Incentive-linked performance management tied to sales targets, audit-ready HR records for RBI and SEBI compliance, regulatory training completion tracking, background verification workflows, and branch-level HR across all locations - from one platform.
A generic HR tool was not built for the specific workforce management challenges that BFSI companies face. Here is what makes HR software for BFSI different and why TankhaPay is built for it.
Relationship managers, insurance agents, and salespeople receive commission based on AUMs, income, and number of policies sold. It is necessary for accurate assessment of their performance and determination of bonuses through comparison of sales statistics and evaluation of results.
In a compliance audit, the auditor demands to see the employment documents, salaries, performance appraisal history, and disciplinary proceedings. The manual process leads to missing pieces which generate the findings.
There are expiry dates for AMFI, IRDAI, and NISM certifications. It is mandatory for branch managers and staff members to undergo regulation training yearly. Failure to comply may lead to licence cancellations.
The process of checking educational qualifications, work experience, criminal records, and CIBIL score of people working in banks or NBFCs manually is time-consuming and inefficient.
An NBFC having 200 branches will require standardized leave policies, regular attendance policies, and performance evaluation - but not 200 independent spreadsheets.
The RBI Circular 2019/2022 mandates deferral of Variable Pay for WTDs, CEOs, and Material Risk Takers - with a clawback option. Human Resource Systems that do not follow this regulation are violating regulations.
BFSI companies run several distinct workforce categories at once - each with a different pay structure and different HR treatment. TankhaPay handles all of them from one login.
Goal-oriented job positions with compensation based on growth of AUM, disbursement of loans, or collection of insurance premiums.
Sales Incentive TrackCTC-based salary system along with incentives based on performance and regulatory certification.
Branch Management GradeProcessing and compliance teams on fixed CTC with standard leave and PF structures.
Operations GradePositions which require certain certificates, audit trail maintenance, and regulatory compliance training.
Compliance GradeSenior management RBI-regulated jobs with variable pay deferral, malus, and clawback provisions.
Regulated Compensation TrackOperational staff working under contract terms and under an outsourcing arrangement.
Contract/Outsourced TrackCMMI Level 5 is held by fewer than 1% of Indian tech companies. It means the quality standard your BFSI HR data is managed under is the same standard trusted by the Government of India.
There is no other competitor for Indian payroll software that has such accreditation. It gives you another level of assurance of the way your payroll will be managed.
TankhaPay has been built with specific BFSI HR requirements in mind. The attendance, compliance, and workforce management challenges that generic tools miss.
We have managed Indian HR through every significant labour and tax law change since 1998. Labour Code 2025 changes are the latest in a 26-year track record.
Run it in-house when your team has capacity. Switch to managed HR outsourcing when you need it, on the same platform – no migration, no data loss.
From sales targets to RBI-mandated deferral and clawback, every BFSI HR requirement is handled by the system, not chased through a spreadsheet.
Performance management framework with sales target linkage, like AUM targets, policy premium collection, or loan disbursement volumes feed the rating computation. Variable pay is computed from ratings, not entered manually.
All activities relating to performance reviews, pay adjustments, disciplinary actions, and policy acknowledgements are documented in a timestamped format that includes the individual performing the action. The regulator receives full documentation at any time they require it.
Regulatory certification deadlines tracked per employee with automatic alerts 90 and 30 days before expiry. Training completion status visible to branch managers and compliance teams across the organisation.
A background verification process for educational qualifications, job profile, criminal records, and CIBIL check is incorporated within the onboarding process. It is essential that clearance is obtained prior to granting access to the system.
Variable pay deferral schedules for WTDs, CEOs, and material risk takers are managed per RBI Circular 2019/2022 – with a minimum 40-60% deferral, a three-year minimum deferral period, and clawback event triggers.
Four steps to get your BFSI HR operations onto TankhaPay, from configuration to running your first payroll cycle with full statutory compliance.
Your workforce categories, pay structures, shift configurations, and compliance requirements are mapped into TankhaPay by our implementation team.
Industry-specific configurationExisting employee records, attendance history, and leave balances are migrated and validated. No data loss and no re-entry.
Accurate data from day oneAttendance system integration, statutory registration trigger, and compliance calendar creation for your states & labor classifications.
Compliance live before first payrollFirst payroll runs with maker-checker approval, statutory filings automatically generated, and employees receiving accurate payslips on time.
Automated monthly from run oneBuilt specifically for BFSI companies, not generic HR software with a BFSI badge on the homepage.
Performance framework with sales target linkage and automated incentive pay computation per cycle.
Everything HR-related that is timestamped and traceable – appraisals, changes, and disciplinary actions logged.
AMFI, IRDAI, and NISM certifications are to be completed within 90 days and monitored.
Education, employment, criminal background check, and CIBIL check are done before onboarding.
Centralised HR across all branches with location-wise dashboards and group-level reporting.
Deferral schedules, malus, and clawback tracking for WTDs, CEOs, and MRTs per RBI circulars.
Acknowledgement by employees of HR policies, Code of Conduct and compliance manual.
Salaries, leave, certification status, and performance history through secure mobile application.
Attrition, performance, and manpower analysis by branches for HR management.
Updated for Labour Code 2025, new ESIC wage definitions, and state-level notifications - before the notice, not after it.
Highlighted pills are bfsi-specific HR requirements that generic software tools frequently omit or handle incorrectly.
One HR platform. Industry-specific configuration. Statutory compliance built in from day one.
How BFSI organisations manage incentive performance, audit-ready records, and regulatory training on TankhaPay HRMS.
A compliance guide for BFSI HR teams covering variable pay deferral, audit trail requirements, and regulatory training obligations.
Managing biometric and digital attendance for distributed banking and insurance branch networks.
The questions BFSI HR heads and compliance teams ask before choosing a platform for their industry-specific HR operations.
Still have questions? Call 989-198-8811 →
Join 1,000+ businesses running accurate, compliant HR for their BFSI workforce. With industry-specific attendance, payroll, and compliance built in from the first run.
