One-Day Stir By RBI Employees Hits Key Banking Services

19 November, New Delhi

Major banking transactions were hit Thursday in Mumbai and the rest of Maharashtra when more than 17,000 employees of Reserve Bank of India took a mass casual leave as a mark of protest against the central government’s reform measures and also seeking better retirement benefits.

The services, which were affected, were cheque clearences, payments and settlements and forex transactions.

This is the first protest in the Reserve Bank of India in the last six years. It has been called by the United Forum of Reserve Bank Officers and Employees, the umbrella organisation of four recognised unions of officers and other employees at the central bank.

The union are unhappy with the government’s move to take away the public debt management from the Reserve Bank and curtailing its powers on the monetary policy.

A demand for upgradation of pension of employees who retired earlier has also been put forth by the unions. They want it to be at par with those retiring now.

However, RBI is ensuring resumption of RTGS functions in bond trading to reduce the impact of the protest.