RBI staff walked off their jobs for a day
By Joseph Samson
Oct 23, 2008
Print    Email    RSS   

The Reserve Bank of India employees went on a one day strike on October 21st. As many as 25,000 employees of RBI went on a "mass casual leave" in order to press on pension increases.

The strike at RBI's 20 offices in the country has caused some disruption to normal operations, including the payment and settlement system. RBI employees had also conducted two days' liquidity adjustment facility (LAF) auctions on Monday only in the wake of the strike call.

The RBI staff had protested on issues relating to superannuation and updating of pensions. The United Forum of Reserve Bank Officers and Employees thought that there was a move to reduce the pensions of retired RBI officials. The union also demanded a hike in interest rates of Provident Fund along with family pension at a rate of 30%.

The RBI revises employees' salaries every five years, but a union official said pensions were not reset at the same time, causing hardship as prices rise.

Satish Sawant, President of the All India Reserve Bank Officers' Association, said: "The present pension is hardly enough as inflation is high."

However RBI statement mentions such an action "uncalled for, in the absence of due notice, it amounts to an illegal strike."

The Bond market also remained closed for the day due to nationwide strike of RBI employees.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Pre-pay your home loan
Credit score from CIBIL: will it really...
J&K Bank raises PLR
This is how a bank lends money
Manage your loans, avoid recovery agents

PINJORE: CaℒL Giℛℒs In PiNjOrE 09915787550...
PINJORE: CaℒL Giℛℒ In PiNjOrE 09915787550...
how to gate my home loan certificate

Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive