RBI unions to go on strike on November 26

The Bank's employee unions are concerned about the jobs and the autonomy of the central bank

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The Reserve Bank of India’s employee unions are unhappy with the way the Bank’s jobs are being increasingly outsourced and eliminated. The friction between the top management and officers regarding autonomy and HR issues has resulted in a strike being called by the unions on November 26.

The employee unions stated in a letter to the HR that the autonomy of the central bank is a target of ‘systematic attack’ by external powers. They allege that the Government of India is meddling in the autonomy of the RBI.

Only about five per cent of the employees have joined the recently formed Specialised Supervisory and Regulatory Cadre (SSRC) RBI, which was constituted for the purpose of regulation and supervision. The very effectiveness of this Cadre is being questioned by many. The objective behind forming this body was to ensure more accountability in supervision, but it only further created more differences between officials and the top management.

Attempts have been on for some time by the employees and officials to try and get some HR policies reformed, wages hiked and promotion and pension plans put in place.

Meanwhile, public-sector banks across the country intend to call a strike on November 26. According to the All India Bank Employees’ Association (AIBEA) this all India strike is against the policies of the Government that go against the interests of the economy, workers and farmers of the country. The protestors are demanding higher savings interest rates and lower bank charges