Syndicate Bank

Syndicate Bank was established in 1925 in Udupi, Karnataka by three visionaries-Sri Upendra Ananth Pai, a businessman, Sri Vaman Kudva, an engineer and Dr.T M A Pai, a physician- with the name "Canara Industrial and Banking Syndicate Ltd." The Bank was started with a capital of Rs 8000 and the objective behind starting the Bank 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.

In 1928, the Bank started Pigmy Deposit Scheme under which it collected as low as 2 annas daily at the doorsteps of the depositors through its agents. Pigmy Deposit Scheme is Syndicate Bank's Brand equity today and the Bank collects around Rs. 2 crore per day under the scheme. Name of the Bank was changed from "Canara Industrial & Banking Syndicate Ltd." to "Syndicate Bank Limited" in 1964 and the Head Office was shifted to Manipal. The Bank was nationalized in 1969.

Today, the Bank has a network of 1801 branches spread all over India. Syndicate Bank has won many awards over the years for its excellent performance. In 1999, the Bank won FICCI AWARD for institutional initiative in the field of "Rural Development" and in 2003, the Bank was awarded Banking Technology Award awarded by IDRBT, Hyderabad

URL: www.syndicatebank.com