Allow RBI to open option to CPF optees – Statutoriastion of Staff Regulations not needed!

COMMITTEE ON SUBORDINATE LEGISLATION ((2016-2017) in its 20th report to (SIXTEENTH LOK SABHA) about RBI PENSION REGULATIONS, 1990 has strongly urged the Government to allow RBI to give one last option to its left over employees from switching over from the CPF to the RBI pension scheme covering even those employees who retired after December 1, 2000 while making it clear that this one is the last and final such opportunity.
Further upholding the independence of RBI in respect of Service matters , the report says
” The Committee strongly feel that the independence of institution like RBI is vital and the decision making in the service matters of the Bank etc. should exclusively fall within the domain of the RBI. ”

The Committee further says ” it fully agree with the submission made by the representatives from the RBI before the Committee that, it is not feasible to statutorize the staff regulations purely because for the reason that the ‘RBI is a Central Bank and it has to change its policies relating to staff very frequently in order to react to market conditions’.

” The Committee, therefore, feel that statutorising the service Regulations under section 58 of the RBI Act instead of allowing them to continue under Section 7 is likely to have an adverse impact on the overall freedom available to RBI besides causing procedural delays and urge the Government that the RBI (Staff) Regulations, 1948 may continued to be framed under Section 7 of the RBI Act, 1934.”

It is a report that confirms what the  employees have been clamouring for decades , but  Government deliberately ignored the voice of reason for decades in league with others.

We hope now that better sense will prevail and service matters including opening of pension and updation will be allowed to be handled by RBI independent of Government’s interference as urged  by the committee.