Section 15(4) in Banking Companies (Acquisition And Transfer of Undertaking) Act, 1969
(4)Save as otherwise provided in sub-section (1), all officers and other employees of an existing bank shall become.on the commencement of this Act, officers and employees of the corresponding new bank and shall hold their offices or services in that bank on the same terms and conditions and with the same rights to pension, gratuity and other matters as would have been admissible to them if the undertaking of the existing bank had not been transferred to and vested in the corresponding new bank and continue to do so unless and until their employment in the corresponding new bank is terminated or until their remuneration, terms or conditions are duly altered by the corresponding new bank.
