RBI staff on strike on Feb 20

The normal operations, including payment and settlement activities in the Reserve Bank of India (RBI), are likely to be affected on Friday with its employee unions going on one-day strike to press their demands on pension.

Unions are going on a 'mass casual leave' demanding the restoration of the updated pension scheme that was withdrawn earlier to pre-November, 1997 retirees, a union official said.

"The government and the RBI have been very rigid to our demands. We have decided to strike work tomorrow," All India Reserve Bank Employees Association's Vice-President Ajit Subedar told PTI.

The central bank had recently issued an internal circular at the behest of the Finance Ministry to withdraw the updated pension scheme, Subedar said.

The circular announced a drastic reduction of pension to retired RBI employees in relation to that drawn by the government retirees of comparable levels.

The apex bank had yesterday said such an action (mass casual leave) amounted to cessation of work and concerted refusal to work.

Following the strike call, the central bank conducted its daily liquidity adjustment facility auctions today for five days.