Syndicate Bank plans to launch savings bank product for minors

Karnataka based PSU bank Syndicate Bank is planning to launch exclusive savings bank product for minors after RBI issued guidelines allowing minors over 10 years to operate bank savings accounts independently and use facilities such as ATMs and cheque books. The bank is also planning to launch a special CASA campaign later this year to take up its CASA percentage. Meanwhile, the bank is also planning to raise $350 million in the next few weeks via Medium Term Note (MTN) route to fund its London operations. A medium term note is a debt security that usually matures in 5-10 years. The bank’s London branch business grew 33 per cent last fiscal to touch Rs 57,884 crore, up from Rs 43,442 crore in the previous fiscal. The bank has posted a fall of 30.90% in its net profit at Rs 409.30 crore for the quarter ended March 31, 2014 as compared to Rs 592.34 crore for the same quarter in the previous year.  However, total income of the bank has increased by 12.06% at Rs 5357.40 crore for quarter under review as compared to Rs 4780.75 crore for the quarter ended March 31, 2013.