SyndBank adds 1 mn customers in 2 months

The Manipal-headquartered public sector Syndicate Bank added one million new customers over the last two months "" from July 10 to September 9.

Bank's Chairman and Managing Director C P Swarnkar had launched a door-to-door campaign two months ago as part of the bank's programme to bring banking within the reach of the underprivileged sections of the society.

During the campaign, all 2,100 branches of the bank, spread over 35 regions in the country added at least 500 new account holders. Swarnkar had led the field staff from the front in bringing the customers who were so far not able to open account in banks.

The bank introduced a new 'No Frills Account' called "SyndSamanya" to enable the underprivileged persons to reap the benefits of banking by accepting their accounts even with a zero balance.

Executive Director of the bank George Joseph said, "The idea behind opening accounts with even a zero-balance was to encourage these persons deposit their savings even as small an amount as Rs 5 in the bank and thus get help inculcate the habit of savings in them. The saving habit will enable them to keep even smallest of surpluses, which they will otherwise spend on consumption."

He told Business Standard that the bank has added 11.54 lakh accounts in just two months. Most of these accounts are accounts of persons who were not been able to benefit from banking institutions so far.

The bank's Nanjangud branch in Mysore district added 5,100 new accounts, Malegaon in Maharashtra added 4,000 accounts.

The Delhi region added the highest number of accounts at 86,068. In P D Halli village under Hagari branch in Bellary district of Karnataka, all the 700 families have opened their account, thereby creating a new national record, Joseph said.