Mumbai, Aug 22: The Reserve Bank of India (RBI) has received an overwhelming response from its employees to the voluntary early retirement scheme (VERS). Sources said the central bank has received close to 1,500 applications within four days of the opening of the scheme.

The RBI not spelt out the closing date of the scheme, but said that a month’s notice would be given before closing the scheme. The 1,500 employee constitute nearly 5% of the total staff strength of RBI which stands at about 30,000.
Sources said the scheme was introduced after representation from employees. The demand for an early retirement scheme grew after public sector banks offered to their employees in ‘00-01. Employees with 25 years of service and having completed 50 years of age are eligible to opt for the VERS announced by RBI. They would receive two months salary for every year completed or one month’s salary for each year of service left, whichever is lower.
However, RBI will have the discretion to accept the applications. “Response is good, considering that the scheme opened on Saturday and in between there were festivals,” said a RBI official. Bureau Report