• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Home
  • DOPT ORDERS 2020
  • FinMin Orders 2020
  • Railway Orders 2020
  • Contact Us

7th Pay Commission Latest news

Central Government Employees News

  • DOPPW Orders
  • 7th Pay Commission
  • Dearness Allowance
  • Dearness Relief
  • CSD Price List
  • Defence
    • Defence Pension
You are here: Home / 7th Pay Commission / 7th Pay Commission:Govt staff may be asked to invest part of salary hike in bank recapitalization

7th Pay Commission:Govt staff may be asked to invest part of salary hike in bank recapitalization

April 11, 2016 pcadmin 1 Comment

7th Pay Commission:Govt staff may be asked to invest part of salary hike in bank recapitalization

New Delhi, April 11: The government employees are eagerly waiting for the salary hike according to the Seventh Pay Commission and before it is implemented, the government has come up with a plan which may be implemented to reduce burden due to the CPC. Government is looking at a scheme for encouraging its employees to invest part of their 7th pay commission salary hike in a fund which would be used for recapitalisation of state-owned banks.

High income government official, according to officials, could be roped in to invest in the fund by offering lucrative incentives like tax break or higher return. As per the proposal, higher income government staff from the rank of section officer may be asked to shell out 50% of increased salary towards bank capitalisation bonds, the officials said. Top officials of the finance ministry had preliminary discussion over the issue last week, officials said. However, no decision has been taken yet, they said, adding that Committee of Secretaries is looking into the matter and various alternatives are being considered.

This proposal is being considered to find more resources for recapitalisation of public sector banks which are saddled with gross non-performing assets (NPAs) of Rs.3.61 trillion at the end of December 2015, as against Rs.39,859 crore in the private sector. Gross NPA ratio as percentage of advances rose to 7.30% while for private banks, it stood at 2.36% as of December-end. RBI has asked public sector banks to clean up balancesheets by March next year. Cleaning to books would require additional capital infusion than what has been envisage in the โ€˜Indradhanush’. Last year, the government had announced a revamp plan โ€˜Indradhanush’ to infuse Rs.70,000 crore in state-owned banks over four years, while they will have to raise a further Rs.1.1 trillion from markets to meet their capital requirements in line with global risk norms Basel-III. In line with the blueprint, PSU banks were given Rs.25,000 crore in the last fiscal and an equal amount is planned for the current fiscal.

As per the plan, Rs.10,000 crore each would be infused in 2017-18 and 2018-19. It is believed that the government provided as much as Rs.70,000 crore in the Union Budget 2016-17 for implementation of Seventh Pay Commission for 47 lakh government employees and 52 lakh pensioners. While the Budget did not provide an explicit overall provision number, the government had said the 7th Pay Commission hike has been built in as interim allocation for different ministries and Budget numbers were credible. Implementation of the pay commission report in toto is to cost the government Rs.1.02 lakh crore. Recently, a report was revealed by the RBI which said that implementation of the 7CPC will put an upward pressure of 1-1.5 per cent on inflation, but is expected to boost GDP by around 40 bps (basis points increase) during the current fiscal.

Source : OneIndia

Filed Under: 7th Pay Commission, 7th Pay Commission News

Also Read

Union Budget 2023 : Live Updates

Union Budget 2023 : Live Updates

February 1, 2023 By pcadmin Leave a Comment

Union Budget 2023 : Live Updates ๐“๐ก๐ข๐ฌ ๐ข๐ฌ ๐ญ๐ก๐ž ๐Ÿ๐ข๐ซ๐ฌ๐ญ ๐›๐ฎ๐๐ ๐ž๐ญ ๐ข๐ง ๐€๐ฆ๐ซ๐ข๐ญ ๐Š๐š๐š๐ฅ. Budget focuses on 7 priorities, โ€˜saptrishi guiding us through Amrit Kaalโ€™ This budget hopes to build on the foundation laid in the previous budget and the blueprint drawn at India at 100. … [Read More...] about Union Budget 2023 : Live Updates

AICPIN for the month of December 2022

AICPIN for the month of December 2022

February 1, 2023 By pcadmin Leave a Comment

AICPIN for the month of December 2022 Consumer Price Index for Industrial Workers for December, 2022 The Labour Bureau, an attached office of the Ministry of Labour & Employment, has been compiling Consumer Price Index for Industrial Workers every month on the basis of retail prices … [Read More...] about AICPIN for the month of December 2022

One Rank One Pension to the Defence Forces Pensioners. orop

One Rank One Pension to the Defence Forces Pensioners.

January 24, 2023 By pcadmin Leave a Comment

One Rank One Pension to the Defence Forces Pensioners. No. 1(1)/2019/D(Pen/Pol)/Vol-IIGovernment of IndiaMinistry of DefenceDepartment of Ex-Servicemen Welfare New Delhi, Dated: 20th January 2023 ToThe Chief of the Defence StaffThe Chief of the Army StaffThe Chief of the Naval StaffThe … [Read More...] about One Rank One Pension to the Defence Forces Pensioners.

Addendum for early closure of all the offices falling in the premises of Parliament House & Rashtrapati Bhawan in c/w forthcoming Republic Day

Addendum for early closure of all the offices falling in the premises of Parliament House & Rashtrapati Bhawan in c/w forthcoming Republic Day

January 23, 2023 By pcadmin Leave a Comment

Addendum for early closure of all the offices falling in the premises of Parliament House & Rashtrapati Bhawan in c/w forthcoming Republic Day No.16/3/2023-JCAGovernment of IndiaMinistry of Personnel Public Grievances and Pensions(Department of Personnel and Training)Establishment (JCA) … [Read More...] about Addendum for early closure of all the offices falling in the premises of Parliament House & Rashtrapati Bhawan in c/w forthcoming Republic Day

Linking of CGHS Beneficiary ID with the ABHA ID

Linking of CGHS Beneficiary ID with the ABHA ID

January 20, 2023 By pcadmin Leave a Comment

Linking of CGHS Beneficiary ID with the ABHA ID F.No. 44/67/MCTC/CGHSGovernment of IndiaMinistry of Health & Family WelfareDepartment of Health & Family Welfare Nirman Bhawan, New DelhiDated the January, 2023 OFFICE MEMORANDUM SUBJECT: Linking of CGHS Beneficiary ID with the ABHA … [Read More...] about Linking of CGHS Beneficiary ID with the ABHA ID

Reader Interactions

Comments

  1. dinesh says

    June 27, 2016 at 8:20 PM

    My pension is now 21500 in Punjab gorvt and now 7th pay how much incres

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

All About Pension

All about Pension

Latest DOPT Orders

Addendum for early closure of all the offices falling in the premises of Parliament House & Rashtrapati Bhawan in c/w forthcoming Republic Day

Early Closure of Offices in connection with Republic Day Parade/Beating Retreat Ceremony/At Home Function during January, 2023

Review of CSS Officers (Under Secretary) under FR 56(j) and Rule 48 of CCS (Pension) Rules, 1972

Year-End- Review of DoPT(Ministry of Personnel, Public Grievances & Pensions)-2022

Extension of the LTC block year 2018-21 (extended) for a period of three months

Latest Finmin Orders

Compendium of Instructions regarding grant of House Rent Allowance to Central Government employees – FINMIN

CGEGIS 1980: Table of Benefits of saving funds from Oct to Dec 2022

Non-Productivity Linked Bonus (ad-hoc bonus) to Central Government Employees for 2021-22

FINMIN : Dearness Allowance to Central Government employees effective from 01.07.2022.

Compendium of Instructions regarding grant of Transport Allowance at double the normal rates to persons with disabilities employed in Central Government

Latest Railway Orders

Implementation of Railway Services (Revised Pay) Rules, 2016

Computer Advance Interest Rate 2022-23 for Railway Employees

Eligibility of married disabled child for family pension โ€“ Railway Board order

Grant of Leave to Probationary officers: Railway Board

Productivity Linked Bonus to all eligible non-gazetted Railway employees for 2020-2021

Categories

Copyright © 2023