logo
Tamil Nadu sanctions Rs 1,138 crore payout for transport staff dues; 'those with two decades of service can expect Rs 25 lakh'

Tamil Nadu sanctions Rs 1,138 crore payout for transport staff dues; 'those with two decades of service can expect Rs 25 lakh'

Time of India2 days ago
CHENNAI: In the largest one-time sanction for the transport sector in recent years, the
Tamil Nadu
govt on Monday released 1,137.97 crore to settle long-pending terminal benefits of retired, voluntarily retired and deceased employees of all State Transport Undertakings (STUs).
According to the order, the sanctioned sum will be distributed across the eight transport corporations including Metropolitan Transport Corporation (157.81 crore), and State Express Transport Corporation (54.41 crore).
The sanctioned amount covers dues accumulated between July 2023 and April 2024.
You Can Also Check:
Chennai AQI
|
Weather in Chennai
|
Bank Holidays in Chennai
|
Public Holidays in Chennai
|
Gold Rates Today in Chennai
|
Silver Rates Today in Chennai
The transport department had originally sought ₹2,450.83 crore to clear dues up to Jan 2025, but govt has now advanced a significant portion to relieve the financial burden on former employees and their families.
Welcoming the move, K Anbazhagan, general secretary of Tamil Nadu Transport Workers' (Stop-Corruption) Federation, said many retired staff have been waiting for more than two years to get their PF and gratuity. "Since the retirement age was raised to 60, several faced mounting medical bills, and some even passed away before receiving their dues. This sanction will now make a big difference, helping families cover healthcare costs, marriages or loan repayments".
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Best SIP Plans for NRIs in Slovakia – Get ₹2L Monthly Pension | Invest ₹18K
PB
Learn More
Undo
He said those with around two decades of service could expect 25 lakh -30 lakh each through this release. "In the past, such dues were settled in smaller tranches of 150-200 crore.
This time, the govt has sanctioned the amount in one go, which is a major relief. We hope that pending benefits for serving employees - including nearly 14 months of DA and nine months of arrears from the 2023 pay revision - are cleared soon," he said.
Transport secretary Shunchonngam Jatak Chiru has directed managing directors of all STUs to disburse the sanctioned sums quickly and submit compliance details in a week, warning that deviations will be viewed seriously.
The disbursal, officials noted, comes with strict monitoring provisions under the Tamil Nadu Financial Code and will be overseen by the transport department in coordination with the finance department.
The govt clarified that (1,137.97) funds will be drawn as a ways and means advance and later regularised in the Revised Estimate/Final Modified Appropriation for 2025-26, with the expenditure to be included in the supplementary estimates.
Stay updated with the latest local news from your
city
on
Times of India
(TOI). Check upcoming
bank holidays
,
public holidays
, and current
gold rates
and
silver prices
in your area.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

When 19-year-old Sam Altman pitched his first startup Loopt in a neon polo after dropping out of Stanford: Video resurfaces
When 19-year-old Sam Altman pitched his first startup Loopt in a neon polo after dropping out of Stanford: Video resurfaces

Time of India

time37 minutes ago

  • Time of India

When 19-year-old Sam Altman pitched his first startup Loopt in a neon polo after dropping out of Stanford: Video resurfaces

A grainy video from the early 2000s is making waves online, offering a rare glimpse of Sam Altman long before he became the face of the global AI boom. The resurfaced clip shows a 19-year-old Altman, fresh out of Stanford , pitching his very first startup idea: a location-sharing app called Loopt . The video, recently shared by the Instagram page , has sparked fascination among netizens, who are seeing one of today's most influential tech leaders in his formative years. The pitch that started it all In the clip, Altman confidently demonstrates Loopt's interface, explaining how it lets users see where their friends are in real time. 'We show you where people are, what they're doing, and what cool places are around you. We make serendipity happen,' a young Altman says in the video. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo He walks through scenarios of discovering a friend nearby at a restaurant or even at an airport, turning location data into social connection opportunities. With an iPhone in hand, Altman points out pins on a digital map that represent friends, their activities, and even their photo journals. At one point, he quips about asking a friend to lunch directly through the app — a concept that felt futuristic back then. Loopt: ahead of its time Loopt was founded in 2005 by Altman, fellow Stanford dropout Nick Sivo, and their peers. Initially called Radiate , the startup was part of Y Combinator 's early batches and later raised millions from venture capital giants like Sequoia Capital and New Enterprise Associates. You Might Also Like: Sam Altman remains optimistic despite admitting AI bubble: OpenAI CEO says, 'Someone will lose a phenomenal amount of money but…' The app allowed users to selectively share their location with friends, integrating with platforms like Facebook and Twitter. At its peak, Loopt had over five million registered users and partnerships with every major U.S. carrier. Despite its innovative edge, however, the company struggled to monetize its services in the long run. By 2012, after raising more than $30 million, Loopt was acquired by Green Dot Corporation for $43.4 million. Netizens call it 'built different' The resurfaced pitch has drawn nostalgic and admiring reactions online. 'Bro was built different,' one user commented, while another pointed out the irony that 'you can now do all this using only AI.' Others were inspired by Altman's early hustle, encouraging young coders to start early. The viral moment is not just about nostalgia. It highlights how far technology has come in two decades and how ideas that once required millions in venture capital are now features built into everyday apps powered by artificial intelligence. From Loopt to OpenAI Loopt may not have achieved mainstream dominance, but it set the stage for Altman's remarkable career. After its acquisition, he went on to join Y Combinator, eventually becoming its president. In 2019, he shifted full focus to OpenAI , where he now serves as CEO. Under his leadership, OpenAI launched ChatGPT in late 2022, igniting the generative AI revolution. You Might Also Like: Sam Altman says '25-year-olds in Mumbai or Bengaluru have never had more power,' shares bold vision for the future on Nikhil Kamath's podcast Today, Altman is considered one of the central figures in shaping the future of artificial intelligence, with an estimated net worth of $1.8 billion as of 2025. Yet, the resurfaced Loopt pitch is a reminder that even tech visionaries start small, often with ideas that don't fully succeed — but pave the way for what comes next.

Mumbai RTO cracks whip on app-based cabs charging excess fare during heavy rains; 147 booked
Mumbai RTO cracks whip on app-based cabs charging excess fare during heavy rains; 147 booked

Time of India

time37 minutes ago

  • Time of India

Mumbai RTO cracks whip on app-based cabs charging excess fare during heavy rains; 147 booked

Mumbai: The RTO conducted a special drive to nab aggregator cab drivers who charged excess fares, nearly two to four times the normal fares, by taking advantage of the heavy rainfall over the past three to four days. Action was taken against approximately 147 app-based taxi services. Of these, 36 taxi services charged unreasonable fares from passengers. State transport minister Pratap Sarnaik said he directed the motor transport department to take strict action against such aggregator companies engaged in "financial exploitation." Sarnaik also discussed the issue with Mumbai Police Commissioner Deven Bharti and suggested that action should be taken through the police cyber cell against app-based taxi services charging illegal fares. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai | Gold Rates Today in Mumbai | Silver Rates Today in Mumbai A passenger who came out of Terminal 1 of the airport said he wanted to book a cab for Thane and was surprised to see that the fare was Rs 1,400 for a premier cab and approximately Rs 2,300 for a bigger vehicle (XL). "Traffic was disrupted in the Mumbai metropolitan area due to heavy rainfall over the past three to four days. Complaints were received that some app-based companies were taking undue advantage of this situation and financially cheating passengers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Many Malaysians don't know about this! iOS Credit Read More Undo This is the reason why I asked the transport commissioner to deploy officials to take action on the ground," Sarnaik said, adding, "Where the normal fare was Rs 200, these companies charged Rs 600-800 and upwards. " He further said that he asked the transport chief to cancel the licences of these app-based taxis that were financially exploiting passengers by taking advantage of their helplessness in adverse conditions, if necessary. Aggregator cab companies were unavailable for comment. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.

HC refuses to quash FIR against ex-bank official in Mumbai for 10L fraud
HC refuses to quash FIR against ex-bank official in Mumbai for 10L fraud

Time of India

time37 minutes ago

  • Time of India

HC refuses to quash FIR against ex-bank official in Mumbai for 10L fraud

Mumbai: The Bombay High Court refused to quash an FIR against a former credit manager, who along with two others, allegedly cheated a housing finance company into disbursing over Rs 10 lakh loan for purchase of a room in an Andheri (E) chawl. "...we find that the FIR clearly discloses the petitioner's involvement in the loan transaction. At this stage, we cannot embark upon an inquiry as to the reliability or genuineness or otherwise of the allegations made in the FIR/complaint," said Justices Ravindra Ghuge and Gautam Ankhad on Wednesday dismissing Pravin Sawnt's petition. In Dec 2017, Sawnt resigned from Aspire Home Finance Co Ltd, now Motilal Oswal Home Finance Ltd, for better prospects. In 2018, Dadar police registered a non-cognisable complaint against the company for his unpaid salary dues. In 2019, on the complaint by the cluster legal manager of Virar (E) branch, the Virar police registered an FIR for cheating against Sawnt and two branch managers. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai | Gold Rates Today in Mumbai | Silver Rates Today in Mumbai The FIR stated that Sawnt was stationed at the head office. His role was to examine the credit record of borrowers after initial recommendation from branch and cluster managers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Passive Income Ideas Sitting at Home Mone Click Here Undo In 2015, Rs 10.3 lakh loan was disbursed to a couple. After they defaulted, officials visited the property and found it to be a chawl/slum. There is no provision for granting a housing loan for purchase of a room in a chawl or slum. The couple did not reside there and had sold the room. They had not executed a mortgage deed to secure the loan. Internal inquiry revealed that Sawnt, as credit head, and two branch managers abused their official position to sanction the loan. The judges said the nature of allegations and whether they prima facie disclose commission of cognisable offence or not is required to be considered. "It is only in exceptional cases where allegations are so absurd and do not disclose offence that courts can interfere," they added. The credit appraisal memo recorded Sawnt's role "as one of the persons involved in the loan approval process." The judges did not accept his advocate's submission that the process is subject to legal and technical report of the property which was the work of another department. "This is a question of fact and a matter of investigation. All this will have to be adjudicated by the trial court. Equally, that the petitioner was not a beneficiary of any amount is of no consequence at this stage," they said. They vacated a Feb 2020 protection order. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store