The union of the Reserve Bank of India (RBI), insurance and mutual funds are going to observe 'anti-outsourcing day' on May 16, 2006 to protest against the initiatives taken in regards to outsourcing activities and contract employment in the financial sector. | |
| Santa Raju, general secretary, All India Bank Officers' Confederation (Aiboc) and national convenor of the United Forum of Bank Unions (UFBU) said, "It is most unfortunate that RBI has issued guidelines to the commercial banks in regards to outsourcing of some routine functions of the bank such as collection of deposits, sanction of loans, recovery, follow-up, documentation. The UFBU has opposed it strongly." |
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| Raju also expressed his concerns over the possibilities of outsourcing sensitive functions such as debt management, foreign exchange operations, currency management which were feared to be in the pipeline. |
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| After a detailed discussion at the general body meeting of the Indian Bank Officers' Association, eastern zone, it has been decided that 'anti-outsourcing day' would be observed on May 16,2006. |
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| Santa Raju also noted that the All India Coordination Committee of Unions in Financial Sector (AICUFFS) has also demanded immediate withdrawal of work that has already been outsourced. |
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| The union also demands adequate recruitment of staff and officers in RBI, SBI and its associates and insurance companies. |
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| Raju further added, "If these protest programmes fail to arrest the trend of outsourcing, the n we will go for a strike." |
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