Syndicate bank crosses Rs. 23112 crore business: JS Shenoy

Syndicate bank crosses Rs. 23112 crore business: JS Shenoy

Mangalore Today News Network

Mangalore, October 6: The Banks in Dakshina Kannada have crossed business level of Rs 23112 crore as on June 2010. This level of business is achieved by 418 bank branches in the district which includes deposits of Rs 14830 crore and advances of Rs 8282 crore, said Mr JS Shenoy, Deputy General Manager of Syndicate Bank at Nethravathi Auditorium, Mangalore on Wednesday, October 6.

Speaking about the performance of the bank in the present fiscal year 2010-11 he said that the Credit Deposit Ratio of the district is 56 as at June 2010. There is also an increase in deposit by 13 percent and advances by 12 percent on Y-O-Y basis.

Presenting the Agenda, Mr Udayakumar Holla, Lead Bank Manager, Syndicate Bank said that the committee reviewed the performance of the Banks under Banking statistics, implementation of District Credit Plan 2010-11 for the year ended June 2010 and the Government Sponsored schemes.

Mr Shenoy also said that, during the budget speech, the honourable Finance Minister of Government of India has announced that Business Correspondent model will be adopted in the villages having population of more than 2000 in order to provide banking facilities to the doorstep of the villagers. Business Correspondents are financial intermediaries engaged by banks for the purpose of providing financial and banking services to the financially excluded persons, he said.

He further stated that banks have drawn a road map to engage the business correspondents directly or through section 25 company. The villagers will be provided with the Bio-metric card, which is connected to the bank branch. The village customers can deposit and withdrawn money from their SB account, credit to loan account an open new account at village level. This will help wage payment under NREGP and pension payment under Social Security Schemes. The villages are divided among 8 major banks of the district as per Service Area Concept. The Banks are already making arrangement to engage BC’s in the respective villages. This process will be completed by 31.3.2011.

Speaking on educating the people on the financial management, he said that banking customers are to be made aware about various aspects of banking, including services available.  They need to be educated on opening of accounts, money transfer, available loans, interest application and security aspects including redressal of grievance, etc.  The responsibility of opening Financial Literacy Cum Credit Councelling Centre (FLCC) is given to the respective Lead Bank. In this regard a trust has been formed jointly by Syndicate Bank and Vijaya Bank in DK District.  The FLCC will be functioning shortly in this district and may change the banking service aspects, he informed.

Under the backward classes and Minorities Development Corporation Schemes, banks have sanctioned 84 cases under Chaitanya Schemes and 155 cases under Swavalambana Scheme. 25 Self Help Groups were sanctioned loan with subsidy involving Rs 37 lakh under Swarnajayanthi Gram Swarojgar Yojana (SGSY).

P Shivashankar, Chief Executive Officer, ZP and NC Seethamma were present.