Reserve Bank of India Governor Raghuram Rajan, along with the four Deputy Governors is slated to meet the staffers at the central bank in a second attempt to build a consensus on restructuring and quell the resistance within the organisation.
The Governor had already addressed the RBI employees once, a month back, in a bid to address their concerns on the board-approved restructuring plan.
Senior officials at the RBI had proposed the restructuring plan at the Annual RBI retreat in November 2013, two months after Rajan had taken charge.
The RBI board, however, approved the final restructuring proposal last week, which includes measures such as grouping of departments into five functional clusters and creation of an additional position of chief operating officer (COO) of the rank of Deputy Governor.
It is learnt that the five clusters would broadly cover important functional areas — monetary policy, regulatory, supervisory, financial markets & infrastructure, and services.
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While the four Deputy Governors will head clusters that cover the primary tasks performed by RBI, the fifth cluster (Services) will have departments such as human resources management, expenditure and budgetary control, IT and customer service and will be headed by the proposed COO.
There has been apprehension among RBI staff and the employees’ unions over the restructuring which has prompted Rajan to hold a second meeting.
In the meeting with the employees via video link, the Governor is expected to discuss all issues and concerns of the employees and answer their questions.
Deputy Governors and other senior officials have already been communicating with the employees in order to get all the stakeholders on board, but the Governor also seems to be making all efforts to get the restructuring plan through.
It is learnt that once RBI builds a consensus within the organisation on its restructuring plan, it will approach the government with the proposal to create an additional post of deputy governor for which legislative changes would be required.
Through the new restructuring plan RBI expects to bring in greater synergy between various departments and also help build expertise among its employees in a particular field.
It is learnt that in the new structure the employees will be transferred only in the departments that fall within the cluster they work. RBI is also looking to give its employees the option to choose the cluster they want to work after assessing aptitude and skills.
FinMin yet to get proposal on COO: Sandhu
Mumbai: Financial services secretary GS Sandhu on Wednesday said the finance ministry has not received any proposal from the RBI for appointing a chief operating officer (COO) in the rank of a Deputy Governor.
“Once the proposal comes then definitely we will have to address the issue,” Sandhu told reporters on the sidelines of a banking summit here.
He also added that the government will launch the financial inclusion programme for opening of 10 crore bank accounts on August 28. ENS