RBI staff is getting Short-Sighted

Author: Ashutosh

Employees at RBI seem to have greater worries than decreasing liquidity situations in the country. The staff is to go on a joint strike on 21 October to draw the authority’s attention towards their pension demands. This casual leave will take place on a call from United Forum of Reserve Bank officers and employees. However, the heads of departments, Chief General Managers and people at higher ranks have decided to stay away from this.

Amidst the puzzling surroundings, the act will surely trouble people as it will stop all financial activities like clearing of cheques and settlements. Among the ones to suffer will be Governmental Bond Markets and Forex Market. Transactions in some commercial branches and that of net banking are also to face standstill. The electronic machines will be rendered inoperative.
	By halting the operations on Tuesday, employees mean to oppose the Pension Scheme which is to decrease the amount of pension for the retired employees. The amount is significantly lower than the one provided to employees of similar ranks in other Government Organizations. They also want the authority to update value of basic pensions when pay scales are revised. Staff members are of the opinion that Government has enough funds to provide enough amount as pensions, and that the move is unnecessary.