Syndicate Bank [Get Quote] is planning to set up a subsidiary for providing business process outsourcing services. According to a release issued by Syndicate Bank to the National Stock Exchange on Monday, the bank has got in-principle approval from the central government to set up the subsidiary.
"The approval is subject to the following terms - the BPO services will initially be limited to financial institutions and clients of Syndicate Bank, and the bank will utilise its surplus manpower, premises and resources to set up and run the proposed BPO," the release added.
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