SBI plans VRS scheme covering 30,000 staff as it seeks to optimise costs

The scheme will be opened to all permanent officers and staff who have put in 25 years of service or have completed 55 years of age on the cut-off date

In a bid to optimise its costs, the State Bank of India (SBI) has planned a voluntary retirement scheme (VRS) under which about 30,190 employees are eligible.

The total employee strength of country's largest lender stood at 249,000 at the end of March 2020 as compared to 257,000 a year ago.
 

According to sources, a draft scheme for VRS has been prepared and board approval is awaited.

The proposed scheme -- 'Second Innings Tap VRS-2020' -- is aimed at optimising human resources and costs of the bank.

Besides, the draft scheme, seen by PTI, said it will provide an option