UFBU Seeks Review of PLI Scheme for Bank Officers, Demands Fair Incentives for All Employees

The United Forum of Bank Unions (UFBU) has urged the Indian Banks’ Association (IBA) to review the Performance Linked Incentive (PLI) scheme for bank officers, highlighting concerns over fairness, uniformity and the exclusion of a section of senior officers from incentive payments.

In a letter dated 9 October 2026, addressed to the Chief Executive of the Indian Banks’ Association, Mumbai, UFBU requested an early meeting to discuss modifications to the revised PLI formula and resolve the matter through mutual consultation.

UFBU Raises Concerns Over the Revised PLI Scheme

According to the letter, the Government advised banks in November 2024 regarding the revised PLI scheme applicable to officers in Scale IV and above. Since then, UFBU has consistently raised objections with the IBA on the following grounds:

• Bilateral discussions: Any change or modification to the scheme should be discussed bilaterally with the unions and associations.

• Collective performance: The fundamental principle of PLI should remain linked to the collective performance of the bank.

• Uniformity: The incentive norms should be uniform rather than creating disparities among officers.

UFBU has welcomed the decision to initiate discussions with the IBA on proposing modifications to the scheme to address the concerns raised by the unions and associations.

20% of Senior Officers Reportedly Received No PLI

One of the major concerns highlighted in the letter is that the revised PLI scheme for officers in Scale IV to Scale VIII for the financial year 2024–25 has already been implemented, and higher incentive amounts have been disbursed to certain officers at a substantial cost.

However, UFBU points out that approximately 20% of officers in Scale IV to Scale VIII have not received any PLI.

The forum argues that these officers have also contributed to the overall performance of their respective banks. Therefore, excluding them from incentive payments raises questions about fairness and the principle of collective achievement.

UFBU Seeks Review of PLI for 2024–25

Pending discussions on modifications to the scheme for 2025–26 and subsequent years, UFBU has requested a review of the PLI already paid for 2024–25.

The demand covers:

• A review of PLI payments made to award staff and officers up to Scale III.

• A review of officers in Scale IV to Scale VIII who did not receive any PLI.

• Consideration of the contribution made by all employees towards the bank’s overall performance.

• Protection of the principles of equity, fairness and uniformity under the existing Bipartite Settlement/Joint Note framework.

Demand for an Early Meeting with IBA

UFBU has requested the IBA to arrange a meeting at the earliest so that the issues can be discussed and resolved amicably and mutually.

The letter has been signed by representatives of major bank unions, including AIBEA, AIBOC, NCBE, AIBOA and BEFI, along with other UFBU constituents.

The PLI issue has once again brought the focus on how performance incentives should be distributed in the banking sector. UFBU's position is that incentives should reflect the collective contribution of employees and follow transparent, fair and uniform principles.

The next step will be the discussions between UFBU and the IBA and whether the concerns regarding officers who received no PLI, along with the requested review of payments for 2024–25, will be addressed.

Stay tuned to Latest Bank Update for the latest developments on banking news, employee issues, PLI, wage-related matters and important updates from the banking sector.

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One of the Unit of Bank of India Officers Association(BOIOA) Announces to pay Rs 2,600 as Gratitude Amount to Members

A ₹2,600 reward has been announced by the Bank of India Officers’ Association (BOIOA), Delhi Unit, for its members who supported the organization during the recent agitation over 5-Day Banking and other unfulfilled demands. The General Secretary of BOIOA Delhi Unit stated in a letter dated October 8, 2026, that members were understandably dissatisfied with the postponement of the strike called by the United Forum of Bank Unions (UFBU). The demand for 5-Day Banking and other unresolved issues were the reasons behind the planned strike. Additionally, the previous agitation program was canceled.

The Delhi Unit said that it had also sought clarification from AIBOC/UFBU regarding the reason of strike deferment, but till now UFBU has not explained the reason of strike deferment.

The association appreciated the trust, commitment and support shown by its members during the difficult period. It said that members demonstrated courage, discipline and a strong sense of responsibility, which reflected the spirit of unity, commitment and organisational solidarity among its members.

The Executive Committee of BOIOA Delhi Unit, in its meeting held on October 8, 2026, has decided to provide a gratitude amount of ₹2,600 to each eligible member, except the office bearers of the Delhi Unit. The amount is being given as a token of appreciation to members who remained firm in their support for the organisation and the Delhi Unit during the struggle.

This amount is being paid as the bank employees were called to work on Sunday – 27 September 2026. The Government had ordered to open all banks on 27 September for convenience of customers, as strike was scheduled from 28 to 30 September 2026.

The association said that the amount cannot compensate for the support, commitment and sacrifice made by its members, but it is a humble gesture to recognise their contribution and loyalty to the organisation.

BOIOA Delhi Unit also said that although the strike has been deferred, its struggle and spirit remain undeterred. The association assured members that it would continue to protect their interests, rights and dignity and would raise their collective voice before the concerned authorities and responsible forums.

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Compensation to Officers for working on 27th Sep,2026

 

The Indian Banks' Association (IBA) has been asked by the United Forum of Bank Unions (UFBU) to compensate officials who worked on Sunday, September 27, 2026, with one day's salary. IBA has consented to accept this demand and bring the matter up for approval at its upcoming Managing Committee meeting, according to UFBU.

Officers who reported for duty on September 27, a Sunday and holiday, are the subject of the demand. For the officers who worked on that day, the bank unions are requesting remuneration equal to one day's compensation.

The Indian government ordered banks to stay open on Sunday, September 27, 2026, for the convenience of customers, despite the proposal that the three-day strike take place from September 28 to September 30, 2026.

Bank employees across India had to report to work on Sunday. Normally, officers who work on a Sunday receive ₹2,000 as compensation, while bank clerks are paid an amount equal to twice their one-day salary.

But bank employees demanded that they should be paid their normal one-day salary for working on that day.

UFBU said it was hopeful that the issue would be taken up in the forthcoming Managing Committee meeting and receive the necessary approval. After approval, the member banks of the IBA can be advised to make the payment to the eligible officers.

The letter was jointly signed by representatives of the major bank unions under the UFBU, including AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF and INBOC.

The development is significant for bank employees who were required to work on September 27 despite it being a Sunday holiday. However, the letter indicates that the payment is still subject to approval by the IBA Managing Committee.

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Thieves Break Into Bank of India(BOI) Branch , Escape Without Stealing Money

Thieves committed a daring crime in the safe zone of the district Saraikela-Kharsawan in Jharkhand.

At midnight on Friday, thieves broke into the Bank of India branch at the district headquarters, which is directly behind the offices of the Superintendent of Police (SP) and Deputy Commissioner (DC).

The incident happened on Friday nite at around 12:30 a.m. Using a rod, two robbers gained access to the bank's main grill. CCTV footage shows that one of the robbers had covered his face with a vest and was only wearing his underwear. The second thief had a vest covering his face and was dressed in shorts. The robbers entered the bank and made an unsuccessful effort to crack the lock on the front cupboard.

The two thieves heard the sound of people moving outside the bank and fled from the bank. The two thieves remained inside the bank for about half an hour, then fled the scene without stealing anything. On Saturday morning, when local villagers noticed the lock on the bank’s main grill was broken, they immediately informed the Saraikela police and the bank manager.

People have raised questions over the security of Bank. This bank branch had no security guards. The bank management had left the security of lakhs of rupees to just two CCTV cameras.

Bank should improve the safety of its branches. The cases of Bank robbery are increasing day by day.

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Fire breaks out at Bank Of India(BOI) Office, brought under control

 

A major fire broke out on the sixth floor of the Bank of India building at Pune’s Shagun Chowk on Monday morning, damaging office equipment, electrical wiring and other material. No one was injured in the incident, fire brigade officials said.

The Pune Fire Brigade control room received a call about the fire at around 10.11 am, following which seven fire tenders and three water tankers were rushed to the spot from the Central, Kasba, Erandwane, Naidu and Kondhwa fire stations.

Fire brigade personnel found that the fire had broken out in an approximately 80-by-80-foot hall on the sixth floor of the RCC building located on the busy Laxmi Road. The building had been evacuated immediately after the fire was detected.

The hall had been divided into four offices using plywood partitions. A battery backup room was also located in the premises. According to the Fire Brigade, computers, tables, chairs, air-conditioners, electrical wiring, batteries, printers, photocopying machines and other office material were extensively damaged in the fire.

The firefighters assessed the risk posed by the fire, particularly given the busy location and the presence of adjoining buildings. They used hose lines, breathing apparatus, ropes, and exhaust blowers to contain the fire and prevent it from spreading to other parts and floors of the building or neighbouring structures.

It took the fire brigade nearly an hour to bring the fire under control. According to security personnel present at the building, the fire broke out in an air-conditioner in an office on the sixth floor. A security guard initially tried to extinguish the fire using a fire extinguisher. However, after realising that the fire could not be brought under control, the fire brigade was alerted.

The fire brigade said there was no permanent fire-fighting installation at the premises. However, fire extinguishers, a fire alarm system and a detection system were found at the site. Personnel from the Pune Municipal Corporation’s disaster management and building departments, police and the Maharashtra State Electricity Distribution Company Limited were also present at the site.

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UFBU STRIKE DEFERRED — UNDERSTANDINGS REACHED - A FORWARD MOVEMENT ON FIVE-DAY BANKING, PLI AND RESIDUAL ISSUES

 

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5-Day Banking Update: IBA–UFBU Meeting Held on 27 September 2026; Proposed Strike Action Deferred

The United Forum of Bank Unions (UFBU) and the Indian Banks’ Association (IBA) held a meeting on 27 September 2026 to discuss key issues concerning bank employees and officers, including the long-pending demand for 5-day banking, the Performance Linked Incentive (PLI) scheme and other outstanding demands.

According to UFBU Circular No. 2026/32 dated 27 September 2026, the meeting concluded with decisions to initiate further discussions on the pending issues. In view of these developments, UFBU has agreed to defer its proposed agitation programmes and strike actions.

Key Outcomes of the IBA–UFBU Meeting

1. High-Level Committee on 5-Day Banking

The implementation of 5-day banking was a key issue raised by the UFBU leadership. The unions emphasised that their demands should be addressed on a priority basis, particularly the implementation of a five-day working week in banks.

It was decided that a high-level committee comprising representatives of IBA and UFBU would be formed immediately to deliberate on declaring the remaining Saturdays as holidays.

The committee will examine possible alternatives, consult all stakeholders and work towards a mutually acceptable solution, keeping customers’ interests in view.

2. Discussions on the PLI Scheme

The meeting also discussed the Performance Linked Incentive (PLI) scheme applicable to Scale IV and above officers.

It was agreed that discussions could begin with IBA to propose modifications to the Government in the existing scheme, taking into account the observations and concerns raised by the unions and associations.

3. Resolution of Other Pending Issues

The meeting further agreed that the residual issues listed in the minutes dated 8 March 2024 would be discussed between the parties for an expedited resolution.

Both sides acknowledged the contribution of bank employees and officers to the growth of public sector banks and the wider banking industry.

4. Proposed Strike and Agitation Deferred

In view of the decisions taken during the meeting and the proposed discussions on outstanding demands, UFBU has agreed to defer the proposed agitation programmes and strike actions.

The development indicates that further dialogue between IBA and UFBU will take place to resolve the pending issues.

Who Attended the Meeting?

The IBA Negotiating Committee was represented by its Chairman, Shri Rajneesh Karnatak, MD & CEO of Bank of India, along with other senior representatives from Bank of India, Punjab National Bank, Indian Bank and State Bank of India.

UFBU was represented by leaders from its constituent organisations, including AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBOC and INBEF.

What Does This Mean for Bank Employees?

The formation of a high-level committee on 5-day banking is an important development in the ongoing discussions between IBA and UFBU. However, the final implementation of 5-day banking has not yet been announced.

Bank employees and officers will be looking forward to the committee’s discussions and a concrete decision on the remaining Saturdays as holidays.

The outcome of the upcoming discussions will be significant for employees, customers and the banking sector as a whole.

The IBA–UFBU meeting has opened the way for further negotiations on 5-day banking, PLI reforms and other pending demands. UFBU has deferred the proposed strike action, and employees will now await the outcome of the discussions and the next steps towards implementation of 5-day banking.

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Government never agreed to 5-day work week for banks, facts being twisted: Official sources

A finance ministry official stated prior to the United Forum of Bank Unions' (UFBU) three-day strike scheduled for September 28–30 that the government never agreed to a five-day workweek for banks because this crucial demand has not been fulfilled.

"During the most recent pay discussions, the five-day workweek was never agreed upon. It was never used as a bargaining chip. The official, who wished to remain anonymous, stated, "They (bank unions) are distorting the facts."

In a letter dated September 22, the All India Bank Officers’ Confederation said there had been no response to this demand “which was agreed and signed in March, 2024 under the last wage revision settlement”. The letter added that officials from the Indian Banks’ Association (IBA) had informed union representatives that the issue of five-days banking is “under consideration by the Government”.

Currently, bank branches are open on the first, third, and fifth Saturdays of every month.

IBA has accordingly recommended to the Government. The due changes in the working hours, will be effective after approval by the Government of India and necessary clearances from Government / Reserve Bank of India,” the Settlement said.

However, the finance ministry official asserted the government had not agreed to a five-day work week, although a lot of other concessions were made.

“The IBA didn’t want to go beyond an 11% hike in the wage negotiations, but the government intervened and a hike of 17% was announced. Even on the issue of family pension, the IBA was not keen but the government said that post-retirement, they will be on the other side, and they should not fight it,” the source said, adding that the performance-linked incentive (PLI) scheme had been kept on hold for the current financial year following opposition.

Announced in November 2024, the PLI scheme for public sector banks’ employees faced intense pushback and was called “discriminatory” because it was only for Scale 4 officers and above. According to bank unions, the scheme is divisive, demotivating, and distortionary.

With the three-day strike that begins on Monday in mind, the government on Wednesday said public sector banks and regional rural banks will function as normal on September 27, Sunday. The decision, the Ministry of Finance said, was being taken to ensure “genuine banking needs” of the public are not hindered for an extended period.

With September 26 being a non-working Saturday for banks, the three-day strike would have led to banks being shut for five days in a row.

The RBI has given its approval for all bank branches, offices, ATM-linked branches, and currency chests to remain “fully operational” on Sunday, the finance ministry further said on Wednesday.

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This Bank announces compensation for employees working on Sunday

Compensation for workers on Sunday, September 27, 2026, has been announced by Union Bank of India. Due to the impending strike from September 28–30, 2026, Union Bank of India has instructed all branches to stay open on Sunday. 

According to Union Bank, all officials who are called to official work on Sunday, September 27, 2026, will be eligible for compensatory off-the-pocket expenses of Rs. 2000 due to the opening of branches and offices as described above. Compensatory off is the first of these two advantages, and out-of-pocket payments may be offered in extraordinary circumstances where compensatory leave is not practical due to public emergencies.

The Compensatory Off or Out of Pocket Expenses shall be provided only to Officers, who had worked minimum 6 hours on that particular day.

Further, Award Staff, who are working on 27.09.2026, will be eligible for payment of Overtime Allowance as per Bipartite Settlement

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RBI authorizes banks to open on Sunday

The Reserve Bank of India has authorized the opening of banks on Sunday, September 27, 2026. IBA had asked the RBI for approval to open banks on Sunday. RBI stated that you have our permission to maintain bank branches, offices, ATM link branches, and currency chests fully functioning on Sunday, September 27, 2026, in order to ensure that the public's legitimate banking needs are not negatively impacted for an extended duration. 

In this regard, the banks can be recommended to make sure that pertinent legal obligations are followed. The RBI has granted permission for bank employees to go on strike from September 28 to September 30, 2026. Since September 26 and 27 fall on the fourth Saturday and Sunday, respectively, banks will be closed.

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Latest Update on Bank Strike for 3-Day from September 28–30

The United Forum of Bank Unions (UFBU) has decided to proceed with its proposed three-day nationwide bank strike on September 28, 29 and 30, 2026, following a conciliation meeting convened by the Ministry of Labour on September 22.

The decision was communicated through UFBU Circular No. 2026/26 dated September 22, 2026, issued to all affiliated unions and members.

According to the UFBU circular, a conciliation meeting was conducted by the Deputy Chief Labour Commissioner (Dy. CLC), Ministry of Labour, Government of India, in New Delhi. Representatives of UFBU, the Indian Banks’ Association (IBA), Department of Financial Services (DFS), and bank managements participated in the meeting.

During the meeting, UFBU reiterated its demand for the implementation of 5-Day Banking, which, according to the union, was agreed upon and signed in March 2024 under the last wage revision settlement.

The IBA informed the meeting that the PLI scheme for Scale IV officers and above has been kept in abeyance as per Government instructions and that the matter would be discussed further at the bipartite level.

Regarding 5-Day Banking, IBA stated that the issue is currently under consideration by the Government and appealed to UFBU to reconsider and defer the strike.

Representatives of the DFS, Ministry of Finance, also stated that the Government is considering the 5-Day Banking issue and needs to take into account the views of various stakeholders before arriving at a decision. DFS therefore requested UFBU to defer the proposed strike and continue discussions.

UFBU stated that it had expressed its strong protest against what it described as measures by managements and other authorities intended to discourage employees and officers from participating in the strike.

The union also raised concerns regarding alleged pressure on Scale IV and above officers and Probationary Officers, stating that such measures should be avoided.

UFBU further informed the authorities that if there is any concrete and positive development towards implementation of 5-Day Banking, the federation would consider the same.

However, in the absence of such a development, UFBU stated that it would proceed with the proposed strike.

Following the conciliation meeting, UFBU has called upon all its affiliated unions and members to implement the three-day strike on September 28, 29 and 30, 2026.

The development keeps the possibility of disruption to banking services during the three-day period, although the impact on individual branches and banking services will depend on participation and applicable arrangements.

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Gold Loan Scam of more than one crore in Bank in Uttar Pradesh

At the Federal Bank's Rajnagar branch, fraudulent gold loans totaling around ₹1.46 crore have been discovered. The jewelry pledged in 20 loan accounts was found to be fraudulent during a bank inquiry. Rubik Fintech was used to refer 17 of these accounts. In every instance, the valuer is the same. Six people each borrowed gold from two accounts. The bank filed a report, and the Kavinagar police station has opened a case against 18 suspects.

Shazia Bano, the senior manager of the bank, has lodged a police report. Delhi Gate resident Deepanshu Bansal went to the Federal Bank branch in Rajnagar with an unidentified individual to obtain a gold loan by surrendering gold jewelry.

Harsh, a representative of Rubik Fintech, was with him. Gold loan appraiser Deepak Dhalla verified the item as authentic. But after reexamining the jewelry out of suspicion, bank authorities discovered it was a fake.

Bank employees attempted to stop the two men, but they fled. The bank reportedly has CCTV footage of the incident. Following this, the bank investigated other gold loan accounts.The investigation revealed that a member of Deepanshu Bansal’s family had previously taken a gold loan from the same branch. Subsequently, an investigation into the relevant accounts began. Investigations by bank officials and another independent appraiser revealed that the gold pledged in several accounts was fake.

The bank has alleged that Rubik Fintech executives Harsh and Anurag Singh sourced a large number of suspicious accounts. It also casts doubt on the role of Gold appraiser, Deepak Dhalla, who certified the jewellery as genuine.

The cases have been registered against Dipanshu Bansal, Mayur Bansal, Shahzad Khan, Siddharth Pandey, Alibin Hussain, Vikas, Kavita, Waseem Abbas, Ashwani, Mukul Kumar, Sahil Singh, Ankur Rajput, Dharamveer Ram, Mausim Khan, Kaifi Nauman, Harsh, Deepak Dhalla and Anurag Singh.

The bank’s complaint states that loans totaling ₹1.46 crore were disbursed to 20 accounts.

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Bank of India Jaipur Robbery: ₹42 Lakh Looted at Gunpoint Outside Branch

A robbery took place outside a Bank of India branch near Akshay Patra Chauraha in Jaipur, where two armed miscreants allegedly looted ₹42 lakh in cash from bank employees before fleeing on a motorcycle.

According to the newspaper report, the incident occurred on Monday morning, September 14, 2026, shortly after the bank reopened following a three-day holiday.

As per the report, two men arrived outside the Bank of India branch on a motorcycle. They allegedly pointed pistols at bank employees Cashier Meenakshi and employee Jyoti, who were carrying cash.

The miscreants reportedly snatched the bag containing the cash and escaped within around two minutes. The report states that the robbers had their faces covered and attempted to prevent anyone from stopping them.

The report states that the bank employees had withdrawn cash from a machine and were preparing to take it inside the branch. Around ₹42 lakh was reportedly taken during the incident.

The machine reportedly had a capacity to hold around ₹50 lakh in cash.

Police are examining CCTV footage from the bank and surrounding areas. According to the report, the suspects were seen near the bank at around 10:40 AM and allegedly carried out the robbery shortly afterward.

The footage reportedly shows the suspects fleeing on a motorcycle after the robbery. Police control room officials were informed at around 11:07 AM.

A significant development mentioned in the report is that one suspect, identified as Shankar, had allegedly been conducting reconnaissance around the bank for nearly three months.

Police are reportedly investigating whether he had previously worked as a daily-wage worker at the bank and was familiar with the movement of cash and the employees involved.

The investigation is underway, and police are examining CCTV footage from the bank and nearby locations to identify and trace the accused.

₹42 lakh was allegedly looted from Bank of India employees outside a Jaipur branch. Two armed suspects reportedly fled on a motorcycle as police investigate CCTV footage and a possible three-month reconnaissance operation.

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Bank of India(BOI) Branch Manager Accused of Demanding ₹2 Lakh for Subsidy, Customer Alleges Threats

A complaint has reportedly been filed against the Branch Manager of Bank of India’s Khujner Branch, Prashant Bikoniya, and his brother, alleging that a customer was asked to pay ₹2 lakh for the release of a subsidy amount.

According to the complaint filed by Keval Singh, a resident of Limboda village, the complainant alleged that ₹2 lakh was demanded from him in connection with the release of his subsidy. He further claimed that he was allegedly threatened that the subsidy would be allowed to lapse if the demanded amount was not paid.

The complaint also alleges that on the night of 25 August, the Branch Manager and some other persons allegedly reached the complainant’s residence and took him along with them. He has further alleged that his mobile phone was taken and checked and that he was taken in a car towards Chatukheda before being released later.

Following the incident, the complainant reportedly fell unwell and was taken to the Government Hospital, Khujner, where his blood pressure was recorded as 185/133 mmHg, according to the documents referred to in the complaint.

The complainant has sought an impartial investigation into the alleged incident, including the allegations of threats and being taken away, and has requested that his eligible subsidy amount be released as per applicable rules.

The allegations made in the complaint have not been independently verified at this stage. The response of Bank of India management and the police investigation will be important in establishing the facts of the matter.

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Newly Joined Clerk in PSU Bank Salary in 2026: Salary Slip, Basic Pay, Allowances & Take-Home Salary

A newly joined Public Sector Bank (PSU Bank) Clerk can expect a salary comprising Basic Pay, Dearness Allowance (DA), House Rent Allowance (HRA), Transport Allowance and other applicable allowances.

The salary slip shown above provides an example of a June 2026 salary structure for a Customer Service Associate (Clerk) in a Public Sector Bank. The actual salary may vary depending on the bank, posting location, stage of pay, allowances and individual deductions.

PSU Bank Clerk Salary Slip – June 2026

According to the salary slip, the employee's Gross Salary is ₹48,990, while the Net Salary credited is ₹45,096.41.

The Basic Pay of ₹26,730 forms the core component of the salary, while DA, HRA, transport and special allowances add to the monthly gross earnings.

The total employee deductions reflected in the slip are ₹3,893.59.

The slip also displays a DCPS Bank Contribution of ₹5,050.63 separately. This is shown as a contribution and should not be added to the employee's total deductions when calculating the net salary.

Net Salary

After applicable employee deductions, the salary slip shows:

Gross Salary: ₹48,990.00

Total Employee Deductions: ₹3,893.59

Net Salary:₹45,096.41

Thus, the employee receives approximately ₹45,096 as take-home salary for the month shown in the example.

Important Note for Newly Joined PSU Bank Clerks

The salary shown in this example should not be treated as a fixed salary applicable to every newly joined bank clerk. Actual salary can differ based on factors such as:

* Bank and applicable Bipartite Settlement

* Pay stage and increments

* Posting/location

* HRA and other location-based allowances

* Special allowances

* Professional tax and other statutory deductions

* Pension/NPS/DCPS-related contributions

* Other individual deductions

Therefore, candidates joining a PSU bank should check their appointment terms and the latest applicable salary structure for an accurate estimate.

The example salary slip demonstrates that a PSU bank clerk's monthly salary can include several components beyond Basic Pay. In this June 2026 example, ₹48,990 gross salary translates into ₹45,096.41 net salary after employee-side deductions.

Disclaimer: This post is based on the salary slip shown in the accompanying image and is intended for informational purposes. Salary components and amounts may vary from employee to employee and from bank to bank.

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Government Puts PLI Payment to PSB Executives on Hold for FY 2025-26

The Government of India has decided to keep the payment of Performance Linked Incentive (PLI) to executives of Public Sector Banks (PSBs) in abeyance for the financial year 2025-26, until further orders.

The decision has been communicated by the Department of Financial Services (DFS), Ministry of Finance, through a letter dated September 7, 2026, addressed to the Chairman of State Bank of India and the Managing Directors & CEOs of all Nationalised Banks.

According to the DFS communication, the decision relates to the Performance Linked Incentive (PLI) Scheme for Whole Time Directors and Senior Executives of Public Sector Banks, which was issued by the Department vide its letter dated November 19, 2024.

The Government stated that representations had been received from bank employees regarding the PLI scheme. After considering the matter, it has been decided that:

“The payment of PLI to the Executive of PSBs (Scale IV to VIII) for FY 2025-26 shall remain in abeyance until further orders.”

Importantly, the Government has also stated that the issue will be taken up during the ongoing discussions for the 13th Bipartite Settlement / 10th Joint Note.

This indicates that the matter concerning PLI for executives in Scale IV to VIII could become part of the broader discussions between the banking industry and employee organisations.

A copy of the DFS letter has also been sent to the Chief Executive, Indian Banks’ Association (IBA), Mumbai, indicating that the banking industry body has been formally informed about the decision.

The development is significant as bank employees and their organisations have raised concerns regarding the existing PLI structure and its distribution among different categories of bank employees.

With the payment for FY 2025-26 now kept in abeyance, the issue is expected to receive further attention during the ongoing 13th Bipartite Settlement/10th Joint Note discussions.

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Bank Unions Reject IBA’s Appeal: 11th September Strike to Go Ahead as Planned

The United Forum of Bank Unions (UFBU) has decided to proceed with and intensify preparations for the proposed nationwide bank strike on 11th September 2026, stating that there was no positive outcome from the meeting held with the Indian Banks’ Association (IBA).

UFBU said that the meeting was held following the strike notice served on the IBA over various pending demands of bank employees and officers.

No Positive Outcome in Meeting with IBA

During the meeting, IBA Chief Executive A. K. Goel reportedly appealed to UFBU to defer the strike, stating that a strike in the banking sector could disrupt economic activities and banking services. The IBA also indicated that the issues raised by the unions could be addressed through bilateral discussions.

However, UFBU maintained that the issues raised in the strike notice are important and cannot be brushed aside any further.

A major issue highlighted by the unions is the long-pending demand for 5-day banking.

UFBU stated that, based on an assurance from a senior Department of Financial Services (DFS) official that the issue was receiving priority attention at the Government level, the unions had deferred their earlier strike calls scheduled for 24th and 25th March 2025.

According to the unions, however, there has been no further development on the issue since then.

The unions also raised concerns regarding the Performance Linked Incentive (PLI) scheme. They stated that the issue had been discussed with IBA in September 2025 based on the advice of the Central Labour Commissioner (CLC), and suggestions for modification of the scheme were submitted to DFS.

UFBU alleged that there has been no positive response to its suggestions, while the Government/DFS has directed banks to implement the existing PLI scheme for Scale IV officers and above, despite the matter being pending before the CLC.

Apart from 5-day banking and PLI, UFBU pointed out that several residual and pending issues remain unresolved.

In view of the lack of a definite outcome, UFBU stated that it was not possible to defer the strike call.

The United Forum of Bank Unions has accordingly called upon all its constituent unions and members to go ahead with the programmes and intensify efforts to make the 11th September 2026 strike successful.

The development is significant for the banking sector, particularly as 5-day banking, PLI and other pending employee-related issues continue to remain major demands of bank unions.

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Bank of India(BOI) Cashier Accused of Rs 45 Lakh Cash Shortage

 

Hitesh Ningwal, a cashier at the Bank of India branch in Bagh, is the subject of a formal complaint regarding an alleged cash deficit of approximately ₹45 lakh. The complaint was submitted on Monday by the bank manager. Later, Ningwal reportedly turned himself in to bank personnel and was brought to the police station.

Heeru Singh Rawat, the manager of Bagh Station, reported that the cashier had taken the bank locker keys with her. After then, the bank obtained a duplicate key from its local office. On Tuesday, the duplicate key was used to access the locker. When officials checked the cash and documents, they discovered a shortfall of about ₹45 lakh.

The cash balance was ₹45 lakh less than what was recorded on Saturday, the bank told the police. Hitesh Ningwal is the subject of a police case for fraud and embezzlement. The inquiry is presently in progress.

On Sunday nite, Ningwal reportedly drove his automobile from Indore to Khalghat. He reportedly went to a relative's home in Nimrani after feeling ill, where he slept and took medication. On Monday, he woke up late.

While returning to Bagh on Monday afternoon, he was standing near his car in Khalghat. An employee of Bank of India’s Khalghat branch reportedly saw him and knew that he was wanted in connection with the case. The employee called the emergency number 112, after which Ningwal was taken to the police station.

Bank officials, including LDM Balram Bairagi, inspected the Bagh branch throughout Monday. After the inspection and verification, the bank manager lodged the FIR at the police station.

Police are now investigating the alleged cash shortage and the circumstances surrounding the missing ₹45 lakh.

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₹7.4 Crore Goes Missing from Currency Chest in Saharanpur, Uttar Pradesh

 

At a Punjab National Bank (PNB) currency vault in Saharanpur, Uttar Pradesh, a shocking cash scam has been discovered. Counterfeit notes are said to have taken the place of currency notes worth Rs 7.4 crore. 

A Special Investigation Team (SIT) has been established to look into the matter, and police have filed a formal complaint against bank officials and private persons. Arun Kumar Chaubey, a PNB nodal officer, filed a complaint, which led to the case being registered at the Sadar police station. 

Senior divisional manager Ravi Kumar and currency chest managers Sushil Sharma and Amit Kumar are listed as the main suspects in the FIR. A cash remittance submitted to the Reserve Bank of India (RBI) on August 10 was found to be short by Rs 4.36 lakh, which led to the discovery of the disparity.

The RBI has subsequently ordered a detailed audit of the currency chest. The final tally of fake currency is still being verified as counting continues

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IBPS RRB Notification 2026 Out: 13,706 Vacancies, Apply Online

The notification and online applications for the positions of Clerk (Office Assistant), Probationary Officer (PO), and Officer Scale 2 & 3 in the participating Regional Rural Banks (RRBs) nationwide are released annually by the Institute of Banking Personnel Selection (IBPS). The IBPS RRB official notification PDF for FY 2026–2027 said that 13706 positions would be filled through this recruitment. 

The online application link for the open positions is available at www.ibps.in from September 1 to September 21, 2026. The page explains the entire recruitment process, which varies depending on the position.

The official advertisement for IBPS RRB recruitment 2026 (CRP RRBs XV) has been published officially for PO, Clerk, and Officer Scale 2 & 3 posts to be filled for 28 participating banks. For more details about IBPS RRB 2026, go through the table below.

IBPS RRB Recruitment 2026 Overview
Organisation	Institute of Banking Personnel Selection (IBPS)
Exam Name	CRP-RRBs-XV
Posts	Clerk, Officer Scale -1, 2 & 3
Vacancies	13706
Mode of Application	Online
Registration Dates	September 1 to 21, 2026
Exam Mode	Online
Recruitment Process	Officer Scale 1: Prelims, Mains, Interview  Office Assistant: Prelims and Mains Officer Scale 2 & 3: Single Exam, Interview
Participating Banks	28
Official website	www.ibps.in

Various Posts in IBPS RRB Recruitment 2026

• Office Assistant (Clerk)
• Officer Scale – I (PO)
• Law Officer (Grade – II)
• Law Officer (Grade – II)
• General Banking Officer (Scale - II)
• Agriculture Officer (Grade – II)
• Chartered Accountant (Grade II)
• Marketing Manager
• Treasury Manager
• IT Officer (Grade II)
• Officer (Grade III)

IBPS RRB 2026 Official Notification PDF 

The online registration dates have been released along with the notification pdf, and the exam dates has been announced with the exam calendar. Candidates preparing for the IBPS RRB 2026 exam must bookmark this page for all important dates.

Activity	Dates
IBPS RRB Notification 2026	August 31, 2026
Online Application Starts on	September 1, 2026
IBPS RRB Apply Online 2026 Ends	September 21, 2026
Last Date to pay the Application Fee	September 21, 2026
Edit Window for Candidates to Modify/  Correct Application Form (including online payment for Edit)	After closure of Registration

IBPS RRB Vacancy (CRP RRBs XV)

The post-wise and category-wise vacancies for the IBPS RRB Recruitment 2026 (CRP RRBs XV) exam have been announced, along with the notification PDF. This year, 13706 vacancies for the RRB Office Assistant and Officer Scale-I, II & III posts have been released.

Posts	Total Vacancies	UR	SC	ST	OBC	EWS
Office Assistant (Clerk)	8,183	3,452	1,252	770	1,914	803
Officer Scale I (PO)	4256	1752	627	318	1139	420
Officer Scale II - General Banking Officer (GBO)	666	292	96	44	171	63
Officer Scale II - IT Officer	182	79	24	13	48	18
Officer Scale II - Chartered Accountant (CA)	81	39	14	6	17	5
Officer Scale II - Law Officer	46	28	3	2	10	3
Officer Scale II - Treasury Manager	18	19	5	3	8	3
Officer Scale II - Marketing Officer	16	15	--	--	2	1
Officer Scale II - Agricultural Officer	38	9	1	2	3	1
Officer Scale III (Senior Manager)	220	105	29	14	55	17
Total	13,706

Recruitment 2026 Notification PDF & Apply Online Form Link   

• Download Notification PDF
• Click Here to Apply Online

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