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Our Bureau

Coimbatore , April 19

THE voluntary retirement scheme introduced by Jammu and Kashmir Bank Ltd is `not' voluntary in the real sense. Though the offer is open to all, the bank's Chairman, Mr M.Y. Khan, made it clear that the management would use its discretion in accepting the applications. The bank had, prior to introduction of the scheme, handed over the merit and performance appraisal report.

"This report is a clear indication of the employees' performance, promotion and increment status. We have hinted to those who had not been able to achieve the per employee business target about the advantages of accepting the offer. By and large, they are agreeable to it. Since it is an offer open to all, there could be others with a good track record opting to grab it. We will use our discretion in such cases," Mr Khan explained.

The bank is planning to shed 5 per cent to 7 per cent of the number on its roll, and the total outgo on this account is not expected to exceed Rs 15 crore. "It will definitely not affect our bottom line," he said.

Mr Khan was here to inaugurate the bank's 476th branch. Incidentally, this happens to be bank's fourth branch in Tamil Nadu.

Mr Khan also hinted about the possibility of opening a separate arm for the mutual fund business and formation of an asset reconstruction company. Kashmir has had its share of problems, but the J&K Bank has managed to remain relatively unaffected, the Chairman said.

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