Syndicate Bank was established in Udupi, coastal Karnataka, the abode of Lord Sri Krishna, with a capital of just Rs. 8000 / -. He was a businessman, engineer and doctor respectively on October 20, 1925, by Pai and had a firm faith in social welfare. Their main objective was to provide financial assistance to the local weavers by collecting small savings from the society as the situation in the handloom industry worsened due to the crisis in the handloom industry. The bank, through its agents, started in 1928, used to collect nominal amounts of two arrivals daily by reaching the door-to-door of the depositors through its agents. The scheme has become the brand equity of the bank today and the bank is collecting an amount of Rs.2 crores per day under this scheme.