The Hindu Business Line : Syndicate Bank targets Rs 15,000-cr biz in AP

Hyderabad, Nov. 26 Syndicate Bank is targeting a total business of Rs 15,000 crore from its operations in Andhra Pradesh during fiscal 2007-08, up from Rs 13,250 crore last year.

The Hyderabad City Region, which has 54 branches is expected to reach Rs 7,000 crore (Rs 6,000 crore), according to Mr A. Vasudevan, General Manger of the Regional Office here.

The Manipal-headquartered bank plans to open two new branches at Vanasthalipuram and Ramnagar in Hyderabad. It also plans 4 ATMs by the end of the fiscal in the City, he told newspersons today.

In Andhra Pradesh, the Bank has 5 Regions and a network of 336 branches. It has 38 ATMs. The new ATMs in city are proposed at ICFAI, South Central Railway Headquarters, Big Bazar in Ameerpet and the Hyderabad Central.

Giving details of the new initiatives of the bank, Mr Vasudevan said the online application for loans launched recently has got encouraging response. Within two weeks, more than 60 applications were received and the bank cleared 20 of them, with loans totaling Rs 65 lakh.

The target group for the loans is the Small and Medium Enterprises (SMEs), students for education, self-employed persons, traders, housing loans etc.

Of the Rs 65 lakh the SMEs got Rs 10 lakh, housing Rs 20 lakh and education the maximum of Rs 35 lakh, he added.

The Regional also topped in the performance of the Synd Sona scheme for the sale of gold coins to the public in the entire country in the last four months. About 46-48 kgs of gold coins was sold.

The mobile van to open account launched as part of the financial inclusion initiative has also got 3000 accounts in the last two months, with a deposit mobilization of Rs 8 crore.

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