Section 9 in State Bank of India Employees Pension Fund Regulations, 2014
9. Grant of membership to employee of Banking Institution acquired by or amalgamated with the Bank.
- Notwithstanding anything contained in regulation 7 and regulation 8, in the event of the Bank acquiring the business of any banking institution under section 35 of the Act or in the event of amalgamation of any banking institution with the Bank under the Banking Regulation Act, 1949 or any other law for the time being in force -(a)the employees of the banking institution who have, pursuant to such acquisition or amalgamation become permanent employees of the Bank, shall become members of the Fund as per these regulations, if the Central Board of the Bank decides to make them members of the Fund;[Provided that in respect of the employees of the banking institution who have opted, subject to their eligibility, to the pension regulation of the banking institution, those employees shall become members of the fund as per these regulations, as may be determined by the central Board of the Bank and such members shall be eligible for pension in conformity with the rules, pension regulations of such banking institution by which they governed and under which they were entitled for pensionary benefits as on date of such amalgamation and as may be modified by the Central Board of the Bank from time to time.] [Inserted by Notification No. HR/PPG/PA/19-20/122, dated 1.6.2019 (w.e.f. 15.9.2014)](b)the employees of the banking institution who have retired prior to such acquisition or amalgamation and who are entitled to benefit of pension, including enhancements and family pension, if any, shall become members of the Fund as per these regulations, as may be determined by the Central Board of the Bank such members shall be eligible for pension in conformity with the rules, regulations of such banking institution by which they were governed and under which they were entitled for pensionary benefits prior to the date of such acquisition or amalgamation and the scheme of acquisition or amalgamation.(c)the employees of the banking institution who have retired, prior to such acquisition or amalgamation, and who have become entitled to benefit of pension as a result of any settlement, industry level or otherwise, shall become members of the Fund, as per these regulations, as may be determined by the Central Board of the Bank in conformity with the settlement or the rules, regulations or the scheme of acquisition or amalgamation of such banking institution, under which they were governed and were or have become entitled for benefit of pension, prior to the date of such acquisition or amalgamation.
