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Strike by RBI staff affects banking operations

Normal payment and settlement operations of the Reserve bank were affected as the employee union went on a "mass casual leave" to press their demands on pension related issues.

business Updated: Oct 21, 2008 12:43 IST

Normal payment and settlement operations of the Reserve bank were affected on Tuesday as the employee union went on a "mass casual leave" to press their demands on pension related issues.

"Many employees have not come on Tuesday," an RBI official told PTI here.

In the wake of the strike call, the apex bank had asked commercial banks to complete old transactions on Monday and had conducted two days' liquidity adjustment facility (LAF) auctions on Monday.

Employees are striking work to protest against the withdrawal of pension updation and issues relating to superannuation.

The United Forum of Reserve Bank Officers and Employees alleged that there was a move to drastically reduce pension to retired RBI employees.

Besides, the union demanded increase in the interest rate on Provident Fund and grant of family pension at the rate of 30 per cent.

RBI had said that the "mass casual leave" is the cessation of work and concerted refusal to work. It had also noted that such an action amounted to an illegal strike.