S Krishnan, Executive Director of Syndicate Bank had a townhall meeting with its staff members of Bhopal Region on Thursday at Hotel Courtyard Marriot, Bhopal.
The meeting is a part of series of employee town hall meetings across the country to educate them about the latest developments in banking, sensitize the employees about the corporate goals & objective and to motivate them for quality and ethical business growth.
He informed that bank propose to raise equity upto Rs 500 crore by issuing stock to its staff members under the EPSO scheme. The bank will issue 300 million shares to employees to raise the capital. The bank will approach SEBI soon for its consent besides obtaining others approvals, said Krishnan.
The move of employee share allotment is with a twin objective of retaining talent while raising capital. The Government/Public share holding is presently in the ratio of 72/28 and the government may be willing to shed 2 per cent of its ratio.
SyndicateBank has tied up with M/s Atyati Technologies Private Limited, a Fin Tech Company having their own technology platform going by the name of Ganseva. The Bank is now proposing to use their wide experience in the field of banking for reaching out to hitherto uncovered or under covered MSE beneficiaries with a thrust on women entrepreneurs for providing credit facilities upto Rs 10 lakh.
As per this agreement, Atyati will provide their services in identifying and sourcing MSE beneficiaries, linking them with the Bank and post disbursement monitoring follow up for recovery with end to end solution.
The Bank has also proposed to have a tie up with M/s SREI Equipment Finance Limited, a leading financier in construction, mining and allied equipments, keeping in view directions of Reserve Bank of India for lending to Priority sector under Co-origination model.
With the objective of maximising the fee based income of the Bank and to offer a wider choice to the customers of the Bank, SyndicateBank has decided to partner with one more Life insurance company apart from LIC. SBI Life being the second largest insurer and the largest amongst the private sector insurer in India, it is proposed to have a tie up with them on POC (Proof of Concept) Basis for their Life Insurance products. The Bank will do POC in three different zones on a pilot basis before commencing Insurance sales pan India.