How To Set Up A Syndicate
 | |
| Formerly | Canara Industrial and Banking Syndicate Express |
|---|---|
| Type | Public |
| Traded equally | BSE: 532276 NSE: SYNDIBANK |
| Manufacture | Banking Financial services |
| Founded | 1925 (1925) in Manipal, India |
| Founders |
|
| Defunct | 1 Apr 2022 (2020-04-01) |
| Fate | Merged with Canara Banking concern |
| Successor | Canara Bank |
| Headquarters | Manipal Bharat |
| Areas served |
|
| Primal people |
|
| Products | Finance and insurance Consumer Cyberbanking Corporate Banking Investment Banking Investment Management Private Equity Mortgages Credit Cards |
| Revenue |  ₹23,949.22 crore (US$3.one billion) (2019) |
| Operating income | ₹2,819.19 crore (US$370 1000000) (2019) |
| Net income |  ₹−two,588.30 crore (U.s.a.$−340 million)[ verification needed ] (2019) |
| Full assets | ₹31,127,894.86 crore (US$4.ane trillion) (2019) |
| Number of employees | 34,054 (2019) |
| Capital ratio | xiv.23% (2019) |
| Footnotes / references [1] | |
Syndicate Banking company was 1 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 fourth dimension of its institution, the banking concern was known equally Canara Industrial and Banking Syndicate Limited. The banking company, along with xiii major commercial banks of India, was nationalised on 19 July 1969, past the regime of India. Information technology was headquartered in the university town of Manipal, India. On ane April 2022, the depository financial institution was merged into Canara Bank.
History [edit]
1925 – 1974 [edit]
Syndicate Banking concern co-operative at Lighthouse Colina Road in Mangalore
Syndicate Bank was founded in 1925 in Manipal, Udupi, Princely State of Mysore. The promoters came from a lower-middle form background and aimed to ameliorate the socioeconomic status of the region. It was the only Indian bank with its headquarter in a rural surface area. The banking company provided employment opportunities to the educated members of the local community. It had an initial paid-up uppercase of ₹8,000. It was unlike other banks which primarily financed trade and industries in urban areas. So every bit a new bank, Syndicate Bank decided to exploit the untapped small-scale and medium enterprise and the agriculture sector.[2] Thus, Syndicate Bank was focussed on grassroot banking since the first.[3]
In 1928, Syndicate Banking company started the Pigmy Deposit Scheme. Under this scheme, cyberbanking agents travel to the doorstep of farmers and shopkeepers at prepare intervals to collect deposits. By 1960, 21% of the bank's net deposits came from Pigmy Deposits. Its unconventional practices had been criticised by the Reserve Bank of Republic of india (RBI).[3] Syndicate Bank used to encourage its employees to work every bit Pigmy Deposit agents, during their spare time. In 1962, RBI barred it from using its employees as depository financial institution agents.[2]
In 1950, the share of Syndicate Bank in the banking business organisation was negligible. In 1960, it rose to 1% and to 4% in 1975. In 1968, 32% of its branches were in rural areas, whereas only 22% of branches of the entire banking system were rural. Its loans to the agronomics and small enterprises sector constituted thirty% of its total loans, for the other banks information technology was less than 8%. 90% of its accounts were small accounts i.e., below ₹1,500. In 1969, it was nationalised along-with xiii other major banks.[2] In December 1969, it had 350 branches, past December 1974, it had 700 branches.[4]
1975 – 2000 [edit]
In 1975, it established the starting time Regional Rural Banking company (RRB) of India, Prathama Bank, in Moradabad, Uttar Pradesh.[4] In 1976, Syndicate Bank sponsored the establishment of Malaprabha Grameena Banking concern in Dharwad, Karnataka. In 1983, Bijapur Grameena Depository financial institution was sponsored by Syndicate Bank, headquartered in Bijapur.[five] In 1984, it also founded Netravati Grameena Banking concern in Mangalore and Varada Grameena Bank in Kumta.[6] By December 1986, information technology had 1456 branches.[4]
In the fiscal year 1996-97, it posted an accumulated loss of ₹i,003 crore (U.s.$130 meg) and a turn a profit of ₹xx crore (US$2.half-dozen meg). In Dec 1997, K. 5. Krishnamurti was appointed the Chairman and Managing Director (CMD) of the bank. He found the bank overstaffed which was lowering the employee productivity. Krishnamurti stopped recruitments and encouraged voluntary retirement. By 2000, the workforce had been cut by 2,777. The bank leveraged its ane,702 branches and introduced new schemes to mobilise low cost deposits. In the fiscal year 1999–2000, it posted a turn a profit of ₹347 crore (U.s.a.$46 one thousand thousand).[seven]
In the fiscal twelvemonth 1997-98, it was reported that Pigmy Deposits notwithstanding contributed 15.6% of its domestic deposits and 5.vi% of its global deposits.[3] In October 1999, Syndicate Bank held its first initial public offering (IPO). It offered 12.5 crore equity shares worth ₹125 crore (US$16 one thousand thousand) at par. The IPO diluted the stake of the Government of India to 76%.[8] In February 2000, it was reported that the banking concern had further reduced its staff strengthen past two,400 in the preceding two years.[9]
2001 – 2022 [edit]
In 2003, Syndicate Bank tied up with the United nations Environment Programme (UNEP) to provide loans to purchase solar lamps.[10] In December 2003, Syndicate Bank announced sabbatical leave scheme with partial pay to reduce its employee overhead.[11]
In July 2005, information technology held its equity share offering. 45 million shares with the face value of ₹10 were offered at ₹46-₹50.[12] In September 2005, the iv rural banks in Karnataka sponsored by Syndicate Depository financial institution - Malaprabha Grameena Bank, Bijapur Grameena Bank (BGB), the Varada Grameena Bank, and Netravati Grameena Banking concern, were merged to form Karnataka Vikas Grameena Bank.[13]
In March 2007, the Pigmy Deposit scheme was relaunched as Pigmy 2007. The older scheme was besides continued as Pigmy 1928.[14] Past March 2022, the bank had opened 3552 branches.[15]
On 30 August 2022, Finance Minister Nirmala Sitharaman announced that Syndicate Bank would exist merged with Canara Depository financial institution. The proposed merger would create the quaternary largest public sector bank in the country with assets of ₹15.20 lakh crore (U.s.$200 billion) and 10,324 branches.[sixteen] [17] The Board of Directors of Canara Banking concern canonical the merger on thirteen September 2022.[18] [19] The Matrimony Cabinet canonical the merger on 4 March 2022. Canara Depository financial institution assumed control over Syndicate Bank on one Apr 2022 with Syndicate Bank shareholders receiving 158 equity shares in the one-time for every i,000 shares they agree.[twenty]
Controversies [edit]
On 3 August 2022, the CMD of the banking company, Sudhir Kumar Jain, and xi others were arrested by the Central Agency of Investigation (CBI). Jain was accused of taking bribes to extend the credit limits of companies.[21]
References [edit]
- ^ "Annual Study of Syndicate Banking company" (PDF).
- ^ a b c Vinayak Vijayshanker Bhatt; Banco Mundial (1989). Financial innovation and credit market evolution (PDF). World Banking concern. pp. 9–15. Retrieved 28 April 2022.
- ^ a b c Kellee S. Tsai (i March 2004). Back-alley Cyberbanking: Private Entrepreneurs in China. Cornell University Press. pp. 239–240. ISBN0-8014-8917-2 . Retrieved 28 Apr 2022.
- ^ a b c Rakesh Kumar Agarwal (1991). Evaluation of the Working of Regional Rural Banks: A Study of Prathma Bank of Rampur and Moradabad Districts of U.P. Mittal Publications. pp. i, 7, sixteen. ISBN978-81-7099-342-1 . Retrieved 28 April 2022.
- ^ Anil Baburao Kalkundrikar (1990). Regional Rural Banks and Economic Development. Daya Publishing House. p. 38. ISBN978-81-7035-074-iii . Retrieved 28 April 2022.
- ^ Dr. K Sivachithappa. Regional Rural Banks and Development of Weaker Sections. Lulu. p. 93. ISBN978-1-304-23509-ane . Retrieved 28 April 2022.
- ^ "Syndicate Bank takes the loftier road". Business concern Today. 7 June 2000. Retrieved 28 April 2022.
- ^ "Syndicate Bank to unveil Rs 125-crore IPO". The Indian Express. 9 October 1999. Retrieved 28 Apr 2022.
- ^ "Syndicate Depository financial institution Axes ii,400". Business Standard. 18 February 2000. Retrieved 1 May 2022.
- ^ Santosh M. Harish; Shuba V. Raghavan (2011). "Redesigning the national solar mission for rural Republic of india". Economic and Political Weekly. 46: 51–58. Retrieved 28 April 2022.
- ^ "Syndicate Bank to offer Sabbatical". The Hindu Business Line. 29 December 2003. Retrieved 28 April 2022.
- ^ "Syndicate Banking company fixes IPO price band at Rs.46-50". Domain-B. 6 July 2005. Retrieved 28 Apr 2022.
- ^ "KVGB reckoned as all-time regional rural bank". The Hindu. vii October 2005. Retrieved one May 2022. [ expressionless link ]
- ^ "Syndicate Depository financial institution relaunches 'Pigmy deposit'". Business organisation Standard. 2 March 2007. Retrieved i May 2022.
- ^ "Syndicate Bank plans to open 355 new branches in 2022-16". Live Mint. xi May 2022. Retrieved one May 2022.
- ^ "Government unveils mega bank mergers to revive growth from 5-year low". The Times of Bharat. 30 August 2022. Retrieved thirty August 2022.
- ^ Staff Writer (thirty August 2022). "10 public sector banks to be merged into iv". Mint . Retrieved 30 August 2022.
- ^ "Canara Bank board gives approving for merger with Syndicate Bank". Business Today . Retrieved 13 September 2022.
- ^ "PSU Bank merger: Canara Bank board approves merger with Syndicate Bank; key things to know". The Financial Express. 13 September 2022. Retrieved thirteen September 2022.
- ^ "Syndicate Bank, Oriental Bank proceeds on Chiffonier nod for merger of ten PSBs". Business Standard Republic of india. five March 2022. Retrieved half dozen March 2022.
{{cite web}}: CS1 maint: url-condition (link) - ^ "Chairman of Syndicate Banking concern arrested on bribery allegations". Reuters. 3 August 2022. Retrieved i May 2022.
External links [edit]
- Former official website at the Wayback Motorcar (archived 5 December 2022)
Source: https://en.wikipedia.org/wiki/Syndicate_Bank
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