Andhra Pradesh - Kadapa   

IBA backtracks on pay revision

KADAPA: Indian Banks Association (IBA) has backtracked on its promise for a 17.50 per cent pay revision but offered a 15 per cent hike during talks with United Forum of Bank Unions (UFBU), district CITU president A. Raghunath Reddy alleged on Thursday.

The UFBU had called off the proposed bank strike on June 12 following IBA’s proposals for 17.50 per cent hike in pay, he asserted in a statement here.

However, the IBA assured to extend the existing pension scheme till March 31, 2010, to ensure that banks bore Rs. 4,200 crore out of the Rs. 6,000 crore deficit in pension fund and to amicably settle other demands, he added.

Mr. Raghunath Reddy warned of an agitation if the demands were not settled.

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