July , 2019
Syndicate Bank well placed to capture MSME growth
12:42 pm

B.E. Bureau

The government has initiated substantial support to the PSBs through the recent Budget. In the last two years, the government has infused ` 2,10,000 crore to the PSBs. Aditionally, the government is going to spend huge money in infrastructure projects. This will increase economic growth. We already have a  platform for MSME sector loans. We have in line seamless integration with IT portals and GST portals and credit bureau. This system helps us to sanction loans quickly. We have had ` 477000 crore business at the end of March 2019.

We have good packages of interest rates on offer to those who want to switch from other banks to our bank. We have taken special effort to integrate with the growth of the MSME sector by identifying 200 MSME intensive branches of our bank. As many as new 35 regional offices and one zone office has been opened in the last FY as a part of reorganisation of our bank. This will help us to serve customers in a faster way.

There is a plan for opening up of 300 new branches in the country of which 50% will be in rural areas. In the last FY,  our bank grew by 13% in the assets side. For the present FY, we require ` 500 to ` 700 crore of extra funds for our enhanced business. It is to be decided later how much money we should demand from the Union Ministry of Finance to smoothly run our business.


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