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