No. It is not allowed.
Bonus can be paid only once a year, which is after preparation of form A and B. And to be paid within 8 months of end of the financial year.
You are allowed to set off customary bonus, but that too is set off of one customers bonus. It needs to be customary for the industry or the company. Monthly payment is not customary bonus.
Any money paid monthly is a part of wages and salary, so if bonus paid monthly, then it's no longer bonus but a part of gross wages. So you will be required by law to pay it again