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Syndicate bank Brief history


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Syndicate bank Brief history

  1. 1. 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 UpendraPai, a businessman, Sri VamanKudva, 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 annas 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 programs to promote customer delight in every sphere of its
  2. 2. 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. Public Sector Bank The bank, along with 13 major commercial banks of India, was nationalized on 19 July 1969, by the Government of India. Key people ShriSudhir Kumar Jain (Chairman& MD) Traded as BSE: 532276 (Bombay Stock Exchange) NSE: SYNDIBANK (National Stock Exchange of India) Employees: 25,569 (2010) Revenue Increase INR 11000 crore (US$1.9 billion) (2010)
  3. 3. Chairman & Managing Director ShriSudhir Kumar Jain has assumed charge as Chairman & Managing Director of SyndicateBank on July 8, 2013. Prior to assuming charge as Chairman & Managing Director, he was Executive Director of Bank of Baroda. Shri Jain is a graduate in Commerce and a qualified Chartered Accountant. Executive Directors Shri Ravi Chatterjee Sri Ravi Chatterjee has been appointed as Executive Director of Syndicate Bank from 01.09.2010. Prior to taking over as Executive Director of the Bank, Sri Ravi Chatterjee served in UCO Bank for over three decades. He joined UCO Bank on 07.03.1977 and served in various capacities in different places like Uttar Pradesh, Andhra Pradesh, Ahmedabad, Kolkata and Singapore. While serving in Kolkata during different periods. Shri M Anjaneya Prasad Sri M Anjaneya Prasad has been appointed as Executive Director of Syndicate Bank from 24.08.2011. Prior to taking over as Executive Director of the Syndicate Bank, Sri M Anjaneya Prasad served in Andhra Bank for over three decades. He joined Andhra Bank in the year 1978 & started his career as Management Trainee. He worked as Executive Secretary to Chairman and Managing Director and Board Secretary and also held various assignments
  4. 4. Facilities Offered Our Bank offers a number of varied products under Deposits, Advances to suit the needs of all types of customers. Details of products are available in each category under this head. We offer other services for our customers like Cash Management Services, RTGS, and NEFT for electronic fund transfer and speed clearing. We also have various delivery channels like ATM, Internet Banking, SMS Banking offering specialized products and services at our branches which have been 100% brought under Centralized Banking Solution. NRI Services We offer the following bank accounts to you. Non-resident (External) Rupee Accounts (NRE A/cs.) - For Interest Rates Click NRE A/c Non-resident (Ordinary) Rupee Accounts (NRO A/cs.) Foreign Currency Non-resident Accounts (FCNR(B) A/cs) -- For Interest Rates Click FCNR (B) Resident Foreign Currency Account (RFC A/cs.) -- For Interest Rates Click RFC (S
  5. 5. Types of Accounts Savings Bank Account Current Account SyndSamanya Savings Bank Account CATEGORY Rural/ Semi-Urban Urban/ Metropolitan Savings Account With Cheque Book Rs.500/- Rs.500/- Without Cheque Book Rs.100/- Rs.250/- For Pensioners Rs.5/- Rs.5/- Current Account Individuals Rs.1,000/- Rs.2,000/- Others Rs.2,000/- Rs.3,000/-
  6. 6. The Minimum Average balance for SB/CA at CBS Branches is as under. Type of Account Rural/Semi- Urban/Urban Centres Metropolitan Centres Current Rs.5,000/- Rs.10,000/- SB General Rs.1000/- Rs.2000/- SB Pension Rs.250/- Rs.250/- SB Staff Rs.250/- Rs.250/- SB Students Rs.250/- Rs.250/- SB of persons who draw their salary through such account Rs.500/- Rs.500/- Pigmy Agents Rs.500/- Rs.500/- Penalty for non-maintenance of minimum average balance in CA Rs.100/- pm Rs.100/- pm Penalty for non-maintenance of minimum average balance in SB Rs.30/- pm Rs.30/- pm
  7. 7. Syndicate Bank Parent Company Government of India Category Banking services Sector Banking and finance Tagline/ Slogan Faithful Friendly USP Strong commitment to social welfare STP Segment Urban and Rural banking Target Group All age and earning groups Positioning Complete Banking solutions SWOT Analysis Strength 1. Financial products for rural sector 2. Innovative schemes for agriculture sector 3. Emphasis on I. T support 4. Has employee strength of over 25,000 employees 5. Syndicate Bank has achieved a rare feat of opening one million customer accounts in a span of 3 months Weakness 1. Less penetration in the country
  8. 8. 2. Low branding and advertising as compared to other banks 3. Lack of retail banking and low customer service as compared to bigger banks in India Opportunity 1. Small scale business banking 2. International banking Threats 1. Economic crisis 2. Highly competitive environment 3. Stringent Banking Norms Competition Competitors 1. Indian bank 2. Corporation Bank 3. Dena bank 4. Allahabad Bank 5. Central Bank
  9. 9. Loans Personal Loans SyndSaral, SyndSenior, SyndRent, SyndVahan, SyndSuvidha, SyndVyapar, SyndSwarna, SyndPigmy, SyndLaghuUdhyami, SyndKisan, SyndNivas, SyndNivas Plus, SyndVidya, SyndVidyarthi, SyndPravasi, SyndMahila, SyndMortgage, SyndiUdyog Agricultural Loan Synd Jai Kisan Loan Scheme, Jewel Loan Scheme for Agriculture, Syndicate Farm House Scheme, Farm Mechanisation Schemes, Finance for Hi-tech Agriculture, Development of Irrigation Infrastructure, Syndicate 2/3/4 Wheelers Scheme, Animal Husbandry Scheme, Rural Employment Generation Programme, Syndicate Kisan Credit Card, Solar Water Heating Systems Priority Sector Loans Scheme for Financing Rural Tourism, SyndSwarojgar Credit Card Scheme, Syndicate KisanSamrudhi Credit Card Scheme, Syndicate General Credit Card Scheme, Synd Solar Jyothi Scheme, GrameenBhandaranYojana
  10. 10. Interest Rates on Saving Bank Account Type of Account Rate of Interest (in %) Normal Senior Citizen Domestic Account With cheque book facility 4 4 Without cheque book facility 4 4 Period of Deposit / Tenors Rates of Interest (% p.a.) (07.08.2013) Less than Rs 1 Crore Rs 1 Crore& Above 7 days to 14 days 7.10 7.10 15 days to 30 days 7.10 7.10 31 days to 45 days 7.10 7.10 46 days to 60 days 7.10 7.10 61 days to 90 days 7.10 7.10 91 days to 120 days 7.10 7.10 121 days to 179 days 7.50 7.50 180 days to 269 days 8.00 8.00 270 days to 363 days 9.00 9.00 364 days 9.00 9.00 1 year exact 9.00 9.00 Above 1 yr up to 2 yrs 8.50 8.25 Above 2 yrs up to 5 yrs 8.00 8.25 Above 5 yrs up to 10 yrs 8.00 8.25
  11. 11. USP of Syndicate Bank Other value added services offered by the Syndicate Bank in India are the Cash Management Services Gift Cheques ATM Telebanking Internet Banking Any Branch Banking Multi City Accounts Synd Bill Pay On-Line Collection of Direct Taxes On-line Railway Ticket Booking Western Union Money Transfer SyndInstant and Electronic Funds Transfer (EFT) System
  12. 12. Products  Finance and insurance  Consumer Banking  Corporate Banking  Investment Banking  Investment Management  Private Equity  Mortgages  Credit Cards