Syndicate Bank Ltd. is one of the oldest and most important commercial banks of India. At the time of its establishment, the bank was known as Canara Industrial and Banking Syndicate Limited. The bank, along with other 13 major commercial banks of India, was nationalized on 19 July 1969, by the Government of India. Sri T M A Pai, Upendra Pai and Vaman Kudva founded the bank in 1925 in Udupi. Their goal was to extend financial assistance to locals who were crippled by the handloom industry crisis.