Rbi Workers' Stir Paralyses Clearing Operations

In the securities and the inter bank money markets, trading was minimal with most deals rolled over for the next day. There is a likelihood that inter bank money market rates will edge up slightly as a result of the strike.

Monday's strike follows a bandh call given by All-India Reserve bank Employees' Association. The employees are demanding filling up of vacancies, base-level recruitment and expansion of the bank's functions.

The All-India Reserve Bank Employees' Association alleged 2,000 posts have been lying vacant in the past five years. Reserve Bank of India, in a counter argument, said the demand was based on norms that are no longer relevant. The association has raised objections to certain policy changes made by the central bank. Reserve Bank of India has stated It is not correct for the association to decry the policy changes, especially in areas, such as, exchange control in which delegation of work to authorised dealers is inevitable.

 

RBI has in an official release mentioned the All-India Reserve Bank Employees' Association had signed a memorandum of understanding with the central bank in June 1995. Under the terms, it had fully recognised Reserve Bank of India's changing role in the context of the reforms in the economic and industrial environment.

The central bank stated the association has agreed to improve productivity and eliminate waste and redundancy in areas, such as customer service, accounting, house-keeping, currency management, public debt, government and bank accounts and supervisory functions. The All-India Reserve Bank Employees Association said since there was limited manpower in certain sections, an immediate mobilisation of manpower is necessary.

Reserve Bank of India has stated some recruitment will be made according to need. It would be made in line with specific requirements of departments, it said. The central bank stated the association had signed a deal in July 1994, supporting technology absorption in the central bank. The bank, in turn, said the staff would be redeployed with minimum inconvenience in the face of greater technology use, rationalisation of systems and procedures.