Bank strike called off; Minutes of Understanding to be signed

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New Delhi, Feb 25 (UNI) The two-day nation-wide Bank strike which was to begin today has been called off following an understanding between the Indian Banks Association(IBA) and United Forum of Bank Unions.

Minutes of Understanding in this regard are being signed this afternoon in the Office of the IBA in Mumbai.

Mr C H Venkatachalam, convenor of the UFBU, told UNI the Minutes of Understanding relating to the manner in which the Unions and managements will proceed further on the demands of the employees.

Last evening, Mr Venkatachalam and other Union leaders said the formal talks between IBA team, lead by IBA CHairman B N Rao had collapsed and the strike was on.

But the matter did not rest there and the IBA kept in touch with the Union leaders throughout the night.

"At around 0400 hrs it was decided to call off the strike and sign the Minutes of Understanding," Mr Venkatachalm said.

He said he was in Mumbai to sign the Minutes and added that he was awake throught the night.

Subsequently, the indefinite strike call beginning March 14 also stands withdrawn, Mr Vekatachalm said.

The call for the strike was given by UFBU, the umbrella organisation of all the nine unions representing bank workmen and officers. The delegation of the Unions was led by Mr Venkatachalam.

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