Reserve Bank of India is to introduce a voluntary early retirement scheme for its employees.

"The RBI board has approved the VERS and employees with 25 years of service and those who have completed 50 years of age will be eligible to opt for this scheme," the apex bank sources told PTI in Mumbai on Monday.

The bank had received suggestions from various sections of its employees based on which the scheme was devised. The VERS was later discussed by the unions before it went to the board level, they said.

The guidelines are being formulated and the VERS would be an open-ended scheme as it would be an ongoing exercise without any specific timeframe for submitting applications, sources added.

Sources said employees opting for the scheme would get two months' salary for every year completed or one month's salary for each year of service left, whichever is lower.