Syndicate Bank plans gold, e-term deposits

Syndicate Bank is planning to introduce electronic term deposit (e-term deposit) and also gold deposit at a later date, after the RBI has finalised the guidelines, according to M. Anjaneya Prasad, Executive Director.

He told reporters here on Thursday that the bank would open one more branch in the city at Naiduthota and it was planning to set up a regional office here.

He said the bank was attaching a lot of importance to Visakhapatnam region and special steps would be taken to improve business here.

He said the bank was aiming at 25 per cent growth in business during the current financial year to reach Rs 4,19,000 crore.

“We will also strive to bring down the NPAs by 20 per cent during the current year,” he added.

He said special offers were announced for housing and vehicle loans. Processing and documentation charges would be waived.

For four-wheeler loans, there would be a concession of 0.50 per cent in the interest rate and credit cards would be given at no extra cost.

He said the branch network would touch 3,000 by the end of the current month and 3,200 by the end of September, and an ATM would be provided at each branch. For the purpose, the bank is procuring 1,300 ATMs more.

Financial inclusion

He said the bank had completed implementation of financial inclusion programme well before schedule in all the 1,553 villages allotted to it, and made banking services available to the rural people. It had also taken steps for smooth rollout of the direct benefit transfer scheme.

Deputy General Manager P. Raja Reddy and AGM R. Jayaprakash also participated in the press meet.

sarma.rs@thehindu.co.in

Source: thehindubusinessline