AIBOC CIRCULAR NO. 75 DATED 26TH MAY 2010

AIBOC issued its circular No. 75 on implementation of 9^th Bipartite Settlement. We are reproducing the same here for our readers.

CIRCULAR NO: 75                                                26^th MAY, 2010

TO ALL AFFILIATES/MEMBERS:

IMPLEMENTATION OF 9^TH BIPARTITE SETTLEMENT PROCESS ON – IBA ISSUES GUIDELINES TO BANKS - GOVERNMENT’S CLEARANCE IN RESPECT OF OFFICERS AWAITED

We are happy to inform our members that the process of the implementation of the 9^th Bipartite is on.  The Indian Banks’ Association has since issued detailed communication to all the banks in respect of the Award Staff who signed 9^th Bipartite Settlement under the provisions of the Industrial Disputes Act, which does not require further approval of the Government.  The Communication in regard to the payment of arrears as well as the recovery towards the contribution to Pension Fund on account of the 2^nd Option from those who will be required to exercise the option has since been sent to the Banks with instructions to hold the contribution in a separate account pending receipt of the detailed instructions from the Government including the amendment to the Service Regulations in respect of Officers of the banks.

We are in touch with the Banking Department to ascertain the latest position as regards the communication of in-principle approval pending amendment to the service regulations in respect of the Officers in the banking industry.  We understand that the approval is expected at any time.  The first phase in respect of the Award Staff for the payment of arrears etc., as per the 9^th bipartite settlement having already been initiated, we are confident that the process in respect of the Officers will be expedited.

In the meanwhile, we have been receiving anxious enquiries about implementation of the 9^th bipartite settlement as well as the 2^nd Option on Pension in respect of Officers. We therefore advise the members to have patience for a few more days and the instructions are awaited at the earliest.  We also understand that the bank managements have already initiated necessary steps and the workings have since been kept ready so that no delay takes place once the guidelines are received from the Banking Department for implementation of the 9^th bipartite, pending amendment to regulations in respect of officers in the banking industry.

Comrades, the technical requirement of obtaining the approval of the Ministry of Finance including the Finance Minister should not take much time since the Government is conscious of the pressures that are built across the country awaiting the implementation of the 9^th bipartite.  We have also been in touch with IBA as well as the Government authorities for early action in this regard.

We note to keep all our affiliates/members informed of further details in due course.

With greetings,

Sd/-

(G.D. NADAF)

GENERAL SECRETARY