Govt to PSU bank chiefs: Finalise wage revision before Nov 1

TENS of millions of employees in state-run banks will be cheering this. The finance ministry has asked the heads of public sector banks to finalise the modalities for timely implementation of the next pay revision from November. There are 21 public sector banks, after merger of six subsidiary banks with SBI, in the country, with a total employees of about eight lakh people.
In a communication to CEOs and MDs of the state-owned banks, the ministry advised...

Bank officers to go on nationwide strike on December 11

THE All-India Bank Officers’ Confederation (AIBOC) has given a call for a nationwide strike on December 11 in support of its various demands. The notice of strike has been E-mailed to all concerned, says Harvinder Singh, general secretary, AIBOC. The day-long strike was preceded by protests including wearing of black badges while on duty on December 2; demonstrations at the headquarters of all banks on December 4; and mass demonstrations at major centres and state capitals on December 7.
The Joint Note for the 10th bipartite settlement...

Can PSU banks use their profits for higher salaries? FM says ‘No’

FM P Chidambaram

AGAINST the backdrop of the two-day long strike by PSU bank employees seeking higher wages, finance minister P Chidambaram in a strong rebuttal of their demand, said the profit of banks cannot be used only to enhance salaries since there are other obligations. “I will appeal to employees and officers of banks to recognise that banks profits, banks earnings have other claims. While claims of officers, staff and employees must be duly acknowledged, and a fair and just (wage) settlement is arrived at, there are other claimants to banks’ profit,” he said. Speaking during the 78th foundation day of...