Syndicate Bank to open 50 specialised branches for MSME lending

New Delhi, Sept 23 Syndicate Bank, a leading nationalised bank is planning to open 50 mid-corporate branches by the end of the financial year to cater to the micro, small and medium enterprise sector.

This was stated by the bank’s Executive Director, T K Srivastava, after inaugurating the 17th
 mid-corporate bank at Hampanakatta in Mangalore recently, according to a report by The Hindu.

The move is certainly in line with the bank’s code, reflecting its commitment to the MSE customers to provide easy, speedy and transparent access to banking services in their day-do-day operations and in times of financial difficulty.

Explaining that the bank has lost focus on big customers, Srivastava said that the mid-corporate branches would lend up to Rs 100 crore and beyond, under direct monitoring of the field general manager as well as the executive director, according to the report.

Further, to facilitate speedy lending, the mid-corporate branches, headed by a chief manager, would have officers specialised in credit disbursement. Such branches would act as one-point solution to small corporate, the bank’s ED said.

Syndicate Bank is growing in MSME lending to 30-35 per cent, and this year too it has targeted 35 per cent growth. Each specialised branch is expected to lend about Rs. 250 crore a year, the Hindu report said quoting Srivastava.

Besides focusing on the MSME sector, Syndicate Bank has been achieving targets set by the government in priority sector lending-agriculture, prom dresses uk, scheduled castes/tribes etc.

Under Pradhan Mantri Jan Dhan Yojana, the Bank has opened over 8 lakh accounts, the highest in respect of branch-to-account ratio (for 3,300 branches), the Bank’s ED said. The Bank also plans to open 200 more branches in this fiscal.

Syndicate Bank is the only bank that has branches in all states and Union territories of the country, including 10 each in Lakshadweep and Andaman and Nicobar Islands.