The Hindu : Business : Syndicate Bank business crosses Rs.1 lakh crores

Online edition of India's National Newspaper
Thursday, Jul 13, 2006

Business

Business

Syndicate Bank business crosses Rs.1 lakh crores

Staff Reporter

15 per cent business growth in the first quarter

KOCHI: Syndicate Bank reached a milestone in June with the bank's business touching Rs.1 lakh crores, recording a growth of over 15 per cent during the first quarter of the current financial year.

The Bank's deposits went up by more than Rs.10,000 crores while advances went up by Rs.3,664 crores, Executive Director of the Bank George Joseph said here.

Syndicate Bank's business in Kerala stood at Rs.3,656 crores at the end of June this year.

Deposits are Rs.2,288 crores and advances are Rs.1,368 crores. The Bank has a total customer base of 12 lakhs in the State, said Mr. Joseph.

The credit-deposit ratio of the Bank in Kerala is 60 per cent in the rural areas and 65 per cent overall. Priority sector advances in Kerala have crossed Rs.800 crores, forming 60 per cent of the total advances. Agriculture advances stands at Rs.168 crores.

Syndicate Bank has 138 branches in Kerala of the total 2,042 branches it has across the country.

The Bank has also introduced centralised banking solution in 48 branches in the State while all the branches have been computerised. It has also installed 33 ATMs.

Mr. Joseph said that the Bank will charge seven per cent interest on crop loans up to Rs.3 lakhs. The Bank has also introduced schemes for students, housing sector and senior citizens.

Under the SyndVidyarthi Scheme, up to Rs.10,000 would be offered to non-local students pursuing professional education to overcome temporary financial hardships.

The SyndNivas scheme provides for sanction of pre-approved additional loan up to Rs.3 lakhs to the existing housing loan customers. SyndSenior scheme provides for loans to pensioners up to 18 months of their gross pension.

Mr. Joseph said that the Bank had launched a drive to expand its customer base through the One Family One Bank scheme, offering opening of accounts with zero balance.

The Syndicate Bank has sponsored the North Malabar Gramin Bank, which has a total business of Rs.1,865 crores with 159 branches and activities spread over the districts of Kannur, Kasaragod, Wyanad, Alappuzha, Ernakulam and Kottayam.

The Bank plans to network branches in Perumbavoor, Kodungalloor, Karunagappalli and Konni and in Aluva, Kottakkal, Muvattupuzha, Kozhencherry and Pala. Twelve more ATMs would be installed during the current year.

The Bank has a training centre at Kottiyam in Kollam district called the Syndicate Institute of Rural Development, which has trained 1,700 unemployed youths so far.

Another training centre has been set up in Kannapuram in Kannur district, which has trained around 14,000 youths so far.

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