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Syndicate Bank is targeting a business of ₹10 lakh crore by 2020, according to SK Jain, Chairman and Managing Director.
Replying to a query on the bank’s long-term plans by a shareholder at the 15th annual general meeting at Manipal on Friday, Jain said the bank had conducted a two-day workshop called ‘Nayi Synd Disha’ in January. As many as 134 staff members and executives of the bank who deliberated upon various weaknesses and strengths of the bank at the workshop, have suggested strategies for the future.
The workshop set the bank a business turnover target of ₹10 lakh crore by 2020. This would mean an average annual growth rate of 18 per cent till 2020. The bank is following the plans suggested in that workshop, Jain said.
With the support of the employees, shareholders and all the stakeholders, the bank should surpass this target, he said.
(The global business of the bank stood at ₹3.88 lakh crore at the end of March 2014).
Responding to a shareholder’s query on whether interest rates would come down in the near future, Jain said issues such as the Iraq crisis and the shortage of rainfall during the current monsoon season, may impact interest rates in the short term.
“If you see the medium-term scenario, may be nine months or one year down the line, my personal view is that the interest will definitely come down,” he said.
To another query on whether the bank would come out with a rights issue, he said the bank would reward its shareholders with a rights issue at an appropriate time.
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