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
Pigmy Deposit Scheme - Bank's Brand Equity
Launched 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.
Bank collects as low as Rs.5 daily for 72 months at the doorsteps of 10.36 lac depositors through its more than 4000 Pigmy agents.
Pigmy deposits of the Bank crossed Rs.1800 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 30 districts
1982
Jointly sponsored the first RUDSETI (Rural Development and Self Employment Training Institute) at Ujire in Dakshina Kannada (Karnataka). There are 23 such Institutes in 14 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
"SyndSmallCredit"- an innovative scheme with doorstep banking facility to provide need-based credit to entrepreneurs of small means. The product part of financial inclusion, by bringing all eligible entrepreneurs into bank's fold. "SyndShakti"-A new product launched by the Bank to extend need-based credit to artisans and self-employed persons including Carpenters, Plumbers, Auto Technicians, Packaging Technicians, etc., for purchase of power toolkits to mechanize and enhance efficiency of their operations their operations and as a result improve their income level. "Financial Inclusion:" Launched a campaign to achieve 100% financial inclusion. A booklet containing comprehensive guidelines to augment the process of total financial inclusion released. "Water Conservation initiatives:" To promote Water Management and conservation measures among the villagers, Bank started initiatives for clearing and cleaning of village ponds in the selected service area villages.
Social Lending - Concern For The Underprivileged
Social lending is the Bank's strong point since inception.
Priority Sector Advances as at March 2008 were Rs.21,841 crore accounting for 46.60% of the Bank's adjusted net credit as against the mandatory level of 40%. 17.89 lac borrowers assisted under priority sector.
SC/ST advances under priority sector are Rs.1,028 crore. The total SC/ST advances of the Bank are Rs. 1,492.62 crore covering 3.10 lac customers.
The Bank has taken various measures through Regional Offices and Lead District Offices for publicising among minority community about various credit products available for their benefits. The advances to minorities as at 31.03.2008 were Rs.2578 crore.
Bank has adopted 13,736 Service Area/Operational Area Villages for extending timely credit to meet all genuine credit needs. Credit to the extent of Rs.6,919 crore was disbursed to priority sector activities under Annual Action Plan in these villages. The agricultural credit disbursed during the financial year 2007-08 was Rs.4,065 crore.
1,58,286 new farmers were brought into Bank's fold through 1149 rural and semi-urban branches upto March 2008 registering an average of 138 new farmers per branch and surpassed the Govt. stipulation of 100 new farmers.
Agricultural credit stood at Rs.9,332 crore constituting 19.91% of ANBC. 12.37 lac farmers were assisted under Agriculture out of which, 40% were Small and Marginal farmers.
Bank has cumulatively issued 9.23lakh Kisan Credit Cards to the farmers with credit limits of over Rs.3,023 crore of which 5.31 lac cards with credit limits of Rs.2,165 crore were outstanding as on 31.03.2008.
28,180 new SHGs were credit linked with credit support of Rs.316 crore during 2007-08, benefiting 4.18 lac families. The Bank has so far credit linked 1,15,596 with credit exposure of Rs. 812 crore benefiting about 15.48 lac families. Of which 56,859 accounts amounting to Rs.470 Crore were outstanding as at 31.03.2008.
Extended education loan to 67,369 students to pursue higher education amounting to Rs.851.56 crore.
Assisted 1.35 lac customers under priority sector housing amounting to Rs.5,316.68 crore.
Advances to weaker section were Rs.4,847 crore benefiting 7.09 laccustomers. The weaker section advances of the Bank constitutes 10.34% of ANBC as against the mandatory target of 10%.
Bank is actively involved in implementing the schemes for financing Solar Water Heating and Lighting Systems. Bank has financed 4038 Water Heating Systems amounting to Rs. 14.10 crore and 978 Solar lighting systems amounting to Rs. 2.40 crore during 2007-08. The cumulative number of Solar Water Heating and Lighting systems financed by the Bank is 25,361 units with a credit component of Rs. 63.78 crore and 8,345 units with a credit component of Rs. 13.18 crore respectively.
As a result of Solar Water Heating and Lighting Systems financed by the Bank, there is grid power saving to the extent of 6.23crore units p.a. contributing to a peak load saving of 43.05 MW.
Syndicate Bank