PSU bank employees to get small windfall

Workers of many public sector banks are in for a small bonus because of the presentation connected part in the pay understanding endorsed with the Indian Banks’ Association (IBA) in November 2020.

Canara Bank this week paid out a presentation linked incentive to its representatives, comparable to 15 days’ compensation, not long after reporting its financial results. This followed the bank detailing a net benefit of ₹2,557 crore for FY21 as when contrasted with a ₹5,838-crore deficit in the previous year.

Bank of Maharashtra one of the most punctual to report its outcomes, had posted a net benefit of ₹165 crore for the final quarter, an increment of 187%. The Pune-based bank has additionally distributed a performance linked incentive for to its workers.

State Bank of India, the biggest employer with 2.5 lakh representatives, is likewise expected to report an improvement in benefits.