Employees of nationalised banks likely to get 15 per cent salary hike

New Delhi: Employees of nationalised banks will get at least 15 per cent salary increase, as per the understanding during the 12th bilateral talks between the Indian Bank Association (IBA), representing bank managements and the employees’ unions. In the previous discussion, IBA offered only a meagre two percent increment.

However, unions argued that over the span of seven years, there has been a 33% growth in transactions, with the country's bank transactions soaring from Rs 136 lakh crores in 2017 to a projected Rs 204 lakh crores in 2023. This period has seen a notable increase in turnover and profits, coupled with a reduction in bad debts (non-performing assets) and loan loss provisions.

However, this surge in business has led to increased workload, exacerbated by understaffing according to employee unions. IBA says banks are hiring new employees to fill the gaps.

Currently, applications are being accepted for 6,615 vacancies across 11 nationalised banks. Compared to 2006-07, a total of 1,11,559 posts have been eliminated, unions said.