Introduction
Syndicate Bank is one of the oldest and chief profitable banks of the Indian history. It was established by Upendra Pai , T M A Pai and Vaman Kudva. During the time of its institution, the bank was actually known as Canara Industrial and Banking Syndicate Limited. The Syndicate Bank along with other 13 major profitable banks of India was nationalized on the 19th day of July month in the year 1969 by the Government of India. The business was started with a small capital of about 8000 Rs. Upendra Pai, T M A Pai and Vaman Kudva struggled together to establish the bank.The first ever branch office of the bank started its processes in the year 1928 at Udupi of Dakshin Kannada district in Karnataka state. By the year 1937, it had fortified its association as a clearing house at Mumbai, India. The main aim of the business was to spread the monetary aid to the native weavers. Primarily, the bank has collected as little as two annas from the houses of the accountholders daily through its collection agents. This kind of system where the collection agents of the bank visit the doorsteps to collect the deposit money is prevailing even now in India and is mentioned as the Pigmy Deposit Scheme by the financial instituitions.
As time evolved, nearly twenty banks combined with the Canara Industrial and Banking Syndicate Limited comprising the Maharastra Apex Bank Limited and Southern India Apex Bank Limited. The title of the bank was then altered to Syndicate Bank Limited in the year 1964 and the head branch office of the bank was moved to Manipal. The bank extended its processes not only on the national front but also internationally. It has a branch office in London and the bank also looks after National Exchange Company in Doha and Musandam Exchange Company in Muscat. By the year 1978, it had inaugurated its 1000th branch at Hauz Khas, New Delhi, India.
Presently it has more 3300 branch offices and all branch offices are providing core banking e-banking facilities under anywhere anytime anyhow banking scheme. Syndicate Bank has only one branch office in London, United Kingdom. Syndicate Bank was established in the year 1925 in Udupi, famously known as the abode of Lord Krishna in the coastal Karnataka with a small capital by three dreamers named Sri Upendra Ananth Pai who was a businessman, Sri Vaman Kudva who was an engineer and Dr.T M A Pai who was a physician. All these three shared a solid obligation to social welfare. Their aim was mainly to spread financial aid to the native weavers who were crippled by a calamity in the handloom business through mobilizing minor savings from the community.
The bank collected as little as 2 annas daily from the doorsteps of the accountholders through its collection agents under its Pigmy Deposit Scheme that was started in the year 1928. This scheme is the Bank's brand parity today and the Bank assembles around Rupees 2 crore per day under this scheme.The growth of the Syndicate Bank has been identical with the period of liberal banking in India. Traversing over the 80 years of revolutionary expertise, the Bank has formed for itself a firm customer base containing customers of two or three generations. Being confidently rooted in the rural India and accepting the grass root realities, the Bank's insight had vision for future India.
It has been publicizing innovations in the Banking industry and also has been very receptive to the new concepts, without however being relocated from its characteristic social economic and cultural code. Its idea of development by joint sustenance of both the Bank and the individuals has resulted in rich bonuses. The Bank has been functioning as a substance of growth across the country with specific mention to the common man at the discrete level and in rural or semi urban centers at the zone level.
The Bank is well prepared to encounter the tests of the 21st century in the parts of information technology, understanding and competition. A complete IT plan is actually being put in abode and the assistances and understanding of the Bank's workers are constantly being raised through a range of training programs to endorse customer pleasure in every range of its activity. The Bank has started a determined technology plan called Centralized Banking Solution t hat is shortly referred to as the CBS whereby 500 of their strategic branch offices with their ATM centers are being interacted countrywide over a 4 year period. The Bank is innovator among the Public Sector Banks on beginning the CBS. The bank has already accomplished CBS application among all its branch offices. Thus, the bank is now 100% CBS empowered.
Contact details:
Website: https://www.syndicatebank.in/
Head OfficeDoor No. 16/355 & 16/365A
Manipal - 576 104
Udupi District
Karnataka State (India)
Phones (EPABX): 0820-2571181 to 2571196 (16 lines)
Fax:
CMD Sect. : 0820-2570266 ED Sect. : 0820-2572390
PSCD : 0820-2570302 Accounts : 0820-2573363
Personnel : 0820-2570392 Inspection : 0820-2570967 GAD : 0820-2570048