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Syndicate Bank was one of the oldest major commercial banks in India. It was founded by Upendra Ananth Pai, T. M. A. Pai and Vaman Srinivas Kudva.At the time of its establishment, the bank was known as Canara Industrial and Banking Syndicate Limited.
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.
With T. M. A. Pai and Upendra Ananth Pai of Manipal, Kudva was one of the founder directors of the Syndicate Bank, then called the Canara Industrial and Banking Syndicate Ltd. In 1948 he was elected President of Kanara Chamber of Commerce and Industries, South Kanara and continued as president for the next 3 years. [5]
Syndicate Bank was established in the town of Udupi in 1925 under the name "Canara Industrial and Banking Syndicate Ltd" with a capital of Rs.8000/- by three people - Upendra Ananth Pai, Vaman Kudva, and Dr. T M A Pai. [8]
All four amalgamated RRBs were sponsored by Syndicate Bank(Now Canara Bank) and were located in Karnataka. At the time of amalgamation in 2005, the bank’s business was Rs. 23,263.73 Crore. It was named the Karnataka Vikasa Grameena Bank. Its head office is at Dharwad. It is functioning under the sponsorship of Syndicate Bank (now Canara Bank).
Before joining Syndicate Bank he had worked with Canara Bank for 36 years. He joined Canara Bank as a probationary officer in 1969 and had worked in its different centers viz, Bangalore, Chennai, Kerala, Srinagar, Mumbai, Delhi etc. Also while with Canara Bank, he was the chief executive of the Exchange Company at Bahrain under Canara Bank ...
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 .
Canara Bank founder Ammembal Subba Rao Pai (19 November 1852 – 25 July 1909) was a leading lawyer of Mangalore , India . He was the founder of Canara Bank , now one of India's leading banks, and Canara High School in Mangalore.