On August 29, 2018, the Union Cabinet chaired by PM Narendra Modi approved the following:
Cabinet approves Revised Cost Estimate for setting up of India Post Payments Bank
On August 29, 2018, the Union Cabinet chaired by Prime Minister Shri Narendra Modi gave its approval for increase in project outlay for the India Post Payments Bank (IPPB) from Rs. 800 crore to Rs. 1,435 crore.
i. The additional Rs. 635 crore has been given in the following manner:
- Rs 400 crore for Technology Costs and
- Rs 235 crore for Human Resource Costs.
About IPPB services:
- IPPB services shall be available at 650 IPPB branches and 3250 Access Points from 1st September 2018 and in all 1.55 lakh post offices (Access Points) by December 2018.
- The project will generate new employment opportunity for about 3500 skilled banking professionals
Cabinet approves additional 2 percent Dearness Allowance (DA) for Central Government employees and Dearness Relief (DR) to pensioners w.e.f. 1st July, 2018
On August 29, 2018, the Union Cabinet, chaired by the Prime Minister Shri Narendra Modihas approved an additional installment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners w.e.f. 01.07.2018.
- This would include an increase of 2% over the existing rate of 7% of the Basic Pay/Pension, to compensate for price rise.
- The impact of Dearness Allowance and Deamess Relief would be Rs.6112.20 crore per annum and Rs.4074.80 crore in the financial year 2018-19 .
- This will benefit about 48.41 lakh Central Government employees and 62.03 lakh pensioners.
Cabinet approves Umbrella scheme “Ocean Services, Technology, Observations, Resources Modelling and Science (O-SMART)” of Ministry of Earth Sciences
On August 29, 2018, the Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi approved he umbrella scheme “Ocean Services, Technology, Observations, Resources Modelling and Science (O-SMART)”.
To help in addressing issues relating to Sustainable Development Goal-14: to conserve use of oceans, marine resources
- Full form: Ocean Services, Technology, Observations, Resources Modelling and Science.
- The cost of the project is : Rs.1623 crore.
- This scheme will be implemented during the period from 2017-18 to 2019-20.
- It will have a total of 16 sub-projects addressing ocean development activities such as Services, Technology, Resources, Observations and Science.
- This scheme will help in implementation of various aspects of Blue Economy.
- A State of the art Early Warning Systems has been established under the O-SMART Scheme to deal with ocean disasters like Tsunami, storm surges.