ISLAMABAD, Sept 18: Over 2,000 applications of employees with over 20 years service in BPS-1 to 20 have been received in the Agriculture Development Bank (ADBP) under the voluntary golden handshake scheme, sources told Dawn on Wednesday.

The voluntary retirement against a lucrative golden handshake scheme was offered by the bank on Aug 19 with last date fixed for Sept 5, which was extended up to Sept 11.

The strength of the ADBP employees is estimated at under 8,000, working in 343 branches of 49 regions.

The scheme has been initiated after approval of the State Bank under a $250 million bank reforms loan agreement with Asian Development Bank.

Sources said the applications for voluntary retirement were being screened in the headquarters.

Preliminary estimates revealed that majority of those who accepted the offer were lower and middle stage personnel and a smaller number of officers who had a promotion line ahead of them opted to get the golden handshake.

The number of branches and regions will be reduced by about half in the second phase of the restructuring programme.

The ADBP, it was estimated, was overburdened by at least 20 per cent staff, sources said.