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Our Bureau

Chennai, March 18

Syndicate Bank intends to recruit between 1,500 and 2,000 agents to mobilise `pigmy deposits'— a scheme under which agents go to customers' houses, as frequently as required, and collect deposits. At present, the bank has about 3,000 agents, Syndicate Bank's General Manager, Ms V Kalyani, told presspersons here recently.

The agents are paid a monthly salary of Rs 750 plus a performance-based incentive. The pigmy deposit scheme is an 80-year-old product, but is now being "re-launched" so as to re-invigorate the scheme. At present, Syndicate Bank has about Rs 1,000 crore of deposits under the scheme. Ms Kalyani said it was a scheme aimed at financial inclusion, designed long before financial inclusion became a buzzword in the banking industry.

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