Money & Banking

Syndicate Bank bets on Big Data to boost growth

AJ Vinayak Manipal | Updated on June 28, 2019

Agri-loan waiver schemes to be completed by the end of FY20

Syndicate Bank is focusing on improving its information technology infrastructure in areas such as Big Data and Analytics.

Replying to a query by a shareholder on the capex investment of the bank for the next two to three years at the annual general meeting (AGM) of the bank at Manipal of Udupi district, Karnataka, on Friday, Mrutyunjay Mahapatra, Managing Director and Chief Executive Officer, said the bank has taken initiatives around Big Data, Analytics, Machine Learning and natural language processing for data-driven decision-making in the areas of loans, sales, marketing and targeted campaign management.

Banking on data

Explaining this further, Atul Kumar, General Manager of the bank, said data is very important now, and it will gain more importance in the days to come. He said the bank is trying to do a lot of research with data of its existing customers, and trying to offer more products per customer.

Apart from this, the bank is trying to improve its technological platform that include core banking solution and mobile banking, among others.

Agri loan waivers

To a query by a shareholder on the agri-loan waiver schemes in different States, Narasimha Rao, General Manager, said implementation of the waiver scheme is almost completed in Karnataka. Such schemes have also been announced in Maharashtra, Rajasthan, Chhattisgarh, Punjab and Uttar Pradesh. Stating that the implementation of these schemes is in different stages, he said all these are likely to be completed by the end of the current financial year.

Jewel loans

When one of the shareholders urged the bank to focus on jewel loans, Nageshwar Rao, Whole-time Director and official on special duty of the bank, said the jewel loans business of the bank is improving. Hitherto, the bank did not have much exposure to jewel loans in northern India. The bank is taking steps to improve jewel loan portfolio there by identifying branches, he said.

Ajay Vipin Nanavati, Chairman of the bank, chaired the annual general meeting of the shareholders of the bank.

Published on June 28, 2019

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