Corporation Bank contemplates VRS

Mumbai: Corporation Bank is exploring the scope for a voluntary retirement scheme (VRS). It has decided to appoint a committee of general managers for the purpose. This follows a demand by some employees for a VRS, as they felt that they had missed an opportunity when other banks offered VRS last year, says Corporation Bank chairman and managing director Cherian Verghese.

The committee will assess the banks existing human resources in relation to its operations. "After a proper assessment is done, we can take the matter to our board if there is any scope," he said. "In keeping with its expansion plans, the bank plans to recruit 125 officers and 160 clerks shortly."