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COIMBATORE, March 25

THE Employees Unions and the Officers Associations of Indian Bank signed an agreement with the management on March 9, extending `total support' and commitment for implementing monitorable reform measures.

The agreement is pursuant to the Finance Minister's announcement of a grant of Rs 1300 crore towards recapitalisation. Since the proposed recapitalisation is subject to the management entering into MoU with the Government for achieving the targets under the revival plan, the unions and associations representing employees and officers entered into a `back-to-back' agreement with the management for achieving the targets.

While assuring the management of their total support and giving it a free hand in the implementation and achievement of various business parameters, the unions and associations have, on the question of wage revision, agreed to consider a deviation, if any, as and when a wage revision took place at the industry level.

On the issue of arrears, the agreement stated that the discussions for the remaining arrears would be taken up after April 2002, upon finalisation of the results for the current fiscal.

Transfers and redeployment would continue as per administrative business requirements having regard to policies/settlements in force from time to time.

To meet the growing competition and increasing expectations of the customers, the parties to the agreement accepted that the management could pursue the process of computerisation and technology upgradation. All the employees and officers agreed to pursue austerity measures and strengthen the management's efforts towards curtailment of establishment expenses.

These include deferring availment of leave fare concessions up to March 31, 2003, discounting claim on overtime wages and closing allowance and various other restrictions. The management, on its part, recognised the efforts and involvement of all the staff members making it possible to achieve the business parameters under the restructuring plan.

Besides, it expressed deep concern over career aspirations and expectations of the employees and officers of the bank and promised to take all efforts towards proper placement and career progression of its staff. The agreement is to be in force for a period of two years.

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