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80% hike in India Post Payments Bank: Cabinet

The Cabinet Committee on Economic Affairs, chaired by  Prime Minister Narendra Modi approved the umbrella scheme Ocean Services, Technology, Observations, Resources Modelling and Science, O-SMART. It provides economic benefits to fisheries, offshore industry, coastal states, Defence, Shipping, and Ports, and is important for achieving various aspects of the Blue Economy.

The Cabinet also approved an additional two per cent hike in Dearness Allowance for about 1.1 crore central government employees and pensioners.

In some good news for central govt employees, Union Cabinet headed by Prime Minister Narendra Modi, has approved additional 2 per cent hike in Dearness Allowance and Dearness Relief. This will benefit about 48.41 lakh Central Government employees and 62.03 lakh pensioners. The hike will be effected from July 1, 2018.

The Union Cabinet also gave approval for revision of the project outlay for setting up of India Post Payments Bank from Rs. 800 crore to Rs. 1,435 crore.

The additional sum of Rs. 635 crore in the revised cost estimates is on account of Rs 400 crore for Technology Costs and Rs 235 crore for Human Resource Costs. IPPB services are slated for a nationwide launch by the Prime Minister Narendra Modi on September 1st.

The Cabinet Committee on Economic Affairs has given its approval for the umbrella scheme “Ocean Services, Technology, Observations, Resources Modelling and Science or the O-SMART, for implementation during 2017-18 to 2019-20 at an overall cost of Rs.1623 crore. 

The scheme encompasses a total of 16 sub-projects addressing ocean development activities such as Services, Technology, Resources, Observations and Science. It will directly benefit people in coastal areas, particularly fishermen.

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