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Tuesday, September 23, 2014

Syndicate Bank plans 50 mid-corporate branches this fiscal

Syndicate Bank will open 50 mid-corporate branches during the current financial year, according to the bank’s Executive Director TK Srivastava.

Inaugurating a mid-corporate branch in Mangalore on Monday, he said the branch will cater to credit requirements of Rs5 crore and above. Chartered accountants and credit officers will manage the operations of the branch.

Stating that the bank has opened 17 such branches in the country, he said 35 branches would be opened by December. The target is to open a total of 50 such branches by the end of 2014-15.

The bank expects business of around Rs200-300 crore from each of these branches.

Terming MSMEs (micro, small and medium enterprises) as the backbone of the country, he said advances by the bank to MSMEs have seen a growth of 30-35 per cent. Mid-corporate branches like this will further boost the growth of MSME advances, he said.

On the Prime Minister’s Jan Dhan scheme, Srivastava said 3,300 branches have already opened 800,000 accounts under the scheme.

The bank has introduced the Aadhar-enabled e-KYC (know your customer) system in 50 of its branches. Around 700 branches will come under the e-KYC during this year.

The bank, which has 3,300 branches across the country, plans to open 3,500 branches by the end of the current financial year.

The bank recruited around 5,000 people in officers and clerical cadres last year. Srivastava said the bank is hopeful of reaching a business level of Rs4 lakh crore by the end of September 30. The bank’s business crossed Rs3.92 lakh crore in the first quarter of the current financial year, he added.

Source : The Hindu


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