Bank of Tokyo settles closure dispute

The Employees Union of The Bank of Tokyo accepted the decision of its management to close down the bank's Kolkata branch after they were offered financial compensation for the loss of employment.

On March 29, 2004, a settlement was entered into between the management and the employees union.

The bank closed its Kolkata branch on August 6 , 2002. The central government referred the issue to the Central Government Industrial Tribunal, Kolkata, to adjudicate the matter and decide whether the action taken by the Bank under consequential termination service of 47workers was justified or not.

At the time of closure, the bank offered financial compensation which was not accepted by the All India Bank Employees Association (AIBEA) then. Today's settlement was reached after 18 months.