ING Vysya Bank Staff Threaten To Go On Strike On 7 January

Demanding protection of their interests following ING Vysya Bank’s merger with Kotak Bank, employee unions of ING Vysya Bank have threatened to go on strike on January 7, 2015.

SA Sridhar of the ING Vysya Bank officers' association has sought signing of a ‘tri-partite agreement’ between Kotak Mahindra Bank (KMB), ING Vysya Bank and employees. "We have an apprehension as the new management at KMB does not have a Union and believes in outsourcing its work. What will be the fate of our employees after the merger?" Ramkrishna Reddy, general secretary of the employees union said.

ING Vysya employees and officers want internal memorandums of understanding (MoUs) to continue even after the merger. They also want perks and benefits decided by the Indian Banks Association (IBA) to continue.

Kotak Mahindra Bank spokesperson Rohit Rao said, "The merger process entails as per the Banking Regulation Act, approval of the shareholders and thereafter approval from the RBI in addition to CCI's approval. All protection related to employees have already been captured in the scheme of amalgamation which upon approval by RBI, Kotak Mahindra Bank shall fully standby and are obligated to comply with including sections relation to employees job security, wages, pension, gratuity etc."

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