The reports indicate that today (*i.e. 27th June, 2014) the representatives of the trade unions of PSB employees met Finance Minister Arun Jaitley.   General secretaries of nine employee unions under the UFBU were present at the meeting, along with D Raja, member of Parliament from the Communist Party of India  (UFBU comprises five workmen unions and four officer association).   The leaders sought his intervention to ensure early settlement of negotiations on wage revision.

UFBU convener M V Murali said the union leaders told Jaitley they had held about 10 rounds of discussions with bank managements, but the Indian Banks' Association (IBA) was delaying the settlement.    "Despite the fact that 20 months have passed since the negotiations began, no significant improvement has been made towards an expeditious conclusion of the settlement. More, IBA is offering the least increase, quoting non-affordability of banks in paying higher wages, partly because of an increase in non-performing assets," he said.    He claimed IBA had offered a "meagre" 11% increase in pay-slip components, against the union's demand of 25%.

The union leaders have told that Mr Jaitley assured representatives of the UFBU that R S Sandhu (Financial Services Secretary)  would look into the matter and the settlement process expedited.

Comments by AllBankingSolutions.com :

It appears this was a courtesy call and no agenda was fixed.   UFBU appears to have lost an opportunity and should have asked for a formal meeting wherein the representatives of IBA and Secretaries of GoI be present.   In the normal circumstances, I would have expected such a meeting with FM, but not under Modi Sarkar, where PM insists that meetings should be not merely formality and for "chai pani" meeting but should result in  some concrete results.   It seems nobody insisted for formal meeting.   Lets hope FM's officials  remembers this meeting and ensures that talks are held on weekly / fortnightly basis.