Canara Bank

Type	Public (BSE: 532483, NSE: CANBK)
Industry	Banking Financial services
Founded	Canara Bank Hindu Permanent Fund (1906) Canara Bank Ltd (1910) Canara Bank (1969)
Headquarters	Bangalore, Karnataka, India
Key people	Sunderrajan Raman (CMD)
Products	Investment Banking Consumer Banking Commercial Banking Retail Banking Private Banking Asset Management Pensions Mortgages Credit Cards
Revenue	257.92 billion (US$5.15 billion) (2011)[1]
Net income	40.34 billion (US$804.78 million) (2011)
Total assets	3.2864 trillion (US$65.56 billion) (2011)
Employees	44,090 (2011)
Website	Canarabank.in

Canara Bank (BSE: 532483, NSE: CANBK) is a major Commercial government owned bank headquartered in Bangalore, Karnataka. It was established in 1906, making it one of the oldest banks in the country. As of December 2011, the bank had a network of 3564 branches and 4000 ATMs spread across India. The bank also has offices abroad in London, Hong Kong, Moscow, Shanghai, Doha, and Dubai. Widely known for customer centricity, Canara Bank was founded in 1906 by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, at Mangalore, then a small port in Karnataka. The bank was nationalisated in 1969. In 2006, the bank completed a century of operation in the Indian banking industry. Today, Canara Bank occupies a premier position in the comity of Indian banks with an unbroken record of profits since its inception.

Forbes Global 2000 Ranking 2011[link]

Canara Bank was ranked at 816^[2] in the Forbes Global 2000 list.^[3]

History[link]

Logo of Canara bank

Ammembal Subba Rao Pai, a philanthropist, established the Canara Hindu Permanent Fund in Mangalore, India, on 1 July 1906.^[4] 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 G. Raghumathmul Bank had five branches.^[5] The Government of India nationalized Canara Bank, along with 13 other major commercial banks of India, on 19 July 1969. In 1976, Canara Bank inaugurated its 1000th branch. In 1985, Canara Bank acquired Lakshmi Commercial Bank in a rescue.

In 1996 Canara Bank became the first Indian Bank to get ISO certification for “Total Branch Banking” for its Seshadripuram branch in Bangalore. Canara Bank has now stopped opting for ISO certification of branches.

Overseas branches and offices[link]

Canara Bank established its International Division in 1976. In 1983, Canara Bank opened its first overseas office, a branch in London. Two years later, Canara Bank established a subsidiary in Hong Kong, Indo Hong Kong International Finance. In 2008-9, Canara Bank opened its third foreign operation, this one a branch in Shanghai. Today, Canara Bank

• Canara Bank, London Branch
• Canara Bank, Leicester Branch
• Canara Bank Hong Kong Branch
• Canara Bank Shanghai Branch
• Canara Bank Sharjah Representative Office, UAE
• Commercial Bank Of India LLC
• Al Razouki Internation Exchange Co
• Eastern Exchange Establishment (http://www.canarabank.com/English/Scripts/pblinternatbranches.aspx)
• Canara bank, Manama

Canara Bank's presence abroad has brought in considerable foreign business, particularly Non-Resident Indian (NRI) deposits.

Subsidiary companies[link]

• Canfin Homes Limited
• Canbank Factors Limited
• Canbank Venture Capital Fund Limited
• Canbank Computer Services Limited
• Canara Bank Securities Limited
• Canara Robeco Asset Management Company Limited
• Canbank Financial Services Limited
• Canara HSBC Oriental Life Insurance Company Limited

Regional rural banks[link]

Canara Bank sponsors three regional rural banks (RRB).

• Shreyas Gramin Bank - Canara Bank is a sponsor of this bank, which came about with the amalgamation on 1 June 2006 after amalgamation of three RRBs, Aligarh Gramin Bank, Etah Gramin Bank & Jamuna Gramin Bank.
• South Malabar Gramin Bank - is the largest RRB in India. Its headquarters are at Malappuram and it operates in eight districts in Kerala. It was established in 1976 as a Scheduled Commercial Bank.
• Pragathi Gramin Bank has its headquarters at Bellary, Karnataka, and has 365 branches spread over seven districts.

Canara bank is a state level lead bank in Kerala.

Development projects[link]

Canara Bank partnered with UNEP to initiate a solar loan program. It was a four-year $7.6 million effort, launched in April 2003, to help accelerate the market for financing solar home systems in southern India.

Major IT initiative[link]

Canara Bank had a major IT initiative to network all branches and move them to a single software platform. Canara Bank chose Flexcube from Oracle Financial Services Software as the application. The Bank entered into an agreement with IBM for rolling out flexcube to over 1000 branches as part of Phase I. This phase has just been concluded, with Karaikudi Branch in Tamil Nadu being the 1000th branch to go live. Over 22 million customers are benefiting from this initiative. In March 2009 IT Examiner published reports^[6] of major problems with the flexcube implementation. Now, all the branches of Canara Bank are live on core banking application Flexcube.

Founding principles[link]

• To remove superstition and ignorance.
• To spread education among all to sub-serve the first principle.
• To inculcate the habit of thrift and savings.
• To transform the financial institution not only as the financial heart of the community but the social heart as well.
• To assist the needy.
• To work with sense of service and dedication.
• To develop a concern for fellow human being and sensitivity to the surroundings with a view to make changes/remove hardships and sufferings.

See also[link]

• Indian banking
• List of banks in India

Further reading[link]

• A Banking Odyssey: The Canara Bank Story (ISBN 706958306) by M V Kamath

References[link]

External links[link]

• Official website

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