Pay officers overtime for demonetisation work: Bank unions

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26 Aug, 2025 12:21

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M SaraswathyMoneycontrol BureauWith the 50-day window for exchanging and depositing of old Rs 500 and Rs 1000 notes over, unions now want the banks to adequately compensate bank officers for the extra hours that they have put during this period.Harvinder Singh, general secretary of All India Bank Officers Confederation, says the officers worked uncomplainingly during the 50-day period without insisting on overtime since it was for a national cause.Bank officers earn much more than the clerical staff. However, union leaders say said that in November itself, there were instances of clerical staff in banks being paid overtime of as much as Rs 50,000, whereas officers were not paid any such amount. On an average, banks clerks get paid between Rs 18,000 to Rs 20,000.“This has created a heartburn among officials who have taken additional responsibility but they are not compensated. There should be a fair, rational formula for compensation for officers,” he said. AIBOC has about 2.8 lakh officers working in the banking industry as members.Due to the demonetisation drive by the government and the sudden rush of customers to the banks, staff faced a harrowing time with extra hours being mandated as well as they being asked to come to the branches even on Holidays.Banking sources said that even those who had applied for leave prior to this announcement were asked to cancel them and report to work. Similarly, off-site travel activities planned by banks during this period have also been postponed.Since ATMs were running dry in the initial few days, all customers not only used the bank branches to deposit cash but also to withdraw cash from their accounts. Over and above this, there was a separate queue of customers rushing in to exchange the old Rs 500 and Rs 1000 notes for fresh notes.S.U. Deshpande, President of National Organisation of Bank Officers, which is affiliated to the Bharatiya Mazdoor Sangh explained that all the officials have toiled hard in the last 50 days. “Bank officers worked for 12-14 hours on an average on a daily basis. The cash situation is expected to improve only by March, so the employees should be incentivised for the additional hours put in,” he said.He added that the officers should be paid Rs 6000 for working on holidays and Rs 3000 for working extra hours beyond their everyday duty.State Bank of India (SBI) is among the only bank to have announced a special leave for employees for having worked extra hours during the 50-day period. SBI chairman Arundhati Bhattacharya had earlier said that employees will be entitled to take two days special leave that they take anytime till March 2018.