New Delhi: Jansuraksha schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana have settled claims of about Rs 25,160 crore since their launch in 2015, Finance Minister Nirmala Sitharaman said on Saturday.
RBI officers across various regional offices and the central bank's headquarters in Mumbai staged protests on Friday against recent policy changes that link promotions to vacancy availability, replacing the earlier time-bound promotion system.
Reserve Bank of India Officers' Association (RBIOA), in a letter dated May 8, expressed disappointment and anguish over the decision of the central bank to proceed with the revised promotion policy without adequately considering the serious concerns, objections, and constructive suggestions repeatedly placed by the association on behalf of the officer community.
The revised policy, in its present form, has caused widespread dissatisfaction, frustration and demoralisation among officers across cadres and grades, it added.
However, the final policy has not only failed to address the structural stagnation prevailing across grades but has also disregarded the core concerns repeatedly highlighted by the association, it pointed out.
According to an estimate, about 8,000 officers working at the RBI are going to be impacted by the change in the promotion policy.
Stagnation is rising across the various levels, leading to frustration, particularly among younger officers, who are now confronted with the prospect of remaining in the same grade for prolonged periods without meaningful progression, it said.
"We earnestly request the top management to reconsider the matter urgently and initiate a comprehensive review of the revised promotion policy in consultation with RBIOA so as to arrive at a fair, balanced and sustainable framework for career progression of officers," it noted.
The association demanded that the newly issued promotion policy be immediately kept in abeyance and reviewed comprehensively in consultation with RBIOA through a structured and meaningful consultation mechanism.
It also demanded that the assured, time-bound promotions may be introduced across all cadres from Grade A to Grade E, ensuring fair and predictable career progression for officers.
The principle of 'One Grade, One Allowance' may be introduced across grades by removing the existing condition of a minimum of five years' service in a grade for eligibility to facilities, allowances and entitlements attached to that grade, it said.
The letter further said that the association submits that the above measures are not merely matters of financial benefit but are essential for restoring morale, institutional trust and long-term organisational commitment among officers.
A motivated and professionally secure officer community remains indispensable to preserving the excellence, independence and effectiveness of the Reserve Bank of India, it added.
It is to be noted that the officers of another financial sector regulator, the Securities and Exchange Board of India (Sebi), had also staged a protest in 2024 to press for wage-related issues.
Source Name : Economic Times