In I925 , the Syndicate Bank was founded in Karnataka, India. It’s among the premiere and leading commercial banks in India.
Together with 13 other leading banks in the country, Syndicate Bank was nationalized in1969 by the Indian Government.
The initial capital that started the business was eight thousand Rupees. The first branch began its operations in Brahmavar in 1928. Within 9 years the bank had a large share of customers.
The main aim of the bank’s operations was to broaden and avail financial aid to weavers within their locality.
Over a period of time, a number of banks merged. These included the Southern India Apex Bank and Maharastra Apex Bank. In 1964, the bank was given a new name: Syndicate Bank, and the operational headquietrs were relocated to Manipal.
Syndicate bank extended its banking services to other within India and also overseas. Syndicate Bank Limited has branches in London. These are Musandam Exchange Co and Doha. Syndicate bank has over two thousand branches worldwide. Out of these, over 1, 500 offer E-Banking services and 24-hour banking.
In regional rural banking, Syndicate Bank provided financial assistance to the premiere regional bank to serve the rural parts of India. Syndicate Bank has listed its stocks on Bangalore Stock Exchange, Bombay Stock Exchange, National Stock Exchange and Mangalore Stock Exchange.
The bank partnered with UNEP and started a solar financing programme that helped to finance the development and distribution of solar systems to homes in southern parts of the country.
Within India the bank offers a number of products and services that the bank offers. These include deposits, personal loans, agricultural loans and priority sector loans. The priority sector loans have helped in financing rural tourism scheme.
Along with these services, the bank offers additional customer value services such as Management Services, Western Union Money Transfer, Telebanking, Internet banking, and Electronic Funds Transfer system, Gift Cheques, On-line Railway Ticket Booking and On-line Collection of Direct Taxes.
Sometime in 2006, the bank launched a general purpose credit card, a system of giving loans to tenant farmers and SyndJaiKisan. The bank has bagged a special award for use of information technology in customer services in rural areas from the IDRBT. Later on, the bank launched SyndShakti in 2007 to provide credit facilities to self-employed people and to artisans.
Syndicate bank ahs continued to grow and has diversified its services over the year to provide value to its growing base of customers.