Syndicate Bank to increase number of branches

UDUPI: By the end of this fiscal year, Syndicate Bank will raise its branch strength to 2001 from the present 1900, including the offshore branch in London, said chairman and managing director Kantha Kumar.

Kumar was delivering the presidential address at the inauguration of Syndicat-e-banking and ATM at its Shirva branch. He said the bank already had 30 licences (to open branches) on hand and the RBI was in the process of approving another 69 licences.

Kumar said the bank had been actively involved in rural development since its inception.

“Our advances to the priority sector is 47 per cent. We are in the forefront of educational loans with Synd Vidya scheme. Our advances to agricultural sector is much above the RBI fixed 18 per cent (minimum). Though the minimum rate of advances to be rendered to women is 5 per cent, our bank has lent at seven per cent,” he added.

Kumar also announced to bring in cross selling of mutual funds within a month to make the bank a complete super market of financial products.

Director and shareholders’ representative on the bank board P C Nayak inaugurated the Syndicat-e- banking at the Shirva branch.

Nayak said the district was in the high density-banking region (outside urban limits) and banking had become a part of life in this district.

Very Rev Fr Valerian Pinto of Parish Priest, Shirva, blessed the occasion. General Manager, Udupi, D N Kamath, welcomed the gathering.

Assistant general manager K M Kini was present. Shirva branch chief manager J F Noronha proposed the vote of thanks. Ganesh Hegade compered the programme.