.”

The CPPS is a paradigm shift from the existing pension disbursement system that is decentralized, with each Zonal/Regional Office of EPFO maintaining separate agreements with only 3-4 banks. In CPPS, not only the pensioner will be able to take pension from any bank, but also, there will be no need for pensioners to visit the bank for any verification at the time of commencement of pension and the pension shall be immediately credited upon release.

The CPPS system from January 2025 onwards would also ensure disbursement of pension throughout India without any need for transfer of Pension Payment Orders (PPO) from one office to another even when the Pensioner moves from one location to another or changes his bank or branch. This would be a great relief to pensioners who move to their hometown after retirement.

EPFO is continuously working towards improving services for EPS pensioners and new CPPS system is a major reform in this direction.

PIB

India Post Introduces Paperless e-KYC for Seamless Post Office Savings Bank Services

India Post Introduces Paperless e-KYC for Seamless Post Office Savings Bank Services

The Department of Posts, Ministry of Communications, Government of India, has recently introduced a significant advancement in customer verification and account management processes. As per the order numbered 25-01/2018-FS-CBS dated January 1, 2025, the department has implemented a paperless Know Your Customer (e-KYC) process for Post Office Savings Bank (POSB) account opening and transactions through Aadhaar biometric authentication.

Phased Implementation of e-KYC

The e-KYC-based account opening process will be rolled out in phases. In Phase I, the onboarding of new customers and the creation of Customer Information Files (CIFs) will be conducted through Aadhaar authentication. Additionally, single and individual-type Post Office Savings Accounts (POSAs) will be opened via e-KYC in departmental post offices. Necessary changes have already been implemented in the Finacle Core Banking Solution (CBS) to support this transition.

New Finacle Menus for e-KYC

The Department has introduced the following new Finacle menus to streamline e-KYC processes:

S.No.MenuPurpose
1ECCRCCreation of CIF through Aadhaar Authentication (e-KYC CIF creation) and updating existing CIFs to e-KYC through the Re-KYC process.
2ECMRCModification of CIF through Aadhaar Authentication (e-KYC CIF modification).

Updates to Existing Menus

Several existing Finacle menus have been enhanced to accommodate e-KYC functionalities:

S.No.MenuChange in Brief
1CASBAOEnables opening of Single — Individual (Adult) type POSA through Aadhaar authentication using e-KYC CIF.
2CASBAMAllows modification of e-KYC-based POSA using Aadhaar authentication.
3CTM / CXFERProvides an option for transactions in POSA through Aadhaar authentication and via Pay-in-Slip or Withdrawal Form (paper-based).
4CICDDisplays the masked Aadhaar number and reference number for e-KYC CIFs.

This initiative aims to streamline and expedite the account opening process, enhancing customer convenience by reducing the reliance on physical documentation. By leveraging Aadhaar-based biometric authentication, the department ensures a secure and efficient method for verifying customer identities, thereby minimizing the risk of fraud and errors associated with manual processes.

The e-KYC process is expected to significantly reduce the time required for account opening and transaction approvals, providing customers with quicker access to banking services. Additionally, this move aligns with the government’s Digital India initiative, promoting the adoption of digital technologies in public services to improve accessibility and efficiency.

Customers interested in opening a POSB account or conducting transactions can now utilize the e-KYC facility by providing their Aadhaar number and undergoing biometric authentication at designated post offices. This development marks a substantial step towards modernizing postal banking services in India, offering a seamless and user-friendly experience for account holders.

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Small Savings Schemes interest rates from Jan 2025 to March 2025

Small Savings Schemes interest rates from Jan 2025 to March 2025

F.No.1/4/2019-NS
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)

North Block, New Delhi
Dated: 31.12.2024

OFFICE MEMORANDUM

Subject: Revision of interest rates for Small Savings Schemes – reg.

The rates of interest on various Small Savings Schemes for the fourth quarter of FY 2024-25 starting from 1st January, 2025 and ending on 31st March, 2025 shall remain unchanged from those notified for the third quarter (1st October, 2024 to 31st December, 2024) of FY 2024-25.

2. This has the approval of the competent authority.

(Chandra Karel)
Addl. Budget Officer

InstrumentRates of interest
Savings Deposit4
1 Year Time Deposit6.9
2 Year Time Deposit7
3 Year Time Deposit7.1
4 Year Time Deposit7.5
5 Year Recurring Deposit6.7
Senior Citizen Savings Scheme8.2
Monthly Income Account Scheme7.4
National Savings Certificate7.7
Public Provident Fund Scheme7.1
Kisan Vikas Patra7.5 (will mature in 115 months)
Sukanya Samriddhi Account Scheme8.2

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