Syndicate Bank is one of the major public sector banks in India. The Bank provides a range of financial products and services to the retail customers, including housing loans, retail trade loans, vehicle loans, consumer loans, education loans, mortgage loans and investment loans. They also offer other services, such as TeleBanking, short messaging service banking and data warehousing.
The Bank delivers their products and services through their extensive branch network, extension counters, ATMs, phone banking and the Internet. As of March 2008, the total branch network of the Bank was 2,169, comprising of 644 rural, 492 semi urban, 508 urban and 52 metro branches. The Bank has 21 specialised SME branches, 11 extension counters, 9 satellite offices and 1 SB sub office. The Bank also has an overseas bank in London.
Syndicate Bank was established in the year 1925 in Udupi, Karnataka by Upendra Ananth Pai, T M A Pai and Varman Kuduva. The business of the Bank was commenced on November 10, 1925 with the name Canara Industrial and Banking Syndicate Ltd. In the year 1928, the Bank opened their first branch at Brahmavar in Dakshina Kannada. In the year 1946, they opened 29 branches in a single day in rural areas.
In the year 1953, the Bank took over the assets and liabilities of two Local Banks, namely Maharashtra Apex Bank Ltd and Southern India Apex Bank Ltd. In the year 1957, they opened their 100th branch at Ilkal in Karnataka. In the year 1962, the Bank entered into foreign exchange business by opening Foreign Exchange Department at Mumbai.
In the year 1963, the name of the Bank was changed from Canara Industrial & Banking Syndicate Ltd to Syndicate Bank. In the year 1966, the Bank set up economic research department and in the year 1967, they launched Agri Card, a ready credit facility for farmers. The Bank was nationalised on July 19, 1969. The Bank opened India's first Regional Rural Bank, namely Prathama Bank at Moradabad in Uttar Pradesh on October 2, 1975. In the year 1976, they opened their first overseas branch at London.
The Bank was instrumental in the establishment of Rural Development and Self Employment Institutes in 1982, providing vocational training to unemployed youth and the beneficiaries of poverty alleviation programmes for setting up self-employment ventures. During the year 1983-84, the Bank took up the management of Al Shabei Finance and Exchange Co in Doha and Musandam Exchange Co in Muscat. They opened their 1000th branch at Delhi Hauz Khas in the year 1984 and 1500th at Kanakumbi in the year 1989.
In the year 1998, Syndicate Bank Kisan Credit Card was launched and in the year 1999, they made an initial public offer, raising capital of Rs 1,250 million. In the year 2000, the Bank opened first Specialised Capital Market Services branch at Mumbai. During the year 2000-01, they opened 52 new outlets, which includes 16 branches and 36 extension counters. In that, 16 extension counters were upgraded into full fledged branches. Also, Syndicate Laghu Udyami Credit Card was launched during the year.
In the year 2002, the Bank launched centralized banking solution under the brand name 'Syndicat-e-banking' at Mumbai, Delhi, Bangalore and Manipal. In the year 2003, they entered into MoU with Bajaj Allianz for distribution of Life Insurance products and for the distribution of Non-Life Insurance products, they made a tie up with United India Insurance Co Ltd in the year 2004.
During the year 2004-05, the Bank entered into MoU with Small Farmers Agri Business Consortium for promoting of investments in Agri-business products. They introduced Online railway ticket booking facility through their website for the convenience of their internet banking customers. They opened 27 new branches and upgraded 5 extension counters during the year. They also opened 25 extension counters during the period.
During the year 2005-06, the Bank opened 207 branches, of which 143 were by the upgradation of extension counters. They also opened 7 extension counters and one Central Accounts Office during the year. In December 30, 2005, the Bank signed MoU with Small & Medium Enterprises Rating Agency of India Ltd, thus creating a platform for bank?s SME clients to get them rated and gain concession in Interest rates. They opened their 2000th branch at Tondiarpet in Chennai.
During the year 2006-07, the Bank inaugurated SyndBank Services Ltd, a wholly owned subsidiary of the Bank, which is in the business of BPO. They opened 120 branches during the year, which includes one specialized SME branch at Kurnool and the upgradation of 71 Extension counter. They opened their first branch at Ita Nagar in Arunachal Pradesh, Dimapur in Nagaland and Aizawl in Mizoram during the year.
During the year, the Bank has launched SyndVidyarthi, a unique product for students of 18 years and above pursuing professional courses, with in-built provision for line of credit upto Rs 10,000. Also, they implemented National Electronic Funds Transfer which replaced Special Electronics Funds Transfer and Electronic Funds Transfer.
During the year 2007-08, the Bank opened 46 branches, which includes 1 Asset Recovery Management Branch at Kolkata. In January 2008, the Bank opened first branch at Agarthala in Tripura. During the year, the Bank marked their entry into 14 districts for the first time. As at March 31, 2008, the Bank has branches in all States and Union Territories except the State of Manipur and Daman & Diu.
In February 2008, the Bank signed a memorandum of understanding under corporate agency tie up arrangement with Export Credit Guarantee Corporation of India Ltd for marketing their various export insurance products through their designated branches. The tie up will offer solutions to exporters in insuring their export credit and would also cater to individual requirements of exporters against payment risks due to default by buyers or due to other commercial and political risks in export of goods and services.