Business

Syndicate Bank achieves ₹5 lakh-crore business target

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Syndicate Bank has ushered in the new year by crossing a milestone of ₹5 lakh crore in business (as on December 31, 2019), a target that the bank wanted to achieve by the end of fiscal 2019-20.

With this achievement, the bank has proved itself as one of the most trusted and technology savvy public sector financial institutions with a well segmented and granular growth across corporate, MSME and retail businesses that have resulted in astounding business figures, as per a bank statement.

“The bank achieved this milestone 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 magical figure. Under retail banking, housing loans portfolio grew significantly owing to Takeover Home,” it said.

The bank has achieved 42.48% in priority sector lending which is much ahead of mandatory target guideline of 40% as prescribed by the RBI, the lender said.

“It was overwhelming to see how all our departments contributed significantly for achieving this milestone. Achieving annual target much ahead of its time is a testimony of the trust that customers have shown on us, ""said Mrutyunjay Mahapatra, MD & CEO, Syndicate Bank.

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Printable version | Jan 18, 2020 12:01:13 PM | https://www.thehindu.com/business/syndicate-bank-achieves-5-lakh-crore-business-target/article30513563.ece

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