(Image source from: Alternate Saturday off-day for State-run banks})

According to a deal between Employee Unions and the Indian Banks Association, Public sector banks including the country’s biggest lender State Bank of India will remain shut on alternate Saturdays.

"Long pending demand of holiday on second and fourth Saturdays for the bank employees has also been reached," AIBEA General Secretary, C H Venkatachalam said.

Employees were demanding to work for five-days in a week, but the agreement has reached on making every alternate Saturdays as off day. 

The agreement also includes to hike the wages of over 7 lakh public sector bank employee by 15 percent which will be applicable, backdated to November 2012 and will be valid for five years.

Mr.Utagi said the estimated cost for banks as a result of the salary increase will be an annual of Rs.4,725 crore.

The deal comes ahead of the Union Budget session and will help the government avert a four day strike which was planned from February 25.The strike would have paralyzed some of the country’s largest banks, crippling cash transactions.

-Smrutirekha