Four bank officers' unions led by All India Bank Officers' Confederation (AIBOC) on Sunday blamed the Indian Banks' Association (IBA) for derailing finalisation of the wage revision process for over four lakh bank officers under the recent wage settlement announced in July this year.

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The other three officers' unions are All India Bank Officers' Association (AIBOA), Indian National Bank Officers' Congress (INBOC), and National Organisation of Bank Officers (NOBO).

After three years of intense negotiations, bank employees' unions and IBA, on July 22, agreed for an annual wage hike of 15 per cent, which would be applicable from November 1, 2017.

All the parties were required to finalise the wage settlement within a period of ninety days from July 22, 2020.

"On October 17 abruptly without any rhyme or reason, IBA informed their inability to conclude and ink the joint note pertaining to officers' wage revision with effect from November 1, 2017. The lame reason cited by them was not signing the costing exercise with the workmen unions," AIBOC said in the release.

The IBA could not be reached for a response.

AIBOC in a release said representatives of bank officers' unions and the IBA met on August 24th, September 10th and October 12th to conclude the wage revision process for bank officers.

Both the parties again met on October 15th and 16th to finalise the wage revision process, the release added. It was mutually agreed that the signing ceremony would be held on October 18, it further said.

Following the delay in finalising the wage revision process, the four bank officers' unions have asked their members for withdrawing extra cooperation to the banks management, restricting work up to 6 pm, avoiding official work on Sundays and holidays.

The new wage revision would entail an additional yearly outgo of Rs 7,898 crore for the banks.

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Out of the total corpus, Rs 4,513 crore was the share of officers to be distributed under various heads for the benefit of all officers, the release said.