Bangalore, Nov. 21
THE public sector Syndicate Bank has received the Government's approval for setting up a subsidiary for business process outsourcing (BPO) operations.
The BPO services will be headquartered at Manipal in Karnataka. Syndicate Bank also has its head office in Manipal. The operations, however, are likely to be extended to other cities, said Mr Prakash Mallya, Syndicate Bank's Executive Director. The authorised capital of the BPO will be Rs 10 crore and the paid-up capital, Rs 1 crore.
The BPO will initially service only the bank's own customers. However, Mr Mallya said that other public sector banks and financial institutions would be allowed to use the BPO's services. The modalities for the BPO operations are yet to be worked out, he added. The operations include software development, establishment of data processing centres, software training programmes, and trustee services, and acting as clearinghouse, registrar and transfer agent.
The establishment of the BPO is also intended to redeploy some of the bank's surplus staff. Syndicate Bank currently has a staff strength of 26,395 employees, consisting of 8,670 officers and 17,725 subordinate staff spread over the 1,800 branches in 23 States.