One more south Indian based bank, Syndicate Bank, has joined the IMPS club.
Syndicate Bank via a soft launch on March24, 2011, entered into IMPS.
A soft launch is necessary to ensure that all the players in the spoke are in sync with each other, and the customers do not face any glitches in the real launch.
Though the present Headoffice is located in Manipal, Karnataka, it’s roots can be traced to the temple town of Udipi.
Syndicate Bank was founded in 1925, as Canara Industrial and Banking Syndicate Ltd.
The primary objective of the business was to extend the financial assistance to local weavers
As time progressed, Syndicate Bank, started taking other banks(around 20) into its fold including the Maharastra Apex Bank Limited and Southern India Apex Bank Limited.
Syndicate Bank in it’s 85+years old history, has many a first’s to its credit
1. 1. Introduction of daily Deposit Scheme called PIGMY SCHEME as early as 1928. This enabled the bank not only to shore up it’s CASA base but also aided in Brand Recall.
2. First Bank to open All Womens' Branch at Bangalore in 1962 which created a sensation in financial world, and proved to be a great success. This was a daring step, much ahead of its time.
3. Started Social Banking and Priority Sector Lending much before it became a Government of India Policy.
4. Sponsored the First Regional Rural Bank appropriately called "Prathama Bank" in 1975. Over the years, Syndicate Bank sponsored 10 RRB’s and all are profit making.
5. First Bank from South India to open a Branch in London (1976). This was just before the 1977 emergency.
6. Took up management of Al Shaibei Exchange Co. WLL in Doha and Musandam Exchange in Oman in 1983 and 1984 respectively.
With IMPS in its kitty, Syndicate Bank’s customers can look forward to another technical marvel.