How RBI breaks teams in isolation and keeps the financial system working

NEW DELHI: Since national lockdown was announced in late March, a team of more than 200 staff from the Reserve Bank of India and service providers has been gathered in four locations to ensure that financial markets and the system throughout the country operate continuously and provide free service to users.

Top RBI officials went into a hug immediately after the lockdown was announced and a team was set up to ensure services are provided 24×7 without interruption, including payments and settlements. A team of officers and technical experts were moved into a hotel in Mumbai and another team was stationed in Khargar on the outskirts of Mumbai to work remotely and ensure that the wheels of the economy are moving.

“Now we have a team of 200 including service providers from some of the top tech and telecom companies. There are four teams responsible for the smooth functioning of the financial system including payments. Except for the teams in Khargar and Mumbai, and there are two more in Nagpur and Hyderabad, ”said a source.

He said the team includes some senior RBI officers and the 200 members of the four teams have been away from their families since the shutdown was announced. “It was voluntary. In fact, people were asked if they would like to go home after 25 days and all of them said they would like to continue to make sure there is no disruption to the functioning of the financial system. talks a lot about team engagement, ”the source said, adding that they work with some of the best available technology to keep systems in spite of strict locking measures.

“They are watching and taking steps in the 24×7 cycle. This kind of experience is unprecedented for all of them and they make sure the operations are smooth,” the source said.

RBI Governor Shaktikanta Das has spoken twice with the teams, complimenting them on their commitment to their jobs and their national duty. In the Monetary Policy Statement on Friday, I mentioned the team from the team that keeps alive the nation’s economic system. “A special commendation to our team of over 200 officers, staff and service providers working unstinted 24X7 in isolation to keep key RBI services available to the nation,” Das said in his statement.

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