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No further VRS in IOB

COIMBATORE: The Chairman of the IOB, S. C. Gupta, ruled out any further voluntary retirement scheme. "Not in the near future", he told a press conference here on Tuesday.

Of the total staff strength of 28,000 in 2000, as many as 3,012 had opted for VRS.

Besides, the posts that fell vacant had also not been filled up since then. Thus its current strength had been pruned to 24,300. This had resulted in productivity increasing to Rs. 2.02 crores from Rs. 42 lakhs per employee and the profitability to Rs. 1.70 lakhs from Rs. 20,000 per employee.

Mr. Gupta was here in connection with the proposed launching of the bank's IPO on September 5. — Our Special Correspondent

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