Livemint recently published a detailed story about our founder, Dr. T M A Pai and how he challenged the economic and social barriers to bring about a change in the Indian banking sector, and the society as a result. On the event of Richard Thaler being awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for the year 2017, Livemint featured an extensive story on Dr. Pai, recipient of the Padma Shri award in 1972 and the visionary behind the Manipal Group.
Dr. Pai, who took on several roles like doctor and philanthropist was also the co-founder of Syndicate Bank, which was established in 1925 as Canara Industrial and Banking Syndicate Limited. Apart from improving the economic status of Udupi, a quaint city in Karnataka, and ultimately turning it into an educational hub, Dr. Pai also encouraged the habit of saving among the residents. Which incident forced him to devise the Pigmy Deposit Scheme, a popular monetary deposit scheme of Syndicate Bank? Read the complete story here to find out.