Syndicate Bank to cut deposit rate by 50 basis points
Kolkata, Nov 5 (IANS) Syndicate Bank will cut its deposit rate by 50 basis points from Dec 1, a top company official said here Wednesday.
'We have reduced prime lending rate by 75 basis points yesterday (Nov 4) and we will also reduce our deposit rate by 50 basis points on one year deposit from Dec 1,' said bank chairman and managing director George Joseph on the sidelines of a banking conference organised by the Confederation of Indian Industry (CII).
The bank is also looking at a deposit and loan growth of 20 percent in the current fiscal, he said.
Joseph said though Syndicate Bank had adequate capital, it did not rule out raising tier II capital through subordinate bonds to the tune of Rs.3.5-5 billion if the financial scenario becomes conducive.
At present, the capital adequacy ratio of the bank is 11.55 percent.
'We hope to maintain the net interest margin at the current rate of 2.74 percent for the rest of the year,' he said.
The non-performing asset (NPA) of the bank is at 2.55 percent, down from 3.02 percent. last fiscal.
Read More: World Bank | Kolkata | Bank Street | Bank Bazar | Bank Road | Dewas Bank Note Press | State Bank Of Hyderabad | State Bank Of India | State Bank Of Mysore Colony | Mount St Joseph | State Bank Colony | Vennar Bank So | Reserve Bank Building | Reserve Bank Nm Ltd. | Rose Bank Ndso | Jalpaiguri Bank . | Red Bank | Bank Harpur So | Bank | Mohana Bank | Right Bank Tenughat S.o.
Young achievers from northeast gather in Guwahati to discuss the potential of the region
December 9, 2013 at 9:22 PM
Perfect example of communal harmony; Muslim donates land for building of temple
December 9, 2013 at 9:05 PM
Mausoleum of Hazrat Shah Pir draws Devotees of different faiths
December 9, 2013 at 9:04 PM