RBI employees to strike on Friday: Unions

Written by Reuters | Mumbai | Updated: Feb 18 2009, 17:26pm hrs
Employees at the Reserve Bank of India have called a one-day strike on Friday to protest against the pension policy, union officials said on Wednesday, a move that could hit bonds trading and settlement of cheques.

Samir Ghosh, general secretary of the All India Reserve Bank of India Employees Association, representing around 8,000 clerks, typists and attendants, said the government had refused to align RBI's pensions in line with that of the federal and state governments.

"This issue is not being resolved and the strike will be cent per cent successful," Ghosh said over telephone from his office in the eastern city of Kolkata, adding the strike may disrupt cheque clearing operations and settlement transactions in the currency market.

A senior official representing the officers union said more than 7,000 RBI offices across the country could be affected.

The central bank declined comment on the strike call.

Traders said the strike would affect the debt markets as the central bank runs the electronic trading platform on which the majority of participants, including banks, deal.

As banks are closed on Monday for a holiday, the strike will result in a four-day break, traders said.

The RBI has four unions, which together represent all its 21,500 employees.