The IBA refused to raise the 10 per cent wage hike offer while the forum did not budge an inch from its demand of a 18 per cent hike. Curiously, IBA secretary MN Dandekar said the association was not "rigid" in its stand and All India Bank Employees Association (Aibea) general secretary Tarekeswar Chakraborti was willing to come down from the 18 per cent wage hike demand.

The unions will meet immediately after the strike to take stock of the situation. The IBA management committee will also meet in March to chalk out the strategy to counter the unions. The unions have threatened to go on an indefinite strike in March.

A marathon conciliation meetings held at the behest of the regional labour commissioner Shivarama Krishna failed to thrash out thedifferences between the warring camps. Even the central labour minister Satyanarayan Jatiya's intervention also did not yield any result.

The conciliation meeting was preceded by the IBA management committee on Wednesday morning where bank chairmen made it clear that the industry could not afford a higher wage hind beyond 10 per cent.

IBA secretary MN Dandekar told The Financial Express, "The management committee has reaffirmed its ability to offer only a 10 per cent hike. This is the maximum amount that the industry can dole out as wages."

The UFBU was prepared to climb down from its demand. However, with IBA sticking to its 10 per cent offer, the union leaders refused to spell out to what extent they can come down. "The IBA should indicate how much it can offer beyond 10 per cent and then only we can continue the discussion," Chakraborti of Aibea said.

The IBA chairman AT Paneerselvam had earlier told The Financial Express, "it is impossible for the bank managements to give anythinghigher than a 10 per cent rise. If they go ahead with the strike the managements will go on the offensive."