Govt asks PSBs to finalise next wage revision before Nov 1

New Delhi: The finance ministry has asked the heads of public sector banks to finalise the modalities for timely implementation of the next pay revision from November. 
 
There are 21 public sector banks, post merger of six lenders with SBI, in the country. They together employ about 8 lakh people. In a communication to CEOs and MDs of the state-owned banks, the ministry advised them to initiate the steps for smooth conclusion of next wage revision of the employee within the time-frame. 
 
"However, it is seen that several banks are yet to proceed in the matter," it said, requesting the PSBs to "look into the matter and conclude the next wage revision prior to the effective date ofNovember 1, 2017".

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