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Reserve Bank employees’ 2-day mass leave programme deferred

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Reserve Bank

Kolkata | The two-day mass casual leave on September 4 and 5 called by the United Forum of Reserve Bank Officers and Employees (UFRBOE) has been deferred after discussion with the bank management, the union said Monday.

“Consequent to series of meetings between top management of Reserve Bank of India with unions, the forum has decided to defer the programme of mass casual leave scheduled on September 4 and 5 to first week of January, 2019 in response to the bank’s request to give some more time to resolve the demands,” a UFRBOE statement said. The mass casual leave programme was likely to have paralyzed operations of the central bank and other major lenders across the country.

UFRBOE had called the mass casual leave on September 4 and 5 demanding an option for contributory provident fund (CPF) retainers to switch over to a pension scheme, and grant of the additional provident fund (APF) to those recruited in the bank from 2012. The forum had threatened that if the issue lingers then they would resort to flash strike for two days.

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Government likely to make announcement on RBI soon: Finance Secretary

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RBI

New Delhi | The government is likely to make an announcement regarding Urjit Patel’s successor as Reserve Bank of India’s Governor later in the day, Finance Secretary A N Jha said.

RBI has been rendered headless following Patel’s unexpected resignation, with immediate effect, Monday. Patel, who is the first governor since 1990 to step down before his term ends, in a brief statement, cited “personal reasons” for the decision.

The decision to quit comes four days ahead of a crucial meeting of the board of the central bank that could have discussed issues of simmering differences with the government. It is expected that the board meeting may be deferred as there is no regular governor.

Speaking to reporters, Jha said, some communication from the government on RBI is expected.

Patel’s three-year term was to end in September 2019, and he was eligible for a second term like most of his successors, barring a few like his outspoken predecessor Raghuram Rajan.

A Kenyan national who acquired an Indian citizenship prior to being appointed Deputy Governor of RBI in January 2013, Oxford-trained Patel was initially seen as toeing government line after he backed the November 2016 shock decision to overnight junk 86 per cent of the currency in circulation.

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Former Kerala Minister C N Balakrishnan dead

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Kochi | Veteran Congress leader and former Kerala minister C N Balakrishnan died at a private hospital here, party sources said Tuesday.

He was 84. Balakrishnan, a former Cooperation minister, undergoing treatment for pneumonia at a private hospital here and the end came late Monday night, the sources said.

He is survived by his wife and two daughters.

Chief Minister Pinarayi Vijayan and Leader of the Opposition in the state assembly Ramesh Chennithala were among those who condoled his death.

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National

Eminent economist Surjit Bhalla resigns from EAC-PM

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New Delhi | Eminent economist and columnist Surjit Bhalla on Tuesday said that he had resigned as part-time member of Economic Advisory Council to the Prime Minister(EAC-PM) on December 1.

“I resigned as a part-time member of PMEAC on December 1,” Bhalla said on social networking site Twitter.

The EAC- PM is headed by Niti Aayog member Bibek Debroy. Economists Rathin Roy, Ashima Goyal and Shamika Ravi are other part-time members.

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