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Call to strengthen core functions of Reserve Bank of India

Special Correspondent

Key role of monitoring financial institutions

CHENNAI: Speakers, at a convention here on the role of the Reserve Bank of India (RBI), emphasised the need for safeguarding and strengthening core functions of the RBI of monitoring and supervising operations of financial institutions.

Criticising economic policies pursued since the early 1990s, the speakers said efforts were being made to dilute the RBI's role, which, they said, would eventually lead to decimation of the institution. Such changes in the functioning of the RBI would not only adversely affect the employees but also the banking sector and the economy.

They were taking part in the convention organised here by the United Forum of Reserve Bank Officers and Employees.

T.K. Rengarajan, vice-president of the Centre of Indian Trade Unions (CITU), said the issues concerning the RBI functioning should not just be seen as those concerning the employees and unions of the Bank. Fundamentally, they were political issues. He called upon all sections of the work force to remain united and fight the implementation of the policies.

Debt management

C.H. Venkatachalam, general secretary of the All India Bank Employees' Association, said the RBI should not abandon its responsibility on public debt management. Venkatesh Athreya, economist, said the liberalisation of the financial sector would only lead to high rates of interest, making farmers to suffer heavily. A. Govindasamy, convenor of the Forum, said a nationwide campaign was being carried out to highlight adverse impact of changes sought to be made in the working of the Bank.

M.V. Sivakumar, secretary of the All India Reserve Bank Officers' Association, recalled that a march to Parliament had been organised to highlight the employees' case on the subject.

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