Kathmandu, January 1:

As the final date for Voluntary Retirement Scheme (VRS) is approaching near, senior and junior employees of the Agricultural Development Bank Ltd (ADBL) are set to apply for VRS to grasp huge financial benefits. About 50 staff have already applied for VRS, says a source at the bank.

Yogeswor Pant, general manager of ADBL, said, “If VRS does not become successful, the management wo-uld bring compulsory retirement scheme (CRS) to make the human resource management more effective in the days ahead.” It will ultimately boost our bank’s service delivery system, he added.

ADBL has targeted to reduce at least 400 employees from the existing 3,554 staff as per its Plan. Rightsizing of the human resource section is being done amidst a major restructuring process of the bank. The bank has allocated Rs 900 million for the scheme. The staff, who have completed 20 years of service are entitled to apply for VRS.

The bank is engaged, currently, in recovering bad loa-ns, expediting loan recovery system by identifying better instruments and streamlining all branch offices.