The unions of Punjab & Sind Bank are criticizing bank management for crediting the PLI to scale IV and above officers. All India Punjab & Sind Bank Officers’ Federation and All India PSB Officers Union have written letters to the MD&CEO of the Bank and demanded him to put PLI on hold immediately.
All India Punjab & Sind Bank Officers’ Federation has asked all its members to leave office at 5 PM and not to answer calls beyond working hours. The federation has asked the MD&CEO to hold back and recover the PLI credited to Scale IV and above on 21st August 2026 until the matter is conclusively resolved through the statutory conciliation machinery or judicial determination.
All India PSB Officers Union has asked management to explain the details of PLI Payment to Senior Executives. The union said that Rs.258 crore dividend was paid by the bank to Government and simultaneous large PLI has been paid to the senior executives. This demands complete transparency and is one of the serious public financial issues. The union has asked the management to disclosed:
- The exact amount of PLI released to Scale IV and above
- The number of officers covered
- Scale-wise and officer-wise methodology of calculation.
- The precise performance parameters applied.
- The authority under which the payment is being made.
- The date and nature of Board competent-authority approval.
- The impact of such payment upon the Bank’s capital, profitability and distributable surplus.
- The basis on which the reported Rs.258 crore dividend was calculated.
- The contribution of operating profit vis a vis extraordinary non-recurring income to the reported annual profit.
- The details necessary to establish that the payment is consistent with the applicable Bipartite Settlement Joint Note and the on-going UFB IBA process.
