Syndicate Bank to open all-women branch in Odisha

Karnataka based PSU bank Syndicate Bank plans to open the state’s first all-women branch in Bhubaneswar.

The all-women branch will be opened in next two three months, Sudhir Kumar Jain , Chairman cum managing director, Syndicate Bank, told media persons after inaugurating the 73rd branch of the bank in Odisha.

The PSU bank aims to increase the number of branches to 100 in the state by 2015.

“We are eyeing a growth of 18 per cent in deposits and 16 per cent increase in advances in this fiscal and take the number of branches to 3,200 from 3,014 at present,” he said.

The bank has set a target of Rs 375,000 crore business for this fiscal compared to Rs 334,000 crore clocked in 2012-13.

In Odisha, Syndicate Bank has set a target of Rs 5,300 crore business compared to Rs 4,300 crore achieved in 2012-13.This included Rs 3,000 crore deposits and Rs 1,000 crore advances.

On the rising NPAs of the PSU banks, Jain said, “the percentage of gross NPA in Syndicate Bank is low vis-à-vis other public sector banks.

The bank’s gross NPA has risen to 2.39 per cent in June compared to 1.99 per cent in March, 2013.

“In spite of the challenging time, we are able to maintain the gross NPA at a comfortable and lower level. We are targeting to bring it down to below two per cent by March 2014,” the CMD added.