Page 9 - Banking Finance August 2023

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Reserve Bank

RBI asks states to improve RBI to look at consumers' (RBI) retired employees have received a
13.56% increase in pension after a gap
expenditure quality concerns of four years, showed an internal letter.
Reserve Bank of India governor The RBI has said that it will examine a
The government informed its decision
Shaktikanta Das has asked state gov- case relating to consumer concerns
to revise the pension for RBI employ-
that received wide attention in social
ernments to focus on fiscal consolida-
ees who retired before 1 November
media. RBI governor Shaktikanta Das
tion and improve quality of expendi-
2017. The revised pension was effec-
also said that there is no intention to
ture. tive from June 2023.
regulate financial influencers.
In June 2023, RBI's Financial Stability "The basic pension of pensioners re-
Recently, Bajaj Finserv MD Sanjiv Bajaj
Report had sounded a note of caution tired prior to 1 November 2017 shall
had said that the general public will get
on the high debt of the states. At 27.9 be revised by a factor of 1.63 ie, the
an option on their website to be 'for-
per cent of GDP at the end of March existing basic pension of Rs. 100 will be
gotten' and, once they entered their
2023, it was higher than the 20 per revised to basic pension of Rs. 163 from
number, they would not be disturbed
cent limit recommended by the Fiscal the month of June 2023 onwards," said
again. But Bajaj also added that cus-
Responsibility and Budget Manage- the letter written by chief general
tomers who opted out should not come
ment (FRBM) Review Committee manager of human resources at RBI.
back for loans.
(2018) and warranted further consoli-
RBI deputy governor M K Jain said as
dation. RBI appoints P Vasudevan
far as telemarketing calls are con-
At a disaggregated level, a few large cerned, it is the decision of individual as new executive director
states have debt-to GSDP ratios ex- banks and it is the Telecom Regulatory The Reserve Bank of India (RBI) has
ceeding 35 per cent, the report added. Authority of India (TRAI) which looks announced the appointment of P.
Das highlighted the importance of debt into it and has a 'do not call' registry. Vasudevan as Executive Director (ED).
sustainability for ensuring long-term "Nevertheless, the issues which you
Prior to being promoted to a new role,
fiscal health of the states. He also have brought up, we will look into it. "
P. Vasudevan was the chief general
dwelled upon issues related to the fis- On 'finfluencers', Das said, "As far as
manager-in-charge of the Department
cal health of states such as contingent financial influencers are concerned, we of Payment and Settlement Systems.
liabilities/guarantees. have no such thinking (to regulate).
P. Vasudevan possesses close to three
Sebi is already looking at it."
The meeting reviewed market borrow- decades of experience working with
ings by the states, administration of the the Reserve Bank in supervision of
Retired RBI staff get higher
Consolidated Sinking Fund and Guaran- banks and non-banking financial com-
tee Redemption Fund, issues relating pensions panies, payment and settlement sys-
to states guarantees. Nearly 30,000 Reserve Bank of India tems, and other areas.
BANKING FINANCE | AUGUST | 2023 | 9