SBI denies VRS meant to save cost, says it plans to hire 14,000 this year

The spokeperson said SBI had an existing workforce of around 250,000 and had been at the forefront of serving employee needs and designing ways for engaging, assisting employees in their life journey

The State Bank of India (SBI) on Monday said that the 'On Tap VRS' scheme proposed by it had been incorrectly interpreted as a cost-cutting measure and the bank’s intent to reduce workforce.

An SBI spokesperson said that bank was employee-friendly, was expanding its operations and required people, as evidenced by the fact that it was planning to recruit more than 14,000 employees this year.

The spokesperson further said SBI had an existing workforce of around 250,000 and the bank had been at the forefront of serving employee needs and designing ways and means for engaging and assisting employees in their life