8.5 lakh public sector bank employees have received a 15 percent increment for five years this Diwali. This agreement was reached after negotiations with the Indian Banks 'Association of Employees and Officers' Unions.
This decision will put a burden of Rs 7,898 crore on the banks. IBA Chief Executive Officer Sunil Mehta said on Wednesday, the Indian Banks 'Association announces concurrence of the increment talks with the unions and officers' unions.
It will be effective from November 1, 2017. The agreement has been signed by the United Forum of Bank Unions and the Bank Staff Force Federation.