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Court lifts stay on options to bank staff
The main obstacle in continuing with the process of absorbing the staff of subsidiary banks that have merged into State Bank of India (SBI) was removed by the High Court at Hyderabad. The Court vacated the interim order of stay granted earlier directing the SBI Chairman and Chief General Manager not to finalise the options submitted by the employees of the four banks that merged into SBI.
​Hyderabad: The main obstacle in continuing with the process of absorbing the staff of subsidiary banks that have merged into State Bank of India (SBI) was removed by the High Court at Hyderabad. The Court vacated the interim order of stay granted earlier directing the SBI Chairman and Chief General Manager not to finalise the options submitted by the employees of the four banks that merged into SBI.
Justice M SRamchander Rao passed the orders to this effect on Friday. He, however, gave liberty to the employees of these banks, which included State Bank of Hyderabad, to represent to the SBI regarding their options relating to special balance allowances, termination benefits etc.
The general secretary of Associate Banks Officers Association, along with other employees, approached the High Court in April complaining that they were being asked to submit their options of choosing the SBI or their own bank terms after merger within 15 days without specifying what those options are. Justice P Naveen Rao had granted interim order granting stay on the finalisation of options till June 15.
The General Manager of SBI, Hyderabad Central Office, filed a vacate stay petition wherein he urged the court to lift the stay as the SBI was committed to following Central government guidelines in this regard. If the stay is lifted, the process of finalising of options would be completed, he urged. The Court took into account all the aspects and lifted the stay, paving way for finalisation of options of employees of merged banks.
