A tribunal has the right to pass an award or order in a matter before it for adjudication. The banking sector promotes the economic power of the country but at the same time several disputes are related in this field. The internal problems between the staff and the management of a banking institution are normally settled between them according to the bye laws provided for the banking company. The dispute which cannot be settled inside the banking company is put forward before the competent authority. Industrial dispute Tribunals are established for the purpose of adjudicating the disputed matter by competent authority.
The industrial dispute banking companies’ decision act of 1955 was enacted with the aim to modify or regulate the decision made by any labor appellate tribunal. It was enacted by the parliament were it states that the act will be known as the industrial dispute banking companies decision act 1955 in the short title. The act contains six sections. Several subsections are also provided in important sections. The recommendation of the bank award commission also emphasis the application of the act in decisions made on appeals. The definition clause clearly states the appellate decision on 2 (a), award in 2(b), and award commission in 2(c). According to section 2(c) a bank award commission is a person authorized by the notification of the central ministry of labor giving the power to enquire and to report the disputed matters. The modification order defined in section 2(d) any appellate adjudication is subject to changes or amendment in accordance with the recommendation of the bank award commission. This specified in section 3 of the act.
The modifications done as per the 9th chapter of the report of the bank award commission the banking companies established under the former state of Travancore – Cochin was subject to modification. The insertion of modification of certain title came into effect on 1st January 1955 as the catholic Syrian bank limited and south Indian bank limited of ‘c’ class was modified as catholic Syrian bank Trichur and south Indian bank, Trichur respectively. Several modifications were done on other banks which are stated in section 3 sub clause 2(2) of the act.
The arrears payable to the workmen is stated as it should be paid to them in equal installments. Section 3 is renumbered by the virtue of Act 40 of 1957 specifying the procedures to be adopted while paying the arrears to the workmen. Sub section 5 relates to the power of central government to make changes in the dearness allowance by publication of notification in gazette as recommended in chapter 9, report of bank award commission. The value of allowance will decrease or increase as per the rise and fall in the cost of living index. The duration of the award is stated in section 4 of the act. The modification stated in section 3 shall remain only till the day of 31 March 1959 according to section 4. By virtue of section 6 of the act central government is empowered to remove any hindrance in any modification made on any decision as per section 3 of the act by referring the matter to a single member of an appellate tribunal of industrial dispute instituted by virtue of act of 1950. Central government has the power to bring the matter before the tribunal through official gazette notification. The tribunal has the absolute right to take decision on the disputed matter after giving reasonable opportunity of fair hearing to both the parties and the decision is conclusive and parties are bound by the decision or finding taken by the tribunal.