Syndicate Bank

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Syndicate Bank

Type	Public (BSE & NSE)
Founded	Udupi, 1925 (as Canara Industrial and Banking Syndicate Limited)
Headquarters	Head Office, Manipal, Karnataka India & Corporate Office Bangalore
Key people	Chairman C P SWARNKAR
Industry	Banking,Insurance,Capital Markets and allied industries
Products	Loans, Credit Cards, Savings, Investment vehicles, Bajaj Allianz Life Insurance (Insurance) etc.
Revenue	USD bil
Slogan	Faithful and Friendly (English) & Viswasaneeya Hitheshi (Sanskrit)
Website	syndicatebank.in/

Syndicate Bank, established in 1925 in Udupi (Karnataka state, India) by Upendra Ananth Pai, Vaman Kudva and Dr, T. M. A. Pai, is one of the oldest and major commercial bank of India. At the time of its establishment, the bank was known as Canara Industrial and Banking Syndicate Limited. The bank, along with 13 other major commercial banks of India, was nationalized on 19th July, 1969, by the Government of India.

The business started with a capital of Rs. 80,000. 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 business was to extended financial assistance to local weavers. Initially the bank collected as low as 2 annas from the door steps of the depositors daily through its agents. This type of system where in the agents of the bank come doorsteps to collect deposit is still prevailing in India and is referred as Pigmy Deposit Scheme.

From 1953-1964, 20 banks merged with the Canara Industrial and Banking Syndicate Limited this included 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 1963 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 took over Al Shabei Finance and Exchange Co. in Doha (1983) and Musandam Exchange Co. in Muscat (1984). By 1989 it opened its 1500th branch at Hauz Khas, Delhi. Currently it has over 1900 branches.

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.

In the News : Recently Syndicate Bank has achieved a rare feat of opening one million customer accounts in a span of 3 months.