New Delhi: State-owned Syndicate Bank Tuesday terminated the services of its suspended chairman and managing director Sudhir Kumar Jain with immediate effect, a day after a court here extended his police custody till Tuesday

"Syndicate Bank has informed the Exchange that the central government (vide their letter dated 22.09.2014), in terms of Sub-Clause (1A) of Clause 8 of the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970/1980 has terminated the term of office of Shri Sudhir Kumar Jain as Chairman and Managing Director of the Bank with immediate effect," the bank said in a notice to the Bombay Stock Exchange (BSE).