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Syndicate bank aims 20% growth in state

BS Reporter  |  Kolkata/ Bhubaneswar 

Manipal-headquartered Syndicate Bank expects to achieve total business of over Rs 3,500 crore in the Orissa region by the end of 2012-13.

The bank has already crossed Rs 2,700 crore this fiscal in terms of total business by the end of December and expecting a growth of more than 20 per cent in 2012-13, said SK Mahunta, Deputy General Manager, Syndicate Bank at the inauguration of the bank’s 61st branch here recently. For providing banking services at the door step of the customers, the PSU bank is planning to open 21 more ATMs across the state this year. The bank also intends to open seven more branches by the end of this year and ten more branches next year over and above its network of 60 branches in the state, said Ravi Chaterjee, Executive Director of the bank. However, the bank has failed to achieve the stipulated Credit-Deposit (CD) ratio. It may be noted that Syndicate Bank has CD ratio of 37.35 in the state far below the Reserve Bank of India (RBI) stipulated 60. As per the latest data released by State Level Bankers' Committee (SLBC), Syndicate Bank's to agriculture sector stood at a meagre 6.78 per cent.

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First Published: Fri, March 16 2012. 00:07 IST