Call for flash strike by UFBU on PLI issue

THE PLI AMOUNT PAID TO MD & EDS OF DIFFERENT PUBLIC SECTOR BANK

PNB

MD&EDs will be paid Rs.1,00,67,530.31 as PLI. The PLI Amount that will be paid to MD&EDs is as follows:

S. No.	Name of the WTD	Designation	PLI Amount (₹)
1	Shri Atul Kumar Goel	Former MD & CEO	16,15,680.00
2	Shri Ashok Chandra	MD & CEO	4,51,695.48
3	Shri Kalyan Kumar	Former ED	19,53,600.00
4	Shri Binod Kumar	Former ED	16,99,509.67
5	Shri M. Paramasivam	ED	21,50,400.00
6	Shri Bibhu Prasad Mahapatra	ED	21,50,400.00
7	Shri D Surendran	ED	46,245.16

The Government has ordered Punjab National Bank to pay PLI to officers from Scale IV to Scale VIII as per the revised PLI guidelines issued by DFS, Ministry of Finance.

SBI

The PLI Amount that will be paid to MD&EDs is as follows:

S. No.	Name of the WTD	Designation	PLI Amount (₹)
1	Shri Dinesh Khara	Former Chairman	10,95,968.00
2	Shri C S Setty	Chairman	16,04,032.00
3	Shri C S Setty	Former MD	10,93,045.00
4	Shri Ashwini Kumar Tiwari	MD	26,92,800.00
5	Shri Vinay M. Tonse	Former MD	26,73,300.00
6	Shri Alok Kumar Choudhary	Former MD	6,73,200.00
7	Shri Rana Ashutosh Kumar Singh	MD	17,51,768.00
8	Shri Rama Mohan Rao Amara	MD	7,74,542.00

BOB

The PLI Amount that will be paid to MD&EDs is as follows:

S. No.	Name of the WTD	Designation	PLI amount to be paid
1	Shri Debadatta Chand	MD & CEO	16,15,680.00
2	Shri Lalit Tyagi	ED	16,12,800.00
3	Shri Sanjay Vinayak Mudaliar	ED	16,12,800.00
4	Shri Lal Singh	ED	16,12,800.00
5	Smt Beena Vaheed	ED	10,40,516.40

INDIAN BANK

The PLI Amount that will be paid to MD&EDs is as follows:

S. No.	Name of the WTD	Designation	PLI Amount (₹)
1	Shri S. L. Jain	Former MD & CEO	16,00,080.00
2	Shri Binod Kumar	MD & CEO	4,51,695.48
3	Shri Mahesh Kumar Bajaj	Former ED	17,87,760.00
4	Shri Ashutosh Choudhary	ED	21,50,400.00
5	Shri Shiv Bajrang Singh	ED	21,50,400.00
6	Shri Brajesh Kumar Singh	ED	21,03,600.00

The Controversy of PLI in Banks, What happened in meeting on 9th March?

A big controversy has unfolded in the public sector banks in India. Yesterday, the Government of India sent letters to the banks to credit PLI to Scale IV and above officers. This new PLI scheme was introduced by the Government in 2024 and aims to provide Performance-Linked Incentive (PLI) to Scale IV and above officers.

But this scheme has been in controversy since its launch. Why? Let’s understand. This PLI scheme divides bank officers in two sections – Scale I to Scale III and Scale IV and above. Scale I to Scale III will get PLI of up to 15 days of the basic salary, whereas Scale IV will get PLI upto 70% of their annual basic pay. Scale V and VI officers can get 80% of their annual basic pay. Scale VII officers can get 90% of their annual basic pay. EDs and MDs can get PLI up to 100% of their annual basic pay.

The United Forum of Bank Unions (UFBU) has strictly opposed this PLI scheme. The matter reached the Office of Labour Commissioner. UFBU said that PLI should be paid proportionately to all Officers starting from Scale I. The latest meeting was held on 9th March 2026 between UFBU and the government representatives and it was decided to discuss further on this matter.

The unions warned that if the payment for officers from Scale IV and above is made under the new scheme, it could lead to significant cost escalation for banks, which may affect the banks’ profits and create other related issues.

The Chief Labour Commissioner (CLC) ordered IBA to provide details of the financial impact on Banks due to new PLI scheme. The CLC said that a letter would be written to DFS to pay PLI to Scale IV and above as per the old scheme. But yesterday, Govt ordered all Banks to credit PLI for Scale IV and above officers.

This has raised a lot of questions?

• If the matter was under discussion, then how can Govt order Banks to credit PLI for Scale IV and above?
• In the meeting, the DFS said clearly that PLI to Scale IV and above will be paid as per the new norms. Bank Unions did not mention any strict action against DFS if PLI is paid.
• Earlier, the banks had credited the PLI for Scale I to Scale III, but Unions did not strongly object to this, and the matter has been pending at CLC for approximately a year. Had Unions taken strong action, the matter could have been resolved by now.
• Why has the matter been under discussion for the last 1 year? This matter should have been resolved by now. Why did Bank Unions not try to resolve the matter at the earliest?

It seems Bank Unions are hiding something and Bank Officers are not happy with this. Bank Officers are severely criticizing Bank Unions on Social Media for not being able to resolve the issue of PLI.

Canara Bank has loan default of Rs 2.49 lakh crore; Total Default over Rs 29 lakh crore in PSU Banks

Canara Bank has loan default of Rs 2.49 lakh crore, according to data compiled by TransUnion CIBIL and examined by The Pioneer. Large defaults of 11 PSU banks exceed INR 29 lakh crore excluding Indian Bank as the bank has not yet submitted list of Large Defaulters for the past one year. Canara Bank has filed 14,277 suits across the country to recover these loans.

Company / Group	Loan Default Amount (₹ Crore)
Aircel (C. Sivasankaran)	4,508
Shri Lakshmi Cotsyn	3,982
Lanco Group	3,852
Gammon Engineers	3,425
MS Gupta Power Infrastructure	3,303
IL&FS Group Companies	3,237
Nicco Corporation	2,815
Indure Pvt Ltd	2,770
Winsome Diamonds & Jewellery	2,550
PSL Limited	2,373
Gayatri Projects	2,342
Rajesh Exports	2,285
Supreme Housing & Hospitality	2,254
Rabirun Vinimay Pvt Ltd	2,024
Jet Airways	1,972
Alok Industries	1,746
Jay Polychem	1,714
Concast Steel & Power	1,695
Anil Ambani Group Companies	1,574
Era Group	1,544
Jindal Steel & Power (guarantor case)	1,487
Bhushan Power & Steel	1,229
PEC India	1,227
DHFL (Dewan Housing Finance Corporation)	1,250
Forever Precious Jewellery & Diamonds	1,364
Unitech Ltd	937
Trimax IT Infrastructure & Services Ltd	937
Gitanjali Group (Mehul Choksi, Nirav Modi)	919
Mahendra Exports	858
IVRCL	790
BBT Elev RD	747
Bibcol	732
Gili India	700
Transstroy India Pvt Ltd	653

Among the borrowers are several high-profile corporate groups. Companies linked to debt-ridden industrialist Anil Ambani owe INR 1,574 crore to the bank. In one case, Jindal Steel and Power, headed by Naveen Jindal, is listed as personal guarantor for dues of INR 1,487 crore related to Reliance Communications. Insolvent Bhushan Power and Steel owes INR 1,229 crore, while PEC India owes INR 1,227 crore. The defunct Jet Airways owes INR 1,972 crore, with the bank listing a company staff as personal guarantor instead of promoter Naresh Goyal. The largest defaulter is fugitive businessman C Sivasankaran’s telecom firm Aircel, which owes INR 4,508 crore

The Seychelles-based promoter of Aircel and Dishnet Wireless owes banks more than INR 20,000 crore. According to the data, one of his company directors, Sudhir Mathur, is listed as personal guarantor to Canara Bank.

Other major defaulters include Shri Lakshmi Cotsyn (INR 3,982 crore), the Lanco Group of former Congress MP L Rajagopal (INR 3,852 crore), Gammon Engineers (INR 3,425 crore), Odisha-based MS Gupta Power Infrastructure (INR 3,303 crore) and companies linked to IL&FS (INR 3,237 crore).

The data shows that in most of these cases the bank has no recoverable collateral apart from personal guarantees. Many loans were sanctioned against company shares whose valuations were later found to be inflated, while several of the companies have since entered insolvency or liquidation.

The records also indicate that several large loans were structured as multiple smaller loans. One example cited is Kolkata-based Nicco Corporation, which is now undergoing insolvency proceedings. The company received 168 separate loans of INR 16.75 crore each from the same Canara Bank branch, amounting to INR 2,815 crore in total.

Other large defaulters include Delhi-based Indure Pvt Ltd (INR 2,770 crore), Winsome Diamonds and Jewellery (INR 2,550 crore), Bengaluru-based Rajesh Exports (INR 2,285 crore), PSL Limited (INR 2,373 crore), Hyderabad-based Gayatri Projects (INR 2,342 crore) and Supreme Housing and Hospitality (INR 2,254 crore). Kolkata-based Rabirun Vinimay Pvt Ltd owes INR 2,024 crore; through the insolvency process, Jindal Steel acquired the company for INR 96 crore, leaving the bank to pursue civil recovery for the remaining dues.

Other borrowers include Concast Steel & Power (INR 1,695 crore), Jay Polychem (INR 1,714 crore), Forever Precious Jewellery and Diamonds (INR 1,364 crore), and DHFL, whose promoters Kapil and Dheeraj Wadhawan face dues exceeding INR 50,000 crore across banks and owe INR 1,250 crore to Canara Bank.

Fugitives Mehul Choksi and Nirav Modi, accused of defrauding Punjab National Bank of over INR 25,000 crore, also borrowed INR 919 crore from Canara Bank. Real estate firm Unitech Ltd owes INR 937 crore, while Trimax IT Infrastructure and Services Ltd has dues of INR 937 crore.

Other defaulters include Mahendra Exports (INR 858 crore), Kolkata-based BBT Elev RD (INR 747 crore), Bibcol (INR 732 crore), Mumbai-based jewellery company Gili India (INR 700 crore), Hyderabad-based IVRCL (INR 790 crore) and Transstroy India Pvt Ltd (INR 653 crore).

First They Agreed, Now They Protest — What a Hypocrisy!” regarding Banking sector PLI

“First They Agreed, Now They Protest — What a Hypocrisy!”

The double standards of UFBU and its constituent unions now stand completely exposed.

When PLI (Performance Linked Incentive) was introduced in banks, these very unions agreed, signed settlements, and compromised employee unity.

Today, when the harmful consequences of PLI are visible — discrimination, inequality, and division among employees — the same unions are shedding crocodile tears and pretending to oppose it.

👉 The real questions are:

Is this protest genuine or just damage control?

Why were they silent when decisions were being made?

Why mislead the workforce now?

The truth is: PLI has weakened collective strength and created inequality in the banking sector.

And those responsible are the very unions now claiming to fight against it.

✊ Time to wake up

✊ Time to demand accountability

“Those who agreed yesterday cannot pretend to resist today.”

Banks will remain closed from 2nd to 4th March

LIC Officer and His Wife sentenced to 10 Years Jail for embezzling Money

The CBI Court in Jaipur has convicted and sentenced three accused – Mahendra Kumar Jain, the then Higher Grade Assistant, LIC of India Unit-Il, Kota, Bhupesh Tagore, the then AAO, LIC Branch, Rang Bari Road, Kota, and Abhilasha Jain (Private Person) in a Fraud Case.

The accused Mahendra Kumar Jain, has been sentenced to Rigorous Imprisonment for 10 Years with a fine of Rs. 1.46 Lakh. Bhupesh Tagore has been sentenced to Rigorous Imprisonment for 10 Years with a fine of Rs. 1.21 Lakh and Abhilasha Jain has been sentenced to Rigorous Imprisonment for Five Years with a fine of Rs. 1.46 lakh.

The Central Bureau of Investigation (CBI) registered the case on 06.01.2010 against accused Mahendra Kumar Jain, the then Higher Grade Assistant, LIC of India Unit-Il, Kota and 02 others on the allegations that Mahendra Kumar Jain, during the period 2006-2008, entered into criminal conspiracy with his wife Abhilasha Jain and Bhupesh Tagore, the then Assistant Administrative Officer (AAO), Life Insurance Corporation of India, Branch, Rang Bari Road, Kota (presently Assistant Administrative Officer, LIC of India, Satellite Office, Aashind, Bhilwara,).

They fraudulently and dishonestly prepared false vouchers and cheques in favour of Life Insurance Corporation of India and deposited the amount of the cheques as premium in the LIC policies of self or his wife Abhilasha Jain or his family members/relatives/known persons and misappropriated a total amount of Rs. 3,92,863 of Life Insurance Corporation of India, thereby caused undue loss to Life Insurance Corporation of India to the tune of Rs.3,92,863 and undue gain to himself and his family members.

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