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Syndicate Bank
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yndicate Bank, established in 1925 in Udupi (in Karnataka, India) by Upendra Ananth Pai, Vaman Srinivas Kudva and Dr. T. M. A. Pai, is one of the oldest and major commercial banks of India. At the time of its establishment, the bank was known as Canara Industrial and Banking Syndicate Limited. The bank, along with 13 major commercial banks of India, was nationalized on 19 July, 1969, by the Government of India.
business started with a capital of Rs.
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Syndicate Bank, established in 1925 in Udupi (in Karnataka, India) by Upendra Ananth Pai, Vaman Srinivas Kudva and Dr. T. M. A. Pai, is one of the oldest and major commercial banks of India. At the time of its establishment, the bank was known as Canara Industrial and Banking Syndicate Limited. The bank, along with 13 major commercial banks of India, was nationalized on 19 July, 1969, by the Government of India.
Business
The business started with a capital of Rs. 8000. The first branch of the bank started its operations in the year 1928 at Brahmavar in Dakshin Kannada District. By 1937, it had secured its membership as a clearing house at Mumbai. The primary objective of the business was to extended financial assistance to local weavers. Initially, the bank collected as low as two annas from the door steps of the depositors daily through its agents. This type of system wherein the agents of the bank come doorsteps to collect deposit is still prevailing in India and is referred to as the Pigmy Deposit Scheme.
Mergers
As time progressed, twenty banks merged with the Canara Industrial and Banking Syndicate Limited including the Maharastra Apex Bank Limited and Southern India Apex Bank Limited. The name of the bank was changed to Syndicate Bank Limited in the year 1964 and the head office of the bank was shifted to Manipal. The bank expanded its operations not only on the domestic front but also overseas. It has a branch in London and the bank manages National Exchange Co. in Doha and Musandam Exchange Co. in Muscat. By 1978, it opened its 1000th branch at Hauz Khas, Delhi. Currently it has over 2125 branches out of which 1523 are offering corebanking-e-banking services under anywhere-anytime-anyhow banking.
Regional Rural Banks
Syndicate Bank sponsored the first regional rural bank in India by name Prathama Grameena Bank. The stocks of the Syndicate Bank are listed on Bombay Stock Exchange, National Stock Exchange, Mangalore Stock Exchange and Bangalore Stock Exchange. Syndicate bank made a partnership with UNEP to initiate a successful solar loan programme. It was a four-year $7.6 million effort, launched in April 2003 to help accelerate the market for financing solar home systems in southern India.
- Andhra Pragathi Grameena Bank
- North Malabar Gramin Bank
In the News
- Recently, Syndicate Bank has achieved a rare feat of opening one million customer accounts in a span of 3 months.
- Shri George Joseph (banker) took over as the CMD of the Bank on 2 August, 2008. His term is to expire on 30 April, 2009.
See also
External links
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