Syndicate Bank opens 108 branches

Syndicate Bank opened 108 branches across the country on Saturday.

Speaking at the inauguration event, Mr M.G. Sanghvi, Chairman and Managing Director, Syndicate Bank, said that the bank plans to open 200 branches during the 2012-13 fiscal. Currently, the bank has a network of over 2,700 branches.

With a capital adequacy ratio of 12 per cent and net NPA below 1 per cent, the bank is geared up to grow qualitatively, he said. “We are on the verge of crossing Rs 3-lakh-crore business, and we are confident of achieving this in the first quarter of 2012-13,” said Mr Sanghvi.

The bank has achieved the government’s priority sector lending and direct agriculture advances targets. He pointed out that this was a growing market for the banking industry in the future.

New branches

The 108 branches inaugurated include three all-women branches — Bangalore, Karwar and Mumbai, 14 ultra-small branches and three micro, small and medium enterprises (MSME) branches. The bank also rebranded its HSR Layout branch in Bangalore as a ‘SyndYuva’ or next-generation branch.

He also said that Syndicate Bank has covered 1,500 villages allotted to the bank under the financial inclusion programme.

anju@thehindu.co.in