Monday, May 9 2005 21:50 Hrs (IST) - World Time -

Bangalore: Public sector Syndicate Bank is planning to enter Business Process Outsourcing (BPO) business to utilise excess man-hours and expertise available in the bank.

"We are awaiting Reserve Bank's permission for this venture", the bank's CMD, N Kantha Kumar said in a press conference giving the performance highlights for the year 2004-05 in Bangalore today (May 9, 2005).

"In all probability the BPO business will be headquartered in Manipal, while we will have our presence in places like Chennai, Bangalore and Delhi", he said.

The bank has also received the green signal from RBI to set up a Rs 12.50 crore Rural Development Venture Capital Fund in semi and urban areas in SME and SSI sectors, he said.

The fund will focus on assisting agri business, processed foods, biotech, information technology and non-conventional energy in rural areas, Kumar said.