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Syndicate bank is one of the oldest commercial financial institutions of India found by Mr. Upendra Pai, Mr. TMA Pai, and Mr. Kudva with mere Rs. 8000/- as capital. They initially named it Canara Industrial and Banking Syndicate Ltd and established this bank during 1925 in Udupi. It was formed primarily to provide financial assistant to local people of Karnataka. On 19 July 1969 it was converted into Nationalized Bank with its 13 major branches all over India.