"In today's meeting IBA improved their initial offer from 5 per cent to 9.5 per cent on pay slip cost. In view of this, it has been decided to defer the January 20-21 strike," United Forum of Bank Unions Convener C H Venkatachalam told PTI.

General Secretary of National Organisation of Bank Workers, Ashwini Rana,, said the next meeting with Indian Banks' Association (IBA) will be held on January 27.

Staff of public sector banks had gone on a one-day nationwide strike on December 18. The unions had gone on strike as discussions with IBA on wage revision on December 14 failed. IBA had stated that they would be able to offer an increase of 5 per cent over the wage expenses.

The wage revision of public sector bank employees is due from November 2012. United Forum of Bank of Bank Unions is an umbrella organisation of nine bank employees and officers unions.

There are 27 public sector banks in the country with employees strength of about 8 lakh. There are about 50,000 branches of these banks across the country.

PTI