The wage revision would be applicable with retrospectively with effect from November 1, 2012. Chairman of IBA, T. M. Bhasin told media that the 15 per cent wage revision would cost banks around Rs 4,725 crore per year and the cost would go up to Rs 8,370 crore if the superannuation cost is included.
Besides this, the bank employee will soon now get holidays on second and fourth Saturdays, upon getting approval from the Reserve Bank of India, to which the association appealed.