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The scheme will broadly be along the lines of those offered by public sector banks, IDBI is working out some medical benefits scheme that can be offered along with the VRS.

Mr M. Damodaran (right), Chairman, IDBI, with Mr G.J. Godbole, Executive Director, at a press conference in Mumbai on Friday. - Shashi Ashiwal

Mumbai , Oct.1

THE Industrial Development Bank of India, having assumed the status of a banking company today , soon plans to offer its employees a voluntary retirement scheme along the lines of those offered in public sector banks.

The scheme will open on November 1, and will run for one month thereafter, said Mr M. Damodaran, Chairman, IDBI, addressing a press conference here on Friday.

"We have no specific target in mind in terms of downsizing employees, but we want to offer this option to those who want to leave. There are employees who may want to opt for the scheme on account of family or health reasons, and this has been on the agenda for a while now," he said.

Although the scheme will broadly be along the lines of those offered by public sector banks , IDBI is working out some medical benefits scheme that can be offered along with the VRS, he added.

IDBI currently has staff strength of 2,801 employees.

In fact, in an effort to gear up for the merger of IDBI Bank with IDBI Ltd, the latter is scouting for HR consultants to help revamp the compensations and appraisals structure.

"We will be imparting skills and training wherever necessary and have ourselves trained 150 officers. I don't rule out the possibility of some people being moved as and when required. We plan to completely revamp our compensations and appraisals and may link them to performance. There will be group and individual incentives," he said.

Responding to queries, on whether the bank will have to comply with the Indian Banks' Association's wage settlement scheme, Mr Damodaran emphasised, that there is no compulsion for the bank to be part of industry-wide wage settlement.

"Ideally, a bank or financial institution should pay what it is capable of paying. IDBI was promoted by RBI so the salaries have parity with the regulator," he said.

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