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Saturday, January 11, 2014

On expansion mode, Syndicate Bank to recruit 5,000 next fiscal

Syndicate Bank plans to recruit around 5,000 new staff in 2014-15.

In an informal chat with Business Line, on the sidelines of the inauguration of the office of the Field General Manager of the bank at Manipal on Friday, S.K. Jain, Chairman and Managing Director said some retirements are due in the coming year and the bank also plans to open more branches.

Considering this, the bank will recruit around 2,500 officers and an equal number of clerical staff. Of this, around 750 will be specialised officers.

The bank, which opened 145 branches during the current financial year, plans to open 250 branches by the end of the fiscal. “For 2014-15, we are planning another 200 branches. Our target is to reach 3,500 branches by end of next fiscal,” he said.

Syndicate Bank provides training to its employees in fields, such as credit, HR and forex.

The bank has started a special course for its employees and the training programme includes two weeks of classroom and two weeks of on-the-job training. The bank plans to provide etiquette training to its frontline staff, he said.


To a query on the management of non-performing assets, he said the bank’s NPA levels were below the industry average.

He said the bank is hopeful of showing a better performance on the NPA front during the December quarter vis-à-vis the September quarter.

The bank has formed a Stressed Tiny Assets Recovery (STAR) team in its branches to look at small NPA accounts of up to Rs 10 lakh.

Anjaneya Prasad, Executive Director, said the bank conducted three ‘brihat adalats’ in the last three quarters. Around 40,000 one-time settlement proposals were finalised in the adalats. With this, the bank recovered around Rs 100 crore in cash on the spot, he said.

The one-time settlement proposals would help recover around Rs 600 crore in due course. One more adalat is planned for February.

Prasad said the bank would start around 10 mid-corporate branches by the end of the financial year, exclusively catering to the needs of that segment.

Jain said the performance of the bank on the retail front is encouraging. Whatever the bank could do in six months, it did in the third quarter. “We are hoping to do better in the fourth quarter,” he said.


Jain said the bank board has approved the payment of an interim dividend of Rs 2.50 per share for 2013-14. The extraordinary general meeting of shareholders on Friday approved the allotment of equity shares on preferential basis to the Union Government.

The shareholders unanimously passed a special resolution to issue 2,26,34,676 equity shares of face value Rs 10 each at a premium of Rs 88.36 a share, aggregating to Rs 200 on preferential basis to the Government of India.

Source: Thehindubusinessline


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