Rate of Interest for 2013-2014 on General Provident Fund and other similar funds

 

Government of India, vide a Gazette Notification has informed that  during the year 2013-2014, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.7% (Eight point seven per cent) per annum. This rate will be in force during the financial year beginning on 1.4.2013. The funds concerned are:—

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.

 

As a Safe ePayments Motivator, I am sure that all the disbursements by the above funds will be done in the eMode only. Nothing more, nothing less.

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Rate of Interest for 2013-2014 on General Provident Fund and other similar funds

Government of India, vide a Gazette Notification has informed that during the year 2013-2014, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.7% (Eight point seven per cent) per annum. This rate will be in force during the financial year beginning on 1.4.2013. The funds concerned are:—
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.

As a Safe ePayments Motivator, I am sure that all the disbursements by the above funds will be done in the eMode only. Nothing more, nothing less.

AP State Cooperative Bank – Fully live on CBS

 

Way back in July 2010, APCOB comprising 22 affiliated District Cooperative Central Banks (DCCBs), which in turn, have 569 Branches and 2746 Primary Agricultural Cooperative Societies (PACS), entered into a technical agreement Polaris Software Lab Limited (POLS.BO), to deploy CBS across their 569 branches.

The successful end of this implementation project was announced today by Polaris Software Lab Limited (POLS.BO), with CBS going live today @APCOB.

 

About Andhra Pradesh State Cooperative Bank Limited

  • The Andhra Pradesh State Cooperative Bank Limited (APCOB) is a Scheduled State Cooperative Bank for the State of Andhra Pradesh.
  • The cooperative credit system in Andhra Pradesh with the APCOB at its apex level is a federal system consisting of a family of 22 affiliated District Cooperative Central Banks (DCCBs), which in turn, have 569 Branches and 2746 Primary Agricultural Cooperative Societies (PACS) through which, developmental agricultural credit is provided, to serve a sizeable chunk of the total membership of the PACS of around 1.5 crores.

The implementation was executed through a unique multi entity CBS rebranded as IntellectTM Core Banking Solution, with centralized deployment at Hyderabad being used by 569 branches and 22 head offices of the DCCBs.

This cost effective model will facilitate easy transaction between customers of each of these banks across the other DCCBs, as if it were one bank without any re-conciliation issues.

The main requirement of APCOB in choosing a CBS Vendor was that the CBS Solution should work on a multi entity concept so that it could centralize its systems and at the same time let all the DCCBs work as independent units.

In all, Laser Soft was the only competing vendor which had this model readily available for implementation. Using the multi entity concept, IntellectTM CBS will deploy the application software at just one location with different entities/banks accessing it independently.

Intellect CBS deployment will enable individual DCCBs to generate independent reports and at the same time give APCOB the ease of generating a consolidated report whenever required. Product level parameters can also be set at the DCCB level and schemes can be entity specific under this model. This multi-entity deployment with facilities for on-line integration with PACS will be the first of its kind implementation in India.

As a Safe ePayment Motivator, this step by APCOB will be the key factor for deploying g CTS quickly across all its affiliated DCCBs’