RBI staff to go on mass causal leave on Nov 19

Officers and workmen of the RBI will go on a day’s mass casual leave on November 19 to protest the moves aimed at “crippling the apex bank in the name of the draft financial code and legislative reforms”.

The call for agitation has been given to press mainly the demands of ‘saving’ the RBI and settling of pension issues, said Samir Ghosh, Convenor, United Forum of RBI Officers and Employees.

Debt management The Finance Ministry is reportedly giving shape to the plan to shift the government’s debt management functions to the proposed Public Debt Management Agency, which will function as depository of government securities, taking away from the RBI some vital operations having relevance to the money market as well.

Through the proposed Monetary Policy Committee, the government plans to intervene and decide by itself the monetary policy, so far the exclusive preserve of the RBI.

The government is keen to take over the function under the pretext of recommendations made by the Legislative Reforms Commission, Ghosh noted.

Pension issue The RBI staff members have also been pursuing the demand for improvement in pension, as their basic pension once fixed, does not increase.

Though the RBI’s pension scheme is similar to that of the Centre’s, RBI pensioners are not entitled to periodic revision in pension. Revised pension was granted to pre-2002 retirees by the RBI Central Board, but the government withdrew it unilaterally, Ghosh said.

Having failed to get an improved pension scheme despite peaceful ways of protest over the last eight years, the RBI staff and retirees are compelled to mobilise and prepare for a fight, he added.