Know Your Bank – Syndicate Bank

By Kanika Ralhan|Updated : March 19th, 2018

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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.

Syndicate Bank Important Details

Managing Director & CEO – Melwyn Oswald Rego
Head Office – Manipal, Karnataka
Tagline - Faithful; Friendly
ATM - 4000 +
Branches- 1348 +

History:

1. In 1925, the first branch of the syndicate bank started its operations at Udupi in Dakshin Kannada district in Karnataka state.

2. In 1928, the bank started Pigmy Deposit Scheme, in which agents of the bank come doorsteps to collect the deposit. The scheme exists to date, earns the bank a sum of Rs. 2 crores daily.

3. In 1962, the Syndicate Bank India opened an all women branch in Bangalore.

3. Syndicate Bank sponsored the first regional rural bank in India by name Prathama Bank, in Moradabad district Uttar Pradesh on 2 October 1975.

4. The bank has launched CENTRALISED BANKING SOLUTIONS (CBS) system, linking all its branches and ATMs.

Logo:

The pictorial dog of the Logo is in sync with Bank motto -'Faithful and Friendly'. The combination of Orange, Yellow and White colors give uniqueness to Logo.

Orange is a unique color which denotes power, energy, enthusiasm and creativity, thoughtfulness and sincerity. Yellow relates to acquired knowledge.

Things to know:

1. Syndicate Bank has launched Project Ananya which aimed at providing best in class services.

Project Ananya has four key pillars -

a. Business Process Re-engineering

b. Digital Banking, Sales

c. CRM

d. HR development.

BPR initiatives will re-engineer current branch processes to provide customers with faster turnaround time and more efficient processing. Branch transformation is also underway through which, Bank is embracing the new era of banking with superior customer service, sales focus, modern layout and latest in digital banking services.

In March 2017, Syndicate Bank has digitally inaugurated 40 ‘Ananya’ transformed branches. Project Ananya is a two-year large-scale transformation project undertaken by the bank to provide customers with ‘best in class’ services while improving and modernizing the whole bank. These 40 branches are a part of the 372 Phase 1 Ananya transformed branches that aim to enhance customer experience, improve sales focus, and improve digital transactions through a dedicated digizone.

The bank also launched its first micro, small and medium enterprise (MSME) hub in Bengaluru. The hub is expected to cater to more than 150 branches across the Bengaluru region and aims to reduce the turnaround time of the loan-sanctioning process.

2. Syndicate Bank has released scheme for ‘financing hotel/ restaurant entrepreneurs’.

The purpose of the scheme is to meet the credit requirements for setting up a unit, business of hotels, restaurants and lodges, Fast food centers, motels (Dhaba), bakeries, highway inns, pizza centers (franchises), mess, canteen, catering service, services apartments and more. Besides this, the scheme is also for upgrading, renovating and expanding existing units, which can be done by the purchase of furniture and fixtures, machineries, equipments and vehicles. Apart from this, the bank has also given the eligibility criteria without which accessing this opportunity would not be possible. All the units under Micro, Small Enterprises and Medium Enterprises in the services sector, who are having an original investment in

Awards:

1. Syndicate Bank bagged Skoch Award -2016 for its IT innovation.

2. National Bank for Agriculture and Rural Development (NABARD) has conferred the ‘best performance award’ for 2015-16 and 2016-17 to Karnataka Vikas Grameen Bank (KVGB) for its work in the field of credit-linking joint liability groups (JLGs).

All the best for your future,

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