Syndicate Bank

Syndicate Bank was established in 1925 in Udupi, the abode of Lord Krishna in coastal Karnataka with a capital of Rs.8000/- by three visionaries - Sri Upendra Ananth Pai, a businessman, Sri Vaman Kudva, an engineer and Dr.T M A Pai, a physician - who shared a strong commitment to social welfare. Their objective was primarily to extend financial assistance to the local weavers who were crippled by a crisis in the handloom industry through mobilising small savings from the community. The bank collected as low as 2 annas daily at the doorsteps of the depositors through its Agents under its Pigmy Deposit Scheme started in 1928. This scheme is the Bank's brand equity today and the Bank collects around Rs. 2 crore per day under the scheme.

The progress of Syndicate Bank has been synonymous with the phase of progressive banking in India. Spanning over 80 years of pioneering expertise, the Bank has created for itself a solid customer base comprising customers of two or three generations. Being firmly rooted in rural India and understanding the grassroot realities, the Bank's perception had vision of future India. It has been propagating innovations in Banking and also has been receptive to new ideas, without however getting uprooted from its distinctive socio-economic and cultural ethos. Its philosophy of growth by mutual sustenance of both the Bank and the people has paid rich dividends. The Bank has been operating as a catalyst of development across the country with particular reference to the common man at the individual level and in rural/semi urban centres at the area level.

The Bank is well equipped to meet the challenges of the 21st century in the areas of information technology, knowledge and competition. A comprehensive IT plan is being put in place and the skills and knowledge of the Bank's personnel are being upgraded through a variety of training programmes to promote customer delight in every sphere of its activity. The Bank has launched an ambitious technology plan called Centralised Banking Solution (CBS) whereby 500 of our strategic branches with their ATMs are being networked nationwide over a 4 year period.

MEMORABLE MILESTONES IN A 82-YEAR JOURNEY

Growing Far And Wide

1925
On 10.11.1925, the business of the Bank commenced in Udupi with the name "Canara Industrial and Banking Syndicate Ltd.," a joint Stock Company with just one employee.
1928
First branch of the Bank opened at Brahmavar in Dakshina Kannada District
1937
Bank became a member of the Clearing House for the first time at Bombay.
1946
29 branches opened in a single day in rural areas.
1953
Took over the assets and liabilities of 2 Local Banks viz. Maharashtra Apex Bank Ltd. and Southern India Apex Bank Ltd. 20 Banks merged with the Bank during the period 1953-1964.
1957
100th branch opened at Ilkal in Karnataka
1962
Entered Foreign Exchange business by opening Foreign Exchange Department at Bombay.
1963
Name of the Bank changed from "Canara Industrial & Banking Syndicate Ltd." to "Syndicate Bank Limited". Head Office was shifted to Manipal on 19.4.1964.
1966
Economic Research Department set up. One of the first few Banks to emphasise on research in Banking even before nationalisation.
1969
Bank had 306 branches at the time of nationalisation of which 66% were in Rural and Semi Urban centres. Opened a branch at Port Blair in Andaman and Nicobar islands
1970
First Staff Training College started at Head Office
1971
First specialised branch in Foreign Exchange opened at Delhi.
1972
Opened a branch at Lakshadweep islands
1976
First overseas branch opened at London on 17.8.76.
1983
Took up management of Al Shabei Finance and Exchange Co. in Doha
1984
Took up management of Musandam Exchange Co. in Muscat
1984
1000th branch opened at Delhi Hauz Khas
1989
1500th branch opened at Kanakumbi
1991
First Specialised Industrial Finance Branch opened at Mumbai.
1995
First Specialised Housing Finance Branch opened at Mangalore
1999
Bank raised Capital of Rs.125 Crore in Oct.1999 from more than 4 lakh shareholders
2000
First Specialised Capital Market Services branch opened at Mumbai
2001
First branch under CBS (Core Banking Solution) started operation at Bangalore.
2002
Centralised Banking Solution under the brand name "Syndicate-e-banking" launched at Delhi, Mumbai, Bangalore and Manipal.
2003
Bank enters into MOU with Bajaj Allianz for distribution of Life Insurance products.
2003
Toll Free Voice Mail System for redressal of grievances introduced.
2004
Bank ties up with United India Insurance Co. Ltd. for distribution of Non-Life Insurance products
2004
Utility bill payment services through Internet banking introduced.
2005
Introduced On-line reservation of Railway Tickets through Indian Railway Catering & Tourism Corporation Ltd. (IRCTC) for Internet banking customers of our Bank.
2005
Bank approached the Capital Market with Rs.5 Crore equity shares at a premium of Rs.40 through Book building route Bank collected Rs.250 Crore and the issue was oversubscribed by 29.275 times.
2005
Amalgamation of 4 Regional Rural Banks of Karnataka to form Karnataka Vikas Grameena Bank with Head Office at Dharwad.
2005
Implementation of Venture Capital Scheme of SMALL FARMERS AGRI-BUSINESS CONSORTIUM (SFAC) Entered into MOU with SFAC for promoting of investments in Agri-business products.
2006
Bank signs MOU with M/s.CMC Ltd., for making Syndicate Institute of Bank Management (SIBM) a center of excellence of global standards and provide quality management education.
2006
500th Branch of SyndicateBank in Karnataka opened at Navnagar, Bagalkot.
2006
2000th Branch of SyndicateBank opened at Tondiarpet, Chennai on 23.03.2006.
2006

Inauguration of SyndBank Services Limited, the 1st BPO outfit of a Nationalised Bank, a wholly owned subsidiary of SyndicateBank & 525th CBS Branch by Hon'ble Union Minister of Finance, Sri P Chidambaram on 24.03.2006 at Bangalore.
2006

2006th Branch of SyndicateBank opened at Gangtok, Sikkim on 27.03.2006
2006

First Branch opened in Arunachal Pradesh at Ita Nagar on 16th October 2006

2006

Branches opened for the first time in 19 additional districts

2007

First Branch opened in Nagaland at Dimapur on 17.03.2007

2007

First Branch opened in Mizoram in Aizawl on 29.03.2007

2007

Branches opened for the first time in 13 additional districts

2008

First Branch opened in Tripura at Agarthala on 11.01.2008

2008

Branch network expanded to all States and UTs except Manipur & Daman Diu

2008

Branches opened for the first time in 6 new districts