Syndicate Bank has set up a Stressed Tiny Asset Recovery Team (START). It will help a bank to monitor non-performance assets (NPAs). The bank has begun to effectively outsource the work relating to recovery by hiring agents. The bank has also begun to sell some stressed assets to asset reconstruction companies and gone in for immediate recovery under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 as well.
The bank is also focused on tackling soft NPAs, initiated special one-time settlement schemes and created a dedicated special monitoring department (SMA) at the corporate office. Since the third quarter of this financial year (2013-14), the bank has taken various steps to recover bad loans and arrest the deterioration in asset quality.
Syndicate Bank (SB) is a Manipal-based public sector bank which was established in 1925. As on March 31, 2013, GOI holds a majority stake of 66.17% in the bank.
