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Wednesday, Dec 15, 2004

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IDBI accepts 415 VRS applications

Our Bureau

Mumbai , Dec. 14

INDUSTRIAL Development Bank of India Ltd on Tuesday said it has accepted applications of 415 employees for voluntary retirement.

The bank had received 426 applications under its VRS scheme of 2004-2005.

IDBI, which assumed the status of a banking company on Oct 2, has a staff strength of 2,801 employees. The VRS was operational from November 1 to 30, 2004. In a notification to the stock exchange, IDBI has said that out of the 426 applications for VRS, 246 applications from officers, 106 applications from Class III and 63 applications from Class IV staff, have been accepted in-principle by the bank on December 8 and 10, 2004.

The outgo on account of the VRS is expected to be Rs 50 crore.

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