Hon’ble High Court of Madras has granted a stay on the operation of the understandings of IBA with UFBU on 2nd Option on Pension. Apart from IBA, workmen organisations are also made parties to the suit. According to AIBOC circular unless, the said stay is vacated, IBA cannot issue offer letter on pension. The case is adjourned to 6th July,2010 for final hearing and order.
AIBOC is in constant touch with the IBA and the Convenor of UFBU, to initiate appropriate steps to vacate the stay, at the earliest, to enable IBA to issue necessary instructions to member Banks on the Pension offer.Click on the following link to view circular.