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Suryoday Small Finance Bank becomes operational

Suryoday Small Finance Bank as started operations with the launch of its first branch in Belapur, Navi Mumbai. To start with, the bank is offering interest rate of 9.75% for deposits for senior citizens. It is also offering interest credit on a monthly basis for its savings bank account holders. R. Baskar Babu, MD and CEO of the bank, said over the next couple of months the bank will launch branches across Maharashtra, Tamil Nadu, Odisha, Karnataka, Gujarat and Madhya Pradesh. The focus will be on granular deposits to start with, he said, adding the bank wants to make it special for senior citizens with a higher interest and a steady stream of income. He mentioned that the bank will have 10 branches by March 2017 and by June the number would be 25. In the long run, all its existing 226 Door Step Service Centers will be converted to banking outlets. The bank has chosen FIS as its technology partner and the solution architecture has CRM at the forefront of all customer transactions to ensure a unified 360-degree view of the customer. While Internet and Mobile Banking applications are already live, other solutions such as tab-banking for e-KYC based account opening and field transactions would be implemented in the next few weeks

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