The Syndicate Bank has drawn up plans to increase its regional offices in the State to eight from the existing six before the end of this fiscal as part of expansion plans, according to bank Executive Director Ajay K Khurana.
Addressing a press conference here on Thursday, Mr. Khurana said that the bank had set a target of doing business to the tune of ₹29,000 crore in Andhra Pradesh during current fiscal, and it has already crossed ₹27,000 crore. The bank was focussing on retail, agriculture and MSME loans in the State. The bank extended loans worth ₹ 9,657 crore in the agriculture sector, and ₹ 2,724 crore in MSME sector, he explained.
To a question, Mr. Khurana said that the bank has ₹ 1,400 crore Non-Performing Assets (NPAs) in the State. Farm loan waiver was one of the factors that contributed to the NPAs in A.P. The bank, however, was coming out of the slippages in existing loan repayments by the farmers. The bank could bring down the NPAs considerably due to loan recoveries, he said.
Retail loan centre
Mr. Khurana said that the bank had NPAs amounting to ₹27,000 crore across the country till September. The bank has set up a stressed assets management branch in Hyderabad. The bank has plans to open the Retail and MSME Loan Centre (RMLC) in Vijayawada soon, he added.
Syndicate Bank General Manager S. Vijaya Kumar and Regional Manager C. Pulla Reddy spoke.