SBI moots VRS for employees who don't get promoted; will seek govt nod

Officers protest, say they were kept in dark; lenders say VRS is optional and that it won't push employees to take it

The country's largest bank, the State Bank of India, has mooted a voluntary retirement scheme (VRS) that gives an option to employees who do not get promoted beyond a certain level to move out.

SBI executives said the framework (scheme) is developed and would be discussed with the government, its majority shareholder. But they refused to elaborate on details.

"This is a pyramid organisation. People who do not get to move beyond a certain level need to have option to move out. A certain respectful exit is required for them. The bank is not going to push employee to take VRS," official