Sri Ranga Pai, grand father of Sri Upendra Pai had seven sons and three daughters, of whom Sri Anantha Pai was the fourth son. Sri Anantha Pai had four sons and a daughter of whom second one was Upendra.

After completing middle school at Udupi he left for Mangalore for his first year of high school. A year later he went to Kumta and then to Karwar to finish his high school course. Next he proceeded to Baroda for the first year of intermediate . Then he moved on to Elphinston college in Bombay for his last year intermediate. Thereafter he put an end to school career having decided that he had enough of it.

Sri Upendra Anantha Pai was a generous man, who responded to every request for aid so far as his means would allow. The greatness of his personality lay in simplicity and broad mindedness. According to him honesty and hardwork shall be keynote of one's life. He hated waste of materials and manpower as well. He was free with his money for the unemployed. One of his greatest qualities was perseverence in whatever he did.

Immediately after the intermediate exams were over at Baroda, Sri Upendra Pai tookover the administration of Hindu Higher Primary School at Kallianpur. He staged the pivotal role in Home Rule League movement. He founded Rashtriya Vidya Mandir (National High School) and nourished the anti British feelings.

In 1932 he founded a film theatre in Udupi and named it Ramakrishna theatre. He also started publishing a film magazine `Chitrakala'.

The incident that turned out to be the real start of the Pai family fortune was Sri Upendra Pai's desire to found an organisation to help finance needy farmers and weavers. Hence, he started the banking company called Canara Industrial and Banking Syndicate. That itself was the beginning of the Syndicate Bank.

Of all his achievements, the foundation of Maharshtra Apex Corporation deserves a special mention. The Corporation was founded in the year 1943. Sri Upendra Pai poured all his knowledge and experience to bring it up, until his retirement in 1956, as the founder managing director.

Sri Upendra Pai started Grama Seva Pratistan keeping in view the multidimensional progress of the villages. With the sole objective of spiritually moulding the minds in thousands, he founded Gita Mandir at Manipal to enunciate the fundamental philosophy of Bhagavadgita.