[payal]

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Can you tell me the date for incorporation of Syndicate Bank? Also tell me about growth far and wide of Syndicate Bank?

[Vishal Kotkar]

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 in 1925, it 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 is headquartered in Manipal, Karnataka, India.

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.

Bank Growing Far And Wide
1925
On 10.11.1925, the business of the Bank commenced in Udupi with the name "Canara Industrial and Banking Syndicate Ltd.," a joint Stock Company with just one employee.

1928
First branch of the Bank opened at Brahmavar in Dakshina Kannada District

1937
Bank became a member of the Clearing House for the first time at Bombay.

1946
29 branches opened in a single day in rural areas.

1953
Took over the assets and liabilities of 2 Local Banks viz. Maharashtra Apex Bank Ltd. and Southern India Apex Bank Ltd. 20 Banks merged with the Bank during the period 1953-1964.

1957
100th branch opened at Ilkal in Karnataka

1962
Entered Foreign Exchange business by opening Foreign Exchange Department at Bombay

1963
Name of the Bank changed from "Canara Industrial & Banking Syndicate Ltd." to "Syndicate Bank Limited". Head Office was shifted to Manipal on 19.4.1964.

1966 Economic Research Department set up. One of the first few Banks to emphasise on research in Banking even before nationalisation

1969 Bank had 306 branches at the time of nationalisation of which 66% were in Rural and Semi Urban centres. Opened a branch at Port Blair in Andaman and Nicobar islands

1970
First Staff Training College started at Head Office

Syndicate Bank Growing Far And Wide