Government intends to lower its ownership of four Public Sector Banks

In order to comply with the minimum public shareholding requirements established by the stock market regulator, the Central Government is thinking of lowering its ownership of four public sector banks (PSBs) to 75%. The Central Bank of India, UCO Bank, Punjab & Sind Bank, and Indian Overseas Bank are the four banks. According to people familiar with the situation, the government is also drafting a plan for the upcoming round of public sector bank consolidation, which may identify two more banks for privatization. 

In addition to IDBI Bank, the government announced plans to privatize two public sector banks and one general insurance company in the Union Budget for 2021–2022. The government announced earlier this month that Fairfax Financial Holdings, led by Canadian billionaire Prem Watsa, would pay Rs 52,878 crore to purchase a 60.72% share in IDBI Bank. The government wants the nation to have three or four sizable public sector banks in the long run.

Central Bank of India and Indian Overseas Bank May Be Considered for Privatisation

NITI Aayog had reportedly shortlisted Central Bank of India and Indian Overseas Bank as possible candidates for privatisation. However, the government is also examining the future structure of public sector banks as part of its broader consolidation plan.

Government to Reduce Stake in Four Banks

According to a government official, the first step is to increase public shareholding in the four banks over the next year. The banks may raise funds from the market based on their own plans, while the government may sell part of its stake through an Offer for Sale (OFS). The timing and size of the government’s stake sale will depend on market conditions.

The government aims to build three to four large public sector banks. Suggestions for consolidation may come from the banks themselves after considering factors such as technology compatibility, geographical presence and the mix of their businesses. These factors will also be considered when evaluating privatisation proposals.

The government may need to amend existing laws to carry out the privatisation of public sector banks. These changes could include amendments to the Banking Companies (Acquisition and Transfer of Undertakings) Act. The government may take up these legal changes alongside the bank consolidation process.

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BOIOO urged management to address this issue of mandatory Rural Posting for Promotion

 A rural posting is now required by Bank of India in order to advance to Scale III. A number of Scale II officers are unable to apply for promotion to Scale III as a result of these new regulations. Officers have asked bank management to investigate this and change the regulations to make them more applicable. The Bank of India officers' associations have also called on management to deal with this problem.

The BOI Officers' Association questioned management about who is at fault if officers have not completed a rural posting, arguing that workers shouldn't be forced to shoulder the burden if the bank failed to post them to rural areas.

large number of Scale II officers are facing exclusion from the upcoming Scale III promotion process solely because they have not completed mandatory rural service.

The officers argue that the shortfall is not their fault, as they are liable to be posted anywhere at the Bank’s discretion (Regulation 47), and many who requested rural postings in writing were denied by zones due to administrative exigencies.

Under Para 11 of the Transfer & Rotation Policy (Branch Circular dated 04.01.2025), the Bank itself had the mandatory duty (“invariably be posted”) to place officers in rural/semi-urban areas, which Zonal administrations failed to execute.

The association has asked management to ensure strict compliance with Para 11 moving forward, give annual written notice of rural exposure status to officers, and grant an early meeting with leadership before the promotion notification is issued.

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This Bank Wins EASERise 8.0 Data Quality Recognition Award for FY 2025–26

The Indian Banks’ Association (IBA) has announced the EASERise 8.0 Award winners for FY 2025–26. State Bank of India (SBI) secured the overall winner position, followed by Punjab National Bank (PNB) and Canara Bank.

Bank of India (BOI) has achieved a notable recognition by securing the Winner position in the Overall EASE Data Quality Recognition Awards. The award acknowledges the quality of data submitted by public sector banks for EASE assessments, including accuracy, correctness, minimal revisions and timely submission.

Additionally, SBI emerged as the winner in the Innovation and Risk and Resilience themes, while Bank of India secured the First Runner-up position in the Innovation category.

This achievement reflects Bank of India’s commitment to data quality, operational excellence and innovation in banking.

1. Overall Winners

Award Position	Bank Name
Winner	State Bank of India (SBI)
First Runner-up	Punjab National Bank (PNB)
Second Runner-up	Canara Bank

2. Theme-wise Winners

S. No.	Theme	Winner	First Runner-up	Second Runner-up
1	Risk and Resilience	State Bank of India (SBI)	Punjab National Bank (PNB)	Indian Bank
2	Innovation	State Bank of India (SBI)	Bank of India (BOI)	Canara Bank
3	Socio-economic Impact (for Viksit Bharat)	Bank of Baroda (BoB)	Union Bank of India	Canara Bank
4	Excellence	Punjab National Bank (PNB)	Indian Bank	State Bank of India (SBI)

3. Top Improvers

Award Position	Bank Name
1st	Indian Overseas Bank (IOB)
2nd	Punjab & Sind Bank
3rd	UCO Bank

4. Overall EASE Data Quality Recognition Awards

These awards recognise public sector banks for the quality of data submitted for EASE assessments, based on data correctness, accuracy, minimal revisions and timely submissions.

Award Position	Bank Name
Winner	Bank of India (BOI)
First Runner-up	Bank of Maharashtra
Second Runner-up	Central Bank of India

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Rs 575.40 crore Loan NPA in Bank of India(BOI), Account classified as Fraud

The ₹575.40 crore non-performing asset (NPA) account of Future Enterprises Ltd. (FEL), which is promoted by Kishore Biyani, has been designated as fraud by the Bank of India. There is an outstanding balance of ₹575.40 crore in the account. The classification is not anticipated to necessitate any additional provisioning or have an additional effect on the bank's earnings and net interest margins because the bank has already made 100% provisioning for the entire amount. In accordance with SEBI's Listing Obligations and Disclosure Requirements (LODR) Regulations, the bank has also reported the issue to the Reserve Bank of India (RBI). Since FY 2022–2023, Future Enterprises Ltd. has been subject to the Corporate Insolvency Resolution Process (CIRP), which is overseen by the National Company Law Tribunal (NCLT).

Unlike Future Retail, which ran the front-end stores, Future Enterprises was designed to hold the group’s physical assets, manufacturing infrastructure, and critical investments. The company owned the back-end supply chain, logistics frameworks, textile manufacturing facilities, and valuable joint-venture stakes in prominent insurance businesses, specifically Future Generali India Life and General Insurance.

The debt in this account was heavily tied to the group’s massive ₹24,713-crore restructuring package announced in August 2020. Future Enterprises was scheduled to absorb 19 other group entities operating across retail, wholesale, and warehousing operations, before transferring the consolidated retail infrastructure over to Reliance Retail. When the transaction ultimately collapsed in April 2022 due to lack of secured lender support, the underlying debt structures became unsustainable, pushing the account into a hard default.

The path to this fraud classification was driven by exhaustive forensic scrutiny:

Following the default, the consortium of lenders led by Central Bank of India appointed forensic auditor J C Kabra & Associates. This audit followed a Ministry of Finance directive mandating detailed transactional reviews for stressed loan exposures exceeding ₹50 crore.

Concurrently, market regulator SEBI initiated separate forensic audits examining the company’s financial records and high-value Related Party Transactions (RPT) exchanged with sister affiliates like Future Retail, Future Consumer, and Future Supply Chain.

Under RBI guidelines, a commercial bank classifies an NPA account as fraud when independent audits confirm systemic anomalies. These include the misappropriation of funds, criminal breach of trust, manipulation of books of accounts, or routing funds through fictitious/unauthorized third-party entities.

Future Enterprises has been operating under the Corporate Insolvency Resolution Process (CIRP) since 2023. While Bank of India has safely insulated its balance sheet by taking a 100% provision on the ₹575.40 crore, any recovery of this capital now depends on the liquidation of FEL’s remaining investments. Most notably, the company’s premium insurance assets are moving through resolution, with the Central Bank of India emerging as the successful bidder to acquire FEL’s remaining stakes in the Future Generali ventures.

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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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