Revision of pension for RBI retirees

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I am an ordinary Indian housewife—73 years old- struggling to make both ends meet. My husband is 81 years and spent half of his life—Forty long years—working for the RBI.

A meagre monthly pension makes it difficult to survive.

Suddenly in October 2008 the pensioners had the shock of their life when the pension they were getting was drastically cut by a Central Government order. For some retirees pension was cut even by Rs 4000/- to 5000/-.This led to considerable distress. A recalcitrant RBI refused to recognize  and redress and retirees were compelled to go to the Court of Law which restored the cuts.

The question of updation of pension has been in a limbo for almost 15 years and agitation by serving employees and retirees have borne no fruit.

Quite recently the eminent lawyer Harish Salve has given a legal opinion that RBI retirees ought to be given periodic updation of pension on the lines of Central Government staff. Surely one cannot call in question Harish Salve’s  recommendation .

My husband had sent an appeal to the then Governor Mr. Subbarao enclosing a list of 50 retirees who had died without their just demands being met. He followed it up with a fresh appeal to the next Governor Mr. Raghuram Rajan. The list had swelled to 200.

​ It is an undisputed fact that RBI has a corpus of funds collected from the contributions of these same retirees which can be used for updation. But somehow the problem is being “made insoluble” by cantankerous technocrats in Delhi and Mumbai..

Central Government Retirees have regularly been given updation of Pensions and family Pensions on the recommendations of the Pay Commissions. Why such a benefit cannot be extended to RBI retirees passes one’s comprehension.



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