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Life is beautiful for those who cashed out of banking service

BS Banking Bureau

On March 31 last year, over 100,000 state-run bank employees walked out of their offices across the country for the last time. The first-ever voluntary retirement scheme in the industry has changed Indian banking for good.

The exodus put pressure on existing staff, adversely affecting customer service.

The seismic changes does spawn an interesting picture: on the one hand, the all-powerful trade unions are losing their sting, while on the other automated teller machines are replacing branches.

The relentless march towards higher profits has begun for public sector banks. But those who opted for VRS are a happy lot today. Business Standard spoke to close to a dozen bankers who are enjoying life to the hilt. Extracts:

Raju Iyer, 60:

"I left Bank of Baroda on April 1, eight months before my retirement. As a general manager, I was secretary to the board. I was also looking after regional rural banks, administration, and security.

Frankly, I enjoyed being a DGM. Once you're a GM, there is too much tension. I was not comfortable and confident whether I will be able to do justice to my position.

Between a GM and DGM, there is not much of difference in terms of perks and other things. In salary, the difference could be a few hundred rupees. I worked for close to 30 years with the bank and needed a break. I don't regret it.

I am doing nothing but enjoying life. I read a lot, go for walks, attend to domestic chores, have good meals, watch TV, and surf the Internet. What else do you do at this age?

I don't miss the status of the GM as I know those who care for it too much may have to come to grief. I get excited in small things of life for which I did not have any time earlier as I was the first person to reach office and, perhaps, the last to leave.

Krantisen R Athawale, 59:

When I left, I was deputy manager at the Prabhadevi zonal office of State Bank of India. I am busier now as a full-time social worker.

I am actively involved with Swatahtryaveer Savarkar Rashtriya Smarak where we teach skills from mountaineering to rifle shooting, boxing; we are also running a reference library. I won an essay competition organised by Loksatta on life after VRS. Life is pleasant if you know how to keep yourself busy.

A A Padiyar, 47:

I was with the Chembur branch of Syndicate Bank at the time of retirement. I had planned my exit three years in advance. I would have left the bank even if there was no VRS. I have my own family business: we advise clients on investments.

Earlier, I used to do this after office hours. There was hardly any time to sleep during February and March when people invest to save tax. I am happy as I can spend time with my family.

I have spent my VRS benefit in buying a house. I get a pension of around Rs 3,500 a month. I earn well as I have about 1,200 customers.

K Chandrahas Shetty, 55:

I was the chief manager at the Mumbai regional office of Vijaya Bank looking after public relations, personnel and general administration.

I wanted to quit last year but was released this January, the day my chairman retired. My package was a good one - post-tax, I got about Rs 2 million. I have invested bulk of this money in RBI Relief Bonds.

I get a pension of Rs 6,500 per month. This, along with the return on investments, is slightly higher than my last take-home salary.

I have recently floated an agency for NRIs where I provide all services to Mumbai-rooted expatriates-from looking after their property to children's education to accommodation and travelling while they are here. I have a database of about 3,000 NRIs and there is no reason why I should not do well.

Jitendra D Chikhal, 55:

I opted for VRS at Bank of India where I was in the middle management grade because the package was attractive.

Moreover, I was confident that I would be able to find another vocation. My two children are settled. I am now a life insurance advisor with OM Kotak Life Insurance Company. I am also selling fixed deposits and mutual fund schemes of the Kotak Group as also ICICI Safety Bonds.

I am able to maintain the same standard of living when I was with the bank. I have judiciously invested my terminal benefits/golden handshake amount of Rs 2.3 million.

The commissions offered by my company at 40 per cent of the first year's premium and 5 per cent of the premiums paid for the remaining term of the life insurance policy are pretty good. I do not travel by crowded trains as I used to earlier.

S Lakshmi Narayana Iyer, 51:

I was a senior manager with the Central Bank of India. The VRS was a gift for me. Heading a branch meant facing pressure from all sides: the impersonal higher-ups who want you to mobilise more deposits, put up good loan proposals and recover NPAs; clients who are not happy if you take time to deliver and subordinates, who are often belligerent.

Fear of the advances going bad haunted us as the management could easily make us a scapegoat. Due to this, most bankers suffer from high blood pressure and diabetes. The VRS has relieved me of all this burden. I am not employed but do some social work. Some times a feeling of depression overtakes me but I fight it off. My wife, however, still works with the State Bank of India.

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