Mumbai, Dec. 20
SYNDICATE Bank is looking to increase its low-cost deposits by 18 per cent next fiscal and overall deposits by 15 per cent, to meet increased demand for credit. It hopes to maintain overall credit growth at around 30 per cent.
As on September 30, the ratio of low-cost deposits (Current Account / Savings Account) to total deposits was 38 per cent, against 34 per cent last year, said Mr N. Kantha Kumar, Chairman and Managing Director, Syndicate Bank.
"We have taken a conscious decision to shed bulk deposits and focus on low-cost deposits. We have also reduced our statutory liquidity ratio substantially and sold excess securities. Our SLR is down to 27 per cent from 42 per cent last year," he said.
Mr Kumar was speaking to reporters on the sidelines of a seminar to inaugurate the bank's insurance hub in Mumbai. This hub will cater to the 226 branches in the western region, which comprises Maharashtra, Goa, Gujarat, Madhya Pradesh and Chhatisgarh. "The hub will give guidance to branches and ensure speedy delivery of insurance policies and collection of premia", Mr Kumar said.