TIME STANDS STILL, IN RESERVE BANK OF INDIA: M G WARRIER


November 12, 2015
Time stands still, in RBI!
This refers to the November 12, 1995 clipping captioned “RBI officers plan mass CL” published under Business Line, TWENTY YEARS AGO(November 12). The entire staff of India’s central bank are planning to go on mass CL next Thursday(nOVEMBER 19, 2015), focusing exactly on the same issues(Revision of wages and pension) on which RBI officers had decided to go on mass CL twenty years back.
The RBI Annual Report for20014-15 carries the following observations made by Governor Dr Raghuram Rajan:
“A key factor in RBI’s success has been a satisfied staff. In the past, RBI used to have no problem attracting junior officers, losing only an occasional officer who was successful in the IAS exam. Today, we lose more than we should be comfortable with. This is why a revamp of the professional challenges we offer our staff is very much needed, and we hope the changes outlined earlier will help us become a more attractive employer. In this regard, our review of compensation, as well as the long-pending improvement in pensions for our retirees also assume importance.”
It is intriguing that issues relating to HR management are kept in the back burner and allowed to simmer and later flare up resulting in sagging morale of staff and worse still, sending out a wrong message to the world outside which still respects India and its central bank for professional management of financial sector.
M G Warrier, Mumbai


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