Labour is seeking to put pressure on Chancellor George Osborne to block any request by the predominantly state-owned Royal Bank of Scotland to double its bonus cap.
The Financial Times reported that RBS - like other big banks - is expected to invoke an EU rule that allows it to pay bonuses up to double an employee's salary - twice the normal rate - provided they are approved by the shareholders.
Labour has now tabled an opposition day motion - to be debated today - calling on the Government as the majority shareholder in RBS to reject any request to raise the bonus cap.
Shadow treasury chief secretary Chris Leslie said: "At a time when families face a cost-of-living crisis and bank lending to business is falling, it cannot be right for George Osborne to approve a doubling of the bank bonus cap.
"It shouldn't have taken the EU to act to rein in excessive bonuses, but there has been no action from the Chancellor here in Britain.
"As the majority shareholder, the government should reject any request from RBS to increase the cap. We will put this to a vote in the House of Commons as part of our opposition day debate on the government's wider failures on banking."