Financial Daily from THE HINDU group of publications
Saturday, Sep 03, 2005

Port Info

Group Sites

Money & Banking - Outsourcing

RBI officers' body opposes outsourcing

Our Bureau

Pune , Sept. 2

THE general council meeting of the Reserve Bank of India Officers' Association (RBIOA), which began in Pune today, strongly opposed outsourcing and hiving off some of the functions of the apex bank.

It stated that it would take all measures required to curb that tendency in consultation with all other sister organisations.

Mr S.N. Mohanty, Deputy General Manager, (Department of Payment and Settlement Systems), who initiated the discussion, pointed out that suggestions have been put forward to bring the clearing business of all the banks under one umbrella. Currently, it is being handled by the RBI.

He added that the regional audit cell has been dismantled since June 2004 and the entire operations are being handed over to chartered accountant firms.

Mr Mohanty also sought a pay structure in line with other central banks in the world and the need for maintaining required manpower for efficient discharge of regulatory and supervisory responsibilities.

Mr Mohanty also expressed concern over the inconsistencies in the promotion policy, which had resulted in denial of career progression for officers at every level.

He urged the central bank to have immediate bilateral discussion with the RBIOA to formulate a long-term equitable policy on promotion.

The general council also placed special thrust on the requirement of independent pay structure for RBI officers.

The council requested the central bank to consider opening offices in Chhattisgarh, Jharkhand, Uttaranchal and also in Himachal Pradesh.

Ms Shyamala Gopinath, Deputy Governor, RBI, who was also present, said there were plethora of issues that needed to be tackled in a manner that ensured smooth change with least disruption while ensuring that the organisation was best prepared to fulfill its mandate in changing times.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
PFMs may be allowed to park funds only in domestic instruments

RBI officers' body opposes outsourcing
Rupee strengthens
`Paison ki Nilami' exceeds target
LIC to invest Rs 9,000 crore more in equities this fiscal — No plans for public issue, says Chairman
LIC Ernakulam division tops in premium collection
LIC's Bima Gold launched in AP
5 ICICI Bank staff suspended for exceeding trading limits
ING Vysya offers SB account for students
Syndicate Bank to raise $75 million
Andhra Bank hikes NRE deposit rates
SBH revises rates on NRE term deposits

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line