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Brief
The Industrial Disputes (Banking and Insurance Companies) Act, 1949
The Act aims to provide for the adjudication of industrial disputes concerning certain banking and insurance companies having branches or other establishments in more than one State. The Act extends to the whole of India except the State of Jammu and Kashmir.
Key provisions of the Act include:
- Prohibition of references by State Governments for adjudication, inquiry, or settlement
- Abatement of proceedings relating to disputes pending before State tribunals and reference of such disputes to tribunals constituted by the Central Government
- Powers of the Central Government to refer disputes in respect of which awards or decisions have been made for adjudication
The Act repeals the Industrial Disputes (Banking and Insurance Companies) Second Ordinance, 1949.
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