State Bank of India Updates

SBI orders recovery of overtime pay from staff of associate banks - Business Line
State Bank of India has instructed its various zones to recover the ‘compensation’ given to officers of its erstwhile associate banks for over-time work during the demonetisation days in late 2016.

According to the SBI communication, seen by BusinessLine, the compensation was meant for those working in SBI’s branches, and related to the period when the five associate banks functioned on their own.

Over 70,000 officers and employees became part of the SBI when its associate banks — State Bank of Patiala, State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore and State Bank of Bikaner & Jaipur — merged with the parent on April 1, 2017.

“The claim related to the period prior to the merger of e-Abs (erstwhile Associate Banks) should have been dealt by e-Abs at the material time and we have no record of any commitment to pay the same,” the communication said, adding that instruction issued earlier this year for payment of compensation was only in respect of those who worked in SBI’s branches.
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