SBI's VRS offer gets tepid response

Two senior execs with SBI group said the package (maximum 30 mths salary) wasn't seen as attractive

The Voluntary Retirement Scheme (VRS) offer for employees of State Bank of India’s associate banks, now formally merged with the parent, has had a relatively poor response.

A not-so-good package and a weak job market has held back many who of the 12,500 who were eligible from putting in their papers; only 3,500 have finally opted for it.  While 4,300 had applied till the final date of April 5, around 800 of them withdrew applications by April 12, the last day for doing so.
 

A top SBI official said the response was below (about 50 per cent) expectation but this was