Chennai, Jan 5 (IANS): Unions in the banking sector and the Indian Banks Association (IBA) will continue their wage negotiations Tuesday in Mumbai, said a top union official.

"In the conciliation meeting held today by the central chief labour commissioner at Delhi, IBA said it would hold negotiations with UFBU (United Forum of Bank Unions) tomorrow (Tuesday) at Mumbai to find an amicable solution," C.H. Venkatachalam, general secretary the All India Bank Employees Association (AIEBA), told IANS over phone from Delhi.

He said UFBU agreed to attend the Mumbai meeting.

"Further course of action depends on the outcome of tomorrow's (Tuesday) meeting with IBA," he said.

Venkatachalam also told his members to be ready for a strike Wednesday if the talks do not yield any positive results.

Unions in the banking sector under the umbrella organisation UFBU have announced a five-day strike this month demanding early resolution of their wage hike negotiations.

The UFBU has decided to go on strike Jan 7 which will be followed by four days of continuous strike Jan 21-24 and an indefinite strike from March 16.

The UFBU includes AIBEA, National Confederation of Bank Employees, Bank Employees Federation of India, Indian National Bank Employees Federation, Indian National Bank Officers Congress, National Organisation of Bank Workers, All India Bank Officers Association and National Organisation of Bank Officers.

Bank unions are hoping for a breakthrough in their wage talks.

The unions have demanded a wage hike of 23 percent whereas IBA has proposed 11 percent hike.

Earlier, Venkatachalam told IANS that the unions would consider climbing down from their demand if the management comes up with a better offer and agrees to some of their other demands.