August 26, 2016 11:06 PM ET

Company Overview of Indian Banks' Association

Company Overview



Key Executives for Indian Banks' Association

Honorary Secretary
Age: 63
Compensation as of Fiscal Year 2016.

Indian Banks' Association Key Developments

Unions and Indian Banks' Association Agree on 15% Hike in Salaries

The 15% increase in salaries agreed on between the bank unions and the Indian Banks' Association (IBA) amounts to an annual increase of INR 47,250 million primarily for public sector banks. The hike will be effective from November 1, 2012, when the last five-year bi-partite agreement expired and will benefit 0.8 million employees. The increase will be calculated on the total payslip component that includes basic pay, dearness allowance, house rent allowance and other benefits. The final agreement is expected to be drafted in three months. Following the agreement, the unions, who were demanding an increase of 19.5%, called off their planned four-day strike which was to start from February 25. The IBA has also partially agreed to the unions' demand for a five-day week. It has also decided to give employees a day off on every second and fourth Saturday of the month. IBA has also agreed to separately work out the cost of medical expenses, family insurance, provident fund, gratuity and pension.

Recent Private Companies Transactions

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