Portability in Saving Bank Accounts.

   Damodaran Committee was set up by Reserve Bank of India (RBI) on May 26, 2010 to look into banking services rendered to retail and small customers. The Committee submitted its report to RBI on July 04, 2011. The Committee has recommended that customer should be allowed to maintain the same account number in a bank even when he/she moves to another city or shifts his account to another branch in the same city. RBI has taken action on the recommendations submitted by the Damodaran Committee and in October, 2011 advised Indian Banks’ Association (IBA) for implementation of the above recommendation.

   RBI has also stated that provisions of Prevention of Money Laundering Act (PMLA) and Rules do not support account portability between banks as records pertaining to identity of a client has to be maintained by the bank establishing relationship with the customer for a period of 10 years from the date of cessation of the transactions between the client and the bank.

   This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in Lok Sabha today.

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All India Consumer Price Index Numbers for Industrial Workers.

   All India Consumer Price Index Number for Industrial Workers (CPI-IW) on base 2001=100 for the month of February, 2012 increased by 1 point and stood at 199 (one hundred & ninety nine).

   During February, 2012, the index recorded maximum increase of 5 points in Puducherry centre, 4 points each in Ahmedabad, Bangalore and Mariani Jorhat centres, 3 points in 4 centres, 2 points in 10 centres and 1 point in 30 centres. The index decreased by 5 points in Quilon centre, 3 points each in Tiruchirapally and Salem centres, 2 points in 2 centres, 1 point in 8 centres, while in the remaining 17 centres the index remained stationary.

   The maximum increase of 5 points in Puducherry centre is mainly on account of increase in the prices of Rice, Goat Meat, Poultry (Chicken), Curd, Snack Saltish, Country Liquor, Refined Liquor, Shirting Cloth (Synthetic), Bus Fare, Auto-rickshaw Fare, Barber Charges, Flower/Flower Garlands etc. The increase of 4 points each in Ahmedabad, Bangalore and Mariani Jorhat centres is mainly due to increase in the prices of Rice, Groundnut Oil, Mustard Oil, Goat Meat, Fish Fresh, Vegetable & Fruit items, Tea (Readymade), Electricity Charges, Flower/Flower Garlands, etc. The decrease of 5 points in Quilon centre is due to decrease in the prices of Coconut Oil, Fish Fresh, Onion, Vegetable & Fruit items, etc. The decrease of 3 points each in Tiruchirapally and Salem centres is due to decrease in the prices of Rice, Eggs (Hen), Onion, Garlic, Tamarind, Chillies Dry, Vegetable items, Flower/Flower Garlands, etc.

    The indices in respect of the six major centres are as follows :

1. Ahmedabad    

196

2. Bangalore       

204
3. Chennai          186

4. Delhi             

182

5. Kolkata          

186

6. Mumbai          

200

   The point to point rate of inflation based on CPI-IW(General) for the month of February, 2012 is 7.57% as compared to 5.32% in January, 2012. Inflation based on Food Index attained the level of 5.08% in February, 2012 as compared to 0.49% in January, 2012.

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Pension to Retired Employees.

   The Government had introduced the New Pension System (NPS) from 1st January, 2004 through a Notification dated 22nd December, 2003 for new entrants to Central Government service, on mandatory basis, except to Armed Forces, joining service on or after 01.01.2004 replacing the existing system of defined benefit pension system. NPS has also been extended to autonomous bodies, State Governments and un-organised sector. The employees working in Central Public Sector Enterprises (CPSEs) are not covered mandatorily under NPS. However, three CPSEs, viz Konkan Railway Corporation Ltd. Manganese Ore (India Ltd. ) and NALCO have adopted NPS on voluntarily basis with effect from 01.01.2004, 01.07.2011 and 01.01.2007 respectively.

   This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in the Lok Sabha today.

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