The wage revision will be effective from 1.11.2022 for a period of five years.
Banking services are likely to be affected in the coming week as two of the major bank unions have threatened to go on a 24-hour long strike on 22 October to protest against announced consolidation of 10 state-run lenders into four along with falling deposit rates and a call for job security.
A notice issued to the Indian Banks’ Association (IBA) announced that the two unions – the All India Bank Employees’ Association (AIBEA) and the Bank Employees Federation of India (BEFI), will go on strike from 6 am on 22 October to 6 am on 23 October.
SBI customers can take a sigh of relief as the bank had said that the strike will not affect its working as the majority of its employees are not members of the two unions.
However, Bank of Maharashtra, Bank of Baroda and Syndicate Bank, have expressed their concerns over their functioning during the strike, as their functioning is likely to get affected on those days.
Besides the merger, the unions are also protesting against the reforms of the sector and increasing NPAs. The unions have demanded stringent action against the loan defaulters.
Last month also, officers of these unions were among others who have called a two-day strike for all Indian Bank but that was later withdrawn after the government intervened.
(With input from agencies)