SBI mulls VRS for 40K staff (Business Standard 17th Dec 2007)
State Bank of India (SBI) is planning to introduce a voluntary retirement scheme (VRS) for its subordinate staff in the next financial year.
The proposed scheme aims to give chance to over 40,000 employees, who find it challenging to work in a computerised environment and competitive market conditions.
"The nature of work has changed substantially due to introduction of core banking solutions (CBS) and automation. Besides, the work demands on staff are growing enormously to retain market share. Some of the subordinate staff should get a decent exit option," a senior SBI official said. He, however, ruled out any VRS for the clerical or officer cadre.
SBI's total employee base is around 2,00,000. The actual amount payable to employees opting for VRS will be determined by taking into account their number of years of service and the remaining period.
State Bank of India (SBI) is planning to introduce a voluntary retirement scheme (VRS) for its subordinate staff in the next financial year.
The proposed scheme aims to give chance to over 40,000 employees, who find it challenging to work in a computerised environment and competitive market conditions.
"The nature of work has changed substantially due to introduction of core banking solutions (CBS) and automation. Besides, the work demands on staff are growing enormously to retain market share. Some of the subordinate staff should get a decent exit option," a senior SBI official said. He, however, ruled out any VRS for the clerical or officer cadre.
SBI's total employee base is around 2,00,000. The actual amount payable to employees opting for VRS will be determined by taking into account their number of years of service and the remaining period.
IFCI likely to fix bond conversion at Rs 107 (Business Standard 17th Dec 2007)
IFCI, which has received financial bids from three consortia for a 26 per cent stake, is understood to have fixed Rs 107 for converting bonds of PSU banks and insurance companies into equity.
"It roughly works out to be around Rs 107 for converting zero coupon optionally convertible debentures of Rs 1,300 crore," an IFCI official said.
So, at this price the company would issue fresh equity of 12.1 crore to the banks and insurance companies who own optionally convertible bonds maturing in April 2022.
IFCI, which has received financial bids from three consortia for a 26 per cent stake, is understood to have fixed Rs 107 for converting bonds of PSU banks and insurance companies into equity.
"It roughly works out to be around Rs 107 for converting zero coupon optionally convertible debentures of Rs 1,300 crore," an IFCI official said.
So, at this price the company would issue fresh equity of 12.1 crore to the banks and insurance companies who own optionally convertible bonds maturing in April 2022.
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