Chennai:
Syndicate bank is planning to open its third regional office in Madurai from November 1.
Addressing a press conference here on Thursday, the bank’s chairman and managing director Sudhir Kumar Jain said that the decision to set up third regional office in Madurai is being taken as it is very difficult for the Chennai and Coimbatore regional offices to handle 222 branches in the state.
Jain also said that the bank is restructuring its three-tier operation by including field general managers. Earlier, the structure included branches, region and head office. Now we have included field general managers, said Jain, who recently over the charge of the bank.
He also said the bank’s non-performing assets would improve after December. “Most of it is in the shipping sector. We expect it to be reversed by the end of December this year,” he said.
He also announced that the bank is upgrading its IT platform to higher version of iflex (currently Oracle Financial Services Software). “We were the first to introduce core banking solutions on iflex version 1. But since this is outdated, we have appointed a consultant to upgrade it to version 3. The process will take nearly two years,” he said.
He also said that Syndicate Bank is planning to expand its branches from 3,047 branches to 3,200 branches by the end of this financial year. He also said the bank has plans to increase its ATMs from 1,360 to 3,000 by the end of this financial year
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