RBI staff plans mass leave on November 19 to oppose draft financial code

RBI staff plans mass leave on November 19 

KOLKATA: Reserve Bank’s employees have proposed one-day mass leave on November 19 to protest what they termed as the government’s intention to curb the apex bank’s activity and intervening into monetary policies. 
The United Forum of Reserve Bank Officers and Employees, the umbrella organisation of four recognised unions of officers and workmen staff in RBI, has decided a day’s ‘Mass Leave’ on November 19 by around 17,000 workforce, AIRBEA General Secretary Samir Ghosh told PTI.
“With the proposed mechanism of Monetary Policy Committee (MPC), the government plans to intervene and themselves decide the monetary policy which has been the exclusive jurisdiction of RBI so far,” he said.

In the wake of the protest, settlement activity of the banking system of the country is likely to be disrupted on November 19.
“The cease-work programme is intended, inter alia, to strongly oppose Government of India’s current moves to cripple RBI in the name of the draft financial code and legislative reforms,” the United Forum release said.
“The Finance Ministry is reportedly giving final shape to shift Government’s debt management functions from RBI to the proposed Public Debt Management Agency (PDMA), which will also henceforth function as depository of government securities (G-Sec), thus taking away from RBI some vital operations having relevance to money market as well,” it added.
The union body will also press for their demand for improvement in pension. 

Read more at Economic Times/

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  • Ramesh B Mhadlekar 9 years ago

    They are not revealing the truth and hiding the perks and allowances which are not enjoyed by IAS officers. They are refusing to provide the details of their perks and allowances details to Ministry of finance for the last few years. They want to enjoy the perks and allowances that RBI is providing to the staff and at the same time they want the pension on lines of the Central Government, they believe in cherry picking as per the remarks made by Min of fiancé officials as revealed by RTI. The newspaper should also investigate the other side of the truth which is not being reveled by the said RBI officials. The statements made against the Government is an eyewash and they are defying the Government and the officials are behaving in unprofessional manner while avoiding to provide the details of all their perks and perquisites to the Government, they know if the truth is revealed the entire nation will get shock of their life.

  • MUTYA SOMAYAJULU 9 years ago

    What are the views of RBI governor on this aspect to enable us to express our views