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In March it moved the salary accounts to Union Bank of India. As a consequence, most employees’ accounts in SBI are showing ‘insufficient funds’. As it has not been able to deduct the monthly loan repayment amounts, the SBI has issued notices to its account holders from TSRTC. — DC file image
Hyderabad: Telangana State Road Transport Corporation (TSRTC) employees are in utter confusion, as many of them have received notices from State Bank of India (SBI) demanding repayment of their personal loans, which were being recovered from their respective salary accounts.
This comes after TSRTC changed the employees’ salaries account from SBI to Union Bank of India.
For the past many decades, the corporation has been having salary accounts with SBI (the then SBH). However, in March it moved the salary accounts to Union Bank of India. As a consequence, most employees’ accounts in SBI are showing ‘insufficient funds’. As it has not been able to deduct the monthly loan repayment amounts, the SBI has issued notices to its account holders from TSRTC.
Thousands of them have taken personal loans. They are shocked at the unilateral decision taken by the corporation management with regard to changing the bank.
TSRTC management has been urged to make arrangements with the Union Bank for monthly deduction so as to avoid legal action from SBI.
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