Syndicate Bank wins the Asian Banker Magazine Award

Udupi, Mar 10 (UNI) The public sector Syndicate bank has been awarded the first prize by the Asian banker magazine as the best core banking solutions (CBS) implemented bank in Asia, Mr C P Swarnkar, the bank's chairman and managing director said here today.

Speaking after inaugurating the new premises and Syndicate e-banking at Kalyanpur and Bramagiri near here, he said the bank had brought 1,430 branches under core banking system, thereby doing 88 per cent of its business under core banking.

After he assumed chairmanship, the bank had doubled the ATM network to 600 from the earlier 326 ATMs in 11 months time.

The bank was contemplating to increase the ATM network to 682 by the end of the current financial year, he said.

Mr Swarnkar said that upto December end last year, the bank had achieved 50 per cent growth in the business on year-on-year basis which was highest in the entire banking industry.

He said the bank had launched several mass based new schemes under his stewardship. The Line of Credit to the students going for professional courses had now been increased to Rs 20,000 without guarantee or collateral security. The bank launched a new scheme Syndsenior scheme for the pensioners to enable the retired persons to have the Line of Credit upto Rs three lakh without any security, he said.

The Chairman said that the syndvyapar scheme had now been modified and the synd Pigmy Plus had been re-introduced from March one this year.

He said that the bank introduced a novel new scheme called " Synddriver" to help the unorganised drivers of all types of drivers.

Under this scheme, a driver with a deposit of Rs 1,000 or Rs 2,000 with the bank could get life cover upto Rs one lakh and death cover upto Rs two lakh. Under Synd Jaikisan scheme, the bank has plans to disburse Rs 530 crores in next six months time, he added.

UNI