The core committee appointed by Indian Banks Association (IBA) to calculate modalities involved in the proposed wage hike and pension benefits for bank employees is expected to come out with its report within 90 days.

Banks and staff unions had come to a consensus on a 17.5 percent wage hike for the benefit of 702,000 public sector employees.

However, SBI union rejected the proposed hike and demanded a separate wage revision.

"We do not agree with the proposed salary hike for bank employees. The SBI employees demand that the increase should be at par with the salary of the Central government employees,"said AISBOF vice-president SK Haldar.

MV Nair, the Chairman and Managing Director of Union Bank of India, said that he expected the report within three months. Nair is also the chairman of IBA.

Nair, who was in Chandigarh to inaugurate the 10 branch of UBI in the city said, "At present, we have a network of 2,774 branches across India and plan to open 250-300 branches in a year's time. Also, we are going to hire about 2,000 people. In the Northern region, we are planning to add 16 more branches in Punjab and 11 more branches in Himachal Pradesh."