The Dhanlaxmi Bank Officer's Organisation on Thursday called off its agitation, reaching a settlement with the management over various demands, including bonus, increments, pension and trade union rights.
Shares of the Kerala-based private sector bank rose sharply on the Bombay Stock Exchange, closing at Rs 59.30, 8.41 per cent over the previous close.
The officers' body, affiliated to the All India Bank Officers' Confederation (AIBOC), had alleged the management's mismanagement of affairs had led to asset-liability mismatches, pressure on profits and compromising trade union rights. It had launched the agitation in early October.
Denying the allegations, the management had said the profit in the first quarter stood at Rs 3 crore, and the decline was due to mark-to-market losses. It had also said asset-liability mismatches were inherent in the banking business.
The union had alleged the bank had recruited about 3,000 people on a cost-to-company (C-to-C) basis, with clear understanding that these employees would not be part of the trade union.
The talks between the representatives of the union and the bank in November and December were spread over 10 days at Thrissur, where the bank's headquarters are located.
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Elaborating on the settlement AIBOC on Thursday said officers recruited on a C-to-C basis from Scale I-III could shift to the industry pattern. They would also enjoy trade union rights. The bonus and increment denied to 13 officers in 2010 would be paid, along with arrears. Officers who had joined the bank between 2004 and 2010 would get the option of pension.
The union also reached an understanding on issues like the performance management system, future recruitment on the lines of the Indian Banks’ Association, transfers and open-job postings.