Professional Documents
Culture Documents
The India Security Press is a commercial department of the Government of India under the Ministry of
Finance (Department of Economic Affairs), and is headed by a General Manager. It is engaged in the
production of postage stamps and postal stationery for the Indian Posts & Telegraphs Deptt., Non
postal stamps (non-judicial and judicial), adhesive stamps, etc. for the State Governments and other
security forms such as cheques, promissory notes, passport booklets, State Government Bonds,
National Savings Certificates etc. etc. for the Central and State Governments and Public Bodies and
Currency and Bank Notes required by the Reserve Bank of India.
Upto 1862, the Indian Postage Stamps were printed by the Survey of India from plates made at the
Calcutta Mint. In 1862, M/s Thomas De La Rue & Co., London, obtained a contract for the printing of
Indian Stamps (Postal, fiscal, Court fee, etc.); they continued printing them until 1924. It was in view
of the impending termination of this contract that the Government of India decided
to set up a Press for the printing of stamps in India as a result of this decision, the India Security
Press was established at Nasik Road in November 1925 for producing all security documents i.e.,
documents representing money value required by the Posts & Telegraphs, Law Courts, Taxation
Departments etc. The Central Stamp Store which came to be added as a wing of the Stamp Press in
1928, distributes the products of the Stamp Press to more than 600 treasuries and sub-treasuries in
the country.
The Posts & Telegraphs Department feels privileged to bring out a special postage stamp in multi-
colour to mark the occasion.
Source : Information Folder issued by Indian Posts & Telegraph Department, Government of India
Issue Date
:
13 December 1975
150th Anniversary of India Government Mint, Bombay
I.G. Mint
I.G. Mint
The India Government Mint, Mumbai is one of the four mints in India and is in the city of Mumbai.
The mint was established in 1829 by the then governor of the Bombay Presidency. Its main activity
is the production of commemorative and development-oriented coins. The mint is opposite
the Reserve Bank of India in the Fort area of South Mumbai.
Initially governed by the governor of the Bombay Presidency, it was transferred to the Government
of India on 18 May 1876 through Finance Department Resolution 247. In 1918, a branch of
the Royal Mint of London was set up to issue British sovereigns. In April 1919, after manufacturing
12.95 lakh (1.295 million) coins, it was shut down.
Besides coins, the mint produces medals for Ministry of Defence, Ministry of Home Affairs,
educational institutions, social service institutions, badges etc. It is also a centre for the issuance
of gold ingots in exchange of unrefined gold tendered by licensed dealers. The institution has a
department that makes official weights and measures such as metric weights, capacity, and linear
measures for state governments, laboratories and the Bureau of Indian Standards.
https://en.wikipedia.org/wiki/India_Government_Mint,_Mumbai
Issue Date
:
27 December 1980
125th Year of Allahabad Bank (1990)
The year 1989 marks the beginning of the 125th anniversary of Allahabad Bank, one of the oldest
joint stock banks in India. The bank came into being on 24th April, 1865 in Allahabad. It was a
welcome chance for the Indians who were looking for an Indian Bank but had no expertiese and
knowledge of the technicalities to start a banking company. Though rooted in foreign initiative, the
bank was planned to be an Indian institution. Munshi Gaya Prashad was the first Indian Director of the
Board.
The frst branches were opened in the cities of Jhansi, Allahabad, Kanpur, Bareily, Lucknow and
Calcutta. In 1923 he Bank became an affiliated to the P & O Banking Co-operation and its head office
was shifted to Calcutta. In 1927 it becae an affiliate to the Chartered Bank till it was nationalised along
with 13 other premier banks on 19th July, 1969. The nationalisation gave fillip for an acelarted growth
and the concept of social banking. Many national leaders of the yester years had banking dealings
with the Allahabad Bank - Pandit Motilal Nehru, Shri Purshottam Das Tandon, Dr. K.N. Katju, Sir
Surendranath Banerjee, Pandit Jawaharlal Nehru and Smt. Indira Gandhi.
The Bank has the honour of holding the last will and testament of Pandit Jawaharlal Nehru. Todat the
Bank has 10 Zonal offices, 34 regional offices and 1515 branches. It has a business turn-over of over
Rs. 6000 crores with an annual growth rate of 26%.
Source : Information Folder issued by Indian Posts & Telegraph Department, Government of India
ALLAHABAD BANK
A
l
l
a
h On 24 April 1865, a group of Europeans at Allahabad founded Allahabad Bank. By the end of
the
a 19th century it had branches at Jhansi, Kanpur, Lucknow, Bareilly, Nainital, Calcutta,
and
b Delhi.
a
In
d the early 20th century, with the start of Swadeshi movement, Allahabad Bank witnessed a spurt
in deposits. In 1920, P & O Banking Corporation acquired Allahabad Bank with a bid price
B ₹436 (US$6.50) per share. In 1923 the bank moved its head office and the registered office to
of
Calcutta
a for reasons of both operational convenience and business opportunities. Then in
1927
n Chartered Bank of India, Australia and China (Chartered Bank) acquired P&O Bank.
However,
k Chartered Bank continued to operate Allahabad Bank as a separate entity.
Allahabad Bank opened a branch in Rangoon (Yangon). At some point Chartered Bank
(amalgamated Allahabad Bank's branch in Rangoon with its own.[12] In 1963 the revolutionary
government in Burma nationalized the Chartered Bank's operations there, which became People's
H
Bank No. 2.[13]
Y
On 19 July 1969, the Indian Government nationalised Allahabad Bank, together with 13 other
P
Ebanks.
R
In October 1989, Allahabad Bank acquired United Industrial Bank, a Calcutta-based bank that had
Lbeen established in 1940 and that brought with it 145 branches. Two years later, Allahabad Bank
Iestablished AllBank Finance Ltd, a wholly owned Merchant Banking subsidiary.
N
K
"
h https://en.wikipedia.org/wiki/Allahabad_Bank
t
t
p
Issue
s Date
: :
19
/ July 1989
/
e
n
.
w
i
k
i
p
e
d
i
a
.
o
r
Golden Jubilee of National Savings Organisation
Issue Date
:
30 June 1998
200 Years of State Bank of India
State Bank Buildings of Calcutta, Bombay & Madras and Bank Notes
The State Bank of lndia, the premier banking institution of the country, has an unparalleled history
spanning two centuries. The Bank through its several incarnations has played a pioneering role in the
development of Indian banking, commerce, finance and industry. As the standard bearer of Indian
banking, the history of the State Bank of India encapsulates the economic history of India.
It all began with the Bank of Calcutta on the 2nd June 1806, which was later renamed as the Bank of
Bengal in 1809, becoming the first of the Presidency Banks under the East India Company. The
Presidency Banks of Bombay and Madras were established in 1840 and 1843 respectively. These
three Presidency Banks heralded the onset of modern banking in India. They continued to issue
currency notes till 1862, when this function was taken over by the Government. From 1866 they
were given formal central bank status till the creation of the Reserve Bank of India in 1935. Under the
Imperial Bank of India Act, the three Presidency Bank were amalgamated in 1921 to form the Imperial
Bank of India, which was nationalized on the 1st July 1955, resulting in the creation of the State Bank
of India.
The State Bank of India began with a mandate for rapid expansion and within 5 years of its creation, it
doubled its network with the opening of 416 new branches. Through 14 Local Head Offices and only
50 Zonal Offices, the system functions in a decentralized manner. Today with over 9000 branches,
the State Bank of India has retained dominance over the Indian banking horizon.
In 1959 and 1960, the State Bank of India acquired eight banks, two of which were later merged into
one. These seven Associate Banks today form an important part of the State Bank Group.
1980 onwards the State Bank of India has created subsidiary companies, which have undertaken
Merchant Banking, Leasing, Mutual Funds, Home Finance, Gilts, Factoring, Life Insurance, Credit
Cards, and Debit Cards etc. thus transforming itself into a financial service conglomerate. It also has
over 50 Offices and several banking subsidiaries in foreign countries.
The Bank has particularly been serving through its rural and semi-urban network, promoting
agriculture and small-scale industries.
The Bank has been actively participating in the employment generation and poverty alleviation
schemes sponsored by the Government such as Swarnjayanti Gram Swarozgar Yojna,
Prime Minister's Rozgar Yojna, Swarnjayanti Shahari Rozgar Yojna, scheme for liberation and
rehabilitation of scavengers etc.
The Bank has been the convener of State Level Bankers ' Committee in eleven states and two union
territories and is the lead bank in 190 districts, mostly in hilly and backward areas.
The Bank is also focusing on core infrastructure sectors like power, telecom, petroleum, oil, gas,
paperboards, hotels etc. The Bank is planning increased penetration in auto components, rice mills,
brassware, agro pump sets, etc. In retail, the Bank is greatly focussed on contract farming.
Customized products have been introduced for tourism.
State Bank of India is the only Indian bank, to be among the top ten banks in the world. The.State
Bank of India and its predecessors have always effectively combined their roles as important
instruments of public policy with their commercial status, competing successfully in the market and
earning consistent profit throughout their existence. State Bank of India can truly represent the Indian
economy in the global markets. Its activities not only touch everyone in India, but also lend strength to
Indian economy on a global platform.
The Department of Posts is happy to issue a commemorative postage stamp on the bicentennial year
of the State Bank of India.
Source : Information Folder issued by Indian Posts & Telegraph Department, Government of India
State Bank of India (SBI) is an Indian multinational, public sector banking and financial
services company. It is a government-owned corporation with its headquarters in Mumbai,
Maharashtra. On 01.04.2017, State Bank of India, which is India's large Bank merged five of its
Associate Banks (State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore,
State Bank of Patiala and State Bank of Travancore) and Bharatiya Mahila Bank with itself. This is
the first ever large scale consolidation in the Indian Banking Industry. With the merger, State Bank
of India will enter the league of top 50 global banks with a balance sheet size of ₹41 trillion, 277,000
employees, 500 million customers, and more than 22,500 branches and 58,000 ATMs. SBI's
market share will increase to 22 percent from 17 per cent. [3] It has 198 offices in 37 countries; 301
correspondents in 72 countries. [4]. The company is ranked 232nd on the Fortune Global 500 list of
the world's biggest corporations as of 2016.[5]
The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding, in
1806, of the Bank of Calcutta, making it the oldest commercial bank in the Indian
subcontinent. Bank of Madras merged into the other two "presidency banks" in British India, Bank
of Calcutta and Bank of Bombay, to form the Imperial Bank of India, which in turn became the
State Bank of India in 1955.[6] Government of India owned the Imperial Bank of India in 1955,
with Reserve Bank of India (India's Central Bank) taking a 60% stake, and renamed it the State
Bank of India. In 2008, the government took over the stake held by the Reserve Bank of India.
State Bank of India is a banking behemoth and has 20% market share in deposits and loans among
Indian commercial banks.[7]
https://en.wikipedia.org/wiki/State_Bank_of_India
Issue Date
:
31 August 2005
150th Anniversary of the Standard Chartered Bank
Issue Date
:
17 November 2008
75th Anniversary of Reserve Bank of India
The Reserve Bank of India, established on April 01, 1935 has just entered its 75th year. The
fundamental objective of establishing the RBI was the unification of the authority to discharge
functions which hitherto were undertaken by the Government's Currency Department and the Imperial
Bank of India, thereby enabling pooling of the country's monetary reserves and their deployment in
accordance with the needs of the economy.
RBI was primarily constituted to regulate the issue of banknotes, maintain reserves with a view to
securing monetary stability and to operate the credit and currency system of the country to its
advantage.
Today, on a very broad basis, the Bank's major focus areas are :
• Monetary Stability which involves conduct of monetary policy that promotes the achievement
of sustainable long-term growth;
• Financial Stability which involves Regulation and Supervision to promote a safe, soynd,
competitive and accessible banking & financial system ensuring inter alia adequate flow of credit to
various sectors of the economy;
• Developmental role from institution building to developing and deepening markets and
creating an enabling environment ; and
• To advise the Government on economic issues and provide primary data related to Banking
and Finance and Balance of Payments (BoP) Statistics amongst others;
Geographically, in terms of expansion of the central bank's reach over the years, the RBI has adopted
an incremental approach which has seen the opening of its offices as and when a need has been felt.
New offices cater to specific interests of such areas, as the newly-created states of Chhattisgarh,
Jharkhand and Uttarakhand. The main focus of its decentralization has been to maximize the
engagement of RBI in the local development processes as also to ensure that the financial concerns
of all sections of the population of these areas, specially the vulnerable and marginalized groups, are
adequately addressed.
This multifaceted content requires vastly different competencies in terms of infrastructure and human
resources. To support this work content, today the Bank has about 21,000 employees in various
categories and a quasi-federal organizational structure with a Central Office located in Mumbai having
26 Departments along with 29 offices spread over the entire country mainly in State capitals. The
various structures housing the offices of the RBI, from its first headquarters at Council House Street,
Kolkata, to its current headquarters at Mumbai, reflect how the RBI has kept in step with progress
over the years, while the Yaksha & Yakshini standing guard at the entrance to its Delhi office
amalgamate India's rich mythological past.
The Department of Posts is happy to honour the Reserve Bank of India with a commemorative
postage stamp.
Source : Information Folder issued by Indian Posts & Telegraph Department, Government of India
The Reserve Bank of India (RBI) is India's central banking institution, which controls
the monetary policy of the Indian rupee. It commenced its operations on 1 April 1935 during the
British Rule in accordance with the provisions of the Reserve Bank of India Act, 1934.[6] The original
share capital was divided into shares of 100 each fully paid, which were initially owned entirely by
private shareholders.[7] Following India's independence on 15 August 1947, the RBI was
nationalised on 1 January 1949.
The RBI plays an important part in the Development Strategy of the Government of India. It is a
member bank of the Asian Clearing Union. The general superintendence and direction of the RBI
is entrusted with the 21-member Central Board of Directors: the Governor, 4 Deputy Governors,
2 Finance Ministry representatives, 10 government-nominated directors to represent important
elements of India's economy, and 4 directors to represent local boards headquartered at Mumbai,
Kolkata, Chennai and New Delhi. Each of these local boards consists of 5 members who represent
regional interests, the interests of co-operative and indigenous banks.
A Central Bank is an independent apex monetary authority which regulates banks and provides
important financial services like storing of foreign exchange reserves, control of inflation, monetary
policy report. A Central Bank is known by different names in different countries. The functions of a
Central Bank vary from country to country and are autonomous or quasi-autonomous body and
perform or through another agency vital monetary functions in the country. A central bank is a vital
financial apex institution of an economy and the key objects of central banks may differ from
country to country still they perform activities and functions with the goal of maintaining economic
stability and growth of an economy.[8]
The bank is also active in promoting financial inclusion policy and is a leading member of
the Alliance for Financial Inclusion (AFI).
The bank is often referred to by the name Mint Street.[
https://en.wikipedia.org/wiki/Reserve_Bank_of_India
Issue Date
:
16 January 2010 UTI
UTI
The objective of India's development strategy has been to establish a socialistic pattern of society
through economic growth with self-reliance, social justice and alleviation of poverty. These objectives
were to be achieved within a democratic political framework using the mechanism of a mixed economy
where both public and private sectors co-existed. In the 1960s, the era of Green revolution and
industrialization, the planners and policy makers suggested the need for using a wide variety of
instruments like state allocation of investment, licensing and other regulatory controls to steer Indian
industrial development on a closed economy basis. This led to the establishment of the UTI or the Unit
Trust of India through the Unit Trust of India Act, 1963 of the Parliament.
UTI was set up by the Reserve Bank of India (RBI) and functioned under its Regulatory and
administrative control. It commenced its operations from 1st February, 1964 with the objective of
mobilizing savings of the community and providing the small investors with a means of acquiring a stake
in the industrial growth of the country. The first scheme launched by UTI was Unit Scheme 64. In 1978,
UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over its
regulatory and administrative control.
UTI remained the sole vehicle for investment in the Indian capital market for more than two decades,
after which, the public sector banks were allowed to enter the foray. The vibrancy and competition
increased with the setting up of the Security Exchange Board of India, a regulatory body. The Unit Trust
of India Act, 1963 was repealed in 2001. This was followed by the bifurcation of the organization into -
Specified Undertaking of Unit Trust of India (SUUTI); and UTI Mutual Fund (UTIMF) on 1st February,
2003.
Today, the two branches of UTI are carrying forward the legacy of the parent organization. The
Specified Undertaking of the Unit Trust of India, with assets worth ? 29,835 crores at the end of January
2003, represented broadly, the assets of US 64 scheme, assured return and certain other schemes.
This is a Specified Undertaking of Unit Trust of India, functioning under an administrator and under the
rules framed by Government of India, and does not come under the purview of the Mutual Fund
Regulations.
The second branch is the UTI Mutual Fund, sponsored by State Bank of India, Punjab National Bank,
Bank of Baroda and Life Insurance Corporation, with each of them holding 18.5% stake in the paid up
capital of UTI AMC. It is registered with SEBI and functions under the Mutual Fund Regulations. With
the bifurcation of the erstwhile UTI, which had in March, 2000 more than X 76,000 crores of assets
under its management, and with the setting up of a UTI Mutual Fund, conforming to the SEBI Mutual
Fund Regulations, along with recent mergers taking place among different private sector funds, the
mutual fund industry has entered its current phase of consolidation and growth.
UTI is the oldest and one of the largest mutual fund in India. UTI Mutual Fund has been the pioneer for
launching various schemes like UTI Unit Linked Insurance Plan (ULIP) with life & accident cover
(Launched in 1971). Over the years, brand UTI has taken up the role of wealth creator for the masses.
UTI is a process-oriented financial powerhouse with core business principle being customer delight
through consistent fund performance and excellent service.
Department of Posts is happy to celebrate the journey of UTI by releasing a Commemorative Postage
Stamp on it.
Source : Information Folder issued by Indian Posts & Telegraph Department, Government of India
Unit Trust of India is a financial organisation in INDIA, which was created by the UTI Act
passed by the Parliament of India on 30 December 1963 under the direction of Col. Akash Behl.
He had fought very hard and intensely to get this organisation come into reality.[1] For more than
two decades it remained the sole vehicle for investment in the capital market by the Indian citizens.
In mid- 1980s public sector banks were allowed to open mutual funds. The real vibrancy and
competition in the MF industry came with the setting up of the Regulator SEBI and its laying down
the MF Regulations in 1993.UTI maintained its pre-eminent place till 2001, when a massive decline
in the market indices and negative investor sentiments after the Ketan Parekh scam created
doubts about the capacity of UTI to meet its obligations to the investors. This was further
compounded by two factors; namely, its flagship and largest scheme US 64 was sold and re-
purchased not at intrinsic NAV but at artificial price and its Assured Return Schemes had promised
returns as high as 18% over a period going up to two decades.[
https://en.wikipedia.org/wiki/Unit_Trust_of_India
Issue Date
:
12 November 2014
INDIA POST PAYMENTS BANK
The India Post Payments Bank (IPPB)[1] has been recently incorporated as a Public Limited
Company under the Department of Posts with 100% GOI equity.
IPPB will offer demand deposits such as savings and current accounts up to a balance of Rs 1
Lac, digitally enabled payments and remittance services of all kinds between entities and
individuals and also provide access to third-party financial services such as insurance, mutual
funds, pension, credit products, forex, and more, in partnership with insurance companies, mutual
fund houses, pension providers, banks, international money transfer organisations, etc.
In 2006, it was announced that India Post would open a bank to erase
its ₹1,000 crore deficit during the 11th Five Year Plan, emulating Poste italiane.[2] In February
2013, it was announced that India Post had hired Ernst and Young to prepare a report on the
proposed bank.[3] Some officials of the Ministry of Finance had opposed the plan saying that India
Post did not have the expertise to provide banking services such as handling credit.[4]
In August 2013, the Planning Commission of India said that even though it supported the plan, it
was not feasible owing to financial difficulties at the moment. It also felt that converting post offices
into bank branches may hamper their original function.[5] In October 2013, the Cabinet of
India rejected the proposal on the grounds that India Post did not have sufficient expertise in
running a bank.[6] In December 2013, India Post announced that it would install ATMs in 1000 of
its office across India in the first half of 2014.[7]
On 27 February 2014, India Post opened its first ATM in Chennai.[8] In April 2014, the Reserve
Bank of India (RBI) gave in-principle banking licences to IDFC and Bandhan Financial Services
out of 26 applicants, but India Post was not considered for a licence because it had not received
the mandatory clearance from the government.[9] However, the RBI said that it would examine the
proposal separately in consultation with the government.[10]
In September 2014, a task force was formed by Prime Minister Narendra Modi which aimed to
study ways in which the existing postal network could be leveraged. The task force was headed
by T. S. R. Subramanian.[11] On 4 December 2014, the task force submitted its report to Minister
for Communications and Information Technology Ravi Shankar Prasad. The report said that more
services should be provided in the field of banking, insurance and e-commerce.[12]
In late December 2014, it was announced that India Post would issue ATM-cum-debit cards to its
Post Office Savings Bank (POSB) account holders.[13] In January 2015, it was announced that the
Indian government was considering a legislature, to finalise the setting up of the bank, following
which a banking license would be applied for at the Reserve Bank of India.[14] On 28 February 2015,
during the presentation of the Budget, it was announced that India Post will use its large network
to run a payments bank.[
https://en.wikipedia.org/wiki/India_Post_Payments_Bank
The story of insurance is probablyy as old as the story of mankind. However, the concept of the 'life
insurance',as now understood, is largely a development of the last 400 years. The institution of joint
families in India had for ages afforded complete protection to all its members and under its
allprevading shades, its members never suffered from any want. With the gradual breaking up of the
joint family system, the modern concept of life insurance has been gaining ground progressively. Life
insurance business in India was in vogue prior to 1870. But its benefits were available mainly to
European settlers or limited sectarian groups. Life insurance policies were issued mostly by European
companies. In several cases the benifit of life insurance was not available to every one due to
rstrictions of caste and creed. 1870 marked a turning point i the history of Life Insurance in India.
It was in that year that the firts truly Indian Life Insurance Company was started, which accepted
Indian lives freely for the first time without any retriction of distinction. Since then the story of Indian
LIfe Insurance has been one of the steady progress. The development of life insurance in the early
stage was fostered by a good measure of competition between foreign insurers and the Indian
initiative. This rivalry went a long way in enhancing thepopularity of life insurance in our country.
There were many benefits which were offered to the policy holders as a result of such healthy
competition. In the wake of the political conciousness that swept the entire sub-continent, insurance
business recieved an added impetus that ultimately resulted in diversification of insurance plans,
liberal returns and efficient servicing. Immediately precending the World War II, legislationtha
culminated in the Insurance Act of 1938 helped the Indian insurers in maintaining sound and healthy
business growth. The Act aimed to protect the interests of the policyholders.
While, initially, the insurance was used simply to provide a sum of money at death or the expiry of a
specified term, gradually it was realised that the mobilisation of savings for the public good was even
more vitak a factor. On January 19, 1956, the Government nationalised life insurance business and
the Life Insurance Corporation came into being on September 1, 1956, taking over the liabilities of
some 245 private insurers and Provident Fund Societies operating in the country. Woth a monopoly of
life insurance business in the country, the LIC stands guard over the hopes and future of millions of
families and has been a great source of general economic strength. The Corporation has acquired
stature and stability as the largest nationalised life insurance institution in the democratic world. From
a business of a little over Rs. 300 crores in 1957, its new business shot up to over Rs 1000 crores this
year. The immense magnitude of its operations can be gauged by the fact that the total business in
force is now over Rs. 6.425 crores and continues to grow year by year.
As a matter of interesting coincides, it may be observed that the actual entry of the State in the sphere
of the insurance was contemplated in the year 1870. The death of a Postmaster in harness around
that year, leaving his family in indigent circumstances aroused public opinion and prompted a demand
for the introduction of Government sponsored scheme of the insurance. The outcome of this demand
was the introduction of a scheme of life insurance in 1883 by the Postal Department for its employees
which was by stages extended to cover all Government and quasi-Government employees.
The Life Insurance Corporation has just celebrated the Centenary of Indian life assurance industry in
India and the Posts and Telegraphs Department feels privileged to associate itself with this event by
bringing out a commemorative stamp on this occasion.
Source: Information Folder issued by Indian Posts & Telegraph Department, Government of India
Issue Date
:
11 January 1971
Employees State Insurance Corporation
For all employees earning ₹21,000 (US$330) or less per month as wages, the employer
contributes 4.75 percent and employee contributes 1.75 percent, total share 6.5% percent. State
government's share is 1/8th and that by central government is 7/8th. This fund is managed by the
ESI Corporation (ESIC) according to rules and regulations stipulated there in the ESI Act 1948,
which oversees the provision of medical and cash benefits to the employees and their family. ESI
scheme is a type of social security scheme for employees in the organised sector.[7]
The employees registered under the scheme are entitled to medical treatment for themselves and
their dependents, unemployment cash benefit in certain contingencies and maternity benefit in
case of women employees. In case of employment-related disablement or death, there is provision
for a disablement benefit and a family pension respectively.[3]:67 Outpatient medical facilities are
available in 1418 ESI dispensaries and through 1,678 private medical practitioners. Inpatient care
is available in 145 ESI hospitals and 42 hospital annexes with a total of 19,387 beds. In addition,
several state government hospitals also have beds for exclusive use of ESI Beneficiaries. Cash
benefits can be availed in any of 830 ESI centres throughout India.[4]:13,16
Recent years have seen an increasing role of information technology in ESI, with the introduction
of Pehchan smart cards as a part of Project Panchdeep.[4]:8[8] In addition to insured workers, poor
families eligible under the Rashtriya Swasthya Bima Yojana can also avail facilities in ESI hospitals
and dispensaries. There are plans to open medical, nursing and paramedical schools in ESI
hospitals.
https://en.wikipedia.org/wiki/Employees%27_State_Insurance
Issue Date
:
24 February 2012