Citizens' Issues
Cabinet gives ex post facto clearance to OROP
New Delhi : The union cabinet chaired by Prime Minister Narendra Modi on Wednesday gave ex post facto approval for the implementation of the 'One Rank One Pension' (OROP) scheme.
 
The defence ministry has said that pensions under the OROP have already been disbursed to most beneficiaries. The scheme has been brought into effect from July 1, 2014.
 
A total of 15.91 lakh pensioners have been given the first instalment under the OROP till March 31, totalling Rs.2,861 crore.
 
As per the scheme, pension will be re-fixed for those retiring in the same rank and with the same length of service as the average of the minimum and maximum pension drawn by retirees in 2013. Those drawing pensions above the average will be protected.
 
The benefit would also be extended to family pensioners, including war widows and disabled pensioners.
 
Detailed OROP tables were released by the department of ex-servicemen welfare on February 3.
 
The 101 tables in these implementation orders contain revised pensions of different ranks and categories.
 
In future, the pension would be re-fixed every five years.
 
The scheme will cost the exchequer around Rs.10,925.11 crore for payment of arrears apart from additional annual financial implication of Rs.7,488.7 crore.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Saradha scam accused Madan Mitra has assets worth Rs.88 lakh
Kolkata : Former West Bengal minister and Trinamool Congress candidate Madan Mitra -- who is in custody over the multi-crore-rupee Saradha scam -- possesses assets in excess of Rs.88 lakh, according to his affidavit filed with the Election Commission on Wednesday.
 
According to the affidavit, Mitra has moveable assets worth over Rs.52.94 lakh while his immoveable properties are valued at Rs.35.37 lakh.
 
Mitra, who is defending the Kamarhati seat in North 24 Parganas district, has shown his annual income for 2014-15 as Rs.7.09 lakh.
 
His moveable assets include bank deposits and investments in excess of Rs.43 lakh, and Rs.1.70 lakh worth of jewellery. There are no vehicles registered in his name.
 
Mitra's immoveable assets include two residential buildings in the city and currently carry a market value of Rs.35.37 lakh.
 
While his annual income jumped from Rs.4.26 lakh in 2010-11, his total assets have seen a jump of Rs.8 lakh only in the last five years.
 
During the 2011 assembly polls, he possessed properties worth over Rs.80 lakh including Rs.34.47 lakh in moveable assets and Rs.45.97 lakh in immoveable properties.
 
His wife Archana, who has shown her annual income for 2014-15 as Rs.2.21 lakh, possesses properties in excess of Rs.62.30 lakh, including Rs.38.03 lakh in immovable assets.
 
Her moveable assets, worth over Rs.24.28 lakh, include two vehicles valued in excess Rs.12 lakh and jewellery worth over Rs.6 lakh.
 
Mitra's wife did not have any immoveable properties in her name in 2011.
 
Her immovable property comprises a residential building with 1,462 square feet area in the city.
 
Arrested in December 2014 for his alleged complicity in the Saradha scam, Mitra has been accused of several offences including rioting, criminal conspiracy and criminal breach of trust.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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AIBEA criticizes RBI governor's stand on not publishing big defaulters names
Even for small loan repayment default, savers are being harassed but when it comes to industrialists, all soft options are being advocated, the bank employees union says
 
The All India Bank Employees Association (AIBEA) has criticised Reserve Bank of India (RBI) governor Dr Raghuram Rajan's statement about not publishing names of bank defaulters. "We are unable to reconcile ourselves to the view that publication of the name of the defaulters would defame them or result in loss of business for them because in the case of education loan, jewel loan, tractor loan, etc. no such considerations are being shown for the common man who takes such a loan. Even for credit card loan repayment default, the people are being harassed. Recently, a borrower of tractor loan in Tamilnadu was beaten by police and a new generation private bank was involved in this. But only when it comes to industrialists, all soft options are being advocated.  In fact they only need to be named and shamed," CH Venkatachalam, general secretary of AIBEA said in a statement.
 
While agreeing with the RBI governor that there are a variety of reasons why a project gets into trouble, the bank employee union says, "...even in such like cases where the Banks are not responsible for the same, they are forced to provide for it from the profits in the name of clean up and Banks are forced to show losses thus showing them poor light.  Why RBI cannot recommend a scheme by which such loans are treated differently and the concerned provisions are funded by the Government.  Why the Banks are made to bleed when they are not at fault for the general slowdown in the economy.  We feel that RBI should think about it."
 
AIBEA said, it fully agrees with the RBI governor that atleast the names of the willful defaulters can be publicly published. However, it said, the RBI should take the lead. "As you are well aware there are more than 5,600 wilful defaulters who together owe more than Rs60,000 crores to the Bank.  Let there be a beginning by RBI publishing these names."
 
"From AIBEA, we have also been demanding that not only their names should be published but wilful default should be defined as criminal offence and criminal action should be taken on these defaulters.  But in many cases we find that such borrowers are able to manage restructuring of their loans and escape public notice," the bank employee union said.

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COMMENTS

Ramesh Poapt

8 months ago

Clash between RBI and politics may make the PSU banks a sinking ship( bigger Titantic)! not willful n genuine defaulters is a point, 'backed' n not backed can be one! moreover,global financial tsunami is knocking doors.. wait for thrilling next few years..

SRINIVAS SHENOY

8 months ago

I fully agree with the AIBEA stand that even for default of small loans repayment like DIR loans, educational loans etc.the borrowers are harassed by using strong arm tactics, even though they are cooperative and are keen on settling the bank dues at the earliest in full. As an ex-bank official I observed that big borrowers avoided meeting us to settle their overdues. They usually get soft options, like restructuring of their overdues,from the banks'profits in the name of clean up in the books of the bank. Worse still is the position of the poor depositors in the cooperative Banks, who get lured by the high interest rates offered by these banks, and end up loosing their hard earned life savings. As usual, the big loan defaulters move around Scott free. Equity demands that to be just and fair, it is high time, that criminal proceedings are launched against such defaulters or atleast the bankruptcy proceedings initiated against these big wilful defaulters.

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