Section 9 in State Bank of India Employees Provident Fund Regulations, 2015
9. A. Contribution in the event of Acquisition or Amalgamation.
(1)In the event of the Bank acquiring the business of any other bank under section 35 of the State Bank of India Act, 1955, or in the event of amalgamation of any bank with the Bank under the Banking Companies Act, 1949, or otherwise and as a consequence of such acquisition or amalgamation, the Bank is employing employees of such other bank (hereinafter referred to as "the said employees"), the trustees shall receive the amounts if transferred to them by the trustees of the Provident Fund maintained by the other bank and standing to the credit of the account of the said employees under the columns "employees' contributions", "interest on employees' contributions", "employer's contributions" and "interest on the employer's contributions" (or under columns to that effect) and credit the amounts so received under the respective columns of the accounts of the said employees opened or to be opened in the Fund:Provided that if in the other Bank, the Provident Fund does not consist of any component of employers' contribution, there shall be no obligation on the trustees or the Bank to credit any amount in the column "employer's contributions" of the account of the said employees opened or to be opened in the Fund.(2)The amounts so credited shall thereafter be dealt with in accordance with these regulations as if the same were contributions by the said employees and interest thereon and the Bank's contributions if any in respect of the said employees and interest thereon under these regulations and the said employees shall have no claim against the Bank or the trustees in respect of the amounts so credited, save and except in accordance with these regulations.[Provided that in respect of those employees who have opted, subject to their eligibility, for the provident fund benefits of the other bank, the Provident Fund Regulations of the other bank shall govern those employees and there shall be no obligation on the Bank to contribute and credit any sum to the said employees Provident fund account as contemplated in sub-regulation (2) of regulation 8 and the amount standing to the credit of the Provident Fund account of those employees shall be dealt with in accordance with the Provident Fund Regulations of the other bank as in force at the time of acquiring the business of such other bank or as may be modified by the central board of the Bank from time to time] [Inserted by Notification No. HR/PPG/PA/19-20/112, dated 1.6.2019 (w.e.f. 20.8.2015).]B. In the event of leaving the service in any other establishment and joining the service of the Bank-(1)In the case of an employee leaving his service in any other establishment or institution and joining the service of the Bank and who is permitted or required to become a member of the provident fund maintained by the Bank, the trustees shall, at the request of the employee and if the regulations in relation to provident fund maintained by his former employer so permit, receive any amount due to him from the provident fund account maintained by his former employer and transferred by the said employer directly to the provident fund maintained by the Bank.(2)The amounts so received shall be credited to the account of the said employee to be opened in the Fund under the column "employees' contributions" (or under the column to that effect).(3)The amounts so credited shall thereafter be dealt with, in accordance with these regulations, as if the same represented contributions made by the said employee under these regulations, provided that the bank shall not be liable to make any contributions corresponding to the amounts so credited as aforesaid.(4)The said employee shall have no claim against the Bank or the trustees in respect of the said amounts save and except in accordance with these regulations.(5)The services rendered by the member admitted to the Fund under sub-regulation A, and sub-regulation B in the earlier establishment or institution shall for the purpose of regulation 16 and for no other purpose be deemed as service in the BankC. In the event where an employee of the Bank leaves the service of the Bank and joining the service of any other establishment.-In the case where an employee of the Bank leaves the service of the Bank and joins the service of any other establishment/institution, the trustees shall, at the request of the employee made in writing and if the regulations in relation to the provident fund maintained by his new employer so permit, transfer the amount due to the employee from the Fund maintained by the Bank directly to the Provident Fund maintained by his new employer, but such transfer shall be subject to the provisions of regulation 23.
