DoT panel on long distance telephony
New Delhi: The department of telecommunications has set up a special committee to evaluate the recommendations of the Telecom Regulatory Authority of India (Trai) on opening up the long distance communication sector – subscriber trunk dialling – to private operators. The new telecom policy prescribes that DoT should open up long distance telephony to private operators by 1 January 2000. The committee will be headed by the member (production) of the telecom commission. DoT and Trai have divergent views on the issue. 
Back to News Review index page

IDBI gets funds from Finnish bank
Mumbai: The Industrial Development Bank of India has secured a $50 million credit from Nordic Investment Bank of Finland. The loan with a nine-and-a-half year tenor has been priced at 110 basis points above the London inter-bank offered rate. IDBI is expected to use the funds for its lending activities to finance imports from Nordic countries or to help set up joint ventures or licence agreements with companies in that region.

An agreement was signed by the two banks in Mumbai.  
Back to News Review index page

Bank officers’ unions sign wage pact
Mumbai: The Indian Banks’ Association signed an agreement with four bank officers’ associations – All India Bank Officers’ Confederation, All India Bank Officers Association, National Organisation of Bank Officers and the Indian National Bank Officers’ Congress  -- for wage revision. According to the agreement, wages will be revised upwards by 12.25 per cent for a period of five years from 1 November 1997. Nearly 2.4 lakh bank officers will benefit from the wage revision. IBA said payment of arrears in respect of the three weak banks, Uco Bank, Indian Bank and United Bank of India, may have to be rescheduled by these banks in consultation with the respective officers’ associations. While the largest workers’ union, the All India Bank Employees’ Association is likely to sign the pact, there are several other unions, which want the delicate pension issue to be settled before they sign the agreement. 
Back to News Review index page

Bank strike deferred
Mumbai: The proposed all-India bank strike on 17 December has been deferred, an All India Bank Employees Association press release said. The association will participate in the next round of conciliation proceedings on 28 December after which it will take a decision on a course of action. The association participated in a round of talks with the Indian Banks’ Association at the instance of the regional labour commissioner in Mumbai.  
Back to News Review index page