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The government has launched a new performance-linked incentive (PLI) scheme for senior executives of public sector banks (PSBs), applicable from FY 2023-24.

Announced by the Finance Ministry, the scheme ties cash incentives to achieving at least 3 out of 4 key financial metrics: positive Return on Assets (RoA), net NPAs below 1.5% or a 25 bps reduction, cost-to-income ratio below 50% or consistent improvement, and audited stability by March 31. Open to scale IV and above, the scheme excludes employees with major penalties or terminations.

Infosys co-founder Narayana Murthy has proposed a transformative shift in India’s governance approach to drive the country toward a $50 trillion economy. Speaking at the CNBC-TV18 Global Leadership Summit, he recommended recruiting IAS and IPS officers from private sectors and top business schools instead of relying solely on UPSC exams. Murthy emphasized replacing the administrative status quo with a management-driven approach focusing on vision, cost control, innovation, and speed. He also expressed concerns about India’s reduced work culture, advocating for longer work hours to address the country’s economic challenges.