Syndicate Bank founder’s son sad over merger decision
31/08/2019, SPECIAL CORRESPONDENT, UDUPI
The decision to merge SyndicateBank — founded here with its head office located in Manipal — with Canara Bank, announced by Union Finance Minister Nirmala Sitharaman, was met with sadness here on Friday.
Ashok Pai, the youngest son of the late T.M.A. Pai, one of the founders of SyndicateBank, told The Hindu that his father was its chairman till it was nationalised.
“When the Union government proposed nationalisation of banks in 1969, my father had said, ‘I have a beautiful daughter [Syndicate Bank] and she has to get married. Who can be a better father-in-law than the government of India?’ He requested the government of India to continue all the new ideas of SyndicateBank such as its Pigmy Deposit Scheme to help the common man,” he said.
Mr. Ashok Pai, who is also chairman of Manipal Cooperative Bank and founder and secretary of Dr. T.M.A. Pai Foundation, said SyndicateBank was in those days known as the “small man’s big bank”.
‘Continue progressive policies’
“We feel sorry because we thought other banks should have been merged with SyndicateBank. Now that the government has merged SyndicateBank with Canara Bank, I want the progressive policies of SyndicateBank to be continued,” he said.
31/08/2019, SPECIAL CORRESPONDENT, UDUPI
The decision to merge SyndicateBank — founded here with its head office located in Manipal — with Canara Bank, announced by Union Finance Minister Nirmala Sitharaman, was met with sadness here on Friday.
Ashok Pai, the youngest son of the late T.M.A. Pai, one of the founders of SyndicateBank, told The Hindu that his father was its chairman till it was nationalised.
“When the Union government proposed nationalisation of banks in 1969, my father had said, ‘I have a beautiful daughter [Syndicate Bank] and she has to get married. Who can be a better father-in-law than the government of India?’ He requested the government of India to continue all the new ideas of SyndicateBank such as its Pigmy Deposit Scheme to help the common man,” he said.
Mr. Ashok Pai, who is also chairman of Manipal Cooperative Bank and founder and secretary of Dr. T.M.A. Pai Foundation, said SyndicateBank was in those days known as the “small man’s big bank”.
‘Continue progressive policies’
“We feel sorry because we thought other banks should have been merged with SyndicateBank. Now that the government has merged SyndicateBank with Canara Bank, I want the progressive policies of SyndicateBank to be continued,” he said.
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