Around 17,000 employees and staff of the Reserve Bank of India (RBI) would go on mass leave on November 19 paralysing all functions of the bank all over the country to oppose the Government’s move of shifting its debt management functions from the RBI to the proposed Public Debt Management Agency (PDMA).
United Forum of Reserve Bank Officers and Employees convenor Purna Chandra Behera told a Press meet here on Saturday that the proposed PDMA would function as a depository of Government securities and take away some vital operations having relevance to money market from the RBI as well.
Besides, through the proposed Monetary Policy Committee (MPC), the Government plans to intervene and decide the monetary policy that has so far been under the exclusive jurisdiction of the RBI.
“Such moves by the Centre without national consensus will have many ramifications for the national economy and finances of State Governments particularly. Many economists, parliamentarians, former RBI Governors have opposed this, but in vain,” Behera added.
The forum, which has four recognised unions of RBI officers and staffs, also pressed their long-pending demand of improvement in pensions. “Up-gradation of pension was granted to pre-2002 RBI retirees by the RBI Central Board, but the Government withdrew it unilaterally. For last eight years, the forum has been pursuing this issue, but to no avail, alleged RBWU chief secretary SK Digal.
The forum warned to continue its agitation in coming days if the Government does not upgrade the pensions.