Bank employees to strike work on Jan 25

About a million employees and officers from various banks in the country will go on day-long strike on January 25 to protest against the planned merger of associate banks of State Bank of India with their parent bank and press for resolution of their unmet demands including early settlement of wage revision, and extension of one more option to join pension scheme This decision emerged at a meeting of the United Forum of Banking Unions (UFBU) here in the Capital today, according to the UFBU Convenor, Mr C.H.Venkatachalam. The strike call for January 25 coincides with the meeting of the boards of six associate banks on the same date to consider in-principle nod for their merger with SBI. Besides the strike call for January 25, the UFBU has also decided to go for two days of strike on February 25 and 26. “If our demands are not met by then, we will go on an indefinite strike from last week of March 2008,” Mr Venkatachalam said.

SBI hikes rates on deposits of up to 2 years maturity

State Bank of India on Thursday hiked rates on fixed deposits of up to two years maturity. This is the second time in less than a month that the bank is hiking its deposit rates. The interest rates have been hiked by between 0.5 and one percentage point with immediate effect. SBI would now pay 7 per cent on 91-180 day deposits, which is 175 basis points more, and 7.5 per cent on 181 days to less-than-a year deposits, an increase of 100 basis points. It would now offer interest of 8.75 per cent on deposits of 1 year to two years, which is a 50 basis points increase on its earlier maturity slab of 1 year to 549 days and a 25 basis points hike on 550 days deposits.