Bank unions take realistic view, sign MoU on turnaround plan

SBI Caps is in the process of formulating the turnaround plan for the banks

Nearly ten banks have signed a memorandum of understanding (MoU) with unions to formalise a turnaround pact. Earlier, the unions had laid out the condition that they would sign the MoU only after the details of the turnaround plan were discussed with them.

Deviating from the earlier stand, the unions have now signed a MoU with a clause stating that employees and officers' unions would be consulted before implementing the plan. Redefining the age-old management and union relationship, while unions are becoming more accommodative, banks are now more transparent in their dealings with the unions.

In the recent days, bank