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Syndicate Bank
BSE: 532276|NSE: SYNDIBANK|ISIN: INE667A01018|SECTOR: Banks - Public Sector
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Company History - Syndicate Bank
1925
 
 - The Bank was founded at the temple town of Udupi on October 20, as
 Canara Industrial and Banking Syndicate Limited.
 
 1928
 
 - The Bank introduced an innovative savings scheme, Pigmy Deposits,
 to mobilise small savings and the Bank has come to be known as the
 `Small Man's Big Bank'.
 
 1964
 
 - The Bank was renamed as Syndicate Bank Limited and shifted its Head
 Office to Manipal.
  
 1969
  
 - The Bank was nationalised under the Banking Companies (Acquisition
 and Transfer of Undertakings) Act, 1970s.
 
 1975
 
 - Syndicate Bank was the first Bank to sponsor a Regional Bank,
 Prathama Bank at Moradabad.
 
 - The Bank has sponsored 10 Regional Rural Banks all over the country
 and a distinguishing feature is that all the 10 RRBs have achieved
 considerable growth and Profits.
 
 1992
 
 - The Company introduced Asset Classification, Income Recognition and
 Provisioning norms by RBI affected all the Public Sector Banks and
 Syndicate Bank was no exception.
 
 1994
 
 - The Bank has merged eight branches - 3 in Mumbai, 2 in Bangalore
 and one each in Calcutta, Ahmedabad and Udupi centres.  On the other
 hand, the Bank also has opened 8 new branches during the year.  
  
 - The Bank has opened two Specialised Industrial Finance Branches one
 at Mumbai and another at Bangalore to cater to the needs of the
 corporate clients.
 
 - During the `Customers Fortnight' the Bank has launched services
 like Express DD counter, 12 hour non-stop counters for encashment of
 Foreign Travellers Cheques.
 
 - Customer Charter/Customer Service Audit have been introduced to
 evaluate the position in regard to extent of actual implementation at
 the grass root level of the various recommendations of the Committee.
 
 - Two Schemes have been introduced.  The Bank Order Scheme and the
 Gift Cheque Scheme not only to facilitate obilisation of float funds
 for the Bank but also to enable the Bank to bring in additional
 clientele into its fold, besides providing an additional facility to
 existing
 customers.
 
 - New training course modules on rural lending were introduced at all
 the Staff Training Colleges of the Bank to improve the capabilities of
 staff member.
 
 - The Government of India introduced two new schemes during the year
 i.e., Prime Minister's Rozgar Yojna (PMRY) and Scheme for Liberation
 and Rehabilitation of Scavengers (SLRS).
 
 - The Bank proposes to create a full-fledged Merchant Banking
 Division in Mumbai under Dy. General Manager.
 
 - The Bank proposes to start the Apex Training College at Manipal to
 train the senior level staff.
 
 1996
 
 - The year 1995 - 96 has been celebrated by the Bank as the Platinum
 Jubilee Year as it completed 70 years of service to the Nation.
 
 - The first Automated Teller Machine of the Bank was installed at
 Bangalore Gandhinagar branch during the year.
 
 - The Bank has been promoting self-employment mainly to motivate,
 guide and assist unemployed youth for taking up self-employed
 ventures.
 
 - Syndicate Bank has proposed the mode of repayment spread over seven
 years with annual installment of Rs. 100 crore towards servicing the
 loan and an additional Rs. 25 crore as dividend to the Central
 government.
 
 - Syndicate Bank proposes to introduce telebanking in three of its
 branches in Tamil Nadu, at Armenian Street and Mount Road in Chennai,
 and Oppanakara Street in Coimbatore.
 
 - Another novel scheme introduced mainly for the corporates is the
 rapid call one, wherein customers are ensured certain collection
 within seven days for a cheque anywhere in the world.
 
 - It is proposing to increase its number of branches from the current
 1,600 to 2,000 by the turn of the century.
 
 - The Manipal-based Syndicate Bank has opened a fully automated
 branch in Guruvayur in Thrissur district in Kerala.
 
 1997
 
 - Syndicate Bank will be introducing telebanking services at South
 Block Branch, New Delhi from March.
 
 - A memorandum of understanding (MoU) was signed between Syndicate
 Bank and its sponsored regional rural banks in Andhra Pradesh namely
 Anantha Grameena Bank and Pinakini Grameena Bank at Syndicate Bank
 Zonal office, Bangalore, on August 8.
 
 1998
 
 - The Bank was conferred with Autonomy status by Government of India
 on attaining the prescribed performance criteria relating to capital
 adequacy, profitability, non-performing assets and minimum owned
 funds. 
 
 - The Bank has launched several Personal Banking schemes designed to
 meet the personal credit requirements and contingencies such as
 medical expenses, tax payment, marriage expenses, purchase of
 consumer durables and vehicles to different classes of customers such
 as salaries class, professionals, business class and pensioners.
 
 - The Bank has introduced Asset Liability Management System to
 address the market risk.
 
 1999
 
 - The Bank introduced `Shubh Din Deposit' Scheme for auspicious days
 like Birthday, Marriage Anniversary etc.
 
 - `Kisan Credit Card' and `Kisan Pragathi Deposit' Scheme are two
 Schemes introduced to take care of farmers by providing financial
 assistance as well as to build up their own savings for the future. 
 
 - `Rapidcol' is a Scheme for Bank's valued clients for fast
 collection of their high-value Cheques, Drafts and other instruments
 drawn on various centres.
 
 - `Syndifloat' is a Deposit Scheme for the Institutional Investors to
 hedge their interest rate risk.
 
 - The Bank proposes to launch a Cash Management Scheme, which is
 designed to help Corporate clients in managing their funds in a
 better way by optimum use of Information Technology.
 
 - Public Issue of 12,50,00,000 No. of Equity Shares of Rs 10/- each
 for cash at par aggregating Rs 125,00,00,000.
 
 2000
 
 - Syndicate Bank, one of the oldest banks in the country and is an
 entity with rural flavaour and is engaged primarily in social
 banking. 
 
 - Syndicate Bank has decided to introduce seven-day banking and
 extended banking hours for its customers in residential and business
 areas.
 
 - Syndicate Bank will also come out with a co-branded credit card
 with Standard Chartered Bank in March 2000.  Santa Clara-based the
 hardware and software design, development and consulting firm
 Digital-X Networks Pvt Ltd has tied up with Satyam Infoway and
 
 - The company has recently entered into a strategic alliance with the
 Kerala-based NeST Systems & Technologies to design and manufacture
 chips.
 
 - Syndicate Bank has set up an ATM in the Manipal Hospital in
 Bangalore in addition to its existing extension counter.
 
 - Mr. D.T Pai has taken charge as Chairman and Managing Director
 (CMD) of Syndicate Bank effective May 25th.
 
 - The Bank has proposed to step up efforts at pushing in the eastern
 region its personal banking products, some of which have been
 remodelled to suit emerging needs of customers.
 
 - The Bank has entered into an agreement with Standard Chartered for
 a co-branded credit card business.
 
 - Syndicate Bank has launched a slew of schemes to woo top corporate
 executives and defence personnels.
 
 - The Bank has launched demat services at its Pali Hill branch in
 Mumbai.  The Manipal-based bank has tied up with Stock Holding
 Corporation of India.
 
 - Syndicate Bank introduced Demat Services in association with Stock
 Holding Corporation of India Ltd. in Mumbai.
 
 - Syndicate Bank, pioneers in introducing many innovative schemes to
 suit the customers' needs has launched dawn-to-dusk banking at its
 Pitam Pura branch.
 
 - Syndicate Bank has launched a scheme for financing solar water
 heating systems in collaboration with the ministry of
 non-conventional energy source.
 
 - Syndicate Bank has launched demat services in its `All Women'
 branch at Matunga.
 
 - Syndicate Bank in association with Stock Holding Corporation is
 launching demat services in Calcutta.
 
 - Syndicate Bank and Standard Chartered Bank launched their global
 co-branded credit card.
 
 - Syndicate Bank forges alliance with Stock Holding Cororation of
 India to extend depository services and online trading of shares to
 the investors at Chennai through its branches at Mylapore and Anna
 Nagar.
 
 2001
 
 - The Bank has proposed to extend its tie-up with Stock Holding
 Corporation of India Ltd. to cover more branches and more investors.
 
 
 - Mr M S Kapur has been appointed as executive director of Syndicate
 Bank by the government of India till March 31, 2006.
 	 
 - Syndicate Bank launched a new educational loan scheme for poor but
 meritorious students to support their education, both in India and
 abroad
 
 2002
 
 -Syndicate Bank has informed that Mr P J Vincent, Joint Secretary and
 F A, Department of Expenditure, Ministry of Finance, New Delhi has
 been appointed on the Board of Directors of the Bank.
 
 -K S Shetty appointed as a Director on the Board of Syndicate Bank.
 
 2003
 
 -Syndicate Bank introduced the Resident Foreign
 currency(domestic)deposit scheme for its resident Indians.
 
 -Syndicate Bank has announced its 5 branches in Andhra Pradesh have
 made  arrangement to sell application forms for the All India
 Engineering Entrance Examination of the CBSE.
 
 -Syndicate Bank reduces its interest rates on housing loans from 25
 basis points to 100 basis points under various tenures.
 
 -Shri Anil Kumar Khanna, Shri Chandrakanth Nayak P, Shri Fabian K.P
 and  Smt  Ranjana S Salgaocar have been appointed as directors of the
 board.
 
 -Syndicate Bank offered for funding of solar lighting projects in the
 country.
 
 -Bank waved the service charges on fresh vehicle and consumer durable
 loans taken by women under the 'Syndicate Vahan' and 'Synd Suvidha' 
 schemes, to mark the International Women's Day.
 
 -Syndicate Bank has launched its Centralised Banking Solution in 
 Puttaparti and vijayawada.
 
 -Bank has liberalised the 'Syndvidya' loan scheme.
 
 -Syndicate Bank has launched an 'awareness camp' on housing loans
 scheme in puttur.
 
 -Syndicate Bank launched new counter at Maharani's Arts
 College,Bangalore which is affiliated to seshadripuram branch.
 
 2004
 
 - Syndicate Bank in Memorandum of Understanding with United India
 Insurance (UII) to sell policies
 
 --Royal Enfield tied-up with Syndicate Bank to finance purchases.
 
 -Launches new products SyndKissan Samruddhi Card and SyndMahila Card.
 SyndKissan Samruddhi Card
 
 -Syndicate Bank ties with Mahindra & Mahindra for financing tractors
 
 -Syndicate Bank launches new loan scheme
 
 -Syndicate Bank introduces Kisan Samvirudthi Credit Card
 
 
 2005
 
 - Syndicate Bank files a draft red herring prospectus on April 19,
 2005, with the Securities & Exchanges Board of India to enter the
 capital market with its second public issue of equity shares. The
 bank proposes to issue 50 million equity shares of Rs 10 each for
 cash at a premium to be decided through the book-building process.
 The issue is to be made through a 100-per cent book-building process.
 Of the total offer, the bank has reserved 5 million equity shares to
 its employees and another 5 million equity shares to existing
 shareholders. Of the balance net offer of 40 million shares, 20
 million are reserved for allotment to qualified institutional buyers
 on a discretionary basis and 6 million reserved for allotment to
 non-institutional buyers. The remaining 14 million would be allotted
 to retail investors on a proportionate basis.
 
 -Syndicate Bank has received a nod from the Securities and Exchanges
 Board of India (Sebi) for its second public offer which is expected
 to hit the capital market in the first week of July. The issue
 consists of five crore equity shares of Rs 10 each. They will be
 issued at a premium, which will be decided through the book-building
 process.
 
 -Syndicate Bank plans to launch rural VC fund
 
 2006
 
 -Syndicate Bank signs MOU with CMC
 
 -Syndicate Bank has informed that Syndbank Services Ltd (BPO), a
 subsidiary of the Bank was inaugurated by Sri P Chidambaram, Hon'ble
 Finance Minister, Government of India, on March 24, 2006 in
 Bangalore.
 
 
 2007
 
 -Syndicate Bank has informed that  Government has nominated Sri.
 Kawaljit Singh Oberoi, as Part-Time Non-Official Director on the
 Board of the Bank for a period of 3 years from the date of
 notification (i.e. January 02, 2007) or until further order whichever
 is earlier.
 
 -Syndicate Bank has informed that the Central Government has
 nominated Ms. Shobha Oza, as Part-Time Non-Official Director on the
 Board of the Bank for a period of 3 years from the date of
 notification (i.e. January 02, 2007) or until her successor is
 nominated or until further orders, whichever is earliest.
 
 - Syndicate Bank has hiked interest rates of retail deposits upwards
 of nine per cent.
 
 -Syndicate Bank has informed that the Central Government has
 nominated Sri. K Seetharamu, as Director on the Board of the Bank, in
 place of Sri. Salim Gangadharan with immediate effect and until
 further orders.
 
 2008
 
 -Mumbai: Syndicate Bank has inked a memorandum of understanding under
 corporate agency tie up arrangement with Export Credit Guarantee
 Corporation of India Ltd (ECGC), for marketing their various export
 insurance products through its designated branches.
 
 2009
 
 -  Syndicate Bank has appointed Shri Basant Seth as Chairman and
 Managing Director (MD) of the Bank for a period upto February 29,
 2012 i.e. the date of his superannuation or until further orders,
 whichever is earlier.
 
 2010
 
 - Syndicate Bank has  has nominated Sri. Dinkara S. Punja as Officer
 Employee Director on the Board of Directors of the Bank for a period
 of three years from July 12, 2010 or until he ceases to be an officer
 of the Bank or until further orders, whichever is the earliest.
 
 - Syndicate Bank has informed BSE that in exercise of the powers
 conferred by clause (e) of sub-section (3) of Section 9 of the
 Banking Companies (Acquisition and Transfer of Undertakings) Act,
 1970/1980 read with sub-clause (1) & (2) of Clause 9 of the
 Nationalized Banks (Management & Miscellaneous Provisions) Scheme,
 1970/1980, the Central Government. vide its notification dated August
 31, 2010, has appointed Sri. Narendra L. Dave as Workmen Employee
 Director on the Board of Directors of the Bank for a period of three
 years from the date of notification or until he ceases to be a
 workmen employee of the Bank or until further orders, whichever is
 the earliest.
Source : Dion Global Solutions Limited
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