Syndicate Bank eyes Rs 55,000 crore business from AP, TS by FY16

The total business of the PSU lender grew from Rs 37,000 crore in FY14 to Rs 46,000 crore as on March 31, 2015

Syndicate Bank expects its total business in Andhra Pradesh and Telangana to touch  Rs 55,000 crore by March 31, 2016.

The total business of the public sector lender grew from Rs 37,000 crore in FY14 to Rs 46,000 crore as on March 31, 2015, in the two Telugu states, a growth of 24 per cent.

Speaking to mediapersons here on Thursday, M Mohan Reddy, general manager, AP and TS, said the total amount of debt waiver received so far  from Andhra Pradesh was Rs 500.14 crore while it was Rs 119.10 crore during 2014-15.

“It is expected that during the 2015-16 financial year, our agriculture portfolio will show a significant growth with the renewal and fresh disbursement of agriculture loans to the debt waiver beneficiaries,” Reddy said.

Stating that the bank had sponsored 32 government schools for construction of toilets with an estimated cost of Rs 2 crore during 2014-15,  Reddy said the bank had planned to open an exclusive branch in Hyderabad this year, to cover HNIs (high networth individuals) in the twin cities of Hyderabad and Secunderabad.