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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Indian Overseas Bank(IOB) Specialist Officer Recruitment 2026 Notification Out for 291 Posts


Under Advertisement No. HRDD/RECT/04/2026-27, Indian Overseas Bank (IOB) has published the official recruitment announcement for Generalist and Specialist Officer positions in multiple grades, including JMGS-I, MMGS-II, and MMGS-III. A total of 291 positions, including Manager (Branch Management), Manager (IT), Senior Manager (Credit), and other roles, are up for grabs.


On August 28, 2026, the IOB Specialist Officer (SO) Recruitment 2026 announcement was made public. Candidates who meet the requirements can apply online starting on August 29.


Important Dates

Important EventsDates
Commencement of online registration of application29/08/2026
Closure of registration of application15/09/2026
Closure for editing application details15/09/2026
Last date for printing your application30/09/2026
Online Fee Payment29/08/2026 to 15/09/2026

Vacancy Details

There are a total of 291 vacancies for this recruitment. Post wise vacancies are as given below.


IOB Specialist Officer Recruitment 2026 Notification PDF & Apply Online Form Link   

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Public Sector Banks More Efficient Than Private Lenders: EAC-PM Study

 


Public Sector Banks (PSBs) have emerged as more efficient than private sector banks in recent years, challenging the common perception that private lenders consistently outperform their government-owned counterparts.A working paper by the Economic Advisory Council to the Prime Minister (EAC-PM) has highlighted a significant improvement in the efficiency of public sector banks, particularly during the last three years.


## PSB Efficiency Rises Sharply


According to the study, the efficiency of Public Sector Banks improved to 93.12% in FY26, compared with 72.46% in FY20.


The study attributes this improvement to factors including **capital infusion, technological upgrades, rationalisation of business operations, branches and employees, and greater digitalisation.


The paper noted that PSBs were relatively more efficient than private banks during most of the study period, with the exception of FY19-FY22.


 Study Covers 47 Banks

The working paper, authored by Soumya Kanti Ghosh, part-time member of EAC-PM and Group Chief Economic Advisor at State Bank of India, along with Tapas Kumar Parida, economist at SBI, analysed the performance of 47 banks during FY15 to FY26.


The study covered:

*12 Public Sector Banks

*21 Private Sector Banks

*14 Foreign Banks


Together, these banks account for more than **95% of the assets of India's banking system**.


The study measured banking efficiency on a scale of 0 to 1, with the results expressed in percentage terms.


## Private Banks Also Show Improvement


The improvement was not limited to PSBs. The efficiency of private sector banks increased to more than 86% in FY26, compared with around 78% in FY20.


However, foreign banks recorded relatively stable efficiency levels of around 83–85% during FY20 to FY26.


The study observed that the performance of PSBs has been in a better position compared with private banks, particularly during the most recent three-year period from **FY24 to FY26**.


## SBI Leads Among Public Sector Banks


Among Public Sector Banks, State Bank of India (SBI) emerged as the strongest performer in the full FY15-FY26 sample period, recording an efficiency score of 97.49%.


It was followed by:

* Bank of Maharashtra – 90.49%

* SBI – 97.49% among PSBs


Among private sector banks, HDFC Bank recorded an efficiency score of 97.54%, followed by IDBI Bank at 96.51%, according to the study.

Among foreign banks, HSBC and JP Morgan recorded the highest scores.

Over the full FY15-FY26 study period, JP Morgan and HSBC ranked first, followed by Citibank, HDFC Bank, and SBI.


## What Is Driving the Change?

The improvement in PSB efficiency reflects the transformation taking place across India's banking sector.


Several factors have contributed to this change:


* Capital infusion and stronger balance sheets

* Technology upgrades and digital banking

* Rationalisation of branches and employees

* Greater operational efficiency

* Business restructuring and consolidation

* Increased adoption of automation and data-driven systems


The study suggests that the traditional perception of PSBs being less efficient than private banks may no longer accurately reflect the current banking landscape.


Banking Is Entering a New Phase

The EAC-PM paper also highlighted that the Indian banking sector is likely to undergo significant changes in the coming years.

Artificial Intelligence (AI), hyper-personalisation, automation, data security and digital customer experiences are expected to become increasingly important.

Banks are likely to move from reactive customer service towards more proactive and personalised engagement, particularly as younger customers increasingly expect digital-first banking services.

The paper suggests that banks will increasingly focus on data-driven customer experiences, AI-based services, automation and robust data security.

The latest findings provide an important perspective on the changing competitive landscape of Indian banking.

With PSB efficiency rising from 72.46% in FY20 to 93.12% in FY26, the performance gap between public and private sector banks appears to be narrowing—and, in several recent years, PSBs have performed better on efficiency measures.

The transformation of Public Sector Banks through technology, capital strengthening, operational reforms and digitalisation could play a crucial role in making them more competitive and customer-focused in the years ahead.

Hence, India's Public Sector Banks are not just becoming stronger—they are becoming more efficient.

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UFBU Announced Strike against new PLI Scheme


A strike against the new PLI program has been announced by the United Forum of Bank Unions (UFBU). The whole banking sector is contesting the Punjab & Sind Bank's decision to credit PLI to senior executives at Scale IV and higher. Scale 1 to 3 will only receive PLI up to Rs. 50,000, whereas Scale IV and above will receive PLI up to Rs. 20 lakh. Because Scale 1 to 3 officers perform the majority of the labor in banks, while Scale 4 and higher officers are primarily assigned to controlling offices, bankers refer to this as discriminating.


All India Strike on September 11, 2026, All India Strike on September 28, 29, and 30, 2026, and Indefinite Strike starting on October 26, 2026 have all been proclaimed by UFBU.


According to UFBU, the government is viewing our significant demands and concerns negatively. PLI would be extremely expensive and disproportionately more expensive for Scale IV police and higher than for all other employees and officers. Everyone will receive more than 20 times the maximum PLI of 15 days. The police will be severely divided as a result.

Agitation Programme of UFBU

DateDayProgramme
24 – 25 Aug.Mon, TueExplaining the programme to the rank and file and mobilising them
24th Aug to 10th Sep• Working strictly as per rules and procedures and withdrawal of all extra co-operation
• Adherence to regular working hours, no work before or beyond scheduled hours.
• Exit from all official WhatsApp groups
26th Aug.WedServing strike notice
27th Aug.ThuMass Demonstrations in all centres and towns all over the country
28th AugFriBlack Badge wearing
30th AugSunTwitter/X campaign
1st Sept.TuePress meet at Delhi
3rd Sept.ThuPoster campaign
8th Sept.TueBadge Wearing
11th Sept.FriAll India Strike
14 – 24 SeptDharna in all State Capitals
24th Sept.ThuDemonstrations in other centres (other than State capitals)
25th Sept.FriPress release in all State capitals
26,27 Sept.Sat, SunMeetings and preparatory campaign
28,29,30 SeptM,T,WAll India Strike
7th OctWedDemonstration in all centres
10th OctSatTwitter/X campaign
22nd OctThuDemonstration in all centres
24, 25 OctSat, SunMeetings and preparatory campaign
From Oct.26MonINDEFINITE STRIKE




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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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Bank of India(BOI) DGM Sentenced to 10 Years in Jail in Bank Fraud Case by CBI Court


In a bank fraud case, the CBI Court in Chennai found six people guilty and sentenced them to rigorous imprisonment for ten years. These individuals included two private individuals, Smt. O.P. Thamarai Poo and P. Thandapani, and four public employees, N. Venkatachalam, then DGM, Bank of India, M. Sivakumar, Record Clerk, Sholinganallur Taluk office, T. Dasarathan, VAO, Pzhavanthangal, Govt. of Tamil Nadu. 


Additionally, the CBI fined them a total of Rs 2.70 crore. On May 19, 2010, the case was filed in response to a Bank of India complaint.


Bank said that the prime accused E Muthuswamy and others in conspiracy with the officials of Bank of India misappropriated the funds of the bank dishonestly and fraudulently availed various credit facilities by submitting false and fabricated documents and thereby cheated the Bank to the tune of Rs.238.97 Lakh.


On December 28, 2011, the CBI issued a chargesheet against twelve individuals, five of whom were public servants and seven of whom were private citizens. Following the trial, the court found the aforementioned six accused individuals guilty and punished them.


In CC 18/2016, the case against one Public Servant V. Umapathy, Suspended Senior Draftsman, Land and Survey Department, has been divided. During the trial, four private defendants—E. Muthusamy, A. Vincent, K. Srikanth, and Smt. M. Jothi—died, and the allegations against them were dropped. Smt. Lavanya, one of the defendants, was found not guilty.

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Bank of India(BOI) gets AAA rating from Infomerics


Infomerics Ratings has given Bank of India(BOI) a AAA grade. Infomerics has reiterated its IVR AAA/Stable long-term rating on the Bank of India's (BOI) Basel HI Compliant Tier-II Bond Program.With a 73.38% interest as of June 30, 2026, GOI remains BOI's largest shareholder, offering substantial comfort in terms of ownership and prospective support.  


Net profit rose by almost 14% to Rs 10,527 crore from Rs 9,219 crore, while operating profit improved by around 4% year over year to Rs 17,049 crore in FY26 from Rs 16,412 crore in FY25. A decrease in provisions before tax of about 22% to Rs 3,103 crore, which reflected ongoing improvements in asset quality and lower credit costs, bolstered the increase in profitability.


The domestic NIM remained comparatively stronger at around 2.78% as on March 31, 2026. Management indicated that it intends to support margins through higher-yielding RAM and MCLR-linked advances, increased mid-corporate lending and reduction in the cost of deposits. The earnings momentum strengthened further in Q1FY27, with operating profit increasing by around 26% y-o-y to Rs 5,051 crore and net profit increasing by around 36% to Rs 3,068 crore.


ROA improved to 1.01% from 0.82% in Q1FY26, while the cost-to-income ratio improved significantly to 46.33% from 51.31%. Credit cost also moderated to 0.15% from 0.17%. However, NIM remained at 2.52%, reflecting continued margin pressure. Management has guided for global NIM of 2.55%-2.60% and ROA of 1% or above in FY27, with cost-to-income expected to remain around 48%-49% on a sustainable basis.


BOI has a well-diversified loan portfolio, with RAM accounting for around 59% of domestic advances as on March 31, 2026, supporting granular credit growth. Domestic gross advances grew 16% y-o-y in FY26, led by Retail, Agriculture and MSME growth of 21%, 18% and 18%, respectively, and the momentum strengthened in Q1FY27, with domestic advances and RAM growing 19% and 20% y-o-y, respectively. Retail, Agriculture and MSME advances grew by 21%, 19% and 19%, respectively, making RAM the key growth driver.


CASA moderated to 37.64% in FY26 from 40.29%, and further to 36.68% in Q1FY27, despite absolute CASA rising to Rs 3,00,765 crore from Rs 2,80,316 crore, reflecting changing customer savings preferences and higher reliance on Rs 3-25 crore and selective bulk deposits to support credit growth. Nevertheless, funding costs improved, with cost of deposits declining to 4.69% from 4.85% and cost of funds to 4.45% from 4.66% in Q1FY27, aided by deposit optimisation.


As on March 31, 2026, the bank had 5,535 domestic branches, 7,685 ATMs & CRAs, 25,053 Business Correspondents and 38,273 customer touch points, compared with 5,328 branches, 8,003 ATMs & CRAs, 23,281 Business Correspondents and 36,612 customer touch points as on March 31, 2025. 


The bank also has a well-established international presence across 15 countries and five continents, including major financial centres. During FY26, overseas deposits increased to around Rs 1.27 lakh crore, while overseas advances increased to around Rs 1.17 lakh crore, supporting the overall growth in the bank’s global business.

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State Bank of India(SBI) Clerk Recruitment Notification Out for 1538 Vacancies



The State Bank of India (SBI) has released notification for recruitment of candidates to the post of Clerk (Junior Associate). All details related to this recruitment are given below. This recruitment is being conducted as a Special Recruitment Drive for SC/ST/OBC backlog vacancies.

ParticularDetails
OrganizationState Bank of India (SBI)
Post NameJunior Associate (Customer Support & Sales)
CadreClerical Cadre
Advertisement No.CRPD/CR/SPLDRIVE/2026-27/16
Total Vacancies1538
Application ModeOnline
Application Start Date07 August 2026
Last Date to Apply27 August 2026
Preliminary ExamSeptember 2026 (Tentative)
Main ExamOctober/November 2026 (Tentative)

SBI Clerk Recruitment 2026 Important Dates

Important EventsDates
Commencement of online registration of application07/08/2026
Closure of registration of application27/08/2026
Closure for editing application details27/08/2026
Last date for printing your application11/09/2026
Online Fee Payment07/08/2026 to 27/08/2026

SBI Clerk Recruitment 2026 Selection Process

The selection process consists of:

  1. Preliminary Examination
  2. Main Examination
  3. Specified Local Language Proficiency Test (LLPT), wherever applicable

Preliminary Examination marks will not be considered for final merit. Candidates will be shortlisted for the Main Examination based on their Preliminary Examination performance. Final merit will be prepared on the basis of marks obtained in the Main Examination, subject to eligibility verification and qualifying the local language test wherever applicable.

Click here to download Notification

Click here to apply Online

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Bank of India(BOI) Officer Brutally Assaulted Inside Branch in Rajasthan; Staff Safety Under Spotlight


At the Bagru Branch in Jaipur, a Bank of India officer was viciously attacked while carrying out his professional duties. On August 4, Deepak Gajraj, a loan officer from the Bank of India's Bagru branch, called a borrower and requested that he deposit money into his loan account. A female consumer had the account. 


A man claimed to be the customer's husband when he answered the phone. Additionally, he declined to put the funds into the loan account. As the situation worsened, he and a few others entered the bank and mistreated and intimidated the loan officer. The loan borrower tore his clothes, beat the bank employee, and physically stopped him from carrying out his official responsibilities.The officer suffered severe injuries.


AIBOC Rajasthan State Unit supported the officer following the event and brought up the issue with the police authorities. In a meeting with the Jaipur Police Commissioner, a delegation made up of AIBOC Rajasthan State Secretary Ramavtar Singh Jakhar, Senior Vice President Rajesh R Jain, Bank of India Officers' Association State General Secretary Mahesh Meena, SBIOA Jaipur Circle Deputy General Secretary Saroj Mishra, and Bank of India Officers' Association State President Rameshwar Ola submitted a memorandum calling for strict legal action.


An FIR bearing No. 0309/2026 has been registered at Police Station Bagru, Jaipur West, under Sections 132, 121(1), 352, 351(2), 3(5) and 333 of the Bharatiya Nyaya Sanhita, 2023.


AIBOC has demanded the immediate arrest of all persons involved, a fair and time-bound investigation and speedy filing of the charge sheet.



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5-Day Banking Latest News: Bank Unions Announce Nationwide Demonstrations on 12 August


The United Forum of Bank Unions (UFBU) has called for coordinated protests on August 12, 2026, to call for the early adoption of five-day banking. All state capitals as well as other significant cities and locations around the nation will host the protests after business hours.


The need for five-day banking hasn't been met in over two years. In January 2026, bank workers staged a one-day walkout in support of the demand, but no decision was made about the introduction of five-day banking.


In its circular dated 4 August 2026, UFBU said that after the successful strike on 27 January 2026, bank employees and officers were expecting a positive response from the Government on the 5-day banking demand.


According to UFBU, the Indian Banks’ Association (IBA) had agreed to 5-day banking in the MOU as well as the Settlement/Joint Note, and the matter was recommended to the Government. However, a final decision is still awaited.


According to UFBU, the government has requested that banks begin preparing for the upcoming wage adjustment settlement, which is scheduled for November 2027. The unions, however, stated that a decision on the outstanding matter of implementing five-day banking had yet to be made. As a result, the unions have made the decision to bring up the issue once more and ask the government for an early ruling. 


On August 12, 2026, after business hours, UFBU has agreed to hold coordinated protests in all state capitals as well as other significant towns and locations. It has been requested that all bank employees and member unions fully participate in the program. According to UFBU, the unions will convene soon to choose their next line of action, which may include going on strike.However, no new strike date has been announced yet.



The circular has been signed by leaders of AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBOC and INBEF.

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IBPS Clerk/CSA Recruitment 2026 Notification PDF, 11403 Vacancies


The IBPS Clerk (Customer Service Associate – CSA) CRP-XVI Recruitment 2026 announcement has been posted on the Institute of Banking Personnel Selection's (IBPS) official website. Starting on August 1, 2026, the online application process will be available until August 21, 2026. Applicants must be between the ages of 20 and 28 as of July 1, 2026.


Important Dates

  • Short Notification Released: 27 July 2026
  • Detailed Notification Released: 01 August 2026
  • Online Application Starts: 01 August 2026
  • Last Date to Apply: 21 August 2026 (11:59 PM)
  • Pay Exam Fee Last Date: 21 August 2026
  • Admit Card: Available before the examination
  • Preliminary Examination (Tentative): 10–11 October 2026
  • Main Examination (Tentative): 27 December 2026


Educational Qualification

Post NameQualification
Customer Service Associate (CSA) / ClerkBachelor’s degree in any discipline from a recognized university, basic computer knowledge, and proficiency in the local language of the state/UT applied for.


Vacancy Details

Post NameVacancies
Customer Service Associate (CSA) / Clerk11,403


Pay Scale Details

  • The basic pay for the Customer Service Associate (CSA) is: ₹24,050 – 25,390 – 30,020 – 41,020 – 57,400 – 61,800 – 64,480 (as per the prescribed pay scale).
  • In addition to the basic salary, selected candidates will receive allowances and other benefits according to the rules of the participating banks.


How to Apply for IBPS Clerk Recruitment 2026

  • Candidates who are interested in applying for the IBPS Clerk (Customer Service Associate) CRP-XVI Recruitment 2026 can submit their online application from 1 August 2026 to 21 August 2026.
  • To apply, click on the Apply Online link provided in the Important Links section below or visit the official IBPS website. Fill in the application form carefully, upload the required documents, pay the application fee through the online mode, and submit the form before the last date.
  • Candidates are advised to verify all the details entered in the application form before final submission and keep a printout of the submitted application for future reference.


IBPS Clerk Recruitment 2026 Notification PDF & Apply Online Form Link




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