SBI orders recovery of overtime pay from staff of associate banks

SBI orders recovery of overtime pay from staff of associate banks

State Bank of India (SBI) 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. Some of these employees were paid compensation for working beyond 7 pm during the demonetisation period between November 14 and December 30, 2016. Bank unions expressed unhappiness over the move.

Read More at The Hindu Business Line News date : 10 Jul 2018, Tuesday

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