Latest Update on 5 Days Banking

To find out how the 5-Day Banking implementation was going, an RTI was submitted. For a while now, the implementation has been delayed. While the DFS claims that the idea is being considered, the IBA claims that it is still pending. However, how much time will it take? An RTI was filed to obtain clarification on the issue, but the government declined to offer any updates. No information may be disclosed until the matter is resolved, according to the response.

In addition to refusing to provide any information, the Appellate Authority received an appeal against the RTI reply. The government has not made a firm decision about the introduction of 5-Day Banking, despite numerous debates. For years, workers and unions have been calling for this reform, but the Department of Financial Services (DFS) and the Indian Banks' Association (IBA) are unable to resolve the issue.

Instead of offering a precise date, the government opted to provide evasive and inconclusive responses when the matter was brought up in Parliament earlier. No progress has been made even after over a year. This delay demonstrates a lack of accountability and seriousness toward the banking staff. Such persistent delays beg the question: Why is the government unable to execute a long-overdue reform like 5-Day Banking if it genuinely cares about the well-being of bank workers and increasing industry efficiency?

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Big Relief for Job Aspirant! The 650 CIBIL score requirement for bank (IBPS) jobs has been removed by the government

For those looking for work in banking in India, there is excellent news. For bank positions, the Indian government no longer requires a minimum CIBIL score of 650. In the past, banks had made it mandatory for applicants to meet this CIBIL score requirement in their recruitment notifications.

This rule prevented many applicants from applying for jobs at banks. Some applicants even lost their job offers after passing exams and interviews because their CIBIL score was below the required level. A number of candidates also challenged this requirement in court.

Candidates argued that they wanted jobs because they were financially weak. Many had taken loans due to financial hardships, and because of repayment issues their credit score was low. Some also claimed that their CIBIL report contained errors due to mistakes made by the credit bureau.

The courts, however, observed that banks are financial institutions that deal with public money, and therefore employees must have good financial discipline. According to the court, if a candidate is a loan defaulter, he or she cannot be considered trustworthy to handle public funds. This led to further uproar, and the issue became even more prominent.

Finally, banks have decided to remove the mandatory CIBIL score requirement.

The matter soon gained traction on social media, where users strongly protested against this requirement. Aspirants highlighted that no other government job in the country required a CIBIL score—so why only banking jobs had such a condition.

In the Common Recruitment Process (CRP-XIII) for nationalised banks conducted by IBPS in FY 2023–24 for the recruitment of Probationary Officers/Management Trainees and Customer Service Associates, the condition of maintaining a healthy credit history and a minimum CIBIL score of 650 or above was clearly mentioned.

However, from the FY 2024–25 recruitment cycle (CRP-XIV) onwards, this condition has been removed. Now, candidates are only required to ensure that they maintain a healthy credit history at the time of joining the participating banks. The minimum credit score will be as per the policy of individual banks and may be amended from time to time.

This makes it clear that the earlier rule of maintaining a minimum CIBIL score of 650 has been scrapped. Candidates can now apply freely for IBPS PO Recruitment 2025. This is a major relief for aspirants and a positive step by the banks.

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BOI Classifies Loan Account of Reliance Communications as ‘Fraud’

 

Reliance Communications Limited, its promoter and former director, Shri Anil Dhirajlal Ambani, and its former director, Smt. Manjari Ashok Kacker, have had their loan accounts classified as "fraud" by Bank of India.

The Bank of India has also decided to label the loan accounts of RTL (the company's subsidiary), Smt. Grace Thomas (the former director of RTL and current director of the company), and a few other individuals (named in the RTL Letter) as "fraud." This decision was communicated in a letter to Reliance Telecom Limited (RTL), a subsidiary of the company.

Bank of India approved a 700 crore rupee term loan. As of 07/08/2025, there were 724.78 crores that were still owed. The loan was approved to cover a short-term discrepancy brought on by investments made in the purchase of 3G spectrum and associated capital expenditures. There was no guarantee when the loan was approved.

On June 30, 2017, the borrower's account became non-performing, with Rs 724.78 crores still owed. Although the Bank has been pursuing the borrowers and guarantors to collect the debt, they have not fulfilled their obligations.

Through M/s BDO India LLP, the bank carried out a forensic audit after the account became non-performing. The appropriate authority was presented with the results of the forensic audit. The following observations, findings, and conclusions of the forensic audit have led the competent authority to conclude that there are suspected fraudulent connotations after reviewing the audit:

In accordance with the review letter, Bank of India paid RCOM INR 350.00 Crores in a letter dated October 3, 2016, for "ongoing Capital exp, operational expenditure, repayment of existing liabilities other than related party / shareholder loans."

Loan Diversion: Fixed deposits totaled INR 350.00 crores.

A loan of Rs. 350 Cr was raised by the BOI on March 27, 2015, to cover spectrum fees. MF held the loan amount until April 7, 2015.A loan of Rs. 310.00 Cr was raised by SCB on March 30, 2015. FD was made on April 7, 2015, for a total of Rs. 632.50 Cr (BOI Rs. 350 Cr + SCB Rs. 310 Cr). RCOM obtained an equivalent loan of Rs. 632.50 Cr from BOI in order to pay the DOT Government of India for the Spectrum fees in relation to the aforementioned FD.

FD was liquidated on June 11, 2015, and the Rs. 632.50 Cr BOl loan was paid back. The payment of operational expenses was made with the full amount of the BOI loan.

The sanction letter stated that using the loan funds to invest in fixed deposits was prohibited; therefore, this is regarded as non-compliance with sanction terms of the loan.

Borrower requested that the company is undergoing Corporate Insolvency Resolution Process (CIRP) and thus the account should not be classified as Fraud.

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Bank of India(BOI) eyes listing of mutual fund, life insurance arms

Like other public sector banks like State Bank of India and Canara Bank, which have either investigated or started IPO plans for their subsidiaries, Bank of India (BOI) is thinking about offering its mutual fund and life insurance divisions as the initial candidates for possible market listing.

“We do see our mutual fund and insurance subsidiaries as the most likely to be off the block when the time is right,” said Rajneesh Karnatak, MD & CEO of Bank of India. “But not in this financial year. Our focus right now is on growing these platforms organically, expanding distribution, and ensuring they are strategically aligned with our core banking business.”

Public sector banks (PSBs) were asked by the finance ministry in June of this year to consider listing their subsidiaries on stock exchanges in order to generate revenue from their investment after further expanding their business activities. Before entering the capital markets, BOI is adopting a more methodical strategy, giving scale and value first priority. 

 As of July 2025, 7,62,969 investor folios across 20 equity, hybrid, and debt funds totaled Rs 13,183 crore under managed of BOI Mutual Fund, a wholly owned subsidiary of BOI. The life insurance division of BOI owns a 27.5% share in Star Union Daiichi. The life insurance generated Rs 8,033 crore in net premium income for FY25.

As of July 2025, the life insurance firm held a 3.25% market share among private insurers based on first premiums. Our subsidiaries are strategic levers that enhance our core banking operations and enable us to provide our clients with a full-spectrum financial ecosystem; they are not merely supplementary enterprises. 

 Life insurance and mutual funds are essential components of our client interaction approach and cross-selling strategy, Karnatak stated. In order to unlock short-term value, we are not in a haste to list these subsidiaries. Our priorities are increasing distribution, boosting operational metrics, increasing profitability, and foremost creating embedded value. We will think about listing the companies if we get to a point where they are established and scalable," he continues.

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Bank issues Explanation Call to Branch Manager Over Poor Mobile Banking Registrations

Indian Overseas Bank, a public sector bank, has once again released unexpected news. Due to a "inconsiderably low" number of registrations for its mobile banking application "IOB Connect," Indian Overseas Bank (IOB) has sent an explanation call to one of its branches.

According to the letter, the branch reportedly only registered a small percentage of its overall active customer base.

According to the letter, the bank was unable to comprehend why the numbers were so low, particularly considering that the mobile banking product was operational. The branch was criticized for its "casual approach" and disregard for company directives.

In order to prevent "intentional non-performance," which could result in disciplinary action under OSR norms, the bank has given the branch seven days to improve performance. The letter went on to say that the bank would issue a "charge sheet" against the branch manager if nothing changed.

An important topic has been brought up by this letter once more: Why are Public Sector Banks unable to promote their apps without putting pressure on their employees? Why do they put pressure on workers to meet every little goal?

Millions of people have downloaded fintech apps like Google Pay, PhonePe, and Paytm from the Google Play Store.Despite not having any physical locations, these businesses have amassed millions of users through digital means alone. 

 Why are public sector banks unable to follow suit? Why is it necessary to exert pressure on employees? It is not a good practice to place such strain on employees when branches are already experiencing a staffing shortfall. Banks should prioritize the well-being of their employees while promoting their apps and goods via digital platforms.

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Does State bank of India treat officers of merged associate banks differently? The Telangana High Court received the case

The merger of five affiliate banks with the State Bank of India (SBI) is a significant matter that the Telangana High Court has chosen to consider. A division bench led by Justice G.M. Moinuddin and Chief Justice Aparesh Kumar Singh accepted an appeal submitted by P.T.M. Gopala Krishna and others.

The government orders that were issued during the merger of State Banks of Bikaner and Jaipur, Hyderabad, Mysore, Patiala, and Travancore with SBI have been contested by the petitioners. They maintained that the revised terms of service that were implemented following the merger were arbitrary and unlawful.

They claim that the March 2017 option letters compelled workers to resign or accept the revised terms of employment. They also argued that the top general manager, who lacked the legal authority to establish service conditions, was the one who issued these letters. Only the SBI Central Board was authorized to make such judgments under the State Bank of India Act, 1955. Workers at merging associate banks have complained that they do not receive the same benefits and perks as regular SBI workers.

According to the statement, service jurisprudence is unaware of this so-called choice letter.If a permanent employee or officer disagrees with the new terms and conditions that management has imposed, they cannot be forced to leave. Furthermore, no terms and conditions of service authorized by the Central Board of the Transferee Bank, State Bank of India, are mentioned in the so-called offer of employment letter dated March 29, 2017. Thus, it is evident that CGM lacks the power to unilaterally issue employment offer letters that have not been authorized or approved by the Transferee Bank's Central Board.

It goes on to say that a review of the choices made under Clause No. 3 reveals that Associate Bank employees have experienced hostile discrimination. Probationary officers and trainee officers at SBI will receive four more increments, while those at Associate Banks will not receive those same increments, as stated explicitly in Clause 3(b) of the Annexure to the offer letter. Put another way, there is flagrant and obvious prejudice against probationary officers and trainee officers of associate banks when it comes to raises.

SBI previously purchased State Bank of Indore on August 28, 2010, and State Bank of Saurashtra on August 23, 2008.While acquiring State Bank of Saurashtra, the terminal benefits, pension, gratuity, and Bank’s Contribution to Provident Fund (with interest), were given to them.

As stated in Section 2(a) of the Terms & Conditions of Service Applicable to Officer Employees of State Bank of Indore (SBIN), SBI provided the same terminal benefits, pension, gratuity, and Bank's Contribution to Provident Fund (with interest) to its officers during the acquisition of SB Indore.

As a result, based on previous experience, the officers of the Associate Banks had a right to expect that SBI would provide them with comparable advantages. Their petition had previously been denied by a one-judge panel. The petitioners lacked the legal standing to contest the government's orders, the court had decided. Additionally, it noted that the majority of associate bank executives had willingly switched from the contributory provident fund system to the pension plan.

However, the appellants have now argued that the earlier judgment ignored crucial legal issues and wrongly relied on developments that happened after their case was filed.Taking note of these submissions, the High Court bench has issued notice to the Reserve Bank of India (RBI) and has posted the case for further hearing.

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LIC Assistant Engineer & AAO Specialist Recruitment 2025 Notification, Total 491 Posts

The announcement for the hiring of applicants for the positions of Assistant Engineer (AE) and Assistant Administrative Officer (AAO-Special) has been made public by the Life Insurance Corporation of India (LIC). Below are all the data about this recruitment, including the deadline for applications, eligibility, educational requirements, age restriction, exam format, syllabus, notification PDF, and online application link.

LIC AE & AAO Specialist Recruitment 2025 Overview

Organization	Life Insurance Corporation of India (LIC)
Posts Name	Assistant Engineer (AE) & Assistant Administrative Officer (AAO – Specialist)
Vacancies	491
Pay Scale	RS. 126000/-
Last Date to Apply	8 September 2025
Mode of Application	Online
Official Website	www.licindia.in

LIC AE & AAO Specialist Recruitment 2025 Important Dates

Important Events	Dates
Commencement of on-line registration of application	16/08/2025
Closure of registration of application	08/09/2025
Closure for editing application details	08/09/2025
Last date for printing your application	23/09/2025
Online Fee Payment	16/08/2025 to 08/09/2025

LIC Assistant Engineer & AAO Specialist Recruitment 2025 Education Qualifications

Post Name	Qualification
AAO Specialist	Graduate/ICAI Membership/B.E./B.Tech/MCA/M.Tech in CS/IT
Assistant Engineer	Degree/ Diploma in Related Field

LIC AE & AAO Specialist Recruitment 2025 Vacancy Details

Post Name	Vacancies
AAO Specialist	410
Assistant Engineer	81

LIC Assistant Engineer & AAO Specialist Recruitment 2025 Notification PDF & Apply Online Form Link

Notification PDF	Click Here
Apply Online	Click Here

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Meeting held between UFBU, IBA, Labour Commissioner; Read decision on 5 Day Banking and other issues

Today, August 11, 2025, the Indian Banks’ Association (IBA), representatives of major bank unions, and representatives from the Ministry of Labour & Employment held a conciliation meeting to discuss important issues that affect bank employees, such as hiring, PLI, branch security, and the long-standing demand for five-day banking. The Deputy Chief Labour Commissioner presided over the meeting, which started with a review of the minutes from the June 17, 2025, meeting.

The IBA informed that a meeting on recruitment and PLI was held in Delhi on August 10, 2025, but no final decision was reached. However, both sides said talks were progressing positively and expressed hope of reaching an amicable solution soon.

Regarding employee safety, the Department of Financial Services (DFS) and IBA said they had previously written to state governments, requesting that they take decisive action to stop attacks or threats against bank employees in the future. Although the unions accepted these actions, they maintained that hiring armed branch guards was the only practical way to guarantee bank employees' safety. They cautioned that similar incidents are unlikely to cease in the absence of armed guards.

Union representatives expressed anger and frustration over the government’s inaction on the demand for five-day banking. They said that despite repeated discussions, 5 day banking has not been implemented and warned that they might be forced to announce strike.

It was agreed to hold at least one meeting each month to continue the bipartite discussions on PLI and recruitment. The Chief Labour Commissioner (Central) will get the minutes of these sessions for their records. The IBA would advise bank management to take the necessary actions in response to the unions' requests on the security issue. The CLC(C) has already written to the Secretary, DFS, requesting prompt action on five-day banking. They will send out another reminder to get updates. October 15, 2025, at 11:30 AM, has been set as the date of the next conciliation meeting.

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Financial Results of PSU and Private Banks for Q1FY26

The public sector and private sector banks have released the financial results for Q1FY26. 

Public Sector Bank

Bank	Results
Bank of India(BoI)	Click Here
Punjab & Sind Bank	Click Here
Central Bank of India	Click Here
Union Bank of India	Click Here
Indian Overseas Bank	Click Here
Bank of Maharashtra	Click Here
State Bank of India(SBI)	Click Here
Punjab National Bank(PNB)	Click Here
Bank of Baroda(BoB)	Click Here
Canara Bank	Click Here
Indian Bank	Click Here
UCO Bank	Click Here

Private Banks

Bank	Results
IDBI Bank	Click Here
Kotak Mahindra Bank	Click Here
IDFC Bank	Click Here
HDFC Bank	Click Here
ICICI Bank	Click Here
Indusind Bank	Click Here
YES Bank	Click Here
Bandhan Bank	Click Here
Axis Bank	Click Here

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State Bank of India (SBI) Q1 net profit rises 12.48%

The country’s largest lender State Bank of India (SBI) for the first quarter ended June 30, 2025 reported 12.48% Year on Year (YoY) growth at Rs.19,160 crore due to operational efficiency and treasure gains.

The bank’s Net Interest Income (NII) for the quarter at Rs.41,072 crore decreased by 0.13% YoY. The domestic Net Interest Margin (NIM) for the quarter fell 33 bps and stood at 3.02% as compared with 3.35%. During the quarter the bank’s loan loss provisions increased 9.21% to Rs.4,934 crore.

“The results for Q1 FY206 highlight robustness, continued excellence and significant long term strength,” said C.S. Setty, Chairman, SBI.

“The bank remains well capitalized and our capital adequacy ratio has improved and based on the current profitability and growth trajectory of the bank, we believe we have sufficient headroom to take care requirement of business growth.

“The bank has raised equity capital of Rs.25,000 core during the current quarter, which will support additional loan growth of approximately Rs.2.5 trillion,” he added.

The bank’s advances at Rs.42.5 lakh crore grew 11.61% Y-o-Y with domestic advances growing by 11.06% YoY. While SME advances grew by 19.10% Y-o-Y, Agri advances grew by 12.67% Y-o-Y and Retail personal advances and Corporate advances registered Y-o-Y growth of 12.56% and 5.70% respectively. The bank’s deposits grew by 11.66% Y-o-Y. 

The GNPA reduced 7.34% Y-o-Y to Rs.78,040 crore. NNPA also reduced 7.64% to Rs.19,908 crore.Gross NPA ratio at 1.83% improved by 38 bps Y-o-Y and Net NPA ratio at 0.47% improved by 10 bps Y-o-Y.Provision Coverage Ratio (PCR) stood at 74.49% Slippage Ratio for the quarter improved by 9 bps YoY and stood at 0.75%.Credit Cost for the quarter stood at 0.47%. The Capital Adequacy Ratio (CAR) as at the end of the quarter stood at 14.63%.

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