Public Sector Bankers and IBA Reach To Consensus on Salary Revision

IBA agreed that it shall recommend to the Public Sector Banks,  in Annexure II, to the process of amending the Officers’ Service Regulation 1995 dated 29 September 1995 H order to implement what is stated in Annexure 1. The IBA shall also recommend to the Government of India to approve the amendments and to issue appropriate guidelines necessary for this purpose.

IBA shall recommend to the Private Sector Banks, which are listed in Annexure III and which have authorized IBA in this regard to give effect to the Salary revision for their Officers on the same lines as mentioned in Annexure 1.

The representatives of Officers’ Associations have requested that pending formal amendments to the Officers’ Service Regulations/ Rules as per procedure laid down under Section 19(l) of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970f1980 and the applicable provision of State Baak of India Act, 1955, IBA may advise the banks to disburse immediately an ad-hoc amount, equivalent to the net arrears payable for the period from 1“ November 2017 to 31’t October, 2020 by deducting ad-hoc amount paid in this connection and continue to pay proposed revised salary and allowances on ad-hoc basis. IBA has agreed to make suitable recommendations to the Government in this regard for its consideration.

The Officers’ Associations on behalf of the officer-employees in banks listed in Annexures II & III agree that the understandings reached as detailed in Annexure I hereto are in full satisfaction of their demands.

Clarification, etc., in any of the provisions contained hetein the Joint Note and its Annexures will be provided by IBA.