Syndicate Bank surpasses 5 lakh crore business mark targeted for FY 19-20

"The Bank achieved this on the back of every business unit contributing in its full capacity which included Retail, MSME and Priority Sector. All units achieved their targets in record period. During the period various campaigns were launched to achieve the figure. Under Retail Banking, Housing Loans portfolio grew significantly owing to the Takeover Home Loan Dhamaka campaign and lowest home loan interest rates of 8% offered by the Bank. Bank has achieved 42.48% in priority sector lending which is much ahead of mandatory target guideline of 40% as prescribed by RBI," the bank said in a statement.

The Bank through its conclaves, cluster meetings and outreach programs could achieve a growth of 7% over March 2019.

The Bank has celebrated December 2019 as the month of MSME to reach out to the MSMEs for their credit requirement and for restructuring the loans of stressed MSMEs

“It was overwhelming to see how all our departments contributed significantly for achieving this milestone. We conducted multiple campaigns such as MSME outreach campaign, MSME Saptah, RTD campaign, third party products campaign, Switch & Save campaign, Mission 10K crore plus campaign, Mission 2000crore RAM campaign etc. to push the business. Achieving annual target much ahead of its time is a testimony of the trust that customers have shown on us. The Bank promises to continue its rally of business and earnings growth in coming quarters too,” said Mrutyunjay Mahapatra, MD & CEO, Syndicate Bank.

“Various policy changes also contributed to this growth. RBI’s conducive policies helped us to move to EBLPR format of lending which allowed us to be one of the first Banks to offer home loans at lowest interest rate of 8% and helped us in growing home loan business substantially,” added Mahapatra.

During the year the Bank grew its outreach by adding 10new branches, 24 ROs and 1 ZO that took total number of branches to 4061.

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