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Showing posts with label Finances and Expenses in Railway. Show all posts
Showing posts with label Finances and Expenses in Railway. Show all posts

Monday, 28 December 2020

07:10

Indian Railways HRMS will lead to Employee Productivity and Administration Efficiency

Indian Railways HRMS will lead to Employee Productivity and Administration Efficiency

Reforms in HR Management 

Management System (HRMS) :- In 2020, the HRMS has been put into application and is being used extensively by Railway employees. As HRMS aims to bring all HR activities on a digital platform, it is a game changer in HR Management of Indian Railways and will lead to employee productivity and administrative efficiency simultaneously. In 2020, we have launched various modules of HRMS such as e-Pass, Office Order modules, Employee self-service, Executive record sheet for Officers, PF & Settlement, besides Employee Master and e-SR which were launched during late 2019.

Financial Reforms 

a.IRFC and MOR have executed a facility agreement with Asian Development Bank (ADB) for loan facility denominated in INR equivalent to USD 750 Million (about Rs.5,267 crore) for Railway electrification projects.

b.IRFC constantly diversifies its borrowing portfolio to arrange funds for Indian Railways, at the most competitive rates and terms. IRFC upgraded its Euro Medium Term Note (EMTN) programme to Global Medium-Term Note (GMTN) Programme which facilitated its maiden issuance of bonds under 144A / Reg S route. The bonds under the GMTN Programme were issued in two tranches of USD 700 Million and USD 300 Million with tenor of 10 years and 30 years carrying coupon of 3.249% (Benchmark US Treasury plus 160 bps) and 3.95% (Benchmark US Treasury plus 184 bps) respectively. The coupon obtained by IRFC is the lowest amongst the issuances, during 2020. Besides, the 30-year issuance is the maiden issue by an Indian CPSE.

c. A Miscellaneous E-Receipts System (MERS) portal has been developed by CRIS to facilitate digital payments of inward receipts to Railways. The scheme has been rolled out on all Indian Railways and the operational guidelines have been issued in June,2020 . The portal is fully integrated with Land Assets Management System (LAMS) of the Engineering Department. This has enabled Railways to receive lease charges, way leave charges on a digital platform. Functionalities have also been developed in MERS to accept online payments from Railway customers for ‘Special COVID -19 Parcel Trains’ after approval from Commercial Authorities.  This would be line with Government initiative of encouraging digital payments and would introduce faster and transparent accounting of receipts.

d.Implementation of E-PPO scheme:  In order to curtail delays in physical transmission of Pension Payment Orders to the pension disbursing banks, a scheme of e-PPO has been put in place wherein the PPOs are being forwarded to the banks system through SFTP mode which obviates the delays in physical transit of the PPOs.  A new version (revised methodology of digital signing) of E-PPO has been implemented on IPAS. As per new version of e-PPO, CRIS will push encrypted E-PPO File (Zipped) in respective Centralised Pension Processing Centres (CPPC) folders of the Bank's server. Banks can act upon these E-PPOs without waiting for physical copies. This system ensures commencement of pension from next month of retirement.

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Saturday, 31 March 2018

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Tuesday, 23 May 2017

08:19

Rail Safety Cess likely to be fixed at less than 2% of the total fare amount: says Railway Board officials

Rail Safety Cess likely to be fixed at less than 2% of the total fare amount: says Railway Board officials

NEW DELHI: Passenger train tickets could see a marginal hike if the government decides to implement a ‘safety cess’ to shore up revenues of India’s biggest transporter, railway minister Suresh Prabhu has hinted. The cess could be fixed at less than 2% of the total fare amount, officials said.

The state-run behemoth is reeling under mounting losses, a Rs 32,000-crore debt burden and galloping operating ratio, the calculation of paisa spent against every rupee earned.

“A safety cess on passenger tickets is under consideration,” Prabhu told reporters on Tuesday. He, however, did not say when the cess was likely to be introduced.

An official told that the railways was considering various options “including the possibility of effecting an incremental increase, so that the pain (of raised fares) remains gradual for low-income passengers in particular”.

Indian Railways operates 19,000 trains daily and carries an estimated 23 million passengers, a number equal to the population of Australia, on its network of tracks running to nearly 64,000 kilometres.

But it also has a poor safety record with hundreds of accidents leading to the death of a total of more than 3,000 passengers in a ten-year period between 1999-2009.

A safety cess was last levied in 2002 during Nitish Kumar’s term as the railway minister to service a special fund of Rs 17,500 crore. The fund was set up to take up several tasks, including restoration of old bridges, besides signaling and track modernisation works.

Officials said passenger services have remained heavily subsidised, with losses in this segment estimated at Rs 30,000 crore this year.

While higher class fares – AC-I and AC-2 – have been gradually raised in the past few years, tariffs in the non-reserved classes and suburban trains have largely remained untouched.

Approximately 94% of the passengers travel in the unreserved second class.

“Volumes (in terms of revenue generation) can come only when fares of the unreserved class are hiked,” the official added.

In this year’s budget, finance minister Arun Jaitley announced a Rashtriya Rail Sanraksha Kosh (RRSK) or the Rail Safety Fund with a corpus of Rs 1 lakh crore, envisaging an annual spending of Rs 20,000 crore for the next five years on safety upgrade schemes.

For the current fiscal, the finance ministry sanctioned Rs 10,000 crore for the fund, while directing the railways to raise additional Rs 10,000 crore required for executing RRSK tasks this year.

Last fiscal, the transporter logged an operating ratio of 96.96%, the highest ever in the last decade. This means the transporter spent 96.96 paisa for every rupee it earned.

During the year, losses of Rs 4899 crore were reported in freight transportation, while passenger earnings increased by a mere 5%.

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Monday, 16 May 2016

18:19

Indian Railways ERP Project will be the world’s Largest IT project: Suresh Prabhu

Indian Railways ERP Project will be the world’s Largest IT project: Suresh Prabhu 

Suresh Prabhu, Union Minister for Railways announced slew of initiatives taken by his ministry to revamp and modernize Indian Railways

‘Implementation of effective technological solutions can unlock the true potential of India’s transport & logistics sector’ was the underlying statement at the launch event of Association of MSMEs in Information Technology (AIM-IT) in the financial capital earlier today.
AIM-IT which is India’s first sectoral organisation for Medium, Small and Micro IT enterprises (MSMEs) was founded by well-known technocrat Mr Vinit Goenka in 2015. The association was set up with an aim of representing, advocating and promoting interests of IT-MSMEs to ensure economic and technological advancement of the country.
The event theme – ‘Challenges and Opportunities of Modernising Indian Railways through implementation of IT’ saw participation from all key stakeholders of the sector including, central & state govt ministers, bureaucrats, IT and logistic companies, start-ups, innovators, and policy makers. Riveting discussions were held on various important subjects such as, Role of MSME companies in Railways, Shaping the future of Smart of Railways, ‘Internet of Things and Indian Railways, and ‘Smart Cities’: Smarter Roads – Smarter Transport.
Addressing the audience, Suresh Prabhu, Union Minister for Railways announced slew of initiatives taken by his ministry to revamp and modernize Indian Railways. He remarked that the ERP project undertaken by Indian Railways is the largest such IT project undertaken by any country. Speaking on the need to support indigenous IT solutions, the honourable minister said, “The Rail Ministry has started a special fund of Rs 50 crore to support IT companies coming up with innovative solutions for Railways. We are looking for solutions in critical areas such as customer interface and also IT security. Cyber Security is of utmost importance to us”
While speaking on the importance of including IT-MSMEs in building and implementation of technology in infra projects by the Government, Mr Vinit Goenka, founder chairman of AIMIT said, “India is the fourth largest base for new businesses in the world and home to over 3,100 tech start-ups. It is time that Govt taps into these new, technology-driven companies to help India solve infrastructural issues which has been stunting its growth since Independence. Currently India is deprived of research and innovation due to irrational and biased policy strategies of large corporate houses and IT MNCs from the west who dominate the IT sector. We strongly feel that if Government includes MSMEs in IT then we will see path-breaking and cost-effective solutions in the transport sector.”
The other highlight of the event was presentation of the draft policy document of the revolutionary technology – On Vehicle Smart Module (OVSM) to Chief Guest Suresh Prabhu, honourable Union Minister of Railways, by AIM-IT’s founder chairman, Mr Vinit Goenka.
OVSM was one of the top five recommendations which were selected after a nationwide campaign conducted by a special policy group – #ITforParivahan. This policy group was set up by Govt of India’s IT task force members and renowned technocrats Padmashree Dr. Mohandas Pai and Mr. Vinit Goenka as a platform to crowd source ideas to improve Indian infrastructure.
Mr Vinit Goenka said that implementing IT will help government build transparent, economic, fast, scalable solutions through disruptive and inclusive ideas.
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Sunday, 3 May 2015

11:26

New firm for better Rail connectivity at Major Ports to be registered soon

New firm for better Rail connectivity at Major Ports to be registered soon

New Delhi: The Union shipping ministry’s plan for a company to work on enhanced port-rail connectivity is to bear fruition soon. The Special Purpose Vehicle (SPV) in this regard is likely to be registered by the end of next month.

The 12 major ports and Rail Vikas Nigam Ltd (RVNL, an arm of the railways ministry) will pool resources for the formation. Details of the first tranche of projects to be undertaken by the SPV are being discussed between the major ports and the  ministry. The initial projection is of at least Rs 200 crore. RITES, the government-owned engineering consultancy company, specialising in transport infrastructure, has been brought in to work on some of the feasibility reports for the potential projects.

It will be registered under the Companies Act, with an initial authorised share capital of Rs 100 crore, divided into a million equity shares of Rs 1,000 each. The initial capital will be Rs 500 crore, with further provision to raise the cap. The 12 major ports are to contribute Rs 90 crore of the Rs 100 crore, each having equity shares. RVNL will contribute the remaining Rs 10 crore.

“The SPV will undertake modernisation of rail infrastructure at ports, raise financial resources for handling port-related railway projects and also operate and manage the internal port railway systems,” said a ministry official.

In 2013-14, about 28 per cent of the total cargo handled by major ports was transported by Indian Railways, to and from the hinterland. Non-major ports handle 60-90 per cent of their cargo volumes through the rail network.
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