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Tuesday, February 5, 2013

Syndicate Bank hopes to bring down share of bulk deposits to 15% this fiscal

Syndicate Bank is confident of bringing the share of bulk deposits to total deposits to 15 per cent by March 2013.

Addressing newspersons , Anjaneya Prasad, Executive Director, said the bank could shed around Rs 7,169-crore high-cost bulk deposits in the first nine months of the current fiscal.

As a percentage of total deposits, bulk deposits have come down to 16 per cent; at the end of March 2012, it was around 22 per cent. He said the bank can bring it to 15 per cent anytime.

(Bulk deposits are usually term deposits of above Rs 1 crore. Banks offer higher rates of interest on such deposits.)

On CASA (current account savings account) deposits, Prasad said these now form 32 per cent of the total deposits. “We have to improve CASA further. With the increase in deposits, CASA should also increase. During the current fiscal we want to maintain them at 32.5 per cent,” he said. The bank is targeting a CASA of 33 per cent for the next year.

The bank has been able to settle around Rs 300 crore of small-size NPAs (non-performing assets) in 30,000 accounts under ‘Brihat Synd Adalats’. In the last two quarters, the bank conducted two such adalats across the country. Similar adalats will be conducted on February 12, he said.

Prasad said the bank’s total business crossed Rs 3-lakh crore in December, and is eyeing Rs 3.5-lakh crore by March 2013.

Source: thehindubusinessline


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