Syndicate Bank profile
Syndicate Bank was established in 1925 in Udupi, the abode of Lord Krishna in coastal Karnataka 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 - who shared a strong commitment to social welfare. 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 bank collected as low as 2 annas daily at the doorsteps of the depositors through its Agents under its Pigmy Deposit Scheme started in 1928. This scheme is the Bank's brand equity today and the Bank collects around Rs. 2 crore per day under the scheme.
The progress of Syndicate Bank has been synonymous with the phase of progressive banking in
. Spanning over 80 years of pioneering expertise, the Bank has created for itself a solid customer base comprising customers of two or three generations. Being firmly rooted in rural India Indiaand understanding the grassroot realities, the Bank’s perception had vision of future . It has been propagating innovations in Banking and also has been receptive to new ideas, without however getting uprooted from its distinctive socio-economic and cultural ethos. Its philosophy of growth by mutual sustenance of both the Bank and the people has paid rich dividends. The Bank has been operating as a catalyst of development across the country with particular reference to the common man at the individual level and in rural/semi urban centres at the area level. India
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 put in place and the skills and knowledge of the Bank’s personnel are being upgraded through a variety of training programmes to promote customer delight in every sphere of its activity. The Bank has launched an ambitious technology plan called Centralised Banking Solution (CBS) whereby 500 of our strategic branches with their ATMs are being networked nationwide over a 4 year period.
Recently the Bank has floated a BPO company named “SyndBank Services Limited” as a wholly owned subsidiary of SyndicateBank. This initiative of the Bank heralds a new beginning in the Indian Banking industry by carving out the first BPO outfit of a Nationalized Bank. This BPO Company is proposed to undertake the following activities:
• Facilitating customers to file their Income Tax Returns
• Undertaking Back Office functions relating to Bank’s Debit / Credit Card / Bancassurance Business,
• Managing BCTT and Service Tax collection and Bonds Issue
• Undertaking Credit Rating of Bank’s borrowers and managing Back Office functions relating to Government Business Transactions and Interest / Dividend Warrants issuance/ payments.
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