Syndicate Bank
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| Type | Public |
|---|---|
| Traded as | BSE: 532276 NSE: SYNDIBANK |
| Industry | Banking Financial services |
| Founded | Udupi, 1925 (as Canara Industrial and Banking Syndicate Limited) |
| Headquarters | Manipal, Karnataka, India |
| Key people | Basant Seth (Chairman& MD) |
| Products | Finance and insurance Consumer Banking Corporate Banking Investment Banking Investment Management Private Equity Mortgages Credit Cards |
| Revenue |   11,000 crore (US$2.42 billion) (2010) |
| Employees | 25,569 (2010) |
| Website | Syndicatebank.in |
Syndicate Bank Ltd. (BSE: 532276, NSE: SYNDIBANK) 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.
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[edit] 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 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.
[edit] 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 2650 branches and all branches are offering corebanking-e-banking services under anywhere-anytime-anyhow banking.
[edit] 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 $75855.6 million effort, launched in April 2003 to help accelerate the market for financing solar home systems in southern India.
[edit] 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 expired on 30 April 2009.
- Public sector lender Syndicate Bank on 31,August,2009 said Basant Seth has been appointed as Chairman and Managing Director till February 29, 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.
[edit] See also
[edit] External links
- Official Website
- Syndicate Bank IFSC COde List
- Syndicate Bank Services
- Syndicate Bank MICR code ,IFSC Code, Branch location
- Syndicate Bank ATM Locations
- Swift Code of Syndicate Bank
