Syndicate Bank has targeted an annual growth of 30% this financial year. To achieve this, the bank has put in place various strategic plans which include increasing profits, increasing the number of branches and ATMs and decreasing unnecessary paperwork in granting advances.
Talking on the matter, the bank's CMD, Mr. M.G. Sanghvi said, "Distribution of both insurance and mutual funds will help us boost fee income. We are aiming at an annual growth of 30% this fiscal year."
To increase its profits the bank has targeted to increase its fee income and concentrate on retail and SME loans. Further, the bank has planned tie-ups with various asset management companies to disburse their mutual fund products.
To increase the number of products in its portfolio, the bank is undergoing talks with various life insurance companies for disbursing the insurance schemes.
Until now, the bank has no such agreement with any life insurance company to sell such schemes. On this, Mr. Sanghvi said, "Until we finalize joint venture we plan to revive insurance distribution business."
For the retail loans products, the banks plans to speed up its loan processing time to 7 days and cancel the third party guarantee, which was so far a requirement for home loans.
Mr. Sanghvi also mentioned this and said, "We plan to do away with third party guarantee in homes loans to attract customers."
The bank has targeted to increase its number of branches and ATMs, pan India, by introducing 300 new branches and 500 ATMs. Presently, the bank has about 2710 branches and 1210 ATMs across the country.
Mr. Sanghvi further went on to say that the bank has fixed its target at 18-19% for credit growth and 15-16% of deposit growth, this financial year. Last financial year, it showed a growth of 13.7% and 16.4% for credit and deposit growth respectively.