RBI's Settlement System Restored Even as Employees Strike

Mumbai: Settlements systems for banks and markets were largely operational, the Reserve Bank of India said on Thursday, even after the majority of the 17,000 employees at the central bank went on strike.

The RBI said most employees had taken a "mass casual leave", resulting in "some interruptions" to clearing and settlement operations in early part of the day, but added the central bank had persuaded the unions into "largely restoring normalcy".

The RBI's four unions had called for a strike on Thursday, calling for better retirement benefits and opposing reforms to the RBI which they said would reduce the central bank's regulatory powers.

Union leaders said they may intensify their strike should the RBI not address their complaints.

"We are not assured, even though the top management has said they will take up the pension issue with the government," said Ajit Subhedar, president of the All India Reserve Bank Employees Association.

"They have shown lip sympathy. If our demands are not met, we will intensify the agitation at the earliest."