joseph’s college of arts and science, Cuddalore-1


B. Tamil arasan. A10PHD19 B.Sc(physics),2nd year. Basic Commerce.

Submitted to Mr. A.Albert Ravi, M.Com.,M.Phil

BRIEF HISTORY: Syndicate Bank was established in 1925 in Udupi, the abode of Lord Krishna in coastal Karnataka with a capital of Rs.8000/- by three visionaries - Sri Upendra Ananth Pai, a businessman, Sri Vaman Kudva, an engineer and Dr.T M A Pai, a physician - who shared a strong commitment to social welfare. Their objective was primarily to extend financial assistance to the local weavers who were crippled by a crisis in the handloom industry through mobilizing small savings from the community. The bank collected as low as 2 annals’ daily at the doorsteps of the depositors through its Agents under its Pigmy Deposit Scheme started in 1928. This scheme is the Bank's brand equity today and the Bank collects around Rs. 2 crore per day under the scheme. The progress of Syndicate Bank has been synonymous with the phase of progressive banking in India. Spanning over 80 years of pioneering expertise, the Bank has created for itself a solid customer base comprising customers of two or three generations. Being firmly rooted in rural India and understanding the grass root realities, the Bank's perception had vision of future India. It has been propagating innovations in Banking and also has been receptive to new ideas, without however getting uprooted from its distinctive socio-economic and cultural ethos. Its philosophy of growth by mutual sustenance of both the Bank and the people has paid rich dividends. The Bank has been operating as a catalyst of development across the country with particular reference to the common man at the individual level and in rural/semi urban centers at the area level. The Bank is well equipped to meet the challenges of the 21st century in the areas of information technology, knowledge and competition. A comprehensive IT plan is being put in place and the skills and knowledge of the Bank's personnel are being upgraded through a variety of training programmers to promote customer delight in every sphere of its activity. The Bank has launched an ambitious technology plan called Centralized Banking Solution (CBS) whereby 500 of our strategic branches with their ATMs are being networked nationwide over a 4 year period. The Bank is pioneer among Public Sector Banks on launching CBS. Our bank has already achieved CBS implementation among all its branches. Thus, the bank is 100% CBS enabled.

Shri Basant Seth

Shri Basant Seth has been appointed as Chairman and Managing Director of Syndicate Bank by the Government of India. He has assumed charge as Chairman and Managing Director of Syndicate Bank on 31st August ,2009.

MEMORABLE MILESTONES IN AN 85-YEAR JOURNEY 1925 On 10.11.1925, the business of the Bank commenced in Udupi with the name "Canara Industrial and Banking Syndicate Ltd.," a joint Stock Company with just one employee. 1928 First branch of the Bank opened at Brahmavar in Dakshina Kannada District

1937 1946 1953

Bank became a member of the Clearing House for the first time at Bombay. 29 branches opened in a single day in rural areas. Took over the assets and liabilities of 2 Local Banks viz. Maharashtra Apex Bank Ltd. and Southern India Apex Bank Ltd. 20 Banks merged with the Bank during the period 1953-1964. 100th branch opened at Ilkal in Karnataka Entered Foreign Exchange business by opening Foreign Exchange Department at Bombay. Name of the Bank changed from "Canara Industrial & Banking Syndicate Ltd." to "Syndicate Bank Limited". Head Office was shifted to Manipal on 19.4.1964. Economic Research Department set up. One of the first few Banks to emphasise on research in Banking even before nationalisation. Bank had 306 branches at the time of nationalisation of which 66% were in Rural and Semi Urban centres. Opened a branch at Port Blair in Andaman and Nicobar islands First Staff Training College started at Head Office First specialised branch in Foreign Exchange opened at Delhi. Opened a branch at Lakshadweep islands First overseas branch opened at London on 17.8.76.

1957 1962 1963



1970 1971 1972 1976

Nationalisation – Bank’s Catalytic Role 1961 Industrial Finance Department was set up to encourage advances to Small Industries and Entrepreneurs in keeping with the policy of assisting the common man.


Bank's commitment to the philosophy of social lending since inception provided the spark for introduction of social control measures in the country . 32% of the Bank's branches were in rural areas as against 22% for the entire Banking system. Bank was nationalised on 19th July 1969. Bank was acknowledged as a live example of mass banking and as a powerful catalyst of social change. Nationalisation therefore merely meant change of ownerhsip. Established Hi Tech Agriculture Branches



Pioneer In Rural Development:
1926 1964 Established in a rural milieu to financially assist handloom weavers First Bank to venture into agricultural financing when the Banking system considered it risky and unconventional. Promoted Syndicate Agriculture Foundation - a voluntary organisation of farmers - to disseminate scientific farming techniques . Agri Card - a ready credit facility for farmers - launched. Bio Gas finance scheme introduced in collaboration with Khadi and Village Industries Commission to popularise non conventional source of energy. Farm Clinics established. Syndicate Farmers' Service Society was organised by the Bank in Hiriadka in South Kanara based on the recommendations of the National Commission on Agriculture.


1967 1973



Sponsored the country's first Regional Rural Bank - Prathama Bank opened on 2.10.1975 - in Moradabad in U.P. Bank has so far sponsored 10 such RRBs which are all profit making and act as trend setters in energising the rural economy. After amalgamation there are now 5 Grameena Banks in 5 states, covering 30 districts Jointly sponsored the first RUDSETI (Rural Development and Self Employment Training Institute) at Ujire in Dakshina Kannada (Karnataka). There are 23 such Institutes in 14 States today providing free entrepreneurship training to unemployed youth. Intensive Rural Development branches established. Bank adopted Service Area Villages to bring about alround development. Kisan Credit Card launched In commemoration of Platinum Jubilee, Syndicate Rural Development Trust established (to mark the Platinum Jubilee of the Bank) for pursuing rural development initiatives with initial corpus of Rs. 50 lacs. Opened 8 Rural Enterpreneurship Development Institutes at Manipal, Kumta, Bellary, Belgaum, Moradabad, Kadapa, Kurnool and Kollam. Scheme for financing Solar Water Heating system Launched. Syndicate Laghu Udyami Credit Card launched. SSCC: Synd Swarozgar Credit Card- A new product for financing Small Artisans, Handloom weavers, Fisherman, Service sector, Self employed persons, Rickshaw owners and other Micro entrepreneurs to meet working capital or block capital


1989 1998 2000

2001 2003

or both and also consumption needs has been launched. 2004 SKSCC: Syndicate Kissan Samrudhi Credit Card- A new product launched for meeting production and investment credit needs of farmers for agriculture & allied activities and also to meet their consumption requirements. Scheme for financing Commercial Horticulture Projects under the schemes of National Horticulture Board has been launched to encourage farmers to go in for diversification in agriculture essential for increasing their income level. Scheme for financing SC/STs for rainwater harvesting has been launched. Syndicate General purpose Credit Card launched. Scheme for financing tenant farmers: Two separate schemes have been launched to provide need based credit to tenant farmers through Joint Liability Group (JLG) approach as well as individual approach. "SyndSmallCredit"- an innovative scheme with doorstep banking facility to provide need-based credit to entrepreneurs of small means. The product part of financial inclusion, by bringing all eligible entrepreneurs into bank's fold. "Financial Inclusion:" Launched a campaign to achieve 100% financial inclusion. A booklet containing comprehensive guidelines to augment the process of total financial inclusion released. "Water Conservation initiatives:" To promote Water Management and conservation measures among the villagers, Bank started initiatives for clearing and cleaning of village ponds in the selected service area villages.




Women have occupied pride of place in the Bank in employment as well as in credit dispensation.  Bank pioneered the concept of “All Women Branch”. The first such branch at Seshadripuram in Bangalore was opened as early as 1962.  21.50 % of credit outstanding under Govt. Sponsored Anti Poverty Schemes benefit women.  Out of 1,76,913 Self Help Groups with credit assistance amounting Rs. 1601.04 crore, 1,56,762 are women groups with a credit assistance of Rs. 1388.50 crore. Women groups constitute 84.61 % in terms of number and 86.72 % in terms of amount.  Out of total 2,38,235 Lakh unemployed youths trained for taking up self-employment ventures at Rural Development and Self Employment Training Institutes (RUDSETIs) sponsored by the Bank, 85,580 were women candidates constituting 35.92 %.  Out of total 62,908 unemployed youths trained for taking up self-employment ventures at Syndicate Institute of Rural Entrepreneurship Development (SIRD) sponsored by the Bank, 37,696 were women candidates constituting 59.92 %.

Others Schemes
Bank Accounts for NRIs Indian Rupee Deposits NRE / FCNR(B) A/c 1. Savings Bank Deposit 2. Current Deposit 3. Fixed Deposit 4. Reinvestment Deposit 5. Cumulative Deposit Minimum 1 Year Maximum 5 years S.B. 4.00% p.a. (w.e.f. 03.05.2011) NRO A/c 1. Savings Bank Deposit 2. Current Deposit 3. Fixed Deposit 4. Reinvestment Deposit 5. Cumulative Deposit

Type of Accounts

Period Rate of Interest

S.B. 4.00% p.a.

Allowed in the name of 2 or more NRIs Joint Holding residing in the same or different Allowed with residents countries belonging to external group Nomination Allowed in favour of Residents/NRIs Allowed in favour of residents/NRIs Repatriability Freely repatriable (Principal as well as Balance (Principle) is not repatriable.


Current income and interest earning net of taxes is repatriable.

Tax Exemptions

1. Interest exempt from IncomeTax. 2. Balances exempt from Wealth- No tax exemptions. Tax Interest Taxable. Rate varies depending on country of residence of NRI. 3. Gifts to close relatives from such accounts exempt from Gift Tax.

Resident Foreign Currency Account (Domestic) In line with RBI’s Policy towards liberalisation and announcement of Resident Foreign Currency (Domestic ) Deposits Scheme for Resident Indians , Syndicate Bank has launched the scheme wherein Residents can open current accounts in Dollars, Pounds and Euro and credit the proceeds of foreign exchange acquired in the form of currency notes, bank notes & travellers cheques from the sources specified as below : a) was acquired while on a visit to any place outside India by way of payment for services not arising from any business in or anything done in India; or b) was acquired from any person not resident in India and who is on a visit to India, as honorarium or gift or for services rendered or in settlement of any lawful obligations; or c) was acquired by way of honorarium or gift while on a visit to any place outside India; or d) represents the unspent amount of foreign exchange acquired by him from an authorised person for travel abroad.

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Debits will be permitted for payment towards Current/Capital Account transactions in accordance with the existing foreign exchange regulations. Cheque Book facility will be provided for such accounts. The minimum balances to be maintained in the accounts are US$-500, GBP-250 and EURO 500. There is no ceiling on the maximum balances that can be maintained in the account. The account shall be maintained in the form of Current A/c only and will not carry any interest. RFC (Domestic) deposits can be transferred from one designated branch to another designated branch. All guidelines applicable to Foreign Currency Transactions as per FEMA and RBI guidelines from time to time shall be followed.

Click here for Interest Rate on RFC (SB)

This scheme is in addition to the existing Resident Foreign Currency Scheme which Bank is operating for Residents who were earlier NRIs and have returned to India after working abroad. Non Resident Ordinary Rupee Accounts (NRO A/cs)

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Besides all credits permitted in NRE A/cs, all legitimate dues in India can be credited to NRO A/cs. The accounts can be maintained in the form of Savings, Current, Recurring or Fixed deposit A/cs. An undertaking that credits and debits in the A/c will be in accordance with regulations made by RBI in this regard shall be furnished. Normally the funds held in NRO Accounts are non repatriable, unless specifically permitted by RBI and any such remittance would be after deduction of applicable taxes. However, current net income earned net of taxes is repatriable. The accounts can be jointly held with residents. No tax exemption is available

SyndBank Services Ltd. The SyndicateBank has promoted "SyndBank Services Limited" as a wholly owned subsidiary to undertake BPO activities. The subsidiary, incorporated as a government company commenced its operations in March,2006. This initiative of the Bank heralds a new beginning in the Indian Banking industry by carving out the first BPO outfit of a Nationalized Bank. This BPO Company is undertaking/authorized to undertake the following activities:
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Back Office functions relating to Debit Cards, Credit Card, ATMs, Bancassurance Business and new products of the banks. Follow-up of overdue accounts under retail loans by sending Notices/SMS messages and tele-calling the customers to maintain a healthy retail credit portfolio of Banks Pre-shipment hardware testing for the newly procured computer Hardware items like PCs, Servers, ATMs, UPS, Routers, Switches, Modems and other peripherals such as printers, (all types), scanners, digital cameras, etc., for Banks and Financial Institutions Facilitating customers to file their Income Tax Returns Back Office functions relating to Government Business Transactions & Interest / Dividend Warrants issuance/ payments Managing BCTT, Service Tax collection and Bonds Issue Undertaking Credit Rating of Bank's borrowers Providing guidance and maintenance of records for PF, Pension and Gratuity Trusts. REGISTERED OFFICE LIAISON OFFICE SyndBank Services Ltd. SyndBank Services Ltd.

Syndicate Bank HO Annexe, 1st Floor, MANIPAL - 576 104. (Karnataka-India) Phone : +91 820 4290793 Phone : +91 820 4290794

# 10/1, Rajdhoot Complex, 1st Floor, Avenue Road, Mysore Bank Circle, BANGALORE-560 002 (Karnataka-India) Phone : +91 80 4148 6575 Fax: +91 80 2211 3258

Syndicate Cash Management Services(SCMS)
Syndicate Cash Management Services Welcome to the world of complete peace of mind offered by SyndicateBank. We address the following top concerns of yours as the demands of treasury management force you to look for a trustworthy Banker to entrust your Cash Management Service requirements. Are you tired of tracking fate of your receivables? Is your financial manager spending sleepless nights trying to figure out the likely funds position tomorrow and the day after? Is timely and accurate MIS critical to your operations? Do you want assured payment-on-schedule for your payables? Stop Worrying! We have one-stop-solutions for all the above. Syndicate Cash Management Services [SCMS] move cash and information for you ! We understand your concerns and we have structured solutions that exactly meet your expectations. We also offer good quality query resolution. Look at our core strengths Network coverage [1400 locations covering length & breadth of the country] Contemporary Technology What is more, all these will be at your disposal if you choose to use our services now! Incidentally, all these from the first Public Sector Bank that launched Centralised Banking Solutions[CBS] to elevate you from a Branch customer to a Bank customer. Treasury management While on one hand, your business plans dictate reaching deep into the country's semi urban and rural markets, you suddenly find that you need a Cash Management Services Provider who has a good geographical coverage. On the other, your treasurer finds that he needs committed account credits & disbursements along with timely and accurate MIS. At SyndicateBank, we cater to both these requirements. We have an extensive reach of branch network, contemporary technology platform and high service delivery levels as our core competencies. We invite you to leverage our competencies to optimize your treasury management. All our products are designed to give peace of mind to the Treasurer and guaranteed to take away the burden of liquidity management.

Coverage SCMS is available currently from over 200 important commercial centres across the country including exotic locations like Portblair and Lakshwadeep. Any other centre from our network of 1400 locations is available on demand. Click here to see a list of state wise CMS locations [for Local Product] for your ready reference. Contemporary Technology Syndicate Bank is a preferred banker to many top Foreign Banks and top Corporates and 20 million retail customers across India. We have an online real-time technology using internationally renowned core banking software, Flexcube from I-Flex Solutions & CashIn software for Cash Management Services from CashTech both running over a countrywide WAN designed to provide maximum convenience to the Bank's Customers. Products at a glance: We have structured solutions to meet requirements of discerning clients like you. We offer two key products: E-Collect (Management of Receivables) and E-Pay (Management of Payables). What's more, they are not one-size-fits-all solutions. Customisation can be done to achieve a high level of customer satisfaction. Click here for product matrix/location/arrangement matrix. Value additions like walk-in deposits of cheques/cash, cheques/cash pick ups, Post Dated Cheques, Direct Debit and Drop Boxes are available in E-Collect. You can click on the CBS locator on the left-panel-bottom of this page/our home page for viewing state-wise latest list of our CBS Branches Value additions like debit sweep Zero Balance Account, direct credit, cash payment [subject to RBI guidelines], at par cheque drawing, bulk DD are also available in E-Pay. State of the Art technology sits on 2136 strong branch network to move cash and information for you, offering you the utmost convenience through anywhere, anytime, phone banking apart from meeting Cash Management requirements. You need not be our account holder to avail the facility. SyndDemat (Depository Participant Services) Our Bank launched SyndDemat (Depository Participant Services) w.e.f. 16.01.2008. As on date 82 branches across the country are enabled for providing DP Services. List of the branches enabled for DP Services  1. Dematerialisation  2. Rematerialisation.  3. Holding of securities in eletronic form  4. Settlement of trades by delivery - On market ; Off market ; Inter-depository  5. Pledge/Unpledge of securities  6. Freezing/unfreezing of Demat Accounts.

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