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Syndicate Bank branch at Lighthouse Hill Road in Mangalore. Syndicate Bank was founded in 1925 in Manipal, Udupi, Madras Presidency, British India.The promoters came from a lower-middle-class background and aimed to improve the socioeconomic status of the region.
Vaman Srinivas Kudva (Kannada: ವಾಮನ್ ಶ್ರೀನಿವಾಸ್ ಕುಡ್ವ; 9 June 1899 – 30 June 1967), popularly called V. S. Kudva, was a founding director of Syndicate Bank, one of the oldest and major commercial banks of India. [1] [2]
Tonse Ananth Pai (abbreviated: T. A. Pai), (17 January 1922 – 29 May 1981) was an Indian banker and politician, who was responsible for the success of Syndicate Bank as its general manager and later as chairman. He is also the founder of T. A. Pai Management Institute. [1]
In the fiscal year 2005-06, Canara Bank became India's second-largest public sector bank in terms of advances and deposits. The bank changed its name to Canara Bank Limited in 1910 when it incorporated. [5] In 2002-03, the bank went in for its Initial Public Offer and raised Rs.110 crores. [2] The India government holds a 73% stake in Canara Bank.
Rank Name of the Bank Year of Founding Year of Closing Fate Headquartered in References [1]; 1: The Madras Bank (1683) 1683: 1843: Merged with the Carnatic Bank, The British Bank of Madras (1795), and the Asiatic Bank to form the Bank of Madras in 1843
Pigmy Deposit Scheme is a monetary deposit scheme introduced by Syndicate Bank, India in 1928. [1]Initially, money as small as two anaas (an anna is a monetary unit of India, equal to one sixteenth of a rupee) can be deposited into an account on a daily basis in the pigmy deposit scheme in 1928.
He, along with his brother Upendra Ananth Pai, also established Syndicate Bank originally in Udupi, Karnataka, which has its headquarters now in Manipal and Bangalore. He was responsible for its popular Pigmy Deposit Scheme .
In 1996, Canara Bank became the first Indian Bank to get ISO certification for "Total Branch Banking" for its Seshadripuram branch in Bangalore. Canara Bank has now stopped opting for ISO certification of branches. On 30 August 2019, Finance Minister Nirmala Sitharaman announced that Syndicate Bank would be merged with Canara Bank.