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IOB receives more than 3,500 VRS applications
Atmadip Ray
Mumbai, Jan 14: The Chennai-based Indian Overseas Bank (IOB) has received an overwhelming response for its voluntary retirement scheme (VRS). More than 3,500 applicants have responded to the scheme. The exact figure will be available on Wednesday. The scheme was started on December 15, 2000 and the scheduled closing date was January 19. However, the bank's management opted for an early closure on January 11. Said a senior official of the bank: "The response was more than what the management had in mind, and this may have prompted them to close the scheme so early". "We are hugely under-staffed, many of our branches need immediate staff allocation," said another official. "The scheme cut our staff-strength drastically," he said.Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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