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Director Report
Mar2017   Mar 2019

The Board is pleased to present Directors’ Report of the Bank along with the Audited Balance Sheet as at 31st March 2019 and the Profit & Loss Account Statement for the Financial Year ended 31st March 2019.

Financial Performance

The snapshot of your Bank’s financial performance is as below:

(Rs. in crore)




Variation (%)

Total Deposits




Of which-Domestic Deposits




Overseas Deposits




Domestic Deposits




Of which-Current Account Deposits




Savings Deposits




CASA Deposits (Domestic)




Domestic CASA to Domestic Deposits (%)







Of which-Domestic Advances




Overseas Advances




Total Assets




Net Interest Income (NII)




Other Income




Of which-Fee Income




Profit on sale of Investment




Recovery from Prudential written-off accounts




NII Other Income




Operating Expenses




Operating Profit




Provisions (Other than Tax)




Of which; Provisions for NPAs & Bad debts written-off




Profit Before Tax




Provision for Tax




Net Profit/ (Loss)





Statutory Reserve



Capital Reserve



Revenue and other Reserves



(i) General Reserve



(ii) Special Reserve u/s 36(l)(viii) of the Income Tax Act 1961



(iii) Investment Reserve Account



(iv) Transfer from Excess Appropriation of previous year



Key Performance Indicators

Average Cost of Funds



Average Yield on Funds(%)



Average Earning Assets



Net Interest Margin (%)



Cost-Income Ratio (%)



Return on Assets (ROA) (%)



Return on Equity (%)



Book Value per share (Rs.)



Book Value per share (Rs.)(inclusive of revaluation reserve, FCTR & Net DTA



Basic EPS (Rs.)



Diluted EPS (Rs.)



*Face value of the share Rs.10/-

The total business of your Bank stood at Rs.477046 crore as of 31.03.2019.

The Net Interest Income (NII) has improved by 1.47% from Rs.6552 crore in FY 2017-18 to Rs.6648 crore in FY 2018-19.

Your Bank posted an operating profit of Rs.2819 crore during FY 2018-19. Total provision decreased by 24% and as a result net loss reduced from Rs.3223 crore in FY 2017-18 to Rs.2588 crore in FY 2018-19.

For the year ended March 31, 2019, the return on average assets was (0.87)% while return on equity was (21.34)%. The Basic Earnings Per Share (FV Rs.10/-) were Rs.(17.12). The Book Value of Share (FV Rs.10) was Rs.66.60.

Bank’s Net Worth as of March 31, 2019 was Rs.12488 crore (excluding share application money pending for allotment, revaluation reserves, FCTR & Net of Intangible assets).

Capital Adequacy Ratio (CAR)

(Rs. in %)















Capital to Risk Assets Ratio (CRAR), at 14.23% under Basel III was well above the regulatory requirements as of March 31, 2019. Tier-1 ratio was at 11.36% and common equity Tier-1 (CET-1) was at 9.31% under Basel III framework.

a. During the year, the Bank has allotted equity shares to Government of India (“GOI”) on preferential basis as detailed below:

- 18,36,99,217 Equity Shares were allotted on 19.12.2018 under preferential basis at face value of Rs.10 each at a premium of Rs.29.63 aggregating Rs.728 Crore.

- 43,23,17,880 Equity Shares were allotted on 27.02.2019 under preferential basis at face value of Rs.10 each at a premium Rs.27.75 aggregating Rs.1,632 Crore.

- 45,46,22,802 Equity Shares were allotted on 29.03.2019 under preferential basis at face value of Rs.10 each at a premium of Rs.25.26 aggregating Rs.1,603 Crore.

b. During the year, the Bank has exercised Call option for Basel III Non-compliant IPDI Bonds of Rs.339 Crore carrying coupon rate of 9.40% p.a.

c. During the year, the Bank has paid maturity of Lower Tier-II Bond Series X of Rs.300 Crore carrying coupon rate of 8.60% p.a.

d. The capital of Rs.500 Crore raised though ESPS treated as Share application money pending allotment which is not considered for capital adequacy purposes.


The Bank is extending training facilities to Officers and Executives on the relevant areas of skill-set through various reputed Educational/Management organizations such as Southern India Bankers Staff Training College, Bengaluru, National Institute of Bank Management Pune, CAFRAL Mumbai, IDRBT Hyderabad, Indian Institute of Banking and Finance Mumbai, College of Agricultural Banking, Pune, etc.

For the identified executives handling sensitive Regions and Branches, Bank has arranged Special Executive Development Programmes, primarily on Quality Credit Expansion. To bridge the skill gap, Bank conducted special training programmes on Retail, MSME, Priority Sector Lending, Credit & Risk Management, Foreign Exchange etc. During the year 2018-19, the training system has conducted 531 Internal Training Programmes covering 10419 Officers and 5021 Workmen Employees.

In addition to the above Internal Programmes, 773 Workmen/Officers/Executives were deputed to External Training Programmes conducted by various Training Institutes of Repute in India on finer leadership skills. Further 5 Executives/Officers were also deputed to overseas Training Programmes.

Syndicate Institute of Bank Management (SIBM) and 8 Training Centers spread across the country are catering to the training needs of the employees, with the 8th being the TC opened at Bhopal during the year. For filling up the skill gap, various Skill Development Programmes have been conducted by the Bank’s Training system during the year 2018-19 apart from regular Induction / Refresher Training/ Pre-promotion training Programmes as per the Training Policy.


Bank has implemented of E-learning system on various topics in 215 modules. Bank is engaging the Retired Executives/Officers for assisting in development of E-learning Modules. The employees Annual Performance Appraisal Report also carries a weightage up to 1 0 marks on continuous learning under e-learning Module, while making it available 24x7 through internet as well as proxy server, so as to enable the employees to learn uninterruptedly. A total number of 18495 employees including 687 Executives, 12813 Officers and 4995 Clerks have attempted the e-learning model.


The Bank has been displaying a strong and abiding commitment to encourage the greater use of Hindi in various ways not only because it is the policy of the Government of India but also as an ideal and powerful medium of inclusive banking. Bank issues Internal Annual OL implementation Action Plan.

Your Bank’s 13 Regional Offices and staff members have received Rajbhasha Shields/Awards from respective Town Official Language Implementation Committees.

Bank’s Internal Award Schemes like Cash Incentive Schemes for ‘Excellent Performance in use of Hindi and Excellent performance in use of Hindi on Computers’ for Region wise individual employees and also Bank level/ Branch level/Department level Shield Competitions/Essay Competitions’ are in vogue.

Bank has notified 3567 branches/offices under Rule 10(4) of OL Rule, 1976 to ensure maximum usage of Hindi. Ensured online submission of quarterly Hindi Progress Reports of various Regional Offices to the concerned Regional Implementation Offices of MHA.

Bank is the convenor of Town Official Language Implementation Committees at Ananthapur, Bijapur, Karwar, Kannur, Meerut, Ghaziabad, Faridabad, Ongole, Baghpat, Shivamogga, Kamareddy & Sangareddy and Udupi. Official Language Implementation Committees were constituted in all the branches/offices for the effective implementation of Official Language.

The Third Sub Committee of the Committee of Parliament on Official Language inspected our Rudraprayag Branch, RO Coimbatore, Surat Branch and Nagercoil Branch respectively on 03.05.2018, 15.06.2018, 24.10.2018 & 22.01.2019 and The Drafting & Evidence Sub Committee of the Committee of Parliament on Official Language had discussion with our RO Delhi II on 08.12.2018 and Thane Naupada Branch on 16.02.2019.

In addition, 1 8 Regional Offices have been inspected/ visited by our AGM (OL) from OL implementation perspective. By such inspection we could create a positive environment of OL implementation at operational level during April 2018 to till date.


Bank has been constantly striving hard to improve the customer service and making it a delightful banking experience for them. Bank’s customer centric approach acts as a key component in shaping future business potential and also in acquiring, retaining and growing the customer base.

The Bank has policies duly approved by the Board on customer service, deposits, customer grievance redressal, cheque collection, compensation policy etc. These are displayed on the Bank’s website for the convenience of the customers, besides being available at each branch of the Bank for the use of the customers.

Matters relating to customer service and customer complaints are discussed in the periodical meetings held at Banking Outlets/Regional Offices/Zonal Offices/ Corporate Office where senior citizen customers are also invited apart from other customers.

Bank has made online grievance redressal system live from 18.08.2015 for easy resolution of complaints where all the complaints are registered online in the OGRS portal.

The online grievance system provides for online registration of grievance through Banks website, it provides compliant status tracking and receiving response from the Bank. The system is running effectively.

Bank has initiated steps to study the issues raised in the complaint in light of the relevant internal guidelines on products and services, standards of delivery and BCSBI Fair practices code to ascertain the deficiencies. If any deficiency is observed, Bank will rectify the error and compensate the customer, as per the Bank’s Compensation policy.


As per recommendation of the Damodaran Committee setup by Reserve Bank of India, our Bank has appointed Internal Ombudsman with effect from 01.08.2015 to enhance the customer confidence level.


As a sincere Corporate Citizen, the Bank has been fulfilling its social responsibilities by actively participating in activities aimed at socio/economic transformation of various facets of society and upliftment of the downtrodden.

Some of the major contributions under Corporate Social Responsibility during the financial year 2018-19 are

- Donation of water purifier to govt. school at Mysuru on the occasion of 127th birth centenary of Dr. B. R. Ambedkar, Karnataka.

- Providing drinking water facility at Ariyancode Scheduled Tribe Colony, Kannur, Kerala.

- Providing an inverter battery to orphanage on the occasion of Ambedkar Jayanthi at Vijayapura, Karnataka.

- Financial assistance to Bharathiya Vikas Trust, Shivalli, Udupi for organising entrepreneurship training programmes for women, Karnataka.

- Providing LCD projector for smart class rooms for GLPS School, Maravanthe.

- Construction of houses for Koraga families, Karnataka

- Rashivanam, Planting of saplings/trees in Kamareddy Town, Nizamabad Dist., Telangana.

- Donation of water coolers to Govt. Senior Sec school, Mohali, Punjab.

- Mapusa Muncipal Council - Plastic Free City, Cloth Bag Distribution, Goa.

- Ambulance to SWETCHA GORA Eye Bank, Vijayawada, Andhra Pradesh.

- Drinking Water Tank facility at Govt. Model School at Mohali, Punjab.

- Construction toilets under Swachh Bharat Abhiyan in Sambhal Dist., Uttar Pradesh.

- Financial support to girl students for education, Kalinga Inst of Social Service, Orissa.

- Providing IHHL to Mannargudi Municipality, Madurai, Tamil Nadu.

- Providing water cooler and books to school library, Ghaziabad, Uttar Pradesh.


Bank has a separate marketing vertical at Corporate Office and Regional Offices to accelerate marketing efforts to augment income from various products and services provided by Bank.

Bank’s marketing setup is consisting of a team of 202 marketing officers spread across the country, with clear thrust on the business development.

A few of the products & services are briefed below:


1. Life Insurance

- Bank has a Corporate Agency tie-up with Life Insurance Corporation of India, as a Corporate

Agent for distribution of Life Insurance Products. Bank has a team of 327 Specified Persons for soliciting life insurance business.

- Bank also offers life insurance cover under group policy to educational loan borrowers.

- Bank has recently tied up with SBI life insurance company as a Corporate agent for distribution of SBI life insurance products from 01.01.2019 to 31.12.2019 on POC basis in four regions viz. Bangalore central, Bangalore east, Kannur & Madurai.

- Bank earned commission of Rs.5.78 crore (inclusive of LIC PMJJBY) during FY 2018-19 against a commission of Rs.8.51 crore (inclusive of LIC PMJJBY) during FY 2017-18.

2. General Insurance

- Bank has a Corporate Agency tie-up with United India Insurance Company Limited (UIICO) for distribution of general insurance products, including Synd Arogya (a Group Mediclaim-Cum-Personal Accident Policy with family floater advantage) at competitive premium for its account holders.

- During the FY 2018-19, Bank has earned a commission of Rs.14.97 crore (inclusive of UIICO PMSBY), compared to commission of Rs.13.56 crore (inclusive of UIICO PMSBY) during the previous year, from general insurance business.

3. Social Security Insurance Schemes (PMJJBY & PMSBY)

a. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Bank has tie-up with LIC of India for providing life insurance cover under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). During FY 2018-19, Bank has enrolled 63040 fresh policies taking the total number of policies under PMJJBY to 611463.

b. Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Banks has tie-up with United Insurance Company Limited (UIICO) for providing accidental death insurance cover under Pradhan Mantri Suraksha Bima Yojana (PMSBY). During FY 2018-19, Bank has enrolled 124290 fresh policies taking the total number of policies under PMSBY to 2082019.

The total income from the Bancassurance Business during the year 2018-19 is Rs.20.55 Crore as against Rs.22.07 Crore in the previous year. Business in year 2018-19 comprises of Rs.5.78 Crore from Life Insurance business and Rs.14.97 Crore from Non Life Insurance business.

Mutual Funds

Acting as a financial supermarket, offering various financial products under one umbrella, Bank has tied up with nine leading Asset Management Companies for distributing Mutual Fund products. As on 31.03.2019, the Bank had a team of 513 NISM (Series-V-A) Certified Persons and 326 EUIN compliant staff Bank facilitating informed selling. Bank earned commission of Rs.92 lakh during FY 2018-19 against a commission of Rs.107.44 lakh in FY 2017-18 from Mutual Fund business.

Cash Management Services (CMS)

The Bank offers a state-of-the-art technology driven products to corporate, private and foreign banks for efficient management of account receivables and payments. The Bank also offers CMS services to its clients through all branches across the country. Auto debit mandates facility and centralized cheque debit facilities are being offered. Payment of dividend warrants/interest warrants/DD drawing arrangement and remote DD printing facilities are being offered under payments.

Applications Supported by Blocked Amount (ASBA)

The ASBA (Application Supported by Blocked Amount) facility was introduced in the Bank during October 2010. This scheme aims at providing the facility of blocking of amount to the extent of the bid amount of our customers investing in shares and bonds through the IPO/FPO.

Depository Participant Services

Your Bank is holding permanent registration as Depository Participant issued by the Securities and Exchange Board of India (SEBI). The Bank is a Depository Participant of CDSL. This facility enables customers to keep their Capital Market Securities in electronic form. Your Bank provides 3-in-1 account cum on-line trading facility, in collaboration with M/s. Asit C Mehta Investment Intermediates Ltd., under the brand name “Synd-e-Trade”. Bank has also entered into agreement with M/s Kotak Securities Ltd. for launching of 3-in-1 account cum on-line trading facility under the brand name “Synd-Trinity”. The facility will comprise of the CASA account, demat account and trading account for enabling our customers to trade in shares online, using the funds in the CASA account and dematerialized securities in the DP account through the Straight through Process. Further Bank is also moving for tying up similar facility with better branded security dealers.

During FY 2018-19, Bank has earned an income of Rs.789.10 lakh from Cash Management and Capital Market operations against an income of Rs.632.95 lakh during FY 2017-18.

New Pension System (NPS)

3481 branches of your Bank are registered with NSDL for offering various services under the scope of the NPS as Point of Presence - Service Provider (POP-SP).

Atal Pension Yojana (APY)

The Government of India introduced the Atal Pension Yojana (APY), with effect from 1st June, 2015, for creating a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganised sector. 3915 branches of your Bank have been registered as NPS Lite Collection Centers (NLCCs) to offer the services under this scheme to customers ranging from Rs.1000 per month to Rs.5000 per month, at the age of 60 years, depending on their contributions, which itself would vary on the age of joining the APY.


Syndicate Bank Global Debit Cards

Bank has launched various types of Debit Cards in association with various Payment Networks to provide 24x7 banking facility to its customers through Debit Cards. The Bank launched Global Debit Cards in association with VISA on 29.03.2003 and Master Card (Maestro Brand) on 22.06.2011. The Bank has been issuing VISA International Gold Debit Cards with higher transaction limits w.e.f. 20.10.2012.

The Bank has also launched the following new variants of Debit Cards in association with VISA/NPCI/Master Card: RuPay Mudra Cards, RuPay Platinum Cards, AEPS RuPay Debit Cards (Aadhaar enabled), NPCI’s RuPay Debit Cards for e-commerce transactions through OTP

The Bank has launched Visa Platinum Business Debit Card exclusively for Sole Proprietorship, Partnership, Private and Public Limited Companies. The Bank is in the process of launching Braille Debit Card for visually impaired persons.

For providing Secured Transaction experience to customers, the Bank has complied with RBI directions on issuing EMV Debit Cards. As on 1st January 2019, the Bank has blocked all its Magstripe Cards and issuing EMV Cards only. The Bank has issued 79.98 lakh EMV based debit cards as on 31.03.2019.

Credit Card

Bank, in association with VISA International, offers Gold and Classic Credit Cards which can be used at ATMs, Point-of Sale Terminals (POS) and Internet, w.e.f 20.10.2003. Bank has issued 45722 credit cards till 31.03.2019. Bank has entrusted end-to-end management of credit card services through M/s Atos Worldline India Pvt. Ltd. Since 04.02.2015. In Association with NPCI, Bank has launched Rupay Select Credit Card on 11.03.2019 for HNIs (High Net worth Individuals).

POS Business by the Bank

All POS terminals of the Bank comply with VISA / MasterCard / RuPay specified standards and are fully compliant to handle EMV and PIN based transactions for all types of cards issued by various banks.

As on 31.03.2019, Bank has installed 8453 POS terminals out of which 3709 terminals were installed during the year. The Bank has introduced two new POS linked CA products to increase demand for POS machines and boost Current Account portfolio.

The Bank has on-boarded a Fintech Company for deployment of POS terminals and for immediate installation. As per the new arrangement, the Merchants are facilitated to activate their account through a mobile app.

Delivery Channels ATM Network

Bank is providing ATMs and Bunch Note Acceptors (BNA) to branches on their request. Bank has operationalized 4509 ATMs and 472 BN As as on 31.03.2019. Your Bank customers can deposit cash into their accounts or third party accounts in our Bank using BNAs.

Internet Banking

Our Bank’s Internet Banking has 14.53 Lakh registered users as on 31.03.2019. Bank has revamped the Internet Banking Application Web Interface Application. The UI/UX (User Interface/User Experience) has been enhanced to ease the Net-Banking experience. The customers now can choose his/her fancied username instead of the traditional Customer-ID.

Mobile Banking

Bank’s Mobile Banking application is becoming more popular and is having a registered user base of 22.29 Lakh as on 31.03.2019. Mobile Banking application is provided with links to open SB account through Synd Swayam and to apply loans. The Mobile Application now extends to its users the facility to open Term Deposits and Recurring Deposits.

SMS Banking

Mandatory and non-mandatory SMSs are sent to customers. Mandatory SMSs are not chargeable whereas non-mandatory SMSs are chargeable. The registered SMS Banking users are 111.26 Lakh.

Missed Call Banking

Customers who wish to avail this facility may register their mobile number by sending specified text message from his registered mobile number to Bank’s Missed call number 9210332255.

After successful registration, customer can get balance alert for their account by giving missed call to the specified number. Missed Call Banking registered users as on 31.03.2019 is 3.00 lakh.

Synd UPI

Synd UPI is a Mobile Application that facilitates customers to make simple, easy and quick payment transactions using Unified Payments Interface (UPI). Direct bank to bank payments can be made instantly using Virtual Payment Address or Aadhaar Number or Account Number and IFSC. The number of registrations with Bank is 1.19 Lakh as on 31.03.2019.


Compliance policy approved by the Board of Directors of the Bank articulates that the compliance function is an internal part of governance along with the internal control and risk management process. The Compliance Department is headed by a Chief Compliance Officer. He oversees the compliance functions in the Bank and assists the top management in managing the compliance risk.

Continuing with the Bank’s commitment to high compliance standards, compliance function is reviewed regularly for making improvements. The compliance policy is reviewed every year and amendments, if necessary, are carried out based on the experience gained and utility aspect.

Risk Based Supervision Cell (RBS Cell):

RBI’s revised supervisory approach is called SPARC (Supervisory Programme for Assessment of Risk and Capital). RBS cell was formed in the Bank during May 2016 in order to be a single point collation, submission of Tranche data to RBI. RBS Cell ensures the submission of Tranche 1, 1 A, 1B (quantitative data), Tranche II and Tranche III (qualitative data) data to RBI. At present the cell is attached to Compliance Department, Corporate Office.


Our Bank has implemented the relevant provisions of the Act with effect from October 2005. The information related to the Bank as stipulated under the Act is displayed in the Bank’s website. The Appellate Authorities for the Bank under the Act and the PIOs and Alternate PIOs at various levels have been designated. The Bank has clearly spelt out the rules and responsibilities at different levels under the Act.


The Bank has a well-defined, Board approved Comprehensive Internal Audit Policy (CIAP) covering RBIA, Information System Audit, Concurrent Audit, Credit Audit, Compliance Audit, Special Audit, Know Your Customer/ Anti Money Laundering (KYC/AML) Compliances, Offsite Monitoring, Empanelment of Retired Officers for assisting in internal audit, disputed seepage of income, procurement Audit etc. The policy is being reviewed/updated on annual basis.

Your Bank is the first Bank to implement software driven RBIA among all Public Sector Banks. Bank has also implemented the software driven concurrent audit w.e.f. 01.04.2018. Bank has upgraded the existing software module to a new version which will ensure more objective risk rating of branches/offices, so that special attention can be given to monitoring of branches from compliance angle, based on risk assessment.

The Risk Based Internal Audit (RBIA) of all the branches is supplemented with concurrent audit of branches having high volume business with special reference to advances, high risk areas like specialized branches, Treasury & International Banking Division, Foreign Exchange Processing Centers (FXPC), Funds and Investment Management Division, Capital Market Services, Dept. of Information Technology, Card CENTER, High Volume Business Branches etc.

The Annual Audit Plan (AAP), drawn in accordance with the Internal Audit Policy involves the schedule & rationale of the audits planned for the year.

Similarly, RBIA of all ROs and ZOs, bi-annual management audit of 3 Regional Rural Banks and annual management audit of all functional departments of Corporate Office and Registered Office and Zonal Offices is also being conducted by CO: A&ID Manipal. During the year 201819, Bank has completed Management Audit of 1 Regional Rural Bank and of all functional departments of Corporate Office, Registered Office, Bengaluru and Manipal wing and Zonal Offices.

Orientation and refresher training programmes were conducted for field level officials from Inspection system during the year. IS Audit Team was trained under VAPT certification by IBDRT, Hyderabad. Bank has also trained officials from all the ZICs who are handling KYC/AML and Offsite Monitoring.

Offsite Monitoring Cell and KYC/AML Cell

Bank has policy on Business Line Mapping, Fraud Risk Management Policy, KYC, and AML policies to prevent KYC and AML violations. Bank has created off-site monitoring cell at Corporate Office, Manipal wing and one OMC unit each at all the eight zonal inspection Centers to monitor sensitive transactions on a daily basis which serves as an early warning system.

Fraud Risk Management Cell (FRMC)

FRMC monitors and follows up of fraud cases including CPPR (Claims Paid Pending Recovery) related to frauds with CO; Operations, Manipal Wing. It also ensures conducting internal investigation, examination of staff accountability, Departmental action, and recovery is followed up and position is updated in the data base. The cell places detailed note for amounts of above Rs.1 crore/Rs.10 crore before Special Committee of the Board/Government nominee Director on the board of the Bank for taking necessary action. The cell reports/updates RBI database including Central Fraud Registry, the progress related to criminal action, internal investigation and action taken and provides information related to queries and clarifications sought by Finance Ministry/RBI. The cell not only reports but also identifies the causative factors and share the same with respective departments for initiating corrective measures.


Vigilance function in a Bank is one of the Management’s tools for upholding ethics among employees. Vigilance in any organization including the Bank is an integral part of the Management. One of the objectives of the Vigilance machinery is to enhance efficiency and effectiveness in decision making. Vigilance Department plays an active role in preventive measures to avoid misuse of systems, and suggesting systemic improvements at various levels.

The Vigilance Awareness Week was observed from 30th October to 4th November, 2018 with the theme “My Vision-Corruption Free India”. As per the instructions received from the Commission, various activities were conducted at administrative offices, branches and RRBs. Also outreach activities were conducted by our Bank through all ROs and RRBs.

Preventive Vigilance initiatives taken by the organization during the year 2018-19

- Preventive Vigilance exercises were conducted in 636 branches and surprise inspection in 1 1 23 accounts during the calendar year 2018. Whenever irregularities of procedural in nature observed matter is being referred to branch/controlling Offices for timely rectification to safeguard the interest of the Bank. Wherever irregularities of serious in nature observed the detail investigation was conducted/the matter is referred to the Audit & Inspection Department of the Bank for further action at their end.

- A booklet on pre and post sanction due diligence for each products/category of advances were released/ provided to branches for improving the quality of retail advances.

- A checklist on Post-Sanction Credit Monitoring of High Value Advances (Fund Based) has been prepared for the investigating Officials and branch officials.

A dedicated E-mail ID - whistle blower@syndicatebank. - is provided to enable staff members/general public to file complaints relating to corruption/unethical practices at various levels under whistle blower policy. Telephone number for staff members is in place under Whistle Blower Policy.


During the year industrial relations in the Bank has been cordial and harmonious facilitating all-round growth in the business of the Bank. The Unions/Associations have also been responsive and proactive to the corporate goals.


The details of various awards and accolades received by your Bank during the year 2018-19 which have been mentioned as under.

- Bank has received “National Payments Excellence Awards 2017” from NPCI in recognition of excellent performance in NFS ATM Network at Mumbai during 2018-19.

- Bank has received “Skoch Award - Cyber Security 2018” for developing and implementing Network Access Control solution during 2018-19.

- Bank has been awarded “Skoch Order of Merit award 2018” for qualifying amongst the top ranking Cyber Security projects during 2018-19.

- Bank has been awarded ASOCHAM awards for FY 2017-18 under Large Bank Category during FY 2018-19.

- Bank has been awarded “Best Social Bank - 2nd runner up in ASSOCHAM awards under large Bank Category.

- Bank has been awarded Aadhaar Excellence Award by UIDAI under following categories

- Best performing Public Sector Bank - 3rd Rank in terms of total Aadhaar Generation & Update.

- Best performing Public Sector Bank - 2nd Rank in terms of average Aadhaar Generation & Update.

- Achievers award - 6th Rank in highest percentage of Aadhaar Centers against targets.


The security department of the Bank is making constant efforts to provide effective, efficient and progressively better security services to all Branches, ATMs, currency chests and administrative offices based on real time needs. This commitment resulted in the department obtaining the ISO 9001:2000 Certification in May 2007 which was later in September 2010 upgraded to ISO 9001:2008. With the transition to 2015 International Standard, the Department was subjected to an extensive audit of its

Quality Management Systems (QMS) and was assessed to having conformed with the revised standards. Accordingly, the Security Department has been conferred with the ISO 9001:2015 Certification with effect from 15.09.2016. The Department has thus achieved the unique distinction of being the first and only Security Department among all the Public Sector Banks to become ISO 9001:2015 compliant. The Certification is currently valid till 14th September 2019 subject to periodic surveillance audits of the Department’s Quality Management Systems.


Synd Bank Services Limited (SBSL) was incorporated under the Companies Act, 1956, on 25.01.2006, as a wholly owned subsidiary of SyndicateBank, with an authorized capital of Rs.10 crore and paid up capital of Rs.25 lakh to extend back-office services to Syndicate Bank, its clients and other financial institutions.

The company has undertaken the following activities during the year 2018-19:

I. The Company prints and dispatches retail loan follow up notices to SMA borrowers on monthly basis based on the data received from the Bank apart from sending SMS messages on monthly basis.

II. Pre-shipment/Post-shipment testing of computer hardware procured by SyndicateBank and RRBs sponsored by SyndicateBank and also of other public sector Banks/financial institutions by our IT officers to ensure that the hardware meets the specifications, as per the Purchase Order issued by the Banks/Financial institutions.

III. Printing & Dispatch of Internet Banking Passwords for customers of Syndicate Bank.

IV. Providing man power for manning help desk for Internet banking, Mobile banking and ATM monitoring on behalf of CO: DIT and call desk at State Level Bankers Committee (SLBC) at Corporate Office, Bengaluru. SBSL has stopped providing man power to the above help desks as all the help desks was moved to call CENTER set up by SyndicateBank.

V. Collection of Cheques and cash from BWSSB Kiosks spread across Bangalore city and preparing clearing up-loadable files on CBS system on behalf of Syndicate Bank, BWSSB Branch through outsourced model.

As per the Board directions, all the activities of SBSL were stopped with effect from 01.09.2018. Now under the instructions from Syndicate Bank Board, CO: RBU (Retail Business Unit) has been given directions to revive activities of SBSL by taking up marketing of Housing and other Retails loan products, initially on pilot basis in Bengaluru. Other job is to take up following up of SMA and NPA accounts under Retail & MSME sector by setting up call center.

The performance highlights under key parameters during the last three years is as under:

(Rs. in lakh)


March - 18

March -19

Authorised Capital



Paid Up Capital



Reserves & Surplus



Fixed Assets (Net)



Total Income



Profit Before Tax



Profit After Tax




1. Shri Mrutyunjay Mahapatra has assumed charge as Managing Director & Chief Executive Officer of the Bank on 21.09.2018.

2. Shri Ajay K Khurana has assumed charge as Executive Director of the Bank on 20.09.2018.

3. Dr. Sanjay Kumar has been nominated as GOI Nominee Director, w.e.f. 05.04.2018.

4. Shri Kamal Kishore Singhal has been elected as Shareholder Director, w.e.f. 31.10. 2018.

5. Shri Melwyn O Rego, ceased to be Managing Director & Chief Executive Officer w.e.f. 13.08.2018 on completion of his tenure.

6. Shri CH S. S. Mallikarjuna Rao, ceased to be Executive Director, w.e.f. 20.09.2018 on his appointment as Managing Director & Chief Executive Officer of Alahabad Bank.


The Directors, in preparation of the annual accounts for the year ended March 31, 2019, confirm the following:

That the applicable accounting standards have been followed in the preparation of annual accounts along with proper explanation relating to making departures if any.

That the accounting policies, framed in accordance with the guidelines of the Reserve Bank of India, were consistently applied.

That reasonable and prudent judgments and estimates were made so as to give a true and fair view of the state of affairs of the Bank as at the end of financial year and of the profit or loss of the Bank for the year ended March 31, 2019.

That proper and sufficient care was taken for maintenance of adequate accounting records in accordance with the provision of applicable laws governing banks in India for safeguarding the assets of the Bank and for preventing and detecting fraud and other irregularities.

That the annual accounts have been prepared on a ‘going concern’ basis.

That proper systems have been devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.


The Directors wish to place on record their sincere appreciation to the public, valuable customers, shareholders and staff members for their continued support and patronage in India and abroad.

The Directors are also indebted to the Ministry of Finance, Government of India, RBI, SEBI and other regulatory authorities, various Financial Institutions, Banks and Correspondents in India and abroad for their unflinching and valuable support and guidance from time to time. The Board wishes to welcome Shri Mrutyunjay Mahapatra who has assumed charge as Managing Director & Chief Executive Officer of the Bank and Shri Ajay K. Khurana who has assumed charge as Executive Director of the Bank.

The Board also wishes to welcome Dr. Sanjay Kumar and Shri Kamal Kishore Singhal who have been nominated as GOI Nominee Director and as Shareholders’ Director of the Bank respectively.

The Board expresses sincere gratitude to Shri Melwyn O Rego, Managing Director & Chief Executive Officer completed tenure on 13.08.2018 for his able guidance, leadership and support that he had provided during their tenure.

The Board also acknowledges the valuable contributions of Shri CH S. S. Mallikarjuna Rao during as Executive Director of the Bank and who has been appointed as Managing Director & Chief Executive Officer of Alahabad Bank.

For and on behalf of the Board of Directors.

Place : Manipal (Mrutyunjay Mahapatra)

Date : 10.05.2019 Managing Director & CEO

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