This document summarizes the voluntary retirement scheme (VRS) implemented by State Bank of India. It discusses the origins and structure of SBI, the competition it faced, and the merits and demerits of implementing the VRS. While the VRS reduced costs by decreasing the workforce, it also led to acute manpower shortages, decreased efficiency, increased workload for remaining employees, and negatively impacted customer service. SBI then had to revamp its HR policies to address issues like workload and staffing levels that arose due to the VRS.