Syndicate Bank: Difference between revisions

| logo = [[File:Syndicate Bank.svg|225px]]

| logo_caption = ''Faithful and Friendly''

| type = [[Subsidiary]] of [[Canara Bank]]

| traded_as = {{BSE|532483}}<br/>{{NSE|CANBK}}

| founded = {{start date and age|df=y|1925}} <br/> (as ''Canara Industrial and Banking Syndicate Limited'')

| founders = {{ubl|[[Upendra Ananth Pai]]|[[T. M. A. Pai]]|[[Vaman Srinivas Kudva]]}}

| defunct = {{End date|df=yes|2020|04|01}}

| location = [[Bengaluru]], [[Karnataka]], [[India]]

| key_people = {{ubl|T. N. Manoharan<br> {{small|(Chairman)}}| L. V. Prabhakar <br> {{small|(MD & CEO)}}}}

| revenue = {{decrease}} {{INRConvert|23949.22|c}} (2019)<ref name="Annual Report 2018-19">{{cite web|url=https://www.bseindia.com/bseplus/AnnualReport/532276/5322760319.pdf|title=Annual Report of Syndicate Bank }}</ref>

| operating_income = {{decrease}} {{INRConvert|2819.19|c}} (2019)<ref name="Annual Report 2018-19" />

| net_income = {{increase}} {{INRConvert|-2588.30|c}} (2019)<ref name="Annual Report 2018-19" />

| assets = {{increase}}{{INRConvert|31127894.86|c}} (2019) <ref name="Annual Report 2018-19" />

| num_employees = 34,054 (March 2019) <ref name="Annual Report 2018-19" />

| parent = [[Canara Bank]] (100%)

| ratio = 14.23% (2019) <ref name="Annual Report 2018-19" />

| homepage = {{url|https://www.syndicatebank.in/}}

'''Syndicate Bank''' was one of the oldest and major commercial banks of India. It was founded by [[Upendra Ananth Pai]], [[T. M. A. Pai]] and [[Vaman Srinivas Kudva]]. At the time of its establishment, the bank was known as ''Canara Industrial and Banking Syndicate Limited''. It is a wholly owned [[subsidiary]] of [[Canara Bank]]. The bank, along with 13 major commercial banks of India, was nationalised on 19 July 1969, by the [[Government of India]]. The Bank was headquartered in the university town of [[Manipal]], India. On 1 April 2020, the bank was merged into [[Canara Bank]].<ref name="business-standard.com">{{cite web |last1=Reporter |first1=S. I. |title=Syndicate Bank, Oriental Bank gain on Cabinet nod for merger of 10 PSBs |url=https://www.business-standard.com/article/markets/select-psbs-gain-on-government-nod-for-merger-of-10-banks-into-4-120030500347_1.html |website=Business Standard India |access-date=6 March 2020 |date=5 March 2020}}</ref>

Syndicate Bank was founded in 1925 in [[Manipal]], [[Udupi]], [[Kingdom of Mysore|Princely State of Mysore]]. The promoters came from a lower-middle class background and aimed to improve the socioeconomic status of the region. It was the only Indian bank with its headquarter in a rural area. The bank provided employment opportunities to the educated members of the local community. It had an initial paid-up capital of {{currency|8000|INR}}. It was unlike other banks which primarily financed trade and industries in urban areas. So as a new bank, Syndicate Bank decided to exploit the untapped [[small and medium enterprise]] and the agriculture sector.<ref name=Bhatt1989>{{cite book|author1=Vinayak Vijayshanker Bhatt|author2=Banco Mundial|title=Financial innovation and credit market development|date=1989|publisher=[[World Bank]]|pages=9–15|url=http://www-wds.worldbank.org/servlet/WDSContentServer/IW3P/IB/1989/08/01/000009265_3960928044848/Rendered/PDF/multi_page.pdf|access-date=28 April 2016}}</ref> Thus, Syndicate Bank was focussed on grassroot banking since the beginning.<ref name="Tsai2004"/>

|url=https://timesofindia.indiatimes.com/business/india-business/government-unveils-mega-bank-mergers-to-revive-growth-from-5-year-low/articleshow/70911359.cms |access-date=30 August 2019|work=The Times of India|date=30 August 2019}}</ref><ref>{{cite web |author=Staff Writer |title=10 public sector banks to be merged into four |url=https://www.livemint.com/news/india/pnb-obc-and-united-bank-to-be-merged-nirmala-sitharaman-1567158678718.html |website=Mint |access-date=30 August 2019 |language=en |date=30 August 2019}}</ref> The Board of Directors of Canara Bank approved the merger on 13 September 2019.<ref>{{cite web |title=Canara Bank board gives approval for merger with Syndicate Bank |url=https://www.businesstoday.in/sectors/banks/canara-bank-board-gives-approval-for-merger-with-syndicate-bank/story/378909.html |website=Business Today |access-date=13 September 2019}}</ref><ref>{{cite web |title=PSU Bank merger: Canara Bank board approves merger with Syndicate Bank; key things to know |url=https://www.financialexpress.com/industry/banking-finance/psu-bank-merger-canara-bank-board-approves-merger-with-syndicate-bank-key-things-to-know/1705359/ |website=The Financial Express |access-date=13 September 2019 |date=13 September 2019}}</ref> The Union Cabinet approved the merger on 4 March 2020. Canara Bank assumed control over Syndicate Bank on 1 April 2020 with Syndicate Bank shareholders receiving 158 equity shares in the former for every 1,000 shares they hold.<ref name="business-standard.com"/>

*[http://syndicatebank.in/ Syndicate Bank Official Website]