17,000 strike at Reserve Bank of India over restructuring plans, pensions
Around 17,000 workers at the Reserve Bank of India are on "casual leave", as they protest against a proposed overhaul of the country's monetary policy framework that will curb the bank's independence, as well as a demand for better pensions, as disgruntled retirees complain that their benefits have been severely eroded by years of high inflation. This strike is the latest setback for Prime Minister Narendra Modi's administration, which is already under pressure from its military veterans to overhaul military pension schemes, as well putting into the spotlight concerns over the erosion of the Reserve Bank of India's independence.

The banking sector is likely to be hit on Thursday with the United Forum of Reserve Bank Officers and Employees planning to go on a day’s mass leave for higher pension and in protest against various reforms being initiated in the RBI.

Over 17,000 employees of the RBI are expected to go on strike on Thursday, raising the prospect of disruption in the functioning of banks and money markets.

The four unions that have called the strike say the reforms will reduce the RBI’s regulatory powers and take away debt management operations away from the central bank. The union is also opposing the proposed creation of a monetary policy committee that would include members of the government, seeing it as a curb on the RBI’s decision-making powers.