RBI functioning hit as employees go on leave

Thiruvananthapuram: The functioning of the Reserve Bank of India (RBI) offices across the country, including clearing house operations, was paralysed as officers and other employees took mass casual leave on Thursday.

The action was to press for their demands including periodic updation of pension. Currently, pensions of retired staff of the Bank do not increase once the pension is fixed.

The protest by the United Forum of Reserve Bank Officers and Employees was also against government moves to take away vital functions of the Bank through legislation and amendment of financial code. The government was planning to shift government debt management functions from the RBI and entrust it to a new public debt management agency.  The Public Debt Office of the RBI currently deals with the raising of loans and issue of bonds for the government. The new agency is proposed to function as a depository of government securities.

As clearing house operations came to a standstill, interbank transfer of funds through NEFT and RTGS was hit besides clearing of cheques.

In Thiruvananthapuram, the protesting staff staged a dharna in front of the Bank. The State president of BEFI P. V. Jose inaugurated the dharna. About 600 employees in Thiruvananthapuram and Kochi did not turn up for work.