SERVICE conditions of bank employees in the country were first codified in the Sastry Award at the industry level in 1952 and subsequently amended in the Desai Award in 1958. The era of bilateral discussions commenced in 1966. The first bipartite settlement was arrived on October 19, 1966, between the Indian Banks’ Association (IBA) and trade unions of bank employees. The latest in the series, the 11th bipartite settlement, was signed on November 11, 2020, with retrospective effect from November 1, 2017.