Organisational restructuring pays off for Syndicate Bank

To improve efficiency in operations, Syndicate Bank has revamped its zonal and regional offices, creating one new zone and 35 new regional offices.

“This revamp has come with a defined organisation structure, intensive budgeting, performance measurement criteria, and alignment of roles between corporate office, zonal offices, regional offices and branches,” said Ajay Vipin Nanavati, Chairman, Syndicate Bank.

“Recognising the necessity for enhanced efficiency and focussed implementation of corporate objectives, a comprehensive restructuring of the organisational structure was adopted,” said Nanavati in a note to shareholders.

Recovery mechanism

The bank’s revamp exercise also saw the creation of a specialised recovery and resolution vertical, with more than 1,000 officials to concentrate on recovery and resolution.

“By doing this, it not only resulted in an enhanced recovery performance of ₹4,261 crore, but alongside has helped the bank retain the NPA level below last year’s level,” said Nanavati.

On the human resources of the bank, he said: “It was a top priority for the bank last year. For the first time, a number of reward and recognition programmes were initiated. Promotions and postings were completed in a record time.”

On the digital transformation journey, he said: “The bank picked up rapid pace with faster implementation of new version of CBS, complete revamping of the website, internet banking, mobile banking utilities, and creation of a data analytics centre of excellence. Chat bots for customer queries and fintech engagements were the other initiatives.”