pension updation

Dear All,

placed is a copy of letter by United Forum of Reserve Bank Officers and Employees on the captioned

subject. To view / download click on the link given below.

https://drive.google.com/file/d/0B47M_m6gJrFSc3NJNVRoS3ZJTFk/view?usp=sharing


L.C.Khatri
(secretary)

pension updation for RBI

Pension updation for RBI retirees – a test for RBI autonomy-S.S. Tarapore

10SEP

Mr. S.S. Tarapore is an economist. He joined Reserve Bank of India in 1961 as Research Officer and retired in 1996 as Deputy Governor. He runs his own Multi-Language Syndicated Column. Referring to the long-standing issue of pensions ( Problem of Retirees in RBI)  in his column ‘Common Voice’-in an article titled ” A glimpse into RBI annual report ” he urges RBI “…to use the retirees’ pension issue as a test case of autonomy…”  “By not allowing updation of pensions for RBI retirees- while this is taken as a matter of right by Central Government retirees- is tantamount to tyranny. Autonomy is never given, it is earned and taken. The RBI has certainly earned it and it is now for RBI to take its autonomy.”
Although similar views have been expressed in this blog-about Pension updation, and elsewhere- the words of an economist and ex-deputy Governor, should carry more weight with the authorities concerned.

But,how much weight these words shall carry with RBI ? How much ” Delhi bureaucracy” will take steps  for solving the long-standing “Pension updation” in RBI? The circumstances since 10th Bipartite settlement do not allow us to nurture false hopes  from RBI, when governor has expressed his inability to proceed without clearance from ” Delhi Bureaucracy”. Or from the Government which is sitting over the matter despite approval in principle. Even the unions/associations involved seem withdrawn since long and the believers, who have been asking members to wait till September to get something in lieu of pension updation, have also become sceptical. September is retreating like  Monsoon.  In the garb of   elections new scales are not likely to be formed before November and then new further  ideas ” in lieu of pension updation” are likely be floated. We will be hoping against hope and 2016 may dawn with lesser number of pensioners needing updation.
But governor’s well considered  reference to the issue (staff matters in the Annual report para x.28) at least maybe of some help to those who intend to move judiciary in the matter. We are getting a large number of requests for  such an action from our readers.
Readers may offer their comments and suggestions in the blog as well as at Facebook and twitter for a practical and alternative action plan rather than ” hoping against hope” indefinitely.

Open Letter to the Governor

Respected All 

Placed below is a letter written by Sh Sitendra Kumar Retd GM to our Governor .Sh Sitendra Kumar was President of RBIOA Jaipur in 2007-2009 

Dr.Raghuram G. Rajan

Governor

Reserve Bank of India

Central Office

Mumbai 400 001

Respected Sir,

As a former member of Reserve Bank of India, it gives me immense pleasure when the national and global media bestows attention on you and echoes the opinion that the present mood of optimism in our country is due to pragmatic monetary policy followed by you.

Sir, you have been able to resolve the glitches with Government of India on Monetary Policy Committee,your voice is heard with respect, you were the first to prophesise the global financial crisis which hit the global markets in 2008 and at present you are engaged in evolving global rules of game regarding what ought to be allowed in terms of central bank action. You have steadfastly refused to draw in war involving competitive monetary policy easing.

Such being your credentials Sir, may I request on behalf of RBI retirees that in wake of satisfactory solution on OROP (One Rank One Pension) for armed forces personnel,it would not  even be slightly difficult to grant pension updation in RBI.The Chiefs of Staff of Army,Navy and Air Force besides the retired Chiefs have been pleading before the Prime Minister and the President 

regarding the urgency of granting OROP.The Defence Minister while announcing OROP had stated,inter alia,that inspite of huge fiscal burden, as per their committment, they have granted the same.The expression huge fiscal burden is typically not applicable in our case as we have adequate quantum of Superannuation Fund and RBI has recently transferred an amount of Rs 659 billion to the Government of India.

Sir, in the present day world,the real strength of the country lies in the economic development,  it's GDP growth,increase in credit offtake, availability of liquidity,broad and deep financial  markets,an efficient payments and settlement system,robust system of banking supervision,ability to prevent systemic,financial,creit,interest rate, exchange and operational risks which have been taken care of by the banking system  under your guidance and stewardship which the whole world admires.

 Sir,in your overview in Annual Report for 2014-15, you had ,inter alia,stated that "A key factor in RBI's success has been a satisfied staff". You had  averred that since RBI lost more than it should otherwise be comfortable with,a massive restructuring exercise was carried out to make RBI a more attractive employer.In this regard, you also emphasised the importance of compensation to the existing staff and long pending improvement in pensions to RBI retirees.

Sir, such being the noble thoughts  emanating from the Head of our Institution who occupies a unique place in global financial world,it should be a matter of time to translate into reality the dream of RBI retirees for pension updation.

In the light of what has been stated above, may I hope an early and  positive response from you?

With deep regards,

Yours faithfully,

Sitendra Kumar

General Manager (Retd)

House No. 22,

Sector 7 A

Faridabad 121006.

September 7, 2015