The Hindu Business Line : SBI exit policy for officers to close

State Bank of India is likely to be short by about 4,000 officers following the exit policy introduced last year. The number could go up by the time the exit policy closes next month, said a senior official of the bank.

Considering the bank has 58,000 officers, this is not a huge loss, the official added.

The trimming scheme, introduced sometime in October 2005, did not initially carry a cut-off date. Explaining the reason for closing the scheme now, the official said, "No scheme can be kept running forever."

SBI has recently introduced a similar scheme for its clerical staff, running till March 31, 2007 and may be extended if necessary, the official added.

The good handshake package was the main reason for people wanting to leave the bank. However, unlike the Voluntary Retirement Scheme, introduced by the Government about five years ago, there is no tax exemption under the exit option.

According to a second official from the bank, many more officers, awaiting promotions and new postings, are likely to submit their applications after September 20. If that do not come through, they could quit.

SBI had modified the exit option to widen its scope to cover more number of officers. For instance, the earlier cut off age was 50 years as on the date of application, which was later reduced to 45 years

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