Syndicate Bank - Update from CMD

Syndicate Bank is striving to enhance its customer base and do mass banking. Its Chairman and Managing Director, Mr C.P. Swarnkar, who was in the city to review the bank's performance in Coimbatore region, comprising 64 branches and covering 11 districts, said the bank had in the last 11 months opened two million new accounts.

"Our total customer base has touched 19.5 million and we are planning to add another 3 million accounts in the coming fiscal."

The bank has launched 10 new schemes in the last 11 months, which among others include SyndDriver, SyndKisan, SyndVidyarthi, SyndPigmy, SyndSenior and SyndNivas Plus. "There is a lot more in the pipeline and each of the schemes would be for the masses," he said and hinted about a scheme for factory workers, for new recruits/freshers taking up employment, and for landless/tenant or rural farmers. "All these schemes would be rolled out next fiscal."

The bank has already surpassed the business target of Rs 1,27,000 crore this fiscal. "We expect to close the current year with a growth rate of 40 per cent and are hoping to grow by 35-40 per cent in the next fiscal too," Mr Swarnkar said.

On the growth strategy, he said, "It is two-fold. We would like to have a share of large corporate business. Our exposure in industry and commerce is about 25 per cent, retail banking about 35 per cent and private sector about 40 per cent."

New schemes

On the introduction of new deposit schemes, he said, "Bulk deposit rates are attractive in the market today. Our intention is to help the individual customer (instead of corporate houses) enjoy the benefit of such schemes."

The bank has launched the revised version of its Pigmy Deposit Scheme two days back. "It has been re-launched in Bangalore and Manipal. We are in the process of appointing 2000 Pigmy agents, who would go around and collect the amounts. A mechanised cash collection machine would be given to these agents for better control."

Apart from Pigmy Agents, Syndicate Bank has also taken a decision to recruit officers and other staff. "The process has been initiated for recruitment and we have the mandate of the board," he said and pointed out that the requirement was there despite the adoption of technology, both for specialists and to fill up the deficit in general category. He, however, did not specify the number.

Core banking

Out of the 2,114 branches, 1,400 have been brought under the core banking solution platform. "By end-March, we would have the CBS extended to another 100 branches."