• ●Decision: the Performance Linked Incentive (PLI) Scheme dated 19.11.2024 is kept in abeyance for FY 2025-26 and will be discussed within the ongoing Bipartite Settlement / Joint Note process.
• ●Issues raised by the delegation: review of ex-gratia, medical facility for retired employees, and the present structure of the PLI Scheme for PSB employees.
• ●The PLI scheme was issued on 19 November 2024 by the Department of Financial Services, Ministry of Finance, for senior executives of public sector banks in Scale IV and above, including whole-time directors.
• ●Under it a bank must meet at least three of four criteria - positive Return on Assets; net NPA not above 1.5 per cent or a cut of 25 basis points or more; and Cost-to-Income Ratio not above 50 per cent or a year-on-year improvement - with the incentive paid in a single cash tranche.
• ●Bipartite settlements on pay and service conditions in public sector banks are negotiated between the unions and the Indian Banks' Association (IBA), formed on 26 September 1946 and headquartered in Mumbai; it began with 22 member banks.
• ●The Bharatiya Mazdoor Sangh, which led the delegation, was founded on 23 July 1955 at Bhopal by Dattopant Thengadi.
• ●Public sector banking dates to 19 July 1969, when 14 banks with deposits of Rs 50 crore or more were nationalised - later given effect by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 - followed by six more banks with deposits of Rs 200 crore or more in April 1980.

Which department of the Ministry of Finance issued the Performance Linked Incentive scheme for public sector bank executives that has now been kept in abeyance?