History of Syndicate Bank
1925
- The Bank was founded at the temple town of Udupi on October 20, as Canara Industrial & Banking Syndicate Limited.
1928
- The Bank introduced an innovative savings scheme, Pigmy Deposits, to mobilise small savings & the Bank has come to be known as the `Small Man Big Bank'.
1964
- The Bank was renamed as 'Syndicate Bank Limited & shifted its Head Office to Manipal. 1969
- The Bank was nationalised under the Banking Companies [Acquisition and Transfer of Undertakingss] Act, 1970s.
1975
- Syndicate Bank was the first Bank to sponsor a Regional Bank, Prathama Bank at Moradabad.
- The Bank has sponsored 10 Regional Rural Banks all over the country and a distinguishing feature is that all the 10 RRBs have achieved considerable growth & Profits.
1992
- The Comp. introduced Asset Classification, Income Recognition and Provisioning norms by RBI affected all the Public Sector Banks and Syndicate Bank was no exception.
1994
- The Bank has merged eight branches - 3 in Mumbai, 2 in Bangalore and one each in Calcutta, Ahmedabad & Udupi centres. On the other hand, the Bank also has opened 8 new branches during the year. - The Bank has opened two Specialised Industrial Finance Branches one at Mumbai & another at Bangalore to cater to the needs of the corporate clients.
- During the `Customers Fortnight' the Bank has launched services like Express DD counter, 12 hour non-stop counters for encashment of Foreign Travellers Cheques.
- Customer Charter/Customer Service Audit have been introduced to evaluate the position in regard to extent of actual implementation at the grass root level of various recommendations of Committee.
- Two Schemes have been introduced. The Bank Order Scheme & the Gift Cheque Scheme not only to facilitate obilisation of float funds for the Bank but also to enable the Bank to bring in additional clientele into its fold, besides providing an additional facility to existing customers.
- New training course modules on rural lending were introduced at all the Staff Training Colleges of Bank to improve the capabilities of staff member.
- The Government of India introduced two new schemes during the year i.e., Prime Minister Rozgar Yojna [PMRYs] & Scheme for Liberation and Rehabilitation of Scavengers [SLRSs].
- The Bank proposes to create a full-fledged Merchant Banking Division in Mumbai under Dy. General Manager.
- The Bank proposes to start the Apex Training College at Manipal to train the senior level staff.
1996
- The year 1995 - 96 has been celebrated by Bank as the Platinum Jubilee Year as it completed 70 years of service to the Nation.
- The first Automated Teller Machine of Bank was installed at Bangalore Gandhinagar branch during the year.
- The Bank has been promoting self-employment mainly to motivate, guide and assist unemployed youth for taking up self-employed ventures.
- Syndicate Bank has proposed the mode of repayment spread over seven years with annual installment of Rs. 100 crore towards servicing the loan & an additional Rs. 25 crore as dividend to the Central government.
- Syndicate Bank proposes to introduce telebanking in three of its branches in Tamil Nadu, at Armenian Street & Mount Road in Chennai, and Oppanakara Street in Coimbatore.
- Another novel scheme introduced mainly for corporates is the rapid call one, wherein customers are ensured certain collection within seven days for a cheque anywhere in the world.
- It is proposing to increase its number of branches from the current 1,600 to 2,000 by turn of century.
- The Manipal-based Syndicate Bank has opened a fully automated branch in Guruvayur in Thrissur district in Kerala.
1997
- Syndicate Bank will be introducing telebanking services at South Block Branch, New Delhi from March.
- A memorandum of understanding [MoUs] was signed between Syndicate Bank and its sponsored regional rural banks in Andhra Pradesh namely Anantha Grameena Bank & Pinakini Grameena Bank at Syndicate Bank Zonal office, Bangalore, on August 8.
1998
- The Bank was conferred with Autonomy status by Government of India on attaining the prescribed performance criteria relating to capital adequacy, profitability, non-performing assets & minimum owned funds.
- The Bank has launched several Personal Banking schemes designed to meet the personal credit requirements & contingencies such as medical expenses, tax payment, marriage expenses, purchase of consumer durables and vehicles to different classes of customers such as salaries class, professionals, business class & pensioners.
- The Bank has introduced Asset Liability Management System to address the market risk.
1999
- The Bank introduced `Shubh Din Deposit' Scheme for auspicious days like Birthday, Marriage Anniversary etc.
- `Kisan Credit Card' & `Kisan Pragathi Deposit' Scheme are two Schemes introduced to take care of farmers by providing financial assistance as well as to build up their own savings for future.
- `Rapidcol' is a Scheme for Bank valued clients for fast collection of their high-value Cheques, Drafts & other instruments drawn on various centres.
- `Syndifloat' is a Deposit Scheme for Institutional Investors to hedge their interest rate risk.
- The Bank proposes to launch a Cash Management Scheme, which is designed to help Corporate clients in managing their funds in a better way by optimum use of Information Technology.
- Public Issue of 12,50,00,000 No. of Equity Shares of Rs 10/- each for cash at par aggregating Rs 125,00,00,000.
2000
- Syndicate Bank, one of oldest banks in the country & is an entity with rural flavaour & is engaged primarily in social banking.
- Syndicate Bank has decided to introduce seven-day banking and extended banking hours for its customers in residential & business areas.
- Syndicate Bank will also come out with a co-branded credit card with Standard Chartered Bank in March 2000. Santa Clara-based the hardware and software design, development & consulting firm Digital-X Networks Pvt Ltd has tied up with Satyam Infoway and
- The Comp. has recently entered into a strategic alliance with the Kerala-based NeST Systems and Technologies to design & manufacture chips.
- Syndicate Bank has set up an ATM in the Manipal Hospital in Bangalore in addition to its existing extension counter.
- Mr. D.T Pai has taken charge as Chairman & Managing Director [CMDs] of Syndicate Bank effective May 25th.
- The Bank has proposed to step up efforts at pushing in the eastern region its personal banking products, some of which have been remodelled to suit emerging needs of customers.
- The Bank has entered into an agreement with Standard Chartered for a co-branded credit card business.
- Syndicate Bank has launched a slew of schemes to woo top corporate executives & defence personnels.
- The Bank has launched demat services at its Pali Hill branch in Mumbai. The Manipal-based bank has tied up with Stock Holding Corporation of India.
- Syndicate Bank introduced 'Demat' Services in association with Stock Holding Corporation of India limited in Mumbai.
- Syndicate Bank, pioneers in introducing many innovative schemes to suit the customers' needs has launched dawn-to-dusk banking at its Pitam Pura branch.
- Syndicate Bank has launched a scheme for financing solar water heating systems in collaboration with the ministry of non-conventional energy source.
- Syndicate Bank has launched demat services in its `All Women' branch at Matunga.
- Syndicate Bank in association with Stock Holding Corporation is launching demat services in Calcutta.
- Syndicate Bank & Standard Chartered Bank launched their global co-branded credit card.
- Syndicate Bank forges alliance with Stock Holding Cororation of India to extend depository services & online trading of shares to the investors at Chennai through its branches at Mylapore & Anna Nagar.
2001
- The Bank has proposed to extend its tie-up with Stock Holding Corporation of India limited to cover more branches & more investors.
- Mr M S Kapur has been appointed as executive director of Syndicate Bank by government of India till March 31, 2006. - Syndicate Bank launched a new educational loan scheme for poor but meritorious students to support their education, both in India and abroad
2002
-Syndicate Bank has informed that Mr P J Vincent, Joint Secretary & F A, Department of Expenditure, Ministry of Finance, New Delhi has been appointed on the Board of Directors of Bank.
-K S Shetty appointed as a Director on the Board of Syndicate Bank.
2003
-Syndicate Bank introduced the Resident Foreign currency[domestics]deposit scheme for its resident Indians.
-Syndicate Bank has announced its 5 branches in Andhra Pradesh have made arrangement to sell application forms for All India Engineering Entrance Examination of CBSE.
-Syndicate Bank reduces its interest rates on housing loans from 25 basis points to 100 basis points under various tenures.
-Shri Anil Kumar Khanna, Shri Chandrakanth Nayak P, Shri Fabian K.P & Smt Ranjana S Salgaocar have been appointed as directors of board.
-Syndicate Bank offered for funding of solar lighting projects in the country.
-Bank waved the service charges on fresh vehicle & consumer durable loans taken by women under the 'Syndicate Vahan' & 'Synd Suvidha' schemes, to mark the International Women Day.
-Syndicate Bank has launched its Centralised Banking Solution in Puttaparti & vijayawada.
-Bank has liberalised the 'Syndvidya' loan scheme.
-Syndicate Bank has launched an 'awareness camp' on housing loans scheme in puttur.
-Syndicate Bank launched new counter at Maharani Arts College, Bangalore which is affiliated to seshadripuram branch.
2004
- Syndicate Bank in Memorandum of Understanding with United India Insurance [UIIs] to sell policies
--Royal Enfield tied-up with Syndicate Bank to finance purchases.
-Launches new products SyndKissan Samruddhi Card & SyndMahila Card. SyndKissan Samruddhi Card
-Syndicate Bank ties with Mahindra and Mahindra for financing tractors
-Syndicate Bank launches new loan scheme
-Syndicate Bank introduces Kisan Samvirudthi Credit Card
2005
- Syndicate Bank files a draft red herring prospectus on April 19, 2005, with the Securities and Exchanges Board of India to enter the capital market with its second public issue of equity shares. The bank proposes to issue 50 million equity shares of Rs 10 each for cash at a premium to be decided through the book-building process. The issue is to be made through a 100-per cent book-building process. Of the total offer, the bank has reserved 5 million equity shares to its employees & another 5 million equity shares to existing shareholders. Of the balance net offer of 40 million shares, 20 million are reserved for allotment to qualified institutional buyers on a discretionary basis & 6 million reserved for allotment to non-institutional buyers. The remaining 14 million would be allotted to retail investors on a proportionate basis.
-Syndicate Bank has received a nod from the Securities & Exchanges Board of India [Sebis] for its second public offer which is expected to hit the capital market in the first week of July. The issue consists of five crore equity shares of Rs 10 each. They will be issued at a premium, which will be decided through the book-building process.
2007
-Syndicate Bank has informed that Government has nominated Sri. Kawaljit Singh Oberoi, as Part-Time Non-Official Director on the Board of Bank for a period of 3 years from the date of notification [i.e. January 02, 2007s] or until further order whichever is earlier.
-Syndicate Bank has informed that the Central Government has nominated Ms. Shobha Oza, as Part-Time Non-Official Director on the Board of Bank for a period of 3 years from the date of notification [i.e. January 02, 2007s] or until her successor is nominated or until further orders, whichever is earliest.
- Syndicate Bank has hiked interest rates of retail deposits upwards of nine per cent.
-Syndicate Bank has informed that the Central Government has nominated Sri. K Seetharamu, as Director on the Board of Bank, in place of Sri. Salim Gangadharan with immediate effect & until further orders.
2008
-Mumbai: Syndicate Bank has inked a memorandum of understanding under corporate agency tie up arrangement with Export Credit Guarantee Corporation of India Ltd [ECGCs], for marketing their various export insurance products through its designated branches.
