Syndicate Bank opens two million new accounts this year

Kolkata, Feb 27 (UNI) Public sector Syndicate Bank which has already overshot its annual business target by about five per cent with all round performance,has opened two million new Savings Bank accounts during the year to widen its nationwide clientele base.

Syndicate Bank Chairman and Managing Director C P Swarnakar informed this to UNI on the sidelines of a Federation of Export Organisation (FIEO)sponsored meeting in the city today.

Claiminig that the drive to achieve the two million new account holders target was achieved with the wholehearted cooperation from the Bank employees at the branch level,the Syndicate Bank CMD said this had put the bank among the top slot of the country's leading public sector banks serving the masses.Incidentally,most of these new accounts were categorised a 'no frills' account with no cap on minimum deposits,he said.

Referring to the overall business growth of the bank,Mr Swarnakar said during the first nine months of the current fiscal(April- December),the Bank had recorded 36 per cent growth which could be sustained during the next three months also.

"In fact the Bank had initially set its annual business target at Rs 1,13,000 crores by March 31 this year, but following all round performances it had already gone upto Rs 1,23,000 crores,which was about five per cent higher than the targetted figure",the Chairman said.

In terms of credit disbursement the growth was to the tune of 48 per cent,and that of Deposit mobilisation was about 52 per cent so far,the Syndicate Bank Chief emphasised.

Asked whether he was considering to approach the capital market once again to widen the capital base besides improving the Capital Adequacy Ratio(CAR) from 11.2 per cent now, Mr Swarnakar said, "We have no such plan." He ruled out having any chance of raising additional funds through the Tier Two route.

Following the previous IPO the government stake in the bank was reduced to around 66 per cent,leaving enough head rooms for raising capital further.

On the success of Core Banking Solutions(CBS)in the Bank having a nationwide network of 2014 branches, the Syndicate Bank Chairman said so far 90 per cent of these branches had been brought under CBS which in turn took care of more than 85 per cent activities of the bank.

UNI