PSU banks defer strike, sign MoU

Written by Economy Bureau | New Delhi, Feb 25 | Updated: Feb 26 2008, 05:29am hrs
The two-day PSU bank strike, which was set to begin on Monday, has been called off. The Indian Banks Association and the United Forum of Bank Unions (UFBU) have signed a memorandum of understanding (MoU) agreeing to revive talks on March 3 on issues relating to pension, resumption of compassionate recruitment, ban on outsourcing of banking activities and consolidation of banks.

As per the consensus, these issues would be sorted out within a specified timeframe. The IBA has agreed to look into these issues in a bid to find an amicable solution, CH Venkatachalam, convenor, UFBU told FE. It is learnt that the IBA has also agreed to provide a second option to bank employees to move towards pension benefits in lieu of PF. Venkatachalam also pointed out that the issue of compassionate and general recruitment would be looked into. Earlier, finance minister P Chidambaram and chief labour commissioner SK Mukhopadhyay held talks with the representatives of the trade unions.