Syndicate Bank targets 22% jump in priority lending

Syndicate Bank targets 22% jump in priority lending

Mumbai: State-run Syndicate Bank is targeting a 22% jump in its priority sector advances and a 30% increase in its agri-loans this fiscal.

Besides, the bank aims to achieve 100% financial inclusion in the same time-span, a senior official said.

“Priority sector lending is expected to touch Rs23,800- crore in FY08 while our agricultural lending has been projected at Rs10,800-crore," Syndicate Bank’s General Manager, Subhash Malhotra, told PTI here.

The bank’s priority sector lending in FY07 stood at 19,512-crore while its farm lending stood at 8,280-crore.

As part of its strategy to achieve financial inclusion, the Karnataka-based bank also plans to open 16 lakh no-frill accounts under the recently launched SyndSamanya scheme, Malhotra said.

Syndicate Bank, which has nearly 56% of its branches in rural and semi-urban areas, also plans to implement the Business Correspondent (BC) model shortly with the aim of including the yet-to-be-banked low-income groups.

“The bank has a customer base of 19 million which is benefiting from a variety of schemes such as Syndicate General Credit Cards (SGCC) and Syndsamanya scheme. A few more plans are also on the cards--these will be launched next year," Malhotra said.