Propositional modal logic with implicit modal quantification

Propositional term modal logic is interpreted over Kripke structures with unboundedly many accessibility relations and hence the syntax admits variables indexing modalities and quantification over them. This logic is undecidable, and we consider a variable-free propositional bi-modal logic with implicit quantification. Thus $[\forall] \alpha$ asserts necessity over all accessibility relations and $[\exists] \alpha$ is classical necessity over some accessibility relation. The logic is associated with a natural bisimulation relation over models and we show that the logic is exactly the bisimulation invariant fragment of a two sorted first order logic. The logic is easily seen to be decidable and admits a complete axiomatization of valid formulas. Moreover the decision procedure extends naturally to the `bundled fragment' of full term modal logic.