Banking Operations Affected By RBI Staff Strike

Author: MP Rana

The mass casual leave of RBI staff on Tuesday effected the normal operations such as payments and settlements of the apex bank. The employee union has gone on a strike to regarding some pension related issues. Most of the employees have not joined their duties on Tuesday according to a RBI official.

Considering the early strike call of the employee union, RBI on Monday advised all the commercial banks to get through with the pending transactions to avoid any type of inconvenience and conducted a Liquid Adjustment Facility (LAF) auction for two days.

The employees are striking against the RBI decision to withdraw the pension updation and on other issues with regard to superannuation. The United Forum of Reserve Bank Officers and Employees is alleging that the RBI moves will considerably reduce the pension amounts related to retired employees of the Central bank.

Besides some of these issues, the RBI union is also demanding an increase in the interest rate of Provident Fund and for granting of family pension at an acceptable rate of 30 percent. The Reserve Bank of India has clearly said that the mass casual leave of the staff is cessation of work and concerted refusal to work and referred it as illegal strike.