India, April 27 -- Finance Ministry has asked public sector banks to initiate the process of negotiations for the 13th Bi-partite settlement in a time-bound manner and finalise it in the next 12 months.

The wage revision for employees and officers of public sector banks would be due from November 1, 2027.

Public Sector Banks (PSBs) and financial institutions, including insurance companies revise wages of their employees every five years.

As part of the settlement, the Indian Banks' Association (IBA) is expected to engage in dialogues with the employees' unions/associations and arrive at a mutually agreeable wage settlement.

As the timely conclusion of the settlements is essential for maintaining industrial harmony, the Department of F...