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Assam Gramin Vikash Bank Staff Demand Unpaid PLI Amidst Impressive FY24 Turnaround
Assam Gramin Vikash Bank employees await unpaid Performance Linked Incentive (PLI) despite the bank's impressive Fiscal Year 24 turnaround, as they demand fair treatment and oppose branch mergers.
Author: Saurav
Published: May 27, 2024
In a recent development, the Assam Gramin Vikash Bank Employees Association (AGVBEA) and Assam Gramin Vikash Bank Officers Association (AGVBOA) have raised concerns over the unpaid Performance Linked Incentive (PLI). Despite the bank’s remarkable turnaround performance in FY24, the PLI remains unpaid.
The associations are also pushing for the implementation of a compassionate appointment scheme and voicing their opposition to the merger and amalgamation of branches.
Bank’s Turnaround To Profit
Assam Gramin Vikash Bank (AGVB) delivered an impressive comeback in the fiscal year 2024, transforming a loss in FY23 into a profit. The bank reported a profit of Rs. 4.21 crore in FY24, a significant improvement from the Rs. -137 crore loss in FY23. Additionally, AGVB recorded a Year-to-Year growth of 59.35% in operating profit.
In terms of Non-Performing Assets (NPA), the bank reduced its NPA ratio from 10.35% in FY23 to 5.57% in FY24, showcasing enhanced risk management. Despite these achievements, employees are still awaiting their PLI.
Delay in Performance Linked Incentive
In a recent letter to the Chairman of AGVB, AGVBEA and AGVBOA emphasised the urgent need for the payment of PLI.
An official from the bank told Kanal, “AGVB achieved substantial net profit and significant growth in operating profit in FY24 due to the hard work and sacrifice of holidays by the employees. This resulted in a 59% Year-on-Year growth, but the hard work is yet to be rewarded with the entitled 15 days' salary as PLI, as per the terms of the 11th Bi-partite settlement. The Employees and Officers Association have demanded a prompt disbursement of PLI.”
Image: Letter of Assam Gramin Vikash Bank Officers and Employees Association on PLI
Besides PLI, the compassionate appointment scheme and the merger of bank branches are also among the flagged concerns to the Chairman.
Compassionate Appointment Scheme Implementation
In a letter dated May 14, 2024, AGVBEA and AGVBOA highlighted the need for proper implementation of the compassionate appointment scheme. The associations stressed the importance of adhering to the government-approved guidelines for compassionate appointments, warning that any deviations could result in unfair treatment of applicants. They demanded the withdrawal of any modified circulars and the timely processing of pending applications in accordance with the approved scheme.
Opposition to Branch Mergers
The associations also expressed strong opposition to the merger of branches within Assam Gramin Vikash Bank, citing potential negative impacts on the bank’s growth. They highlighted past mergers that resulted in a reduction of branches and urged management to reconsider the approach to branch consolidation. Instead, they emphasised the importance of branch expansion over mergers and called for a halt to any further amalgamations.
AGVB was established on 1st April 2019 operating 472 branches and 1800 employees and 8 regional offices.
The letter to the Chairman underscores the collective voice of the workforce in seeking fair treatment and resolution of key issues. From demanding the rightful payment of PLI to advocating for the proper implementation of the compassionate appointment scheme and opposing branch mergers, the associations stand united in their pursuit of a conducive work environment and equitable practices within the bank.