CATHOLIC SYRIAN BANK LIMITED
The genesis of Indian banking is largely associated with the Swadeshi Movement, which inspired many Indians to promote Swadeshi Banks in the early twentieth century. The founding entrepreneurs of Catholic Syrian Bank Ltd also found this period as an opportunity to promote the establishment of a bank. It was born on November 26, 1920, exactly in Thrissur, which in later years acquired the unique distinction of being a center with the largest concentration of banks in the South. The founding directors of the bank were people of eminence known for their foresight, integrity and initiative. The policy they established has been consistently sustained by the successive generations who guided the destiny of the institution.
The bank started the business on January 1, 1921 with an authorized capital of Rs.5 lakhs and a disbursed capital of Rs. 45270 /-.During the first two decades of its operation, the Bank focused only on Kerala. Banks and credit institutions which proliferated mainly in Kerala received a shake and many of them came to their doom after the collapse of Travancore Quilon National Bank in 1938 followed by the Palai Central Bank in 1960. During the period many banks Small ones came to the brink of collapse shaking public confidence and what followed was a process of consolidation. The merger and merger strategy of small banks with larger banks led to the number of banks within controllable limits, thereby making the industry strong. In 1964-65, Catholic Syrian Bank Ltd participated in the takeover of the liabilities and assets of five small / medium banks in Kerala. The expansion program initiated during these years gained momentum in subsequent years.
In August 1969, the Bank was included in the Second Schedule of the Reserve Bank of India Act of 1934. In 1975, the Bank attained Class A "Class" status when its Total Deposits They crossed Rs.25 crores. The need for staff training seemed very important and therefore a modest start was made in the creation of a Training College in 1975. In the same year, the Bank entered the field of foreign exchange. At a very early stage, the Bank recognized mechanization as an effective management tool and rationalized its accounting procedures by introducing the data processing system. Beginning in November 1975, the reconciliation of accounts between branches was machined through the use of IBM data processing machines.
The decade of the seventies saw the evolution of a new culture in Indian banking. The nationalization of the banks imposed "social control" and imparted a new ethos to commercial banking. What followed was a massive expansion of bank branches with a different thrust in remote rural belts. Special plans have been formulated to address the various credit needs of small industries, road transport operators, farmers and other self-employed entrepreneurs.
Catholic Syrian Bank Ltd was quick to accept the challenge and more than 75% of its clientele belong to the small and economically weaker strata of society. The Bank has a strong rural base, with around 80% of branches in rural and semi-urban areas.
Investments in money market and capital market instruments are being expanded and steps are being taken to have a research wing on equity in business to meet the challenges of the future. The Bank has also adapted its machinery to increase its market share of corporate finance in the coming days.The true inner strength of a growing organization lies in its personnel resources. The Bank has been uniquely fortunate for all these years to create an environment in which employees at all levels could play their part.His contribution to the growth of this institution has been invaluable. The Bank has a very dynamic team in its Board of Directors which is guiding the Bank's destiny towards growth and prosperity.At present, the bank has a network of more than 430 branches and more than 240 ATMs across India. The Bank also plans to open more branches in staggered form.