12th BPS Update: Cost Sheet signed, Bank Salary settlement will be signed soon

A meeting between bank unions and IBA was held on 12th January 2024 regarding the finalization and signing of MOUs related to 12th Bipartite Settlement.

As per the official update, the cost sheet allocating the agreed quantum to various components was signed and ex-gratia for pensioners has also been decided. Soon the agreement will be signed between bank union and IBA.

What AIBOC said?

We are pleased to inform you that we have officially signed the preliminary Memorandum of Understanding (MoU) for the 9th Joint Note. We have a fund allocation equivalent to 17 percent of the establishment expenses for distribution, with a cap of 3 percent on the Basic and Dearness Allowance (DA slabs merged).

While the allocated fund not meet our initial expectations, there is a positive development for pensioners, as they will now receive a long-awaited “ex gratia” amount. Additionally, I would like to highlight that we have obtained a commitment on record to implement the five-day banking before the finalization of the joint note settlement.

AIBOC has, despite the percentage and load falling short of the anticipated levels, agreed to this agreement, considering the broader cause, especially the relief for pensioners and the assurance from IBA regarding the implementation of the five-day banking.

Undersigned, along with Comrade Balachandra PM (President) have signed on behalf of AIBOC and will diligently address any remaining and related issues before finalizing the joint note.