It is reported that the SBI Board has cleared Voluntary Retirement Scheme (VRS) for the employees of the affiliated banks which are going to be merged with it. The intention is to retrench 55,000 officers and staff, who are above 55 years of age.
The affiliated banks which are proposed to be merged are: State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad.
In fact there is no need fr the merger except to reduce the PSU Banks, in order to help the private banks to increase their business. The bank workers are resisting the move. Our full support to them.