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RBI staff to go on mass CL
In a novel protest against the government’s attempt to clip the powers of the Reserve Bank of India (RBI), the Central Bank’s employees and officers have together decided to go on a “mass casual leave” on November 19, calling it as “save RBI” campaign.
Hyderabad: In a novel protest against the government’s attempt to clip the powers of the Reserve Bank of India (RBI), the Central Bank’s employees and officers have together decided to go on a “mass casual leave” on November 19, calling it as “save RBI” campaign.
- Central bank employees’ action may put in jeopardy the financial markets
- They are resorting to agitation to protest against the Centre’s move to clip the powers of the Reserve Bank of India
The one-day protest casual leave would put the financial markets – currency markets and stock markets – in jeopardy while impacting heavily on the cash movement, payment and settlement system of commercial banks, etc.
“We see a great threat to the country’s economic process as the government is systematically trying to curtail the functions, authority and jurisdiction of the Bank. All the employees and officers, numbering about 17,000, will participate in the protest by applying mass causal leave on November 19,” C V Manmohan Rao, Secretary, All India Reserve Bank Officers Association told the media.
Rao said the decision to shift the registration and depository of G-Sec to newly-floated Public Debt Management Agency (PDMA) would create difficulties to weak states in raising funds from debt markets.
“In the absence of RBI in floatation of debt, the states may have to spend heavily on transaction charges and will find it difficult in selling the bonds,” he pointed out.
The employees are also opposing to the proposal to form monetary policy committee (MPC) by taking away the veto power of the RBI Governor. “This would help the government-of-the-day to decide the policy basing on their short-term political agenda, which affects the long-term economic needs,” Rao alleged.
Speaking on the occasion, Reserve Bank Employees Association Secretary, G Kranti said, the government was resorting to pressure tactics and insisting on the Central Bank transmitting funds for bridging the fiscal deficit.
“We understand that the government is asking the Bank to transfer Rs 1,00,000 crore from the contingent reserve to fill the fiscal gap,” Kranti revealed. The Reserve Bank maintains a contingency reserve to mitigate fiscal discrepancies such as currency fluctuations, exchange guarantees, lending to banks in need, etc.
In the last two years, that is 2013-14 and 2014-15, the Bank had fully passed on the gross income to the government to the tune of Rs 52,679 crore an Rs 65,896 crore, respectively.
Besides, the employees also sought removal of pension anomalies in comparison with the Central government employees and update periodically on a par with other government retirees. “We will escalate the agitation, if the government denies the pension improvement,” he said.
