The Syndicate Bank was amalgamated into Canara Bank with effect from 1st April 2020. The Syndicate Bank has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 with effect from April 01, 2020 since it has ceased to carry on banking business with effect from April 01, 2020 vide Notification DOR.No.Ret.BC.57/12.01.001/2019-20 dated March 27, 2020, which is published in the Gazette of India (Part III - Section 4) dated September 26 - October 02, 2020.
As per the notification issued by the Government of India in terms of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) and published under Extraordinary Part II-Section 3-Sub-section (i) in the Gazette of India, Syndicate Bank was amalgamated into Canara Bank with effect from 1st April 2020.
Consequently, all branches of Syndicate Bank are functioning as branches of Canara Bank w.e.f April 1, 2020. Customers, including depositors of Syndicate Bank, are treated as customers of Canara Bank with effect from April 1, 2020.
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