State Bank's 6000 officers opt for early exit

Over 6,000 officers including one chief general manager (CGM) in foreign business division have sought an early separation (retirement) from the country's largest commercial bank, State Bank of India, for reasons ranging from bleak future career prospects (no more promotions) to difficulty in adjusting with information technology and intensive work environment.

At present, the total officers strength of the bank is 55,000 and about 4,500 officers have already put in papers under the exit option scheme. The scheme which was thrown open in April 2005 was closed by October end this year.

By October end about 2,000 more officers have applied for separation. Maximum response (approximately 600) to the scheme came from officers from the Maharashtra and Goa circle, which has largest share in SBI's business, a senior SBI official said.

The bank had floated a similar scheme for officers in 2001. Over 6,000 officers had opted for it then. Under the existing scheme, officers will be entitled to 50 per cent of salary for the remaining period of service.

However, the benefit comes with a rider that maximum benefit that a person can get has been capped at 36 months, a SBI officers union functionary said.

The scheme has been aimed at people feeling frustrated due to lack of promotion avenues, feel uncomfortable working under core banking platform.

"Many competent officers who could not make it to higher positions including the post of deputy managing director (DMD) within bank but see good prospects outside (in the banking and financial sector) have decided to call it a day (retire)," a senior official said.

Six middle managers from the international business division along with A Ramesh Kumar, CGM (foreign offices), have decided to part ways.

Ramesh Kumar was heading the Maharashtra and Goa circle before moving to corporate office to head foreign office portfolio in April 2006. Despite well established performance credentials, Kumar could not find a birth at the DMD level, an official said.