Canara Bank holds a prominent position among India's commercial banks. It was founded in 1906 in Mangalore, Karnataka, by the esteemed Mr Ammembal Subba Rao Pai. Formerly known as Canara Bank Hindu Permanent Fund, the bank adopted Canara Bank Limited.
The founder envisioned the bank as a financial institution and a force for positive social change. His vision included endeavours to dispel ignorance and superstitions, foster a savings culture, and extend assistance to those in need while promoting a sense of humanity.
Alongside its all-inclusive banking services, Canara Bank has achieved several significant milestones. It notably launched India's first Inter-City ATM network, received the ISO Certification for one of the branches - a pioneering achievement in the banking sector, and introduced credit cards for farmers while offering the Agricultural Consultancy Services, a first-of-its-kind initiative in the country.
The bank caters to diverse customers, providing various value-added banking services. These services encompass Personal Banking, Corporate Banking, NRI Banking, and ME Credit & Priority S Services, reflecting Canara Bank's commitment to meeting the needs of different segments of society.
The History of Canara Bank
A philanthropist named Ammembal Subba Rao Pai founded Canara Hindu Permanent Fund on 1st July 1906 in Mangalore, India.
In 1961, Canara Bank made its first acquisition by taking over the Bank of Kerala, which was established in 1944 and had three branches during the time of acquisition on 20th May 1961. The 2nd bank acquired by Canara Bank was the Seasia Midland Bank, founded on 26th July 1930, with seven branches during the takeover.
The RBI directed Canara Bank to acquiring G. Raghumathmul Bank in 1958 in Hyderabad. The bank, established in the year 1870 and converted into a limited company, had five branches at the time of acquisition, which came into action in 1961. Additionally, in the same year, Canara Bank attained the Trivandrum Permanent Bank, established in 1899, and had 14 branches during the merger.
Four banks were acquired by Canara Bank in 1963:
● Sree Poornathrayeesa Vilasam Bank
● Thrippunithura; Arnad Bank, Tiruchirapalli
● Pandyan Bank, Madurai
● Cochin Commercial Bank, Cochin
Sree Poornathrayeesa Vilasam Bank, founded on 21st February 1923, had 14 branches during its acquisition. Arnad Bank, established on 23rd December 1942, had one branch only during the acquisition. Cochin Commercial Bank, founded on 3rd January 1936, had thirteen branches during the acquisition.
Canara Bank- Some Important Facts
● In 1906, Canara Bank was founded in Mangalore, Karnataka, India, and stands as one of the oldest public sector banks in the country.
● In 1969, the Government of India nationalised Canara Bank, transforming it into a public sector bank and bringing it under government ownership and supervision.
● With a vast branch network both in India and overseas, Canara Bank operates numerous branches and representative offices in various countries, catering to NRI customers and facilitating international transactions.
● Canara Bank has several subsidiaries, including Canara Robeco Asset Management Company, Canbank Factors Ltd., Canbank Computer Services Ltd., and Canara Bank Securities Ltd.
Canara Bank- Awards Received
● Canara Bank emerged as the winner in the Best Technology Talent category and received special recognition in Best Digital Engagement, Best Technology Bank, and Best Financial Inclusion categories at the 18th IBA Technology Expo, Conference, and Awards in December 2022.
● The prestigious "Banker's Bank of the Year Award 2022" was bestowed upon Canara Bank at the Global Banking Summit for the India segment in London.
● As of 31st March 2022 (FY 2021-22), Canara Bank secured the top rank for Digital Payment performance, according to the balanced scorecard released by the Ministry of Electronics & Information Technology (MeitY) in October 2022.
● Canara Bank received the APY annual award for the year 2021-22 from PFRDA.
● For the Financial Year 2020-21, Canara Bank achieved the 2nd position for the implementation of the Prime Minister Employment Generation Programme (PMEGP), as recognized by KVIC, Ministry of MSME.
● Canara Bank was honoured with the Runner-up award in the "Best Payment Initiatives" category at IBA's 17th Annual Banking Technology Conference and Awards 2020-21, themed "Next Gen Banking."
Canara Bank offers a wide array of banking and financial services to its customers, encompassing retail and corporate banking, investment banking, and treasury operations. The bank's dedication to delivering exceptional services has earned it numerous awards and accolades throughout its journey. However, like any financial institution, it is crucial to verify the most current information from official sources to stay informed about Canara Bank's latest operations and performance.
Canara Bank
