The pay scales of employees in Public Sector Banks (PSBs) are determined as per the agreement between the management and Associations/Unions every five years. Besides the pay, employees in banks are also entitled to a number of other allowances and benefits.
The pay scale of the Central Government employees are finalised by Government taking the recommendations of Central Pay Commission into consideration and these pay scales are reviewed generally after ten years. The terms and conditions of service of Central Government employees and Bank employees are entirely different and are regulated in terms of the respective service conditions. Hence, no comparison can be drawn between pay structure of Central Government employees and of bank employees.
This was stated by the Minister of State for Finance, Shri Namo Narain Meena in a written reply to a question in the Lok Sabha