The Reserve Bank of India has received applications from 3,491 employees so far for the ongoing optional early retirement scheme, which is intended to rationalise its staff strength.

"So far, 3,491 employees have submitted their application. The scheme would close on December 31, 2003," official sources said in New Delhi on Monday.

The number can mount as the apex bank employees still have almost a month to go, they said.

The VRS scheme of the central bank comes two years after Indian Banks Association's package for PSU banks, which was opted for by over 100,000 employees.

PSU general insurers also offered VRS to their development officers last fiscal, which targeted to cut flab by 1,400 employees.

"RBI introduced the early retirement scheme with a view to rationalise the staff strength," the sources said.

According to the OERS offered by RBI, the employees would be eligible for ex-gratia amount equal to 60 days pay plus dearness allowance for each completed year of service and part thereof in excess of six months or pay plus dearness allowance for remaining service upto the date of superannuation, which ever is less.

Apart from this, the VRS optees would be entitled to normal retirement benefits like pension and gratuity.