2,800 employees of SBI's associate banks opt for VRS

"So far, only 2,800 employees (from associate banks) have opted for VRS. The scheme is open till April 5," Bhattacharya told reporters here today.
2,800 employees of SBI's associate banks opt for...
India TV Business Desk Mumbai 03 Apr 2017, 03:39 PM IST

The merger of five associate banks and Bharatiya Mahila Bank with country’s largest lender Stata Bank of India (SBI) added 70,000 more employees to the current strength of 2,07,000, taking total number of staff to 270,000.

However, only 2,800 employees of five associate entities of SBI have so far applied for Voluntary Retirement Scheme (VRS) out of more than 12,000 who are eligible for it, SBI Chairman Arundhati Bhattacharya informed today. 

"So far, only 2,800 employees (from associate banks) have opted for VRS. The scheme is open till April 5," Bhattacharya told reporters here today. 

She said around 12,500 employees of the five associate banks are eligible to opt for VRS. 

All the five entities -- State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT), in addition to Bharatiya Mahila Bank (BMB) -- merged with SBI with from April 1. 

The bank has set some criteria for VRS such as, a person who opts for it should have over 20 years of service and attained the age of 55. 

"Whoever comes within the specified scheme and is eligible for it, we have no discretion of keeping them back," Bhattacharya said. 

With the merger, SBI joined the league of top 50 banks globally in terms of assets. 

With IANS Inputs

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