courtesy: Bank fraternity

Write off to loan defaulters!

Nearly 50% of hard earned profit by 10 lakh  employees
is pocketed by Loan defaulters with assistant of policy makers.

It is stated in Parliament without any shy that Rs. One lakh crore was 
written off in the last 5 years for Loan defaulters.

When Bank employees demand for wage increase,
the same policy makers say "Sorry, no money to give"

The past and present PM/FM/IBA sang/sing the same song.

Ther is no other go for employees to sing the song well known to them.
That is " Struggle, Struggle and Strike"

RBI staff to join banking sector strike on Jan 7

VINSON KURIAN

COMMENT (5)   ·   PRINT   ·   T+  

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THIRUVANANTHAPURAM, DECEMBER 22:  

Reserve Bank employees have decided to observe a strike on January 7, 2015, in solidarity with the cause of the United Forum of Bank Unions in the commercial banking sector.

The All-India Reserve Bank Employees Association and the All-India Reserve Bank Workers’ Federation have urged the RBI Governor to intervene to bring peace in the banking sector, stating that the RBI cannot remain a mute spectator.

The Association and Federation advised units to observe peaceful and organised action in all RBI offices and liaise with units of the United Forum in the run-up to the strike.

“We have got an important stake in bank employees’ success and achievements. Their settlement has provided us the basis of our wage negotiations, which are pending,” said Samir Ghosh and SV Mahadik, RBI employee union leaders.

One comrade posted a question:
Indian Bank Kumar
Come out of shadow. Be not afraid. 
Reveal your identity and your objective. 
Others deserve to know it.

My reply:
Nothing to hide.
 I am also a bank employee like every one of you. 
but I am more interested in union activities.
 I am not a union  leader.
My objective is to pass on all the information
 I am reading/receiving( taken from websites of all unions) 
and also thro e-mail. .
I am answering doubts/queries raised by comrades 
with my little knowledge( read from settlements and various circulars.)  and my experience.
I am not posting anything without authencation.

Union websites serve one way communication only.

Why one day strike and then 4 days strike?

AIBOC reveal in their circular ..........

Comrades, we have been receiving lot many queries about the decision of single day strike of 7th January, 2015.
 We would like to inform the background which led to the decision of one day strike.
 IBA, vide their Letter No. CIR/HR & IR/XBPS-1/996 dated 2nd December, 2014,
had advised the member banks to update their respective Boards on the present status 
of the wage negotiations developments, its financial implications and if felt necessary,
 revisit the mandate. 

This being a very serious development was discussed in the Working Committee Meeting of Confederation held on 8th December, 2014, at Delhi. 
The Central Office drafted a letter and sent to all its Affiliates for onward submission 
to the Management of the respective Banks to thwart IBA’s tactics of delaying Wage Revision 
and also to obviate the possibility of tinkering with the earlier mandate. 
It was also decided that the same stand would be taken by our Representatives on the boards, 
when the agenda comes for discussion. 

What happened in Conciliation meeting on 17.12.2014?

AIBOA explain through their circular dt. 19.12.2014…………….

On 17.12.2014, the adjourned sitting of the conciliation proceedings was held by Dy.C.L.C.[C], Mumbai at his office with the Nine constituents unions. 

AIBOA was represented by Com.M.A.Srinivasan, Dy.General Secretary and Com.Narendra Kotiawala, Joint Secretary and General Secretary of AIBOA[Maharashtra].

2.         It is a matter of concern to all the organisations that IBA, never before  attempted to go back to the individual Banks to revisit the mandate given by them to IBA in the matter of wage revision. 

Dena Bank and Andhra Bank managements had placed the agenda for the information of their respective Boards.

 

The action of the IBA is highly provocative. 

IBA’s managing committee  is proposed to meet on 29.12.2014 to take the stock of the situation.

Press Statement issued by C P KRISHNAN/BEFI-TN

Press Statement issued by C P KRISHNAN, General Secretary, 

BEFI-TamilNadu
Ten Lakhs Bank Employees and Officers launch
Indefinite strikefrom 16^th March 2015

****************************************************
The wage revision of the Bank employees and officers has become due from 

November 2012 as the earlier Five Year Settlement expired on 31.10.2012.  

The charter of demands has been submitted well in time and so far 15 rounds of

bilateral negotiations have been conducted between UFBU (United Forum of Bank Unions),

an umbrella organization of Nine Unions of workmen and officers representing

98% of the work force and IBA (Indian Banks’ Association),

the body of the Management of all the Banks.

So far Five days Strike have been observed in

December 2013 (one day),

Feb 2014 (2 days),

November 2014 (one day) and

relay strike in Dec 2014 (1 day).

National Organisation of Bank Workers - NOBW
Today at 06:01 · 
A deligation of NOBW and NOBO under the leadership of Sri Lakshma Reddy VP B M S today met with Hon'ble Labour Minister and requested for intervention in deadlock of Bank Employees' wage revision.Minister assured to intervene in the forthcoming Conciliation meeting with DLC Mumbai scheduled for 17th Dec and advice the concerned accordingly.

AIBEA circular dt.12.12.2014 says………………..

10^th Bipartite Wage Revision Settlement……………it has been decided that having regard to the various developments around us, it is advisable to conclude the settlement at the earliest and for this purpose a practical approach should be adopted by the Office Bearers / Negotiating Committee while aiming to achieve a reasonable and adequate increase in wages and improvement in service conditions keeping the priorities outlined by our Wages Sub-committee and approved by our Central Committee.

Unfortunately, having regard to the views of different constituents of UFBU, such a position has not emerged so far. In the meantime, besides maintaining an adamant posture in the negotiations, IBA has also written to all the Banks seeking their views on a possible revised mandate which is wrought with serious implications.

…………………..we learn that while UFBU is dealing with the issue, and a meeting of the UFBU is slated to be held on 17^th December to take further course of action, 4 Officers’ Organisations including AIBOA have announced some separate agitational programmes commencing from 16^th December.  Earlier also, one of the constituents had announced separate programmes. We feel such steps would weaken the common endeavours.

……………………..In this background, our AIBEA Office-Bearers are meeting in Mumbai on 19^th & 20^th December, 2014 to take a review of all these disturbing developments and to take appropriate line of action for achieving early and better wage revision.

We are sure that our units will understand, appreciate and co-operate………..

Previous developments:

ALL INDIA BANK OFFICERS’ CONFEDERATION

circular dt. 11.12.2014

Dear Comrades,

 ADAMANT ATTITUDE OF IBA – GOVERNMENT COMBINE

 FURTHER PROGRAMMES TO FOLLOW

 WARM UP EXERCISE TO COMMENCE FROM 16.12.2014

Please refer to the discussions held in Working Committee Meeting of our

Confederation held on 8th December, 2014, at New Delhi, wherein, a decision was taken to

chalk out programmes to intensify our struggle. Accordingly, the undersigned had a detaileddiscussions with other three Officers' Organisations for a common progamme which can be implemented by all the four officers’ organizations.

We are pleased to inform that a consensus has been arrived at for a common programme.

A joint communication has been issued by all four Officers' Organisations in this regard which is appended here in below:

QUOTE:

ALL INDIA BANK OFFICERS’ CONFEDERATION (AIBOC)

 ALL INDIA BANK OFFICERS’ ASSOCIATION (AIBOA)

 INDIAN NATIONAL BANK OFFICERS’ CONGRESS (INBOC)

NATIONAL ORGANISATION OF BANK OFFICERS (NOBO)

` Dated:11/12/2014

TO ALL AFFILIATES/STATE UNITS/MEMBERS

Dear Comrades,

12th November 2014, an All India Stay out Strike by the entire workforce had evoked

no response from all concerned in the Industry. Forced back to the wall, Association/Union

representatives responded to the call of conciliation by Deputy CLC [C] on 01.12.2014 at

Mumbai, maintained a reasonable stand to commence the negotiations by IBA.

Even to facilitate the IBA to eke out an assurance from the Government authorities, we agreed to meet at 16.00 hours after a brief adjournment.

IOB-like job scam

Saturday, December 06, 2014 4:17:03 PM (IST)  

IOB-like job scam bound to happen in banking industry: Union officials

Chennai, Dec 6 (IANS): The alleged job scam in the Indian Overseas Bank (IOB) was bound to happen in the banking industry as such nationalised institutions have been engaging temporary hands across the country without any systematic recruitment, say senior union officials. The union officials said an equal or higher share of blame should be laid at the doors of the bank management for such occurrences. "Even as the banks expanded their branch network there was no systematic recruitment of messengers. Bank branches hired local hands and paid them under the miscellaneous expenses head," C.H. Venkatachalam, general secretary of the All India Bank Employees' Association (AIEBA), told IANS.

UFBU circular dt.05.12.2014

“Revolutionary Salutes to all our constituent Units and the membership in toto – The Relay Zonal Strikes started from 2^nd December 2014 to till date have seen unprecedented success, displaying the anguish and frustrati on of the bank employees, who are being d enied the reasonable wage revision and also the undue delay on the part of IBA in conclusion of the settlement.

We already informed in our earlier circular about the total success of Relay Zonal Strike observed in Southern Zone on 2^nd instant, which had paralysed the banking services throughout the Southern Zone.

We are glad to inform that the Relay Zonal Strikes on 3^rd December in Northern Zone, on 4^th December in the Eastern Zone and today in the Western Zone, have also ended in grand success.

Bank Strike today in South India was a massive success

BANK EMPLOYEES FEDERATION OF INDIA – TAMILNADU 
                                                      (State unit of BEFI)                                                                                       27, V VKoil Street, VellalaTeynampet, Chennai -600086

Phone No. 044 24356932, 24311825. Mobile: 9444052930       
                                                Email Ibefitn@gmail.com                                                                                                                                __________________________________________________________________________________

Press Statement issued by C P Krishnan, General Secretary, BEFI-TN                  02.1202014

Bank Strike today in South India was a massive success

Nearly 2.5 lakhs Bank employees and officers working in nearly 30000 branches
in Public Sector and Private Sector Banks in South India -
Tamil Nadu, Pondichery, Andhra Pradesh, Telengana, Karnataka, Kerala and Lakshdweep -
struck work today at the call of United Forum of Bank Unions (UFBU)
demanding immediate and fair wage revision. 
Bank staff from part time sweepers to the Chief Managers (scale IV) participated in this strike.
Nearly 2.5 crores of instruments amounting to app. 1.75 lakh crores remained uncleared
due to the strike.
The relay strikes will be held in NorthernZone on 03.12.2014, Eastern Zone on 04.12.2014 and western Zone on 05.12.2014 as per the call of the UFBU.

Press Statement issued by BEFI

Press Statement issued on 22nd November 2014 by

Shri Pradip Biswas,

General Secretary, Bank Employees Federation of India, at Kolkata,

On $1 Billion advance by SBI to Adani Group.

*************************

“We have come across reports of State Bank of India (SBI) agreeing to dole out

an astronomical Rs.6200/- Crore to the Adani Group for its $16.5 Billion Coal and Mine Development project in Australia.

The surreptitious character of the deal raises many eye-brows.

Adani Group is already saddled with a total outstanding liability (debts) of Rs.72, 632/- crore, mostly to the Banking Sector,as at the end of September 2014;

addition of yet another dose of Rs.6, 200/- crore would certainly be more than

the last straw on the camel’s back.

Support from political party

BUSINESS LINE
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Yechury backs bank staff plea for wage settlement
Nov 16, 2014 10:24 PM , By Our Bureau | 0 comments

The Rajya Sabha MP and CPI(M) leader Sitaram Yechury has said that he will raise the issue of wage settlement of bank employees in the winter session of Parliament.

Inaugurating the fourth conference of the Karnataka chapter of Bank Employees Federation of India (BEFI) in Mangalore at the weekend, he said the issue of wage settlement has been dragging on for almost two years. (The last settlement between Indian Banks Association and bank unions expired in 2012)

Stating that the NDA Government at the Centre is no different from the previous UPA Government, he said the present government would find ways to delay the settlement. He congratulated the workforce in banks for maintaining unity.

UFBU CIRCULAR No. UFBU/2014/35 dt. 12-11-2014

STRONG SIGNAL TO THE ADAMANT IBA
ALL INDIA BANK STRIKE – A GRAND SUCCESS

We are glad to inform the members that the call of UFBU for One Day Protest Strike today, i.e., 12th November 2014, demanding immediate wage revision, is a grand success true to the saying that "If everyone is moving forward together, then success takes care of itself".

"The strength of the team is each individual member. The strength of each member is the team." We sincerely place on record our highest appreciation and congratulations to the entire membership for the total success of the One Day All India Protest Strike, demanding immediate wage revision. 

UFBU circular on meeting dt.05.11.14

Conciliation meeting held by CLC today No improvement in IBAs offer CLC calls for further meeting on 10th instant UFBU decides to go ahead with the strike

Further to the Strike notice served on the IBA by the UFBU, conciliation meeting was held today in New Delhi by Mr. P.P. Mitra Chief Labour Commissioner, Ministry of Labour, Government of India. IBA was represented by Mr. M.V. Tanksale, Chief Executive, Mr. Unnikrishnan, Dy. Chief Executive and other officials. UFBU was represented by all the constituent unions.

During the conciliation proceedings, the IBA contended that due to the reducing profitability of the Banks, they are unable to accept the demands of the UFBU and stated that for the sake of an amicable settlement, they would be willing to consider improving their present offer provided UFBU agrees to substantially reduce the demands. IBA also suggested that UFBU should defer the strike so that the negotiations may be further continued.

On behalf of the UFBU, we explained the reasonability and justification of our demands and stated that the IBAs offer falls too short of our expectations and hence not at all acceptable. We further stated that looking to the runaway inflation as well as the increasing stress and workload under which bank employees and officers are working now-a-days, we deserve adequate wage revision. We also said that besides improvement in emoluments and service conditions, other demands like 5 day banking, regulated working hours for officers, improvement in pension scheme, extending the old pension scheme to the newly recruited employees, etc. are also needed to be resolved but the IBA is not forthcoming on these issues.

IBA informed that they are willing to continue the negotiations further and appealed to the UFBU to defer the strike to facilitate a better atmosphere. UFBU informed that the strike call has been forced on the Unions due to the unhelpful approach and unacceptable offer of the IBA and reiterated its preparedness for further negotiations provided IBA would come forward with substantial improvement in their offer.

After hearing both sides, the Chief Labour Commissioner suggested that both IBA and the UFBU should take steps to reconcile the differences and reach an amicable settlement. He further advised the IBA to talk to the UFBU to find out how the strike could be averted. He also adjourned the conciliation proceedings to 3-00 PM on 10th November, 2014 for further discussions.

Thus, our demands remained unresolved and UFBU decided to go ahead with the strike. Hence, we call upon all our constituent unions and members to march on to 12th November 2014 strike withouut any let up.

Sd/- M V Murali
Convener

D.A increase from November 2014 to January 2015:
Total 732 slabs (+49 slabs)
Total 109.80% (+7.35%) on B.P+Spl.Allow.+PQP

Dharna at Chennai!

Information received through e-mail

Dear comrade,

There was a massive dharna on (25.10.2014)
between 2.30 pm to 5.30 pm as per the decision of UFBU-Tamilnadu
at Chennai participated by more than 1500 comrades.
The anger of the bank employees and officers was exhibited
through their voluntary participation.

Following comrades represented their respective union/association
and spoken on the ongoing struggle and about forthcoming
strike programme.
 

1. C. M .BASKARAN – G.S of NCBE State unit- convenor- UFBU-TN

UFBU circular st.13.10.2014 says…..

It was also decided unanimously by the UFBU to

withdraw all types of extra co-operation

by workmen/officers with immediate effect and

to boycott all meetings called for by the bank managements

after normal office hours.

The meeting also decided against working

on Sundays and other holidays.

********************

BEFI circular dt.181032014 says……

In addition to the day/date/time-specific programmes conveyed

through our said circular,

UFBU has also decided to withdraw

all types of extra co-operation by workmen/officers

Refer my post “Do not spread rumours!”

All the rumours/news mentioned theirin are proved as fake .
The latest and additional one about “Pay commission“also proved wrong.
I don’t think present day bankers are not so innocent to fall prey to these rumours.
I request the creators of these rumours, please keep away.

On scrutinizing comments in my posts,
We can identify which is genuine concen/comment,
comment out of frustration and which is a comment with hidden agenda.
There are group activities also found with the sole intention of
tarnishing the image of trade unions.

Don’t do harm to trade union activities, if not you could contribute.

I think it is not practically possible for union leaders to visit all FB accounts and blogs and read thousands of comments posted.
For comrades who post their genuine concerns,
I suggest that,you may write letters to your state units of bankwise unions/associations expressing your views and concerns. This may create pressure on unions to take more serious decisions on struggles.
Posting of comments in social media may be an outlet for your frustration, but your direct participation only can make changes.
*********************************
The only rumour left out to be proved is
“One unions is ready to sign for 13.5-14%”

UFBU’S Strike programme:

A one day strike on 12.11.2014 is announced.

Great disappointment!

Selection of date is frustrating!

Regarding second part of strike.i.e., relay strike in different dates

in different regions:

It is a new concept and new attempt.

Logic behind may be more disturbance of banking transactions with least

loss to employees. Absence of clearing house operations in different regions will be felt for all 4 days.

AIBEA circular on Pay commission rumours....................

Scotch rumours of referring our demands to Pay Commission

Defend collective bargaining – Defeat third party intervention

For the past few days, there are reports in some of the newspapers that the Government is thinking of referring the wage revision demands of bank employees and officers to the Pay Commission. 

Some of the papers had carried the name of one Mr. Ashwani Rana of NOBW as the source. 

During the UFBU meeting held at Bengaluru on 13-10-2014, the leaders of NOBW reiterated that NOBW stands for bilateral settlement and not for referring the demands to Pay Commission. 

Further, during this meeting, all the constituents of UFBU firmly reiterated their stand in favour of bipartite agreement and against foisting any tribunal or Pay Commission on banking sector. 

a letter by Com. G V Manimaran of Canara Bank Officer Association/AIBOC

I am reproducing a letter by Com. G V Manimaran of Canara Bank Officer Association/AIBOC (too lenghty) for you.

When I reproduced a letter by Com. CHV/AIBEA some comrades branded me as pro AIBEA. When I commented NOBOW' recent decisions , they branded me anti BJP.
When I commented on certain decisions of UFBU youngster though I am against UFBU. 
This time I may branded as AIBOC supporter.

I want to make it clear here, this page is for sharing of all the news related to bank employees, and offering a platform for comrades to post their views and comments.
I have my own views as everyone of you have .

Off late some group of comrades(some are outsiders also) continuoisly posting views against UFBU and try to diverting attention of youngsters towards their agenda. I have no greivances.
After all they are doing the job assigned to them.
Every union will try to increse their membership using every opportunity.
 It is natural. Let us see how far they succeed.

Regarding hew and cry about reports, only in some Hindi news papers, about Pay commision for Bank employees, let us wait and see how the drama ends.

One more thing , I request comrades to post your views in English so that I can understand your views, as also all employees from Kasmir to Kanyakumari understand it.
Even Com. Rana/NOBW posted something in this page in Hindi.
I requested him to post in English. He has not responded.(but he find time to reply for commed in the same post in Hindi again).
I have waited for two days . No reply came. I have deleted the post. What else I can do ? Without knowing the contents how can I allow a post/comment?

Here is the letter by Com. G V Manimaran/CBOA/AIBOC
****************************************************************

Letter No: 63 from General Secretary

Dear Friends

I have been closely watching the chatting carried out by some of young brothers expressing their deep anguish on wage revision in what's up for the last two days.

While I wholeheartedly endorse the view of the youngsters that we are the lowly paid in the industry and we are deserving for a decent hike in emoluments, I could not appreciate their understanding on the trade union and its policies. I am unable to support their action of using abusive language on the tall leaders who are leading the organisation.

Decision of NOBW Union:

In the back round of UFBU meeting to be held on 13th Oct 2014 at Bangalore, NOBW met at Mumbai today i.e. 10th Oct. 2014 and decided

1) Stick to 25% demand of Wage revision

2) Not to favour of token strike one/two days.

Go for long and indefinite strike.

3) NOBW is open for Pay Commission recommendations for Bank employees. 4) NOBW also demanded to consider Compassionate appointment cases pending before 5th August, 2014

For your reference last strike for wage revision was on 10&11^th of Feb 2014.

i.e when Congress Govt. was in power at center.

After that no strike call was given.

Now, UFBU is getting ready to go for a strike. Dates and number of days will be decided in a meeting on 13.10.2014.

This will be the first strike action against BJP Govt., for wage revision.

At the time of last strike INBOC and INBEF (both affiliated to INTUC/Congress) participated in the strike eventhough Congress was in power that time.

INTUC a congress affiliated central trade union participated in all the struggle programmes with central trade unions like AITUC,CITU,HMS and BMS against anti labour policies of Govt. , even though Congress was in power at center.

1. Coming to NOBW (union affliated with BMS/BJP), in the earler occations, has not opposed to one or two days strike.

   After BJP came to power it is advocating for long/indefinite strike, knowing fully well it is not going to meterialise.

DO NOT SPREAD RUMOURS!

We have read many rumours in the recent past!

Like…….

*Modi has accepted to constitute pay commission for Bank employees and

Accepted to give 2% more than the central Govt. employees!

*Arun Jetly has offered 17.5+1%, if unions accepted for merger of banks.

Unions have rejected the offer!

(With comment: foolish decision by unions)

*One unions is ready to sign for 13.5-14%

* Unions are dragging the talks for more levies!

* Before Diwali good news will come. Govt. is actively working for that!

…. Many more but nothing has meterialised till date.

***************************************

Latest one is spread today by some facebook accounts..………

“AIBOC has decided to strike work independently on 03.11.2014 and 05.11.2014

The effect of strike will be 5/6 days as there are intervening holidays.

As other constituents of UFBU have not come forward for strike,

AIBOC took their own decision”……..

( details of agitation programes with date and strike date also mentioned)

***************************************

Truth is as per AIBOC cir. Dt.09.10.2014

AIBEA'S CIRCULAR ON USING SOCIAL MEDIA AND TECHNOLOGY!

          
dt6th October, 2014

Dear Comrades,

• Need for caution while using communication technology

All of us are aware that advancements in communication technology has opened up lot of scope for quick and faster communications.  We in the trade unions also can and should adopt and utilise these facilities to reach out to our members to inform them of developments, informations and decisions of the organisation in real time.  Already we find that besides using emails for sending our circulars and communications, our units utilise facilities like websites, blogs, SMS, group messaging, Facebook,  Whatsapp, etc. etc.  This has really helped us in percolating informations to down-level members in the branches.......  

................Further, we also observe that in the social media, these utilities are being misused by some people.  We also find that groups have been created in the name of AIBEA and all types of informations and messages are getting shared through the same.  Sometimes, we find that some of the informations are wrong, half-truths, malicious, anti AIBEA, anti UFBU and anti-trade union.  All these only help to add to confusions and create disaffection against the organisation and leadership, etc. in the eyes of common members.  Many persons who are not our members misuse and utilise the platform to abuse AIBEA without knowing facts.  

"Bank Workers Forum" editorial:

                                           

United Forum of Bank Unions is a united platform of bank employees for struggle.                                    

Along with the unity for struggle, struggle for unity is a part of it. 

Many a times we may have to struggle for united actions inside this platform also. 

It is quite natural in a movement where pro-struggle, anti-struggle and struggle-averse elements rally together.

It is true that from the very beginning, UFBU could not react firmly towards the adamant attitude adopted by the bank management.

 UFBU decided for serious agitation for wage revision only after the leaders were forced to rise up to the expectation of the common employees. 

Even after the declaration of strike, the bank management continued their negative attitude.  

Offering a humiliating wage increase to the employees, IBA’s advice to them was to accept their offer, withdraw the strike and sign the settlement.

Obviously UFBU rejected the offer and went ahead with agitation programs.  

But reacting favorably to the offer of the management, one organization wanted to withdraw

UFBU AND AIBOC circular on talks dt 26.09.2014

Text of UFBU circular on Wage revision Talks on 26.09.2014:

Further to the last round of meeting held on 17^th instant, another round of bipartite meeting was held with the IBA today (26.9.2014). 

IBA was represented by Shri Rajeev Rishi (CMD Central Bank of India), Chairman of the Negotiating Committee along with other members of the Negotiating Committee. UFBU was represented by all its constituent unions.

In today's meeting there was a detailed discussion on our demand for 100% reimbursement of hospitalisation expenses incurred by the employees/officers and their family members and the group mediclaim scheme offered by the IBA in response thereto. 

We explained our various apprehensions about the implementation of the scheme and hassle-free reimbursement of claims thereunder. We reiterated that employees/officers should not be required to deal directly with the insurance company or their Third Party Administrators.

IBA has agreed and accordingly clarified that even though employees would be covered by the mediclaim scheme, they would continue to submit their claims to the management as hitherto and the reimbursement would be made by the Banks with the improved benefits of the scheme accruing to the employees. 

IBA also agreed to incorporate the suggestions submitted by the UFBU while finalising the scheme.  Hence a broad in-principle consensus was mutually agreed upon and the final scheme would be worked out accordingly on the above lines.