|Traded as||BSE: 532276
|Founded||Udupi, 1925 (as Canara Industrial and Banking Syndicate Limited)|
|Headquarters||Manipal, Karnataka, India|
|Key people||Shri M Anjaneya Prasad and Shri T K Srivastava
|Products||Finance and insurance
|Revenue||3524 billion (US$57 billion) as on 31 Dec 2013|
|Net income||2004 crore (US$320 million) for the fiscal year ended 31 March 2013|
Syndicate Bank (Hindi:सिंडिकेट बैंक) is one of the oldest and major commercial banks of India. It was founded by T M A Pai, Upendra Pai and Vaman Kudva. 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 nationalised on 19 July 1969, by the Government of India.
The business with a capital of 8000 rupees. T M A Pai, Upendra Pai and Vaman Kudva strove together to set up the bank. The first branch of the bank started its operations in 1928 at Udupi, in Dakshin Kannada district in Karnataka state. By 1937, it had secured its membership as a clearing house at Mumbai. The primary objective of the business was to extend the 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
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 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 3300 branches and all branches are offering corebanking-e-banking services under anywhere-anytime-anyhow banking. Syndicate Bank has one branch in London, United Kingdom.
Regional rural banks
Syndicate Bank sponsored the first regional rural bank in India by name Prathama Bank, in Moradabad district Uttar Pradesh on 2 October 1975. 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 is a four-year $75855.6 million effort, launched in April 2003 to help accelerate the market for financing solar home systems in southern India.
In the news
- Recently, Syndicate Bank has achieved a rare feat of opening one million customer accounts in a span of 3 months.
- Madhukant Giridharlal Sanghvi took over as the CMD of the Bank on 1 Mar 2012.
- Public sector lender Syndicate Bank on 31,August,2009 said Vasant Golecha Jain has been appointed as chairman and managing director till 29 February 2012.
- It has also sponsored a regional rural bank in Karnataka called Karnataka Vikas Grameena Bank(formed after amalgamation of four other RRB's) which stands fourth in India.
- It has introduced five new products namely SyndDoctor, SyndGranite, SyndTextiles, SyndCashew and SyndTransport on its 88TH FOUNDATION DAY, besides opening 88 new branches.
Bank has been conferred “Best Bank Award” amongst all the Banks in the RSETI movement by Sri Jairam Ramesh, Hon’ble Minister for Rural Development, Government of India. Bank has been awarded Banking Excellence Award 2013 for the second best public Bank in overall performance by State forum of Bankers Club Kerala. Bank has been awarded for Record Breaking Performance during Synd LIC Saptah (2 to 7 December 2013) by marketing 15119 policies Highest by any of the Bancassurance Partners during a week by Life Insurance Corporation of India
As part of a Bank’s brand building exercise and to harness its image, Bank has repositioned its Logo by changing the colour combinations. The combinations of Orange, Yellow, Black & White colours give uniqueness to the Logo. The repositioning of logo is aimed at providing a more clear understanding for which the organisation stands for, build loyalty from customers, establishing a brand identity, and also to provide a more contemporary look to its logo in a continuously changing & dynamic business environment.
Bank is recruiting around 3000 young officers to replace retiring officers.
In August 2014, CBI arrested Bank Chairman and Managing Director S K Jain and 7 others for allegedly accepting a bribe of Rs 50 lakh to enhance the credit limit of some companies.
Government of India, Ministry of Finance, Department of Financial Services vide their letter No. File No. 01/10/2012/ Vig (Part-I) dated August 4, 2014 has placed Shri Sudhir Kumar Jain under deemed suspension with effect from August 2, 2014.
Bank has entered the Mutual Fund segment through distribution tie-up arrangement with 8 Asset Management Companies.