16 percent of RBI staff opts for early retirement scheme
Mumbai: In its annual report for 2003-04 the RBI has stated that a total of 4,468 employees, representing 15.8 per cent of the workforce as on June 30, 2004, availed of the Optional Early Retirement Scheme, which the apex bank had introduced on Aug.16, 2003. The bank said that it staggered the outgo of employees in order to keep the flow of work smooth.

Employees opting for the scheme were granted ex-gratia amount equal to pay plus two months for each year of service rendered or pay plus dearness allowance for the remaining for the remaining months of service, whichever was less. In addition, they were entitled to all other normal benefits, according to the report.

The scheme was opened to all full-time regular employees who had completed 25 years of service and attained 50 years of age as on August 1, 2003.
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Gold, small loans: RBI extends time for urban co-ops
Mumbai: In a circular to the chiefs of all Urban co-operative banks (UCBs) the RBI has given them time up to March 31, 2007, to follow the 90-day loan impairment norms, for gold loans and small loans up to Rs.1 lakh. The RBI has said that until then, they will be governed by the 180-day norm as before.

Earlier, the banks were informed that the 90-day norm would be applicable to gold loans and small loans up to Rs.1 lakh with effect from the financial year ending March 31, 2005. The RBI's decision follows requests from banks and Federation and Association of UCBs for reconsideration of the applicability of the norms.
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