Indian Syndicate Bank to invest Rs1.0b in IT wing

GUWAHATI, May 24 (Economic Times): State-owned Syndicate BankBSE 7.86 per cent has decided to invest close to Rs 1.0 billion to upgrade its Information technology (IT) platform to improve customer service while it planning to hire 5,200 this fiscal to feel the manpower gaps.
Banks have geared up to take on the fresh challenge in the form of new banks. Reserve Bank of India has offered in-principle approval to Bandhan Financial Services and IDFC to set up banks while it has decided to make the banking licensing process on-tap to allow more players in this sector.
"We will spend close to Rs 1.0 billion in next two to three years to make the IT platform more robust," bank chairman and managing director Sudhir Kumar Jain told ET. "The new IT platform will have more channels to cater to growing business needs of customers."
Jain said the bank is in the process of engaging an HR consultant to assist it in manpower management which many feel is one of the major challenges before banks at this point amid huge retirement.
The bank is planning to recruit 5,200 in 2014-15, including 2500 clerks, 700 specialised officers and over 2000 officers. In last fiscal, the bank hired 2,500 staffs of which 1,300 were officers and 1,200 were clerks. At present, the bank has the employee strength of 27,700.
"The new recruitment will take care of retirements and manpower requirement for the expansion of the bank operations," Jain said.
It is planning to open 350 branches across the country in this fiscal to add to its existing tally of 3260. Around 30 branches will be set up to specially cater to the mid corporate group.
Syndicate bank has a network of 38 branches in Northeast India and it plans to add another 10 to 12 branches this fiscal.