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Thursday, February 14, 2013

Syndicate Bank to open specialised branches in AP

Syndicate Bank is planning to expand its branch network in Andhra Pradesh by 150-200, and it would focus on opening specialised branches in the north-coastal Andhra region, including for agriculture, MSME and personal banking, according to Executive Director Anjaneya Prasad. At present, the bank has 411 branches in the State.

He said in an interview that the bank had a limited presence in the region. The number of branches in the port city would go up to 10 by the end of this fiscal. “The four districts together have 28 branches and the plan is to take it to 30. Given the high potential in this area, the bank had appointed an Assistant General Manager for business development here,” he said.

He said the bank intended to set up a special MSME branch in Gajuwaka area and was also exploring the possibility of an agri branch in Madhurawada.

He said the bank was considering opening an e-lounge in the State, similar to the one launched in Bangalore. The e-lounge or SyndYuva NextGen branch would offer facilities such as Internet banking, mobile banking, cheque deposit kiosks, coin dispensing facilities and an ATM.

To strengthen its IT-enabled network, the bank was setting up a back office centre for each State, which would handle the documentation processes. The bank was keen on setting up such an operation in the city as it was likely to be cost-effective, he said.

Prasad said the bank was willing to extend finance to enterprises for setting up small size captive power plants using renewable and non-conventional sources such as solar energy and wind.

With no major recruitment in recent times, the bank was facing an HR challenge, he said. In the past two years, it was unable to attract adequate numbers for its officer vacancies though almost all clerical vacancies were filled, Prasad added.

Source: thehindubusinessline


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