Syndicate Bank ties up with Atyati Technologies Private Limited

Ludhiana: Syndicate Bank has tied up with M/s Atyati Technologies Private Limited, a Fin Tech Company having their own technology platform going by the name of GANASEVA. 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 lakhs. 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. Through this tie up the Bank is looking at providing competitive credit to priority sector by passing the benefit of low cost funds from the bank and lower cost of operations of NBFCs to the ultimate beneficiary through the blended rate/weighted average rate. Risks and rewards are proposed to be shared as mutually agreed by the Bank and M/s SREI Equipment Finance Limited. Common Lending Policy and operational guidelines are proposed to be implemented 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, Syndicate Bank 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. Under Reforms Agenda for Responsive and Responsible PSBs, rolled out by the Department of Financial Services, Ministry of finance, GOI, our Bank has created a separate vertical to manage Stressed Assets of Rs.5.00 Crore and above named as Stressed Assets Management Vertical (SAMV) at Corporate Office, Bengaluru. Further in order to have effective monitoring and to have focused recovery efforts through dedicated teams Stressed Assets Management Branches at 7 centres at Mumbai, Delhi, Hyderabad, Kolkata, Chennai, Bengaluru and Lucknow, have been inaugurated on the New Year day of 2019.