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Boi Plans Second Golden Handshake

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Our Banking Bureau BUSINESS STANDARD

Bank says over 5,000 ready to call it quits

Bank of India (BoI) plans a second voluntary retirement scheme (VRS). It is waiting approval from the revenue department for allowing the expenses incurred due to the VRS as a deduction under the Income Tax Act.

The bank has a staff strength of 44,000 and, according to an assessment by the bank, 5,000-6,000 employees are willing to opt for the VRS.

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First Published: May 02 2003 | 12:00 AM IST

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