RBI employees to go on mass leave on Nov 19 to protest against govt' interference
Updated: Nov 13, 2015 10:22:31am
Mumbai, Nov 13 (KNN) In order to stage protest against the government's current moves to curb RBI's activity and intervening into monetary policies, the Reserve Bank of India’s employees have proposed one-day mass leave on November 19.
The United Forum of Reserve Bank Officers and Employees, the umbrella organisation of four recognized unions of officers and workmen staff in RBI, has decided a day’s ‘Mass Leave’ on November 19 by around 17,000 workforce, according to a leading news agency quoting AIRBEA General Secretary Samir Ghosh.
“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.
The protest is likely to hit the settlement activity of the banking system of the country 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 seek improvement in pension. (KNN Bureau)
The United Forum of Reserve Bank Officers and Employees, the umbrella organisation of four recognized unions of officers and workmen staff in RBI, has decided a day’s ‘Mass Leave’ on November 19 by around 17,000 workforce, according to a leading news agency quoting AIRBEA General Secretary Samir Ghosh.
“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.
The protest is likely to hit the settlement activity of the banking system of the country 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 seek improvement in pension. (KNN Bureau)
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