Syndicate Bank: Canara Bank Net Banking Know History & all About Facts
Syndicate Bank, one of India’s oldest and largest commercial banks, was established by Upendra Ananth Pai, T. M. A. Pai, and Vaman Srinivas Kudva.
Syndicate Bank
“Best Bank to Bank with”
Syndicate Bank, one of India’s oldest and largest commercial banks, was established by Upendra Ananth Pai, T. M. A. Pai, and Vaman Srinivas Kudva. Canara Industrial and Banking Syndicate Limited was the bank’s name when it was founded. The government of India nationalized the bank, along with 13 other prominent commercial banks in India, on July 19, 1969. Earlier, its headquarters were in the Indian university town of Manipal. The bank was merged into Canara Bank on April 1, 2020.
“A good bank is not only the financial heart of the community, but it also commits to help improve economic conditions in any manner feasible.” the founder’s words ring true even today while serving society with a purpose.
About Syndicate Bank
In 1925, Syndicate Bank was established in Manipal, Udupi, Princely State of Mysore. It was the only Indian bank having its headquarters in the countryside. The bank offered job possibilities to educated individuals in the local community. Its original paid-up capital was $8,000.00. In contrast to other banks, it predominantly financed urban trade and industry.
Syndicate Bank launched the Pigmy Deposit Scheme in 1928. Banking agents visit farmers’ and shopkeepers’ homes at predetermined intervals to collect deposits. Pigmy Deposits accounted for 21% of the bank’s net deposits by 1960. In 1950, Syndicate Bank had a minor presence in the banking industry.
It was 1% in 1960 and 4% in 1975. In 1968, 32% of its branches were in rural areas, compared to only 22% of all banking system branches.
The History, the merger, and the profit
Canara Bank, well-known for its customer-centricity, has gone through many stages of its growth trajectory during its century-long existence. The bank has grown its market standing to become a significant Financial Conglomerate with up to ten subsidiaries in India and internationally.
Canara Bank serves approximately 10.4 crore customers with a network of 9,732 branches and 12,201 ATMs/Recyclers scattered throughout all Indian states and union territories as of June 2022.
Not only in commercial banking but also in other corporate social responsibilities such as servicing national interests, boosting rural development, enhancing rural self-employment through multiple training institutes, and driving the financial inclusion goal.
It had 350 branches in December 1969 and 700 branches in December 1974. In 2019, Finance Minister Nirmala Sitharaman announced the merger of Syndicate Bank and Canara Bank.
The proposed merger would establish the country’s fourth-largest public sector bank with assets of 15.20 lakh crore (US$190 billion) and 10,324 branches.
Canara Bank’s share price was Rs 239.20 at 04:04 PM IST on August 17, 2022. Canara Bank’s share price increased by 3.04% from its previous share price of Rs. 231.05. Canara Bank’s share price rose by 16.06% last month.