SBI mulls VRS for 40K staff

State Bank of India (SBI) is planning to introduce a voluntary retirement scheme (VRS) for its subordinate staff in the next financial year. The proposed scheme aims to give chance to over 40,000 employees, who find it challenging to work in a computerised environment and competitive market conditions. "The nature of work has changed substantially due to introduction of core banking solutions (CBS) and automation. Besides, the work demands on staff are growing enormously to retain market share. Some of the subordinate staff should get a decent exit option," a senior SBI official said. He, however, ruled out any VRS for the clerical or officer cadre. There are three aspects related to VRS for this category of staffers. First, with computerisation and rollout of core banking platform, their role is limited. Second, even if some of them could be retrained, the cost incurred may not bring much benefit. Finally, they are not mobile.