“Humiliated” by post-note ban events, RBI staff write to Urjit Patel
The forum represents
over 18,000 employees of the RBI across the ranks. The letter said appointment of an officer to coordinate currency management is a “blatant encroachment” on the exclusive jurisdiction of the RBI on currency and accused the Government of “impinging on RBI autonomy”. “It’s (RBI’s) autonomy and
image have been dented beyond repair.” “May we request that as the Governor of
RBI, its highest functionary and protector of its autonomy and prestige, you
will please do the needful urgently to do away with this unwarranted
interference from the Ministry of Finance, and assure the staff accordingly, as
the staff feel humiliated”
Feeling “humiliated”
by events since demonetisation, RBI employees today
wrote to Governor Urjit Patel protesting against operational “mismanagement” in
the exercise and Government impinging its autonomy by appointing an official
for currency coordination. In a letter, they said
autonomy and image of RBI has been “dented beyond repair” due to mismanagement
and termed appointment of a senior Finance Ministry official as a “blatant
encroachment” of its exclusive turf of currency management.
“An image of
efficiency and independence that RBI assiduously built up over decades by the
strenuous efforts of its staff and judicious policy making has gone into
smithereens in no time. We feel extremely pained,” the United Forum of Reserve
Bank Officers and Employees said in the letter addressed to Patel. Commenting on
“mismanagement” since November 8, when note ban was announced, and the
criticism from different quarters, the letter said, “It’s (RBI’s) autonomy and
image have been dented beyond repair.”
At least two of the
four signatories — Samir Ghosh of All India Reserve Bank Employees Association
and Suryakant Mahadik of All India Reserve Bank Workers Federation — confirmed
the letter. The other signatories are C M Paulsil of All India Reserve Bank
Officers Association and R N Vatsa of RBI Officers Association. The forum represents
over 18,000 employees of the RBI across the ranks, Ghosh said.
The letter said
appointment of an officer to coordinate currency management is a “blatant
encroachment” on the exclusive jurisdiction of the RBI on currency and accused
the Government of “impinging on RBI autonomy”. “May we request that as the Governor of
RBI, its highest functionary and protector of its autonomy and prestige, you
will please do the needful urgently to do away with this unwarranted
interference from the Ministry of Finance, and assure the staff accordingly, as
the staff feel humiliated,” it said, soliciting “urgent action”.
The RBI has been discharging the role of
currency management for over eight decades since 1935, it said, adding the
central bank does not need “any assistance” and the interference from FinMin is
“absolutely unacceptable and deplorable”.
The letter comes days after concerns about
RBI’s functioning being raised by at least three former Governors — Manmohan
Singh (former PM), Y V Reddy and Bimal Jalan. Former Deputy Governors,
including Usha Thorat and K C Chakrabarty, have also voiced their concerns. The letter said the RBI staff has carried
out its job excellently following the move to ban 87 per cent of the
outstanding currency by the Government.
http://www.financialexpress.com/india-news/humiliated-by-post-note-ban-events-rbi-staff-write-to-urjit-patel/507282/