Syndicate Bank

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Syndicate Bank
Traded asBSE532276
IndustryBanking, Financial Services
Founded1925 (94 years ago) (1925)
(as Canara Industrial and Banking Syndicate Limited)
FoundersUpendra Ananth Pai
T. M. A. Pai
Vaman Kudva
HeadquartersManipal, Udupi, Karnataka
Key people
ProductsFinance and insurance
Consumer Banking
Corporate Banking
Investment Banking
Investment Management
Private Equity
Credit Cards
RevenueDecrease 6,913.09 crore (US$1.0 billion)(2017)[1]
Increase 1,514 crore (US$220 million) (2017)[1]
Increase 359 crore (US$52 million) (2017)[1]
Total assetsDecrease299,073.34 crore (US$43 billion) (2017) [1]
OwnerGovernment of India
Number of employees
35000 (March 2019)
Capital ratio12.03% (2017)

Syndicate Bank is one of the oldest and major commercial banks of India. It was founded by T M A Pai, Upendra Pai and Vaman Kudva. 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 nationalised on 19 July 1969, by the Government of India. The Bank has headquarter in the university town of Manipal, India. On August 30, 2019, the Government of India announced the bank would be merged into Canara Bank. The merger is most likely come into effect at the beginning of the next financial year starting on April 2020.


The business started with a capital of 8000 rupees. T M A Pai, Upendra Pai and Vaman Kudva strove together to set up the bank. The first branch of the bank started its operations in 1925 at Udupi in Dakshin Kannada district (currently Udupi District) in Karnataka state. By 1937, it had secured its membership as a clearing house at Mumbai. The primary objective of the business was to extend the 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

Syndicate Bank has branches in the multiple states and union territories in India.


As time progressed, twenty banks merged with the Canara Industrial and Banking Syndicate Limited including the Maharashtra Apex Bank Limited and Southern India Apex Bank Limited. The name of the bank was changed to Syndicate Bank Limited in 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 4000 branches and all branches are offering corebanking-e-banking services under anywhere-anytime-anyhow banking. Syndicate Bank has one branch in London, United Kingdom.

On 30 August 2019, Finance Minister Nirmala Sitharaman announced that Syndicate Bank would be merged with Canara Bank. The proposed merger would create the fourth largest public sector bank in the country with assets of 15.20 lakh crore (US$220 billion) and 10,324 branches.[2][3] The Board of Directors of Canara Bank approved the merger on 13 September.[4][5]

Syndicate Bank on Eastcheap in central London, UK

Regional Rural Banks[edit]

Syndicate Bank sponsored the first regional rural bank in India by name Prathama Bank, in Moradabad district Uttar Pradesh on 2 October 1975. 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 is a four-year $75855.6 million effort, launched in April 2003 to help accelerate the market for financing solar home systems in southern India. Presently, the bank is sponsoring 2 RRBs :

In the news[edit]

  • Public sector lender Syndicate Bank on 31, August,2009 said Vasant Golecha Jain has been appointed as chairman and managing director till 29 February 2012.
  • It has also sponsored a regional rural bank in Karnataka called Karnataka Vikas Grameena Bank(formed after amalgamation of four other RRB's) which stands fourth in India.

Bank has been conferred "Best Bank Award" amongst all the Banks in the RSETI movement by Sri Jairam Ramesh, Hon’ble Minister for Rural Development, Government of India.

Branches and controlling offices[edit]

Syndicate Bank branch at Lighthouse Hill Road in Mangalore

SyndicateBank has nine Zonal Offices (ZO) for administration and business purpose. The ZOs are in Bangalore, Chennai, Delhi, Ernakulam, Hyderabad, Kolkata, Lucknow, Mumbai and Manipal.

The Bank has 95 Regional Offices (RO) that ensure smooth functioning and control business operations in the various regions of the country. The regional offices are headed by CM, AGM, DGM cadre.

SyndicateBank has a strong presence across India. The bank has 4063 Brick and Mortar Branches including an overseas Branch in London, 11 Extension counters, and 33 Retail & MSME Loan Centres as of June 2019.

International Business Centres[edit]

  1. For international business, the Bank has a full-fledged Office at Mumbai.
  2. SyndicateBank has overseas Branch at London, United kingdom.
  3. SyndicateBank is managing M/s. Musandam exchange, exchange company in Oman.

Financial inclusion[edit]

  • Bank has opened 103.844 lakh Basic Savings Bank Deposit Accounts

(BSBDA) as on 31.03.2015. Of which 6.058 lakh accounts were opened during the quarter ended as on 31.03.2015. The balance outstanding in these accounts is Rs. 3611.81 crore as on 31.03.2015 (103.793 lakh accounts).

  • To promote financial literacy in the villages, 14196 financial literacy

programmes were organized during the year up to 31.03.2015, in which 5.74 lakh persons were benefitted.

  • Bank has opened 3496559 number of accounts under PMJDY with a balance

of Rs. 505 crore as at 31.03.2015.

  • 3350302 RuPay Cards have been issued under PMJDY as at 31.03.2015.

Capital planning[edit]

  • Government of India infused Rs.460 crore capital (including premium) in March 2015 by way of preferential allotment of 3,74,74,541 equity shares at issue price of Rs.122.75 per share.
  • Bank has raised Unsecured Non-Convertible Redeemable Basel III compliant Tier II bonds (of 10 years) of Rs.1150 crore during FY 2014–15, in two tranches. Rs.750 crore at coupon rate of 8.95% p.a in December 2014 and Rs.400 crore at coupon rate of 8.75% p.a during March 2015.

Corporate tie-up[edit]

Bank has entered into strategic tie-ups with the following corporates:

  • Bank had signed a Memorandum of Understanding (MOU) with M/s SBI Life Insurance Co. Ltd. on 30 March 2015 for providing Group Life Insurance cover to Education Loan Borrowers of the Bank.
  • Bank has a Corporate Agency tie-up with M/s TATA-AIA Life Insurance Co Ltd. on 30 March 2015 for providing Group Life Insurance cover to Housing

Loan borrowers of the Bank on optional basis.

  • Bank had signed a Memorandum of Understanding (MOU) with LIC for implementation of "Pradhan Mantri Jeevan Jyoti Bima Yojana". In this, LIC will provide life insurance cover of Rs.2 lakh in case of death of the insured person at nominal premium of Rs.330 per annum.

Corporate strategies[edit]

  • To attract retail investors in the pursuit of tax savings and to take advantage of the available opportunity, Bank has recently launched a campaign titled "Save Tax – Get Relaxed" from 1 January – 31 March 2015. This campaign was designed to increase business of the Bank under Core Term Deposits, Life Insurance Policies from LIC of India, ELSS option of Mutual Funds and Mediclaim policies of the Bank.
  • In order to provide impetus for growth and to increase growth in potential branches, Bank has selected 55 STAR branches to tap business in line with corporate vision to achieve a level of Rs. 10 lakh crore businesses by 31.03.2020. All these branches will be provided good amenities at branch premises for customers.
  • Bank had launched a special SIP campaign titled "SYND Mutual Funds –SIP Campaign" with all the nine Mutual Fund Companies, covering all the asset classes i.e. Equity, Debt and Hybrid. The objective of the campaign was to increase the penetration in Mutual Funds business and build the SIP book along with Asset under Management (AUM) for the Bank. 3233 SIP Folios were created with a monthly SIP amount of Rs.34.64 lacs in various schemes.

Going forward[edit]

  • Project Ananya

Bank in collaboration with BCG has launched Project Ananya, which aims at Branch transformation, effective customer service, latest technology utilization at customer points and marketing.

  • Bank is planning to open 355 new branches during FY 2015-16 and also to recruit 5000 personnel in clerical and official cadre. Bank has planned to open 8 "State of the Art Branches" and 100 "Fast Track branches" in the near future.
  • The Bank has opened 37 mid-corporate branches till now. Another 13–14 branches will be opened in the next two to three months.
  • In order to augment long term resources and further strengthening of the Capital Base, Bank proposes to raise Equity Capital by way of Rights Issue /QIP (Domestic/Foreign) / Follow on public issue based on market conditions and approach the market for Basel III compliant through additional Tier I bonds and Tier II bonds.

Syndicate Manipal School of Banking[edit]

  • Syndicate Manipal School of Banking (SMSB) is a joint venture between Syndicate Bank and Manipal Global Education (MAGE).
  • The SMSB campus is in Bangalore. The bank gives recruitment notification as per the requirement.

Syndicate Nitte School of Banking[edit]

  • Syndicate Nitte School of Banking (SNSB) is a joint venture between Syndicate Bank and Nitte Educational International Pvt. Ltd. (NEIPL). It operates one centre each at Mangalore and Greater Noida. Its first batch of 200 officer trainees were recruited in year 2015

See also[edit]


  1. ^ a b c d "Annual Report of Syndicate Bank" (PDF).
  2. ^ Retrieved 30 August 2019. Missing or empty |title= (help)
  3. ^ Writer, Staff (30 August 2019). "10 public sector banks to be merged into four". Mint. Retrieved 30 August 2019.
  4. ^ "Canara Bank board gives approval for merger with Syndicate Bank". Business Today. Retrieved 13 September 2019.
  5. ^ "PSU Bank merger: Canara Bank board approves merger with Syndicate Bank; key things to know". The Financial Express. 13 September 2019. Retrieved 13 September 2019.

External links[edit]