Clearing and settlement of around 120,000 transactions amounting to a total volume of Rs 4 lakh crore on the real-time gross settlement and electronic fund transfer platform came to a grinding halt today as the employees of the Reserve Bank of India (RBI) struck work across the country.
While there was no settlement in the domestic money market, transactions in the foreign exchange market will be settled tomorrow (under the T+1 settlement as against the usual practice of the real-time settlement).
Over 2,500 employees and officers of RBI went on a mass casual leave today, protesting withdrawal of the pension updation scheme. RBI updated the pension scheme in 2003 for the pre-November 1997 retirees, bringing their basic pension in alignment with the basic pay prevalent at that time. The decision was taken by RBI’s central board in the presence of the nominees of the central government.
