Syndicate Bank

Syndicate Bank
सिंडिकेट बैंक

Type	Public
Traded as	BSE: 532276 NSE: SYNDIBANK
Industry	Banking, Financial Services
Founded	Udupi, 1925 (1925) (as Canara Industrial and Banking Syndicate Limited)
Founder	Upendra Ananth Pai, T M A Pai Vaman Kudva
Headquarters	Manipal, Karnataka, India
Key people	Shri Arun Shrivastava (Managing Director and CEO) Shri Ravi Shanker Pandey (Executive Director) Shri CH S S Mallikarjun Rao (Executive Director)
Products	Finance and insurance Consumer Banking Corporate Banking Investment Banking Investment Management Private Equity Mortgages Credit Cards
Website	www.syndicatebank.in

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, the bank 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

March 2015 Data

Global_Business	₹461,192 crore (US$69 billion) (31 March 2015)
Total Deposits	₹255,388 crore (US$38 billion) (31 March 2015)
Total Advances	₹205,860 crore (US$31 billion) (31 March 2015)
Total Investments	₹6,933,966 lakh (US$10 billion) (31 March 2015)
Total Assets	₹30,313,525 lakh (US$45 billion) (31 March 2015)
Capital	₹66,206 lakh (US$98 million) (31 March 2015)
Reserves & Surplus	₹1,239,672 lakh (US$1.8 billion) (31 March 2015)
Operating Profit	₹4,007 crore (US$600 million) (31 March 2015)
Net Profit	₹1,523 crore (US$230 million) (31 March 2015)
Domestic Deposits	₹225,402 crore (US$33 billion) (31 March 2015)
Domestic CASA	₹63,671 crore (US$9.5 billion) (31 March 2015)
Domestic Advances	₹165,153 crore (US$25 billion) (31 March 2015)
Global Gross NPA	₹6,442 crore (US$960 million) (31 March 2015)
Global Net NPA	₹3,843 crore (US$570 million) (31 March 2015)
Ret'n Assets(%)Annualzd	0.58% (31 March 2015)
Book Value/Share	₹197.24 crore (US$29 million) (31 March 2015)
Customer base	Over 32 million (2013–14)
Employees	27227
Domestic Branches	3682
Metro Branches	682
Urban Branches	783
Semiurban branches	936
Rural Branches	1150
Overseas branches	1
International Business Centres	2
ATM	3570 as on 20/08/2015

Business

The business with a capital of 8000 rupees. T M A Pai, Upendra Pai and Vaman Kudva strove together to set up the bank. The first branch of the bank started its operations in 1925 at Udupi, in Dakshin Kannada district in Karnataka state. By 1937, it had secured its membership as a clearing house at Mumbai. The primary objective of the business was to extend the financial assistance to local weavers. Initially, the bank collected as low as two annas from the door steps of the depositors daily through its agents. This type of system wherein the agents of the bank come doorsteps to collect deposit is still prevailing in India and is referred to as the Pigmy Deposit Scheme

Syndicate Bank in Eastcheap - geograph.org.uk - 1715195

Mergers

As time progressed, twenty banks merged with the Canara Industrial and Banking Syndicate Limited including the Maharashtra Apex Bank Limited and Southern India Apex Bank Limited. The name of the bank was changed to Syndicate Bank Limited in 1964 and the head office of the bank was shifted to Manipal. The bank expanded its operations not only on the domestic front but also overseas. It has a branch in London and the bank manages National Exchange Co. in Doha and Musandam Exchange Co. in Muscat. By 1978, it opened its 1000th branch at Hauz Khas, Delhi. Currently it has over 3500 branches and all branches are offering corebanking-e-banking services under anywhere-anytime-anyhow banking. Syndicate Bank has one branch in London, United Kingdom.

Regional Rural Banks

Syndicate Bank sponsored the first regional rural bank in India by name Prathama Bank, in Moradabad district Uttar Pradesh on 2 October 1975. 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. It is a four-year $75855.6 million effort, launched in April 2003 to help accelerate the market for financing solar home systems in southern India. Presently, the bank is sponsoring 3 RRBs and all are profit making having total business of Rs.42101 crore with 1348 branches as on 31.03.2015.

In the news

Recently, Syndicate Bank has achieved a rare feat of opening one million customer accounts in a span of 3 months.
Public sector lender Syndicate Bank on 31,August,2009 said Vasant Golecha Jain has been appointed as chairman and managing director till 29 February 2012.
It has also sponsored a regional rural bank in Karnataka called Karnataka Vikas Grameena Bank(formed after amalgamation of four other RRB's) which stands fourth in India.
It has introduced five new products namely SyndDoctor, SyndGranite, SyndTextiles, SyndCashew and SyndTransport on its 88TH FOUNDATION DAY, besides opening 88 new branches.

Bank has been conferred "Best Bank Award" amongst all the Banks in the RSETI movement by Sri Jairam Ramesh, Hon’ble Minister for Rural Development, Government of India. Bank has been awarded Banking Excellence Award 2013 for the second best public Bank in overall performance by State forum of Bankers Club Kerala. Bank has been awarded for Record Breaking Performance during Synd LIC Saptah (2 to 7 December 2013) by marketing 15119 policies Highest by any of the Bancassurance Partners during a week by Life Insurance Corporation of India

As part of a Bank’s brand building exercise and to harness its image, Bank has repositioned its Logo by changing the colour combinations. The combinations of Orange, Yellow, Black & White colours give uniqueness to the Logo. The repositioning of logo is aimed at providing a more clear understanding for which the organisation stands for, build loyalty from customers, establishing a brand identity, and also to provide a more contemporary look to its logo in a continuously changing & dynamic business environment.

Bank is recruiting around 3000 young officers to replace retiring officers.

Branch Expansion

Bank has opened 303 branches during the year and reached a mile stone of 3552 branches as of 31 March 2015 (including a branch in London): 1150 Rural, 936 Semi Urban, 783 Urban and 682 Metro Branches. Bank has presence in all the States and Union Territories of the country.

Financial Inclusion

Bank has opened 103.844 lakh Basic Savings Bank Deposit Accounts

(BSBDA) as on 31.03.2015. Of which 6.058 lakh accounts were opened during the quarter ended as on 31.03.2015. The balance outstanding in these accounts is Rs. 3611.81 crore as on 31.03.2015 (103.793 lakh accounts).

To promote financial literacy in the villages, 14196 financial literacy

programmes were organized during the year up to 31.03.2015, in which 5.74 lakh persons were benefitted.

Bank has opened 3496559 number of accounts under PMJDY with a balance

of Rs. 505 crore as at 31.03.2015.

3350302 RuPay Cards have been issued under PMJDY as at 31.03.2015.

Capital Planning

Government of India infused Rs.460 crore capital (including premium) in March 2015 by way of preferential allotment of 3,74,74,541 equity shares at issue price of Rs.122.75 per share.
Bank has raised Unsecured Non-Convertible Redeemable Basel III compliant Tier II bonds (of 10years) of Rs.1150 crore during FY 2014-15, in two tranches. Rs.750 crore at coupon rate of 8.95% p.a in December 2014 & Rs.400 crore at coupon rate of 8.75% p.a during March 2015.

Corporate Tie Up

Bank has entered into strategic tie-up with the following Corporates:-

Bank had signed a Memorandum of Understanding (MOU) with M/s SBI Life Insurance Co. Ltd. on 30 March 2015 for providing Group Life Insurance cover to Education Loan Borrowers of the Bank.
Bank has a Corporate Agency tie-up with M/s TATA-AIA Life Insurance Co Ltd. on 30 March 2015 for providing Group Life Insurance cover to Housing

Loan borrowers of the Bank on optional basis.

Bank had signed a Memorandum of Understanding (MOU) with LIC for implementation of "Pradhan Mantri Jeevan Jyoti Bima Yojana". In this, LIC will provide life insurance cover of Rs.2 lakh in case of death of the insured person at nominal premium of Rs.330 per annum.

Corporate Strategies

To attract retail investors in the pursuit of tax savings and to take advantage of the available opportunity, Bank has recently launched a campaign titled "Save Tax – Get Relaxed" from 1 January – 31 March 2015. This campaign was designed to increase business of the Bank under Core Term Deposits, Life Insurance Policies from LIC of India, ELSS option of Mutual Funds and Mediclaim polices of the Bank.
In order to provide impetus for growth and to increase growth in potential branches, Bank has selected 55 STAR branches to tap business in line with corporate vision to achieve a level of Rs. 10 lakh crore businesses by 31.03.2020. All these branches will be provided good amenities at branch premises for customers.
Bank had launched a special SIP campaign titled "SYND Mutual Funds –SIP Campaign" with all the nine Mutual Fund Companies, covering all the asset classes i.e. Equity, Debt and Hybrid. The objective of the campaign was to increase the penetration in Mutual Funds business and build the SIP book along with Asset under Management (AUM) for the Bank. 3233 SIP Folios were created with a monthly SIP amount of Rs.34.64 lacs in various schemes.

Going Forward

Bank is planning to open 355 new branches during FY 2015-16 and also to recruit 5000 personnel in clerical and official cadre. Bank has planned to open 8 "State of the Art Branches" and 100 "Fast Track branches" in the near future.
The Bank has opened 37 mid-corporate branches till now. Another 13-14 branches will be opened in the next two to three months.
In order to augment long term resources and further strengthening of the Capital Base, Bank proposes to raise Equity Capital by way of Rights Issue /QIP (Domestic/Foreign) / Follow on public issue based on market conditions and approach the market for Basel III compliant additional Tier I bonds and Tier II bonds.

Syndicate Manipal School of Banking

Syndicate Manipal School of Banking (SMSB) is a joint venture between Syndicate Bank and Manipal Global Education (MAGE).

References

External links

Banking in India

Reserve bank	Reserve Bank of India

Public sector banks	Allahabad Bank Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra Bharatiya Mahila Bank Canara Bank Central Bank of India Corporation Bank Dena Bank IDBI Bank Indian Bank Indian Overseas Bank Oriental Bank of Commerce Post Bank of India Punjab & Sind Bank Punjab National Bank State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of India State Bank of Mysore State Bank of Patiala State Bank of Travancore Syndicate Bank UCO Bank Union Bank of India United Bank of India Vijaya Bank

Private sector banks	Axis Bank Bandhan Bank Catholic Syrian Bank City Union Bank DCB Bank Dhanlaxmi Bank Federal Bank HDFC Bank ICICI Bank IDFC Bank IndusInd Bank Jammu & Kashmir Bank Karnataka Bank Karur Vysya Bank Kotak Mahindra Bank Lakshmi Vilas Bank Nainital Bank RBL Bank (Ratnakar Bank) South Indian Bank Tamilnad Mercantile Bank Limited Yes Bank

Cooperative banks	Buldhana Urban Cosmos Bank Repco Bank Saraswat Bank Shamrao Vithal Co-op. Bank TNSC Bank Rajkot Nagrik Sahakari Bank

Foreign banks	ABN AMRO Abu Dhabi Commercial Bank Antwerp Diamond Bank Australia and New Zealand Banking Group Bank Internasional Indonesia Bank of America Bank of Bahrain and Kuwait Bank of Ceylon The Bank of Tokyo-Mitsubishi UFJ Barclays Citibank India Credit Suisse Deutsche Bank HSBC The Royal Bank of Scotland Scotiabank Standard Chartered

Regional Rural Banks	Andhra Pragathi Grameena Bank Kerala Gramin Bank Bangiya Gramin Vikash Bank Gramin Bank of Aryavart North Malabar Gramin Bank Pallavan Grama Bank Pandyan Grama Bank Paschim Banga Gramin Bank Sarva UP Gramin Bank South Malabar Gramin Bank Uttar Bihar Gramin Bank Vananchal Gramin Bank List of regional rural banks in Uttar Pradesh

Interbank networks	BANCS Cashnet Cirrus IMPS UPI MITR NFS PLUS RuPay

Defunct banks	Alliance Bank of Simla Arbuthnot & Co Bank of Bombay Bank of Calcutta Bank of Chettinad Bank of Cochin Bank of Hindostan Bank of Madras Bank of Madura Bank of Rajasthan Bank of Thanjavur Bareilley Corporation Bank Bengal Central Bank Bharat Overseas Bank Centurion Bank of Punjab Chartered Bank of India, Australia and China Commercial Bank of India Dass Bank Exchange Bank of India & Africa Global Trust Bank Grindlays Bank Hindustan Commercial Bank Imperial Bank of India ING Vysya Bank Lakshmi Commercial Bank Lord Krishna Bank Madhavpura Mercantile Cooperative Bank Mercantile Bank of India, London and China Miraj State Bank Nath Bank Nedungadi Bank New Bank of India Oriental Bank Corporation Oudh Commercial Bank Palai Central Bank Pandyan Bank Sikkim Bank State Bank of Indore State Bank of Saurashtra Times Bank United Industrial Bank United Western Bank

Related topics	Banks Board Bureau Banking Codes and Standards Board of India ATM usage fees in India De-Materialisation (DEMAT) Foreign Exchange (FOREX) Indian Financial System Code (IFSC) List of banks in India National Electronic Fund Transfer (NEFT) National Payments Corporation of India Real Time Gross Settlement (RTGS) Structured Financial Messaging System (SFMS) Prepaid Payment Instruments in India

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