Founded as ‘Canara Bank Hindu Permanent Fund’ in 1906, by late Sri. Ammembal Subba Rao Pai, a philanthropist, this small seed blossomed into a limited company as ‘Canara Bank Ltd.’ in 1910 and became Canara Bank in 1969 after nationalization.
Canara Bank is one of the most prominent commercial banks of India. The bank was established in the year 1906 at Mangalore, Karnataka by a well known personality Mr. Ammembal Subba Rao Pai. Initially, it was founded with the name Canara Bank Hindu Permanent Fund, but later on the name was changed to Canara Bank Limited.
Mr. Ammembal Subba Rao Pai had envisioned the bank to not only offer financial services but also fulfill social causes such as removal of superstitions and ignorance, promotion of habit of saving, providing assistance to the people in need and develop a sense of humanity among the people.
Key Attributes
Apart from setting other benchmarks in the field of providing comprehensive banking services to the consumers, Canara Bank has a number of achievements to its credit, which include being the first bank in India to have launched Inter-City ATM network, being the first bank to have been awarded ISO Certification for one of its branches, providing credit card for farmers for the first time in India along with offering Agricultural Consultancy Services.
Vital Details
Canara Bank has established a strong presence in the country, with 2710 branches across the nation as of September 2008. The bank boasts of having the maximum number of ATM installations among all the nationalized banks summing up to more than 2000 of them at 698 centres. Also, 1351 branches of the bank provide Internet and Mobile Banking (IMB) services, while ‘Anywhere Banking’ services are being provided at 2027 of its branches. All the branches of Canara Bank are enabled with Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) transaction facilities, insuring smooth and swift money transfer from any corner of the nation to another corner.
Products and Services
Canara Bank offers a host of banking and value added services to its customers, which include Personal Banking Services, Corporate Banking Services, NRI Banking Services and Priority & SME Credit Services.
Canara Bank is a major commercial bank. It was established in India in 1906, which makes it among the older Indian banks. As on 2009 November, the bank had a network of 2861 branches, spread across India and other countries. Its head office is located in Bangalore, India. The bank also has international presence in several centers, including London, Hong Kong, Moscow, Shanghai, Doha, and Dubai. In terms of business it is one of the largest nationalized commercial banks in India, with a total business of about Rs.2 trillion.
The late Sri. Ammembal Subba Rao Pai, a philanthropist, established the Canara Bank Hindu Permanent Fund in Mangalore, India, on 1 July 1906. The bank changed its name to Canara Bank Limited in 1910 when it incorporated.
In 1958, the Reserve Bank of India ordered Canara Bank to acquire G. Raghumathmul Bank, in Hyderabad. This bank had been established in 1870, and had converted to a limited company in 1925. At the time of the acquisition the bank had five branches
The Government of India nationalised Canara Bank, along with 13 other major commercial banks of India, on 19 July 1969.
In 1976, Canara Bank inaugurated its 1000th branch.
In 1983, Canara Bank opened its first overseas office, a branch in London. In 1985, Canara Bank acquired Lakshmi Commercial Bank in a rescue.
In 1984, Canara Bank acquired the Laksmi Commercial Bank.
In 1985, Canara Bank established a subsidiary in Hong Kong, Indo Hong Kong International Finance Ltd.
In 2008-9, Canara Bank opened its third foreign branch, this one in Shanghai.
Popularity: 5% [?]
