Syndicate bank products for MSMEs

Senior executives of Syndicate Bank participated in a function in the city on Sunday to mark its 88th foundation day.

Published: 21st October 2013 08:13 AM  |   Last Updated: 21st October 2013 08:13 AM   |  A+A-

Senior executives of Syndicate Bank participated in a function in the city on Sunday to mark its 88th foundation day.

Bank CMD S K Jain said the bank was progressing well and had sound finances. Until September 30 this year, the bank registered transactions worth `3,46,000 crore and had 33 million customers. Jain also spoke of new initiatives the bank was taking to boost customer service, including introduction of new products.

To affirm its commitment to micro, small and medium enterprises (MSME), the bank had recently introduced five new products-SyndDoctor, SyndGranite, SyndTextile, SyndCashew, and SyndTransport. These are tailor-made schemes to meet credit requirements, Jain said. Apart from these, the bank had recently reduced interest rates on housing loans to a base rate of 10.25 per cent per annum and also lowered rates on vehicle loans.

Syndicate Bank has also taken up a slew of  corporate social responsibility schemes as part of its foundation day celebrations. These include installation of water purifiers at 92 schools in 27 districts. It arranged blood donation camps at 39 regional offices/branches all over India where 3,169 units of blood were collected from customers and bank employees.

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