Syndicate Bank launches BPO subsidiary

Bangalore, Mar 24: Syndicate Bank today (Mar 24, 2006) launched the first BPO subsidiary among nationalised banks to optimise utilisation of surplus human resources with the bank.

SyndBank Services, launched by Union Finance Minister P Chidambaram here, would offer a bouquet of services to its clientele like filing of income tax returns, maintenance and reconciliation of Government business transactions and guide and maintain records for Provident Fund, pension and gratuity trusts. It would also undertake all back office functions such as maintenance of credit and debit card data, ATM related data and provide back office support to various bankassurance products of insurance companies.

''This will pave the way for creating edifices that will set benchmarks for the future,'' Bank Chairman N Kanthakumar said.

It would also offer credit rating for its clients and undertake back office functions relating to tier II bonds issue such as maintenance of investor details, recording transfers and payment of warrants.

On the occasion, the bank also inaugurated its 525th centralised banking solutions (CBS) branch at Banashankari here.

Kanthakumar said the bank aimed at having 550 CBS banks by March 31 and by 2008-09, all the 2,000 branches of the bank would come under CBS. Nearly 60 per cent of the domestic business was currently covered by these 525 branches, having 10 million customers spread over 215 centres in 25 States and Union Territories.

UNI