Syndicate Bank
 |
|
| Public | |
| Traded as | : : SYNDIBANK |
| Industry | Banking, Financial Services |
| Founded | 1925 (as Canara Industrial and Banking Syndicate Limited) |
| Founder | Upendra Ananth Pai, T M A Pai Vaman Kudva |
| Headquarters | Manipal, Karnataka, India |
|
Key people
|
Shri Arun Shrivastava (Executive Director) Shri CH S S Mallikarjun Rao (Executive Director) |
| Products |
Finance and insurance Consumer Banking Corporate Banking Investment Banking Investment Management Private Equity Mortgages Credit Cards |
| Revenue |
 ₹23,197.78 crore (US$3.6 billion)(2016) |
|
₹4,209 crore (US$650 million) (2016) |
|
 ₹-1,643.49 crore (US$−250 million) (2016) |
|
| Total assets |
₹307,967.44 crore (US$48 billion) (2016) |
| Owner | Government of India |
|
Number of employees
|
32,097 (March 2016) |
| Capital ratio | 11.16% (2016) |
| Website | www |
Shri Arun Shrivastava
(Managing Director and CEO)
Syndicate Bank 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 Bank is headquartered in Manipal, Karnataka, 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 1925 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 Maharashtra 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 3500 branches and all branches are offering corebanking-e-banking services under anywhere-anytime-anyhow banking. Syndicate Bank has one branch in London, United Kingdom.
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. Presently, the bank is sponsoring 3 RRBs and all are profit making having total business of Rs.42101 crore with 1348 branches as on 31.03.2015.
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Wikipedia