Syndicate Bank is one of the oldest commercial banks in India. by T. M. A. Pai, Upendra Pai and Vaman Kudva are the founders of this bank. It was established with name popular as Canara Industrial and Banking Syndicate Limited. However, along with 13 major commercial banks Syndicate Bank became nationalised one in the year 1969. It is headquarter in India in the university town of Manipal. However, in the year 2020, bank was merged into the Canara Bank. The bank also has got branches in different states and union terrors of India.
Listing and Revenue
The stocks of the Syndicate Bank are listed on Bombay Stock Exchange, National Stock Exchange, Mangalore Stock Exchange and Bangalore Stock Exchange.
|Revenue||₹ 23,949.22 crore|
|Operating Income||₹2,819.19 crore|
|Net Income||₹-2,588.30 crore|
|Total Assets||₹3,11,278.86 crore|
Products and Services
With multiple branches across different corners of India, The syndicate Bank brings some of the best products and services. Talking of which some of them are Finance and insurance, Consumer Banking, Corporate Banking, Investment Banking, Investment Management, Private Equity, Mortgages, and Credit Cards to name some.
Syndicate Bank was established with the capital of 8000 rupees by T M A Pai, Upendra Pai and Vaman Kudva.
In the year 1925, the first branch of the bank was started at Udupi for the operations in the state of Karnataka.
In the year 1937, the bank had secured the membership at Mumbai where it focuses on the business to offer the financial support to the local weavers. It had a system where two annas from the doorsteps were collected by the agents and this and is referred to as the Pigmy Deposit Scheme.
In the year 1964, the bank name was changed to 1964 and the head office was also sifted to Manipal. It then expanded its operation to domestic front and overseas in London and Doha.
On 1st April 2020, Syndicate Bank merged with Canara Bank and became 4th Largest Bank in India and since then has been serving people with quite number of branches.
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Awards and recognition
Recently, the General Manager of Syndicate Bank, K Srinivasa Rao receiving the 'Skoch' award at the 46th Skoch Summit in New Delhi Recently. National Payments Excellence Awards 2017” from NPCI in recognition of excellent performance in NFS ATM Network at Mumbai. The Bank has been received “Best Banker” award by Sunday Standard as the large category banks based on field level survey of implementation of financial inclusion. Syndicate Bank was also stated in the year 2012 a Gold Award at SKOCH Foundation’s Digital Inclusion Awards for Business Continuity Plan (BCP) and IT Disaster Recovery (DR) Project
Recently, the bank has merged with Canara bank. However, the bank has its subsidiary in the form of school banking solution. It is a joint vebture by the name of Syndicate Nitte School of Banking (SNSB) and and Nitte Educational International Pvt. Ltd. Manipal School of Banking is also a venture between Syndicate Bank and Manipal Global Education (MAGE).