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Business EconomyPosted at: Apr 1 2020 12:52AM


Amalgamation of Syndicate Bank into Canara Bank comes into effect from April 1, 2020

Bengaluru, Mar 31 (UNI) L V Prabhakar, MD & CEO, Canara Bank, on Tuesday announced the amalgamation of Canara Bank and Syndicate Bank which will come into effect from April 1 to create India’s leading public sector bank.
According to a statement, consequent to the announcement regarding amalgamation by the Govt. of India, the Boards of both banks had given in-principle approval on 13th September 2019.
We are delighted that following the amalgamation as a single legal entity, we will become a powerful banking institution that is globally competitive and efficient working towards providing differentiated customer experience excellence across all our products and services. The combined entity will be large but with an unchanged approach to grass-root banking, customer delight, and satisfaction said in a statement issued here.
The amalgamated Bank shall massively enhance the reach of banking services to the larger public and augment the financial inclusion activities currently underway. This is a historic endeavour and we will continue to serve our customers with renewed energy and vitality as we make a meaningful contribution towards our role in boosting India’s economy. ”
As per the press notification dated 28th March 2020, issued by Reserve Bank of India, all branches of Syndicate Bank will function as branches of Canara Bank from April 1, 2020. Customers, including depositors of Syndicate Bank, will be treated as customers of Canara Bank with effect from the said date.
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