Reserve Bank to keep open public counters for coins exchange

The Reserve Bank of India has clarified that it would not ‘in the foreseeable future’ close down its public counters which distribute coins/currency to the general public, including traders.

The RBI Governor has extended an assurance to this effect to the United Forum of Reserve Bank Officers and Employees, according to Samir Ghosh, Convenor.

Policy reversal

This amounts to a reversal of contentious policy announced in 2012-13, Ghosh told BusinessLine. The United Forum had protested this, and had demanded that the counters be retained in public interest.

Associated with regional and other offices, these counters handle as much as 90- 95 per cent of the exchange of notes and coins.

According to Ghosh, the Governor also responded positively to the Forum’s concerns relating to organisational restructuring and lateral recruitment during a recent meeting in Mumbai.

It has been agreed that merger of officers’ cadre will be resorted to prospectively and only for new recruits from year 2015.

Postings would be planned in such as way that they would not alter the seniority or career progression of officers/employees. The existing system of seniority and order of promotion would be followed.

Similarly, status quo would be retained with respect to postings of Regional Directors and Principals of staff colleges.

Officers would be allowed to opt for selection to departments/area of work, according to their choice/skill ‘on an experimental basis.’

This would lead to better skill development, job satisfaction and better utilisation of human resources. The Governor has also agreed to redress any inconvenience or mismatch that may arise in the course of implementation of the new proposals.

Not justifiable

But the United Forum did not agree with the proposal to create two additional posts of Executive Directors and one post of Deputy Governor/Chief Operating Officer as part of restructuring and clustering. The apex bank could instead consider creation of four additional posts of Executive Directors for the four metros to take care of zonal interests, Ghosh said.

The United Forum was of the view that the current volume of work did not justify such accretions to staff at high levels while the base level was shrinking.

The staff strength had reduced from around 40,000-plus in the mid-90s to 17,500 now, Ghosh said.


Source : The Hindu