Prime Minister Narendra Modi with Finance Minister Nirmala Sitharaman. State-run banks that are set to be privatised this fiscal year are likely to come out with an alluring voluntary retirement scheme (VRS) for interested employees. This new initiative is slated to make banks attractive to buyers which could be taken over by the private sector enterprises that are eager to get into the countryâs banking sector. VRS, a mechanism through which employees are provided an opportunity to take early retirement along with a good financial package, has also been previously put to use for the consolidation purposes of certain public-sector banks (PSBs),