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About Syndicate Bank

SyndicateBank
Head Office : Manipal - 576104.

Brief History


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




Pigmy Deposit Scheme – Bank's Brand Equity


vLaunched in 1928 by Dr.T.M.A.Pai, one of the Founders to encourage the habit of thrift and small savings. Pigmy Scheme symbolises the description of the Bank as "a small man's big Bank" even today.

vBank collects as low as Rs.1 daily for 63 months at the doorsteps of 12.32 lac depositors through its 3370 Pigmy agents.

vDaily collection under the scheme is over Rs.2.66 crore today.
vPigmy deposits of the Bank crossed Rs.1457 crore.

Nationalisation – Bank's Catalytic Role

1961
Industrial Finance Department was set up to encourage advances to Small Industries and Entrepreneurs in keeping with the policy of assisting the common man.
1968
Bank’s commitment to the philosophy of social lending since inception provided the spark for introduction of social control measures in the country . 32% of the Bank’s branches were in rural areas as against 22% for the entire Banking system.
1969
Bank was nationalised on 19th July 1969. Bank was acknowledged as a live example of mass banking and as a powerful catalyst of social change. Nationalisation therefore merely meant change of ownerhsip.
1995
Established Hi Tech Agriculture Branches


Pioneer In Rural Development

1926
Established in a rural milieu to financially assist handloom weavers
1964
First Bank to venture into agricultural financing when the Banking system considered it risky and unconventional.
1966
Promoted Syndicate Agriculture Foundation – a voluntary organisation of farmers – to disseminate scientific farming techniques.
1967
Agri Card – a ready credit facility for farmers – launched.
1973
Bio Gas finance scheme introduced in collaboration with Khadi and Village Industries Commission to popularise non conventional source of energy. Farm Clinics established.
1974
Syndicate Farmers’ Service Society was organised by the Bank in Hiriadka in South Kanara based on the recommendations of the National Commission on Agriculture.
1975
Sponsored the country's first Regional Rural Bank – Prathama Bank opened on 2.10.1975 – in Moradabad in U.P. Bank has so far sponsored 10 such RRBs which are all profit making and act as trend setters in energising the rural economy. After amalgamation there are now 5 grameena banks in 5 states, covering 29 districts
1982
Jointly sponsored the first RUDSETI (Rural Development and Self Employment Training Institute) at Ujire in Dakshina Kannada (Karnataka). There are 20 such Institutes in 12 States today providing free entrepreneurship training to unemployed youth. Intensive Rural Development branches established.
1989
Bank adopted Service Area Villages to bring about alround development.
1998
Kisan Credit Card launched
2000
In commemoration of Platinum Jubilee, Syndicate Rural Development Trust established (to mark the Platinum Jubilee of the Bank) for pursuing rural development initiatives with initial corpus of Rs. 50 lacs. Opened 8 Rural Enterpreneurship Development Institutes at Manipal, Kumta, Bellary, Belgaum, Moradabad, Kadapa, Kurnool and Kollam.
Scheme for financing Solar Water Heating system Launched.
2001
Syndicate Laghu Udyami Credit Card launched.
2003
SSCC: Synd Swarozgar Credit Card- A new product for financing Small Artisans, Handloom weavers, Fisherman, Service sector, Self employed persons, Rickshaw owners and other Micro entrepreneurs to meet working capital or block capital or both and also consumption needs has been launched.

2004
SKSCC: Syndicate Kissan Samrudhi Credit Card- A new product launched for meeting production and investment credit needs of farmers for agriculture & allied activities and also to meet their consumption requirements.


2005
Scheme for financing Commercial Horticulture Projects under the schemes of National Horticulture Board has been launched to encourage farmers to go in for diversification in agriculture essential for increasing their income level.
Scheme for financing SC/STs for rainwater harvesting has been launched.

2006
Syndicate General purpose Credit Card launched.

SyndJaiKisan: A hassle free term lending scheme has been launched for the benefit of the farmers, to meet their entire farm related investments, contingent investments related to farming, including repayment of high cost private debt and consumption needs to meet pressing social obligations.

Scheme for financing tenant farmers: Two separate schemes have been launched to provide need based credit to tenant farmers through Joint Liability Group (JLG) approach as well as individual approach.

2007
SyndShakti: A new product launched by the Bank to extend need-based credit to the artisans & self-employed persons including Carpenters, Electricians, Plumbers, Auto technicians, Packaging technicians etc., for purchase of power tool kits to enhance efficiency of their operations and as a result to improve their income level.


Social Lending – Concern For The Underprivileged
v Social lending is the Bank’s strong point since inception.

v Priority Sector Advances as at December 2006 were Rs.16,709 crore accounting for 40.02% of the Bank’s net credit as against the mandatory requirement of 40%, 15.85 lac borrowers assisted under priority sector.

v SC/ST advances of the Bank has reached a level of Rs.965.58 crore as on 31.12.2006 covering 2.71 lac beneficiaries.

v Bank adopted 13722 Service Area Villages for extending timely credit to meet all their genuine credit needs. Credit to the extent of Rs.5,156 crore was disbursed under Annual Action Plan in these villages. The agricultural credit disbursed during the three quarters of financial year 2006-07 was Rs.2,990 crore.

v Agricultural credit stood at Rs.7,112 crore constituting (17.44% of net bank credit) 10.73 lac borrowers assisted under Agriculture out of which 47% were small and marginal farmers.

v Bank has issued 7.81 lac Kisan Credit Cards to the farmers with credit limits of over Rs.2,893 crore.

v Extended education loan to 48,947 beneficiaries amounting to Rs.577 crore

v Assisted 1.28 lac beneficiaries under housing for Rs.5,179 crore

v Advances to weaker sections were Rs.3,791 crore benefiting 6.88 lac borrowers assisted under this category.


Priority For Women – Towards Greater Empowerment

v Women have occupied pride of place in the Bank in employment as well as in credit dispensation.

v Bank pioneered the concept of “All Women Branch”. The first such branch at Seshadripuram in Bangalore was opened as early as 1962.

v Over 30% of credit outstandings under Govt. sponsored anti poverty schemes benefit women.

v Out of 79,938 Self Help Groups financed by the Bank upto December 2006, 69370 groups with credit assistance amounting to Rs. 357 crore are women groups. Women groups constitute more than 85% both in terms of number of groups financed and credit assistance extended.

v Out of total 2.16 lakh unemployed youth trained for taking up self employment ventures at Syndicate Institute of Rural Development (SIRD) & RUDSETIs sponsored by the Bank, 0.77 lakh constituting more than 35% are women candidates.



Computerisation - At The Frontiers Of Technology

1965
Installed first Data Processing machine at the Head Office.
1987
In House Computer at H.O. upgraded to ICIM 6000/40
1991
Established connectivity to SWIFT
1994
First totally computerised branch opened at Nehru Place Delhi
1995
E-Mail facility introduced at 26 branches
1996
First Telebanking facility introduced at South Block Branch New Delhi
1996
First ATM installed at Gandhi Nagar, Bangalore.
1997
Bank’s website launched
1998
Joined Indian Financial Network (INFINET) and VSAT Network
2002
Centralised Banking Solution under the brand name "Syndicat-e-banking" launched at Delhi, Mumbai, Bangalore and Manipal.
2003
Syndicat-e-banking extended to more centres at Hyderabad, Mangalore, Kolkata, Chennai, Vasco-da-Gama, Ahmedabad, Mysore, Coimbatore, Jalandhar, Udupi, Ernakulam, Bhopal, Panaji Tumkur, Vijayawada, Pune, Tirupathi, Erode, Hubli, Visakhapatnam, Puttaparthi, Tirupur, Faridabad, Tuticorin, Bhubaneswar, Noida, Salem, Shimla, Kollam, Thane, Thiruvananthapuram and Ghaziabad.
2004
Syndicat-e-banking extended to more centres at Chandigarh, Jamshedpur, Margao, Shirdi, Kochi, Agra, Rajkot, Karwar, Karkala, Jaipur, Amritsar, Tiruchirapalli, Bellary, Gulbarga, Shimoga, Kanhangad, Chirakkal, Kottayam, Kozhikode, Payyanur, Punalur, Thiruvalla, Thrissur, Gwalior, Nagpur, Pondicherry, Khanna, Udaipur, Karun(TN), Dehradun, Aligarh, Meerut, Raniganj, Valiv, Dharwar, Kasargod, Guntur, Port Blair, Mapuca, Bhuj, Gandhidham, Jammu, Bokaro Steel City, Belgaum, Kannur, Kundara, Pandalam, Thalassery, Kavaratti, Indore, Madurai, Allahabad and Lucknow.
2005
Syndicat-e-banking extended to 143 branches during this year.
SyndBillPay Scheme launched through InternetBanking.
Excise and Service Tax payments scheme through Internet Banking launched

2006
Business in CBS branches increased to Rs.65,006 Crore as on 30.06.2006
Syndicat-e-Banking Branches increased to 618 as on 30.06.2006
Internet Banking users users increased from 8300 in March 2005 to 17,432 as on 30.06.2006
No. of hits in Internet Banking increased over 210% during the above period.


Moving Towards Customer Delight


vAll our 2100 branches are computerised/mechanised extending, accurate and prompt services

v7 day banking introduced in 209 branches

vExtended business hours introduced in 603 branches

vDemat facility introduced at Mumbai, Hyderabad, Bangalore, Delhi, Ernakulam and Vijayawada.

v456 ATMs/ Cash Dispensers installed as on date
vTele Banking facility introduced in 245 branches

21st Century Challenges – Facing The Future


v21st century will be dominated by Information Technology, knowledge and competition. Bank is gearing itself adequately to meet these challenges.

vBank has planned to increase the coverage of Syndicat-e-Banking to 1500 branches as on 31st March 2007. This covers providing of e-Banking services through electronic channels viz. ATM, Telebanking and Internet banking.

vKnowledge and skill levels of employees are being upgraded on an on-going basis through strengthening of the training infrastructure with computer labs and other modern teaching methods.
vBank’s constant focus is to provide innovative products and services for moving towards its role as customer's faithful and friendly financial partner.

Awards Won By The Bank Over The Years

1972
INDIAN MERCHANTS' CHAMBER AWARD for outstanding contributions towards welfare of community
1974
INDIAN MERCHANTS CHAMBER AWARD for outstanding contribution in promotion of savings
1975
FICCI AWARD For outstanding achievements in agriculture
1975
LAGHU UDYOG SAHAKARI AWARD by the national alliance of young entrepreneurs for bank's significant contributions to the development of small scale industries and assistance to the young entreprenueurs through self employment clinics
1975
INTERNATIONAL AWARD by JAYCEE INTERNATIONAL for self employment
1975
FICCI AWARD in recognition of corporate initiative in industrial relations
1975
CERTIFICATE OF MERIT for Bank's house journal "GIANT"
1976
INTERNATIONAL AWARD by JAYCEE international for outstanding contribution to the cause of the JAYCEE movement
1977
ASSOCHAM AWARD for promotion of rural and agricultural activities of Syndicate Agriculture Foundation sponsored by the bank
1978
INDIAN MERCHANTS CHAMBER AWARD for outstanding contribution towards welfare of the community
1978
NATIONAL TROPHY For outstanding export performance
1981
NATIONAL INVESTMENT AND FINANCE AWARD for Priority Sector lending.
1990
CHAUDHARI CHARAN SINGH MEMORIAL NATIONAL AWARD for Rural Development
1999
FICCI AWARD for institutional initiative in the field of "Rural Development" to RUDSETI jointly sponsored by Syndicate Bank
2001
Banking Technology Award for innovative use of Banking Applications on INFINET awarded by IDRBT, Hyderabad
2003
Banking Technology Award conferred on SyndicateBank by IDRBT, Hyderabad for 2003
2006
Institute for Development and Research in Banking Technology (IDRBT), established by Reserve Bank of India has conferred Syndicate Bank, “ Special Award for Use of IT for Customer Service in Semi-Urban and Rural Areas”. The award was given to Shri C P Swarnkar, Chairman & Managing Director, Syndicate Bank by Dr Y.V. Reddy, Hon’ble Governor, Reserve Bank of India on Sept. 02, 2006 at Hyderabad.

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