Over 70,000 employees of associate banks of SBI, which merged with the lender in 2017, have been asked to return “overtime compensation” for “extra hours” they worked post demonetisation, according to reports citing an SBI circular. SBI said the associate banks hadn’t merged with it at time of demonetisation and five employer banks were responsible to pay the overtime compensation.
The bank staff had been promised “overtime compensation” by the employer banks for the “extra hours” they worked post-demonetisation. The 70,000 officers and employees of banks like State Bank of Patiala, State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore and State Bank of Bikaner & Jaipur – these all merged with the SBI on April 1, 2017 – got the compensation but now they are being asked to “return the compensation for extra work”.