Financial Daily from THE HINDU group of publications
Saturday, Sep 03, 2005
Money & Banking
RBI officers' body opposes outsourcing
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.
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