New Delhi, Sep 7 (IANS): The State Bank of India (SBI) on Monday said it plans to recruit more than 14,000 employees this year.

According to the lending major, it is expanding operations and thereby, requires manpower.

"SBI has an existing workforce of around 2.50 lakh and has been in the forefront of serving employees' needs and designing ways and means for engaging and assisting employees in their life journey," a SBI spokesperson said.

The lender rebutted reports that a proposed 'On Tap VRS' scheme is meant as a cost cutting measure to reduce its workforce.

"Against this backdrop, it was thought to provide a congenial solution to employees who expressed desire for making a strategic shift in their vocation, either due to professional growth limitations, mobility issues, physical health conditions or family situations," the spokesperson said.

"While our commitment towards our valued employees remains unshakable, we are deeply desirous of skilling the unemployed youth of the country, as is evidenced by the fact that we are the only bank in the country which has onboarded apprentices under the 'National Apprenticeship Scheme' of the Central government."