1. G-secs volume takes a tumble as RBI employees strike work

G-secs volume takes a tumble as RBI employees strike work

Over 17,000 employees of the Reserve Bank are on a 'one-day mass casual leave' to protest against the reforms being undertaken by the government at RBI and also to seek better retirement benefits.

By: | Updated: November 19, 2015 4:38 PM
RBI strike

RBI strike: Over 17,000 employees of the Reserve Bank are on a ‘one-day mass casual leave’ to protest against the reforms being undertaken by the government at RBI and also to seek better retirement benefits. (PTI)

The ‘one-day mass casual leave’ by Reserve Bank employees today — the first at the apex bank in six years — has affected trading of the government securities market, with volumes falling to around Rs 5,000-6,000 crore so far in the day.

The daily average trading in the gilt market is in the range of Rs 15,000-20,000 crore. Yesterday too, volumes in the market stood at around Rs 10,000 crore.

“Volumes are low compared with what it usually is. Dealers are not actively participating in the market,” said a senior dealer with a state-owned bank.

Dealers said the volume is likely to be around Rs 10,000 crore by the close of market hours today. However, traders said there is no impact of settlement of trades.

“RTGS settlement is happening at a normal pace,” said another government bond dealer with a state-owned bank.

Over 17,000 employees of the Reserve Bank are on a ‘one-day mass casual leave’ to protest against the reforms being undertaken by the government at RBI and also to seek better retirement benefits.

The protest was called by the United Forum of Reserve Bank Officers and Employees, the umbrella organisation of four recognised unions of officers and other employees at the central bank.

“The government by various mechanisms is taking away functions of RBI. They have proposed to form the Public Debt Management Agency. The monetary policy is RBI’s jurisdiction and the government wants to be part of it, which will cripple RBI’s power,” United Forum’s convenor Samir Ghosh said.

The unions have claimed that the one-day mass leave strike would affect important banking activity such as clearances of cheques, payment and settlement, movement of currencies and forex transactions.

  1. R
    ravi
    Nov 19, 2015 at 8:35 pm
    dismiss all the employees who are on strike appoint new staff
    Reply
    1. R
      Ramesh B
      Nov 19, 2015 at 4:09 pm
      The union and the Management of RBI are hand in gloves for calling of the said strike on the grounds of pension updation. The RBI Management is evading details of the perquisites allowances and the sanctioning authority details to Government of India as per RTI received from Government of India. The employees want the cake and want to have the same. They are demanding pension paid to Central government employees, which the Government is ready to pay, but at the same time they do not want to do away with the perks and allowances which the Central Government employees would not have dreamt about. As per the Min. of Fiance RBI is cherry Picking and want to have both the benefits. The RBI is reluctant in getting their service regulation statutorised under Sec 58 of the RBI act so that they can impose penalty on employees as per their wishes and whims .If the Staff regulation would have been statutorised they would have had to dismiss their 3 employees who had outraged the modesty of Lady Police constable in their premises at Fort Mumbai during the office hours in day light and were convicted by the criminal court yet no disciplinary action was taken against the said convicted employees and were just simply issued cautionary advise proving they encourage outraging modesty of women. The top Management of RBI is proud of such employees, I hope IBN live investigates the other side of the story and publishes the same and expose the top RBI management looting the country. The perks if exposed will give shock to the entire country. e.g. a person staying in the premises is enled upto 300 liters of petrol per month depending on the post held for reporting to office for duties and for official duties taxi fare is paid, reading gles are claiming six figs for self and spouses by the top officials an CAG inquiry for the bogus claims will send several top officials behind the bar and I have doents under the RTI to prove the same
      Reply

      Go to Top