Syndicate Bank was established in 1925 in Udupi, in coastal Karnataka, as “Canara Industrial and Banking Syndicate Ltd.,” a joint Stock Company with just one employee, with a capital of Rs.8000/- by three visionaries – Sri Upendra Ananth Pai, a businessman, Sri Vaman Kudva, an engineer and Dr.T M A Pai, a physician. Their objective 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.
The first branch of the Bank opened at Brahmavar in Dakshina Kannada District in 1928 and in 1937, the bank became a member of the Clearing House for the first time at Bombay. It was in 1962 that the bank entered Foreign Exchange business and the following year the name of the bank was changed to “Syndicate Bank Limited”. In 1969, the bank was nationalised. The bank opened its first overseas branch at London in 1976.
The Pigmy Deposit Scheme, started in 1928, collected as low as 2 annas daily. This scheme is the Bank’s brand equity today and the Bank collects around Rs. 2 crore per day under the scheme.
The bank offers Personal loans as SyndSaral, Car Loans under SyndVahan, Home Loans as SyndNivas and loan against property as SyndRent. The bank also offers Syndicate Global Credit Card.
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