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SYNDICATE BANK

Jan 20, 2020 351

HISTORY:

 Syndicate Bank was founded in 1925 in Udupi, the abode of Lord Krishna on the coast of Karnataka with a capital of Rs.8000 / - by three visionaries - Sri Upendra Ananth Pai, an entrepreneur, Sri Vaman Kudva, an engineer and Dr.TMA Pai, a doctor - who shared a strong commitment to social welfare. Its purpose was mainly to extend financial aid to local weavers who were paralyzed by a crisis in the manual loom industry through the mobilization of small savings from the community. The bank raised as low as 2 annas daily at the doors of depositors through its agents under its Pigmy deposit scheme started in 1928. This scheme is the brand value of the Bank today and the Bank charges 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. With more than 80 years of pioneering experience, the Bank has created for itself a solid client base with clients of two or three generations. Being firmly rooted in rural India and understanding the basic realities, the Bank's perception had a vision of future India. It has been propagating innovations in banking and has also been receptive to new ideas, without however uprooting its distinctive socio-economic and cultural ethos. Its philosophy of growth by the mutual support of both the Bank and the people has paid rich dividends. The Bank has been functioning as a catalyst for development throughout the country, with special reference to the common man at the individual level and at rural / semi-urban centers 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 implemented and the skills and knowledge of Bank staff are being updated through a variety of training programs to promote customer delight in each area of ‚Äč‚Äčtheir activity. The Bank has launched an ambitious technology plan called Centralized Banking Solution (CBS) through which 500 of our strategic branches with ATMs are connecting nationwide over a 4-year period. The Bank is a pioneer among Public Sector Banks in launching the CBS. Our bank has already achieved the implementation of CBS among all its branches. Therefore, the bank is 100% CBS enabled.

 

 

MD&CEO: Sai Arun Shrivastava