1. “Humiliated” by post-note ban events, RBI staff write to Urjit Patel

“Humiliated” by post-note ban events, RBI staff write to Urjit Patel

Feeling "humiliated" by events since demonetisation, RBI employees today wrote to Governor Urjit Patel protesting against operational "mismanagement" in the exercise and Government impinging its autonomy by appointing an official for currency coordination.

By: | Mumbai | Published: January 13, 2017 10:01 PM
urjit patel at vibrant gujarat, urijit patel vibrant gujarat summit, urijit patel vibrant gujarat, vibrant gujarat In a letter, they said autonomy and image of RBI has been “dented beyond repair” due to mismanagement and termed appointment of a senior Finance Ministry official as a “blatant encroachment”. (PTI)

Feeling “humiliated” by events since demonetisation, RBI employees today wrote to Governor Urjit Patel protesting against operational “mismanagement” in the exercise and Government impinging its autonomy by appointing an official for currency coordination.

In a letter, they said autonomy and image of RBI has been “dented beyond repair” due to mismanagement and termed appointment of a senior Finance Ministry official as a “blatant encroachment” of its exclusive turf of currency management.

“An image of efficiency and independence that RBI assiduously built up over decades by the strenuous efforts of its staff and judicious policy making has gone into smithereens in no time. We feel extremely pained,” the United Forum of Reserve Bank Officers and Employees said in the letter addressed to Patel.

Commenting on “mismanagement” since November 8, when note ban was announced, and the criticism from different quarters, the letter said, “It’s (RBI’s) autonomy and image have been dented beyond repair.”

At least two of the four signatories — Samir Ghosh of All India Reserve Bank Employees Association and Suryakant Mahadik of All India Reserve Bank Workers Federation — confirmed the letter. The other signatories are C M Paulsil of All India Reserve Bank Officers Association and R N Vatsa of RBI Officers Association.

The forum represents over 18,000 employees of the RBI across the ranks, Ghosh said.

The letter said appointment of an officer to coordinate currency management is a “blatant encroachment” on the exclusive jurisdiction of the RBI on currency and accused the Government of “impinging on RBI autonomy”.

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“May we request that as the Governor of RBI, its highest functionary and protector of its autonomy and prestige, you will please do the needful urgently to do away with this unwarranted interference from the Ministry of Finance, and assure the staff accordingly, as the staff feel humiliated,” it said, soliciting “urgent action”.

The RBI has been discharging the role of currency management for over eight decades since 1935, it said, adding the central bank does not need “any assistance” and the interference from FinMin is “absolutely unacceptable and deplorable”.

The letter comes days after concerns about RBI’s functioning being raised by at least three former Governors — Manmohan Singh (former PM), Y V Reddy and Bimal Jalan. Former Deputy Governors, including Usha Thorat and K C Chakrabarty, have also voiced their concerns.

The letter said the RBI staff has carried out its job excellently following the move to ban 87 per cent of the outstanding currency by the Government.

  1. R
    Raghavan
    Jan 13, 2017 at 11:07 pm
    Opposition and media is making sensation, RBI and government work for people and speculating is no good
    Reply
  2. S
    Syed Haq
    Jan 14, 2017 at 10:45 am
    A bunch of s are running the country they ignore experts opinion of economists and financial experts .Wait for two more years they will ruin the w system.
    Reply
  3. P
    Pradeep Rao
    Jan 14, 2017 at 1:19 am
    No doubt that it's a bold move by rbi and govt to wipe out corruption.. some anti social elements may think otherwise.. but time will prove that rbi and govt did a very good job...
    Reply
  4. P
    Pretlz
    Jan 13, 2017 at 10:19 pm
    What you can expect when country is run by an uneducated and radical person.We have number of "pakandi" babas running their ashrams by false claims and promises. Modi has taken the concept to national level.God bless India.
    Reply

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