VRS for non-life sector gets North Block nod

 The ministry has approved the scheme unconditionally and has told the respective board of directors of the companies to approve the scheme before it is gazetted.

 The VRS will be applicable to employees of the three cadres provided they have completed 40 years. About 70 per cent of the employees being above 40 years of age.

 According to industry estimates, about 14-15 per cent of the 78,000-strong employees are expected to opt for the scheme. This could mean a total cash flow of about Rs 1,500 crore for the four players combined.

 The package is in line with the golden handshake given to the banking industry more than two years ago.