SBI asks 70,000 pre-merger associate bank employees to return demonetization overtime payment

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New Delhi: The largest public sector lender State Bank of India has ordered all its zonal branches to recover the ‘compensation’ given for overtime during demonetization to 70,000-odd officers of various associate banks that were inducted into SBI post-merger.
During the demonetization period, bank employees were paid compensation for working beyond 7 pm between November 14 and December 30, 2016. They were paid an “out-of-pocket expense” that varied between Rs 15,000 and Rs 30,000, depending on the scale and rank of officials.
The SBI management said that the compensation was for the period before merger, when the associated banks were not part of the SBI.
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.
Meanwhile, the employees said that this has drawn the ire of staff of all the associated banks, as they feel discriminated.

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