After having witnessed troubled times in the wake of co-operative bank scam, things are looking up in Gujarat's co-op sector. With deposits in co-op banks in the state soaring to Rs 17,000 crore (Rs 170 billion) in 2007-08 -- up from Rs 14,000 crore (Rs 140 billion) five years back -- the banks are mulling a hike in salaries.
The Gujarat State Co-operative Banks' Employees' Federation has taken up the issue with various banks.
Gujarat State Co-operative Bank, the apex co-op bank in Gujarat, has already hiked salaries by 16 per cent, said Shailesh Shah, General Secreatary, Gujarat State Co-operative Banks' Employees' Federation. The bank has a workforce of 237 employees.
Ahmedabad Co-operative Bank too has given Rs 1,600 hike to their employees. Yet another player, Ahmedabad Mercantile Co-operative Bank, has decided to increase their wage costs by Rs 55 lakh (Rs 5.5 million) per annum. Around 250 employees would be benefited by the decision of the bank.
Another co-operative bank, Saraspur Co-operative Bank has given 15 per cent hike to its employees. Navnirman Co-operative Bank, which has 190 employees is likely to bear additional burden of Rs 20-25 lakh (Rs 2 to Rs 2.5 million)to benefit its employees.
At present, Gujarat State Co-operative Banks' Employees' Federation is in talks with the managements of various co-operative banks. The decision regarding salary hikes would be taken by next week, Shah said.
However, some of the co-op banks which were merged with larger banks may not witness salary revision until three years of the merger is completed, said a co-operative sector source.
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