PUBLIC SECTOR BANKS IN INDIA – SYNDICATE BANK
PUBLIC SECTOR BANKS OF INDIA – SYNDICATE BANK
Syndicate Bank Ltd. is one of the oldest and major commercial banks of India. At the time of its establishment the bank was known as the Canara Industrial and Banking Syndicate Limited. The Syndicate Bank along with 13 major commercial banks of India, was also nationalized on 19 July 1969 by the Government of India.
The business started with a capital of Rs.8000 only. The first branch of the bank started its operations in the year 1928 at Brahmavar in Dakshin Kannada District. By 1937, it had secured its membership as a clearing house at Mumbai. The primary objective of the business was to extend the financial assistance to local weavers. Initially, Syndicate bank collected as low as two annas from the door steps of the depositors daily through its agents. This type of system wherein the agents of the bank come doorsteps to collect deposit is still prevailing in India and is referred to as the Pigmy Deposit Scheme.
Syndicate Bank sponsored the first regional rural bank in India by name Prathama Grameena Bank. The stocks of the Syndicate Bank are listed on Bombay Stock Exchange, National Stock Exchange, Mangalore Stock Exchange and Bangalore Stock Exchange. Syndicate Indian Bank made a partnership with UNEP to initiate a successful solar loan programme. It was a four-year $75855.6 million effort and launched in April 2003 to help accelerate the market for financing solar home systems in India.