The employees of Reserve Bank of India plans to go on in a one-day strike on February 20th in order to express their anger against the decision taken by the government to pull out the updated pension scheme of the staff and other issues.

All India Reserve Bank Employee Association Secretary K K Sharma said that the main reason for the protest is an internal circular issued by the bank at Finance Ministry's command to withdraw an updated pension scheme to pre-November, 1997 retirees. The circular was issued on October 10th, 2008 after which more than 2,500 staff members went on a "mass casual leave" on October 21st in order to press the need of pension increases.

This withdrawal will implement a substantial fall in the pension received by the retired RBI employees as compared to the pensions drawn by the government retirees of similar levels.

Employees claim that the pension updating matter could easily be resolved because it just needs funds to the tune of Rs 9-10 crore and contribution fund of the staff itself range to a massive amount of Rs 4,500-5,000 crore.

In fact some of the bank employees have resorted into a legal action and filed cases with the courts. Henceforth RBI had agreed on updating the pension but at the same time it cannot neglect the order given by the government.

The protest will comprise of all employees up to the rank of chief general managers.