Syndicate Bank achieves business of Rs 1,37,333 crore in first half

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Vijayawada, Nov 17: In the first half of the current fiscal, Syndicate Bank has achieved a business of Rs 1,37,333 crore across the country, comprising a customer base of 19 million, bank Deputy General Manager (DGM), Vijayawada region G Srinivasan said today.

Addressing a press conference here, he said the bank had shown overall improvement in both deposits and advances. The deposits touched Rs 83,849 crore and advances Rs 53,480 crore as on September 30, 2007.

The bank had registered Rs 449 crore net profit in the first six months of the fiscal.

Mr Srinivasan said the bank had a good network of 2,136 branches spread over 29 States and four Union Territories including Lakshadweep and Andaman islands.

The bank had launched 'synd sona', for selling gold coins to the public, he added.

The bank had introduced 'synd vidyarthi', a unique product of its kind in the industry, in last year. It provided a line of credit up to Rs 10,000 to the students pursuing professional education.

Mr Srinivasan said a hassle free investment credit scheme was introduced by the bank for the agriculturists, ''the architects of the rural economy.'' The scheme had extended credit facilities to the farmers.

He said the bank had introduced several technology flavoured products like online booking, internet banking, tele banking which had testified the state of art technology platform of the bank.

Mr Srinivasan said the IT initiatives of the bank were amply recognised and rewarded both nationally and globally, by getting an award from IDRBT Hyderabad. It had also received best core banking project award in 2006.

He said the bank had introduced online loan application facility and implemented a novel mode of canvassing accounts through mobile van, reaching the public at their doorsteps and bringing them into the banking fold, he added.

UNI

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