Government directs public sector banks to complete wage revision negotiations within 12 months. The 13th Bi-partite settlement for PSB employees and officers will be effective from November 1, 2027. The Department of Financial Services has instructed banks to initiate discussions with employee unions through the Indian Banks' Association to finalize mutually agreeable wage agreements. This five-year wage revision cycle is critical for maintaining industrial harmony in the banking sector. Timely completion of negotiations ensures wage revisions take effect on the scheduled date, preventing delays seen in previous settlement processes. The directive emphasizes that consequential regulatory amendments must also be completed before the implementation date to streamline operations across public sector banks.
