Syndicate Bank

Syndicate Bank

Infobox Company
company_name = Syndicate Bank
company_
company_type = Public (BSE & NSE)
company_slogan = Faithful and Friendly (English) & Viswasaneeya Hitheshi (Sanskrit)
foundation = Udupi, 1925 (as "Canara Industrial and Banking Syndicate Limited")
location =
key_people = George Joseph, Chairman & Managing Director
industry = Banking,Insurance,Capital Markets and allied industries
products = Loans, Credit Cards, Savings, Investment vehicles, Bajaj Allianz Life Insurance (Insurance) etc.
revenue = 1,60,368 Crores ("FY 08 Total Business")
homepage = [http://www.syndicatebank.in/ www.syndicatebank.in/]

History

Syndicate Bank, established in 1925 in Udupi (in Karnataka, India) by Upendra Ananth Pai, Vaman Srinivas Kudva and Dr. T. M. A. Pai, is one of the oldest and major commercial banks of India. 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 nationalized on 19 July, 1969, by the Government of India.

Business

The business started with a capital of Rs. 8000. The first branch of the bank started its operations in the year 1928 at Brahmavar in Dakshin Kannada District. By 1937, it had secured its membership as a clearing house at Mumbai. The primary objective of the business was to extended 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.

Mergers

As time progressed, twenty banks merged with the Canara Industrial and Banking Syndicate Limited including the Maharastra Apex Bank Limited and Southern India Apex Bank Limited. The name of the bank was changed to Syndicate Bank Limited in the year 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 2125 branches out of which 1523 are offering corebanking-e-banking services under anywhere-anytime-anyhow banking.

Regional Rural Banks

Syndicate Bank sponsored the first regional rural bank in India by name Prathama Grameena Bank. 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 was a four-year $7.6 million effort, launched in April 2003 to help accelerate the market for financing solar home systems in southern India.

* Andhra Pragathi Grameena Bank
* North Malabar Gramin Bank

In the News

* Recently, Syndicate Bank has achieved a rare feat of opening one million customer accounts in a span of 3 months.
* Shri.George Joseph took over as the CMD of the Bank on 2 August, 2008. His term is to expire on 30 April, 2009.

ee also

*Indian banking

External links

* [http://www.syndicatebank.in/ Official Website]
* [http://www.rupeetimes.com/banks/syndicate_bank.html Syndicate Bank Services]


Wikimedia Foundation. 2010.

Игры ⚽ Нужно решить контрольную?

Look at other dictionaries:

  • syndicate — syn·di·cate 1 / sin di kət/ n [French syndicat the office or jurisdiction of a syndic] 1: a group organized to carry out a particular transaction or enterprise 2: an association of organized criminals syn·di·cate 2 / sin di ˌkāt/ vb cat·ed,… …   Law dictionary

  • Syndicate — A group of banks that acts jointly, on a temporary basis, to loan money in a bank credit (syndicated credit) or to underwrite a new issue of bonds. The New York Times Financial Glossary * * * ▪ I. syndicate syn‧di‧cate 1 [ˈsɪndkt] noun… …   Financial and business terms

  • syndicate — A group of banks that acts jointly, on a temporary basis, to loan money in a bank credit (syndicated credit) or to underwrite a new issue of bonds. Bloomberg Financial Dictionary * * * ▪ I. syndicate syn‧di‧cate 1 [ˈsɪndkt] noun [countable] …   Financial and business terms

  • Syndicate — This article is about an association of people or groups. For other uses, see Syndicate (disambiguation). A syndicate is a self organizing group of individuals, companies or criminals formed to transact some specific business, or to promote a… …   Wikipedia

  • syndicate — 1) A group of bankers, insurers, contractors, etc. , who join together to work on a large project. Notable activities undertaken by such a group may include syndicated loans and underwriting (see also syndicated bank facility). 2) A number of… …   Big dictionary of business and management

  • Syndicate — A professional financial services group formed temporarily for the purpose of handling a large transaction that would be hard or impossible for the entities involved to handle individually. Syndication allows companies to pool their resources and …   Investment dictionary

  • Syndicate underwriting —   A group of local and/or foreign banks who temporarily works together by taking over an issue, either the risk is too big for one bank, either because of traditional considerations, e.g. the issuing institution has several banking relations. One …   International financial encyclopaedia

  • North Malabar Gramin Bank — Type Public Sector Bank, sponsored by Syndicate Bank Industry Financial Commercial banks Founded Estd. under Regional Rural Banks Act 197 …   Wikipedia

  • The Bank of Tokyo-Mitsubishi UFJ — The Bank of Tokyo Mitsubishi UFJ, Ltd. 株式会社三菱東京UFJ銀行 Type Private (Subsidiary) Industry Financial services …   Wikipedia

  • Corporation Bank — Type Public Traded as BSE: 532179 …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”