Letter to Editor regarding the VRS in banks.

Letter to Editor regarding the VRS in banks.

Sir,

The recent decision by the different public sector banks to create an option for their employees to leave the organisation though a voluntary retirement scheme is a matter, which deserves to be appreciated and a very good example of far-sightedness. The excess employees absorbed by these banks to better the services has now on the contrary, created a huge resource of loss. At the same time, the banks have not expanded at the rate at which they wanted to and the advent of the private and foreign banks have created a competition, which the banks were not aware of. Indeed the VRS has thrown an important question — will not banks lose the services of efficient employees? And more often than not, it will be the more efficient and professional employee who will be walking out of the organisation, but then these are some of the professional hazards associated with such type of schemes. Even then there is no denying of the fact that most of these banks will turn to black from red. The biggest bane of the public sector is the overstaffing which is killing the resources and at the same time making this Nehruvian dream into a disaster. The government’s step in this regard should be appreciated and it is hoped that this scheme should be introduced to other public sector units to reduce the flab.

Yours Truly,

Vimal Jalan