2800 Employees From SBI’s Associate Banks Opt For VRS

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Mumbai: Only 2,800 employees of five associate entities of State Bank of India have so far applied for voluntary retirement scheme (VRS) out of more than 12,000 who are eligible for it, SBI Chairman Arundhati Bhattacharya said on Monday.

All the five entities — State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT), in addition to Bharatiya Mahila Bank (BMB)– merged with SBI with from April 1.

“So far, only 2,800 employees (from associate banks) have opted for VRS. The scheme is open till April 5,” Bhattacharya told. She said around 12,500 employees of the five associate banks are eligible to opt for VRS.

The bank has set some criteria for VRS such as, a person who opts for it should have over 20 years of service and attained the age of 55.

“Whoever comes within the specified scheme and is eligible for it, we have no discretion of keeping them back,” Bhattacharya said.

The employee strength of SBI after the merger has increased to 2,70,011, which includes 69,191 employees from associate banks and BMB. With the merger, SBI will join the league of top 50 banks globally in terms of assets, the country’s largest lender had earlier said.

Read More: 5 Associate Banks To Merge With SBI From April

The total customer base of the bank will reach 37 crore with a branch network of around 24,000 and nearly 59,000 ATMs across the country. The merged entity will have a deposit base of more than Rs. 26 lakh crore and advances of Rs. 18.50 lakh crore.

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