**Kindly address all your queries relating to interpretation of regulations / provisions of Officers' Service Regulations and Bipartite Settlement directly to your respective banks.

IBA has constituted a negotiating team headed by Shri Harbhajan Singh, Deputy Chairman of IBA and Chairman & Managing Director, Allahabad Bank. The process of negotiations of the Seventh Bipartite Settlement which was initiated in May 1998, culminated as a Memorandum of Understanding on 11th March, 1999 at Mumbai. In the MOU, IBA has agreed to an overall wage increase of 12.25% including the cost of superannuation benefits, of the wage bill for the financial year 1996-97 for both workmen and officers of all participating banks. While the settlement would be effective from 1.11.1997, the benefits will be phased over a period. Negotiations for working out the details are in progress, in case of award staff. In case of officers, a joint note was signed on 14.12.1999.