RBI Annual Report, 2014-15 (Chapter X, paragraph 28) succinctly takes note of the long pending issue of RBI pensioners. Dr. Bimal Jalan, the former Governor granted updation of pension (stage to fitment) in Sept. 2003, with effect from Nov. 2002, as per the revised pay scales of 01-11-1997 to all those retired from 01-01-1986 to 31-10-1997. It was opposed by the GOI and was withdrawn by RBI for some time. Three pre Nov.,1997 pensioners went to Bombay High Court and the Hon.Judge stayed the GOI's directive. All pre Nov.,1997 pensioners get pension as per Nov. 1997 pay scales. The matter to come up for hearing after few years.2. Shri S.S. Tarapore, former Deputy Governor, the highest ranking retiree of the RBI, in his write up “A Glimpse into RBI Annual Report 2014-15” in the Free Press Journal (Mumbai Edition -7th Sept.2015) observes as under : (Summery)“The Governor also raises an enervating question relating to the long-standing issue of pensions for RBI retirees. To say the least, the pension issue for retirees is a sheer atrocity perpetrated by the Delhi bureaucracy. By not allowing updation of pensions for RBI retirees- while this is taken as a matter of right by Central Government retirees- is tantamount to tyranny. The Governor has done well to formally flag this issue in the RBI Annual Report. The next step would be for the RBI to use the retirees’ pension issue as a test case of autonomy. Autonomy is never given, it is earned and taken. The RBI has certainly earned it. The Governor would do well to take a leaf out of decisions on the raising of the age of retirement by Governor S.Venkitaramanan and the updation of retirees’ pensions by Governor Bimal Jalan. Prime Minister Narendra Modi should break government’s hegemony over the RBI.”3. GOI offered a proposal for updating of pension prospectively from 01-11-2012 ( from the date of latest revision of pay scales ) subject to certain conditions. All the Staff and Officers Associations, though reluctant initially, agreed to the conditions in the interest of the retirees ! ( a sad commentary on the dwindling morale of pensioners as well as serving employees ; ready to sacrifice the updation of pension, all that is justifiably due from the last two revisions of scales of pay from 1st Nov. 2002 and 2007. Also, reportedly, the RBI at the instance of the GOI, has agreed for updating of pension to 80% of the amount due !!
4. Why is the RBI and why are the RBI employees and pensioners setting a very bad precedent? They are supposed to be the pioneers, with strong and spirited leaders to set right path and ready to fight against the injustice. They have the track record of procuring nothing less than what is reasonable and just.
SN ( a 1992 Pensioner ) ( From sources )