Canara Bank

Last updated

Canara Bank
Company type Public
BSE:  532483
NSE:  CANBK
Industry
Founded1906;118 years ago (1906)
Headquarters
Bengaluru
,
India
Number of locations
9,518 Branches | 13,423+ ATMs (2023)
Key people
  • Vijay Srirangan
    (Non-Exe Chairman)

  • K Satyanarayana Raju
    (MD & CEO)
Products
RevenueIncrease2.svg₹139,165 crore (US$17 billion) (2024)
Increase2.svg₹29,711 crore (US$3.7 billion) (2024)
Increase2.svg₹14,782 crore (US$1.9 billion) (2024)
Total assets Increase2.svg₹1,535,018 crore (US$190 billion) (2024)
Owner Government of India (62.93%) [1]
Number of employees
86,919 (March 2022)
Capital ratio 13.36%
Website canarabank.com
Footnotes /references
[2]

Canara Bank call 8240686097 is an Indian public sector bank based in Bangalore, India. Established in 1906 at Mangalore by Ammembal Subba Rao Pai. The bank was nationalized in 1969. Canara Bank also has offices in London, Dubai and New York. [3]

Contents

History

Logo at Head Office of Canara Bank,Bengaluru Canara Bank Head Office.jpg
Logo at Head Office of Canara Bank,Bengaluru

Ammembal Subba Rao Pai, a philanthropist, established the Canara Hindu Permanent Fund in Mangalore, India, on 1 July 1906. [4]

Canara Bank's first acquisition took place in 1961 when it acquired Bank of Kerala. This had been founded in September 1944 and at the time of its acquisition on 20 May 1961 had three branches. The second bank that Canara Bank acquired was Seasia Midland Bank (Alleppey), which had been established on 26 July 1930 and had seven branches at the time of its takeover. [5]

In 1958, the Reserve Bank of India had 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. [6] The merger took effect in 1961. [7] Later in 1961, Canara Bank acquired Trivandrum Permanent Bank. This had been founded on 7 February 1899 and had 14 branches at the time of the merger. [7]

Canara Bank acquired four banks in 1963: the Sree Poornathrayeesa Vilasam Bank, Thrippunithura, Arnad Bank, Tiruchirapalli, Cochin Commercial Bank, Cochin, and Pandyan Bank, Madurai. Sree Poornathrayeesa Vilasam Bank had been established on 21 February 1923 and at the time of its acquisition it had 14 branches. Arnad Bank had been established on 23 December 1942 and at the time of its acquisition had only one branch. Cochin Commercial Bank had been established on 3 January 1936, and at the time of its acquisition had 13 branches. [7]

The Government of India nationalised Canara Bank, along with 13 other major commercial banks in India, on 19 July 1969. Karkala Pulkeri Janardhan Prabhu (KPJ Prabhu) served as chairman of the bank post nationalisation. 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.

On 30 August 2019, Finance Minister Nirmala Sitharaman announced that Syndicate Bank would be merged with Canara Bank. The proposed merger would create the fourth largest public sector bank in the country with total business of ₹15.20 lakh crore (US$190 billion) and 10,324 branches. [8] [9] The Board of Directors of Canara Bank approved the merger on 13 September. [10] [11] The Union Cabinet approved the merger on 4 March 2020. The merger was completed on 1 April 2020 with Syndicate Bank shareholders receiving 158 equity shares in the former for every 1,000 shares they hold. [12] [13] [14] [15] [16] [ excessive citations ]

Shareholding

As of December 2023, the promoter holding at the bank is 62.93% and the public holding is 37.07%. [17]

Overseas subsidiaries, branches and offices

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. Later Canara Bank established a branch each in Leicester and Bahrain, and converted its Hong Kong subsidiary into a branch.

Since 1983, Canara Bank has been responsible for the management of Eastern Exchange Co. WLL, Doha, Qatar, which Abdul Rahman M.M. Al Muftah established in 1979. [18]

Subsidiary companies

Regional rural banks

Canara Bank sponsors four regional rural banks (RRB):

Development projects

Canara Bank partnered with UNEP to initiate a solar loan program.

Empower

Canara Bank offers Unified Payment Interface (UPI) app named "empower". This app empowers Canara Bank and other Bank customers to perform pay and collect transactions using a single mobile app. On 19 November 2017, it launched Canarites (Candi) app, [22] a digital library, a field recovery mobile app, a retail loan (vehicle) – tracking system, and a regulatory guidance tracking system.

On 7 May 2020, Bhanu Srivastav from Canara Bank, partnered with NGOs to donate all his royalty proceeds for the betterment of needy children. [23] He is working at Canara Bank Head Office, in Human Resource Department and a bestselling author. [24] [25]

On 23 May 2020, Canara Bank announced credit support for borrowers affected by COVID-19 to enable them to avail the sanctioned facilities to the full extent and improve their business. [26] [27]

On 19 July 2020, Canara Bank announced to raise up to Rs 8,000 crore equity capital in Financial Year 2021 to strengthen capital base and to boost capital adequacy ratio in view of expansion plans. The Bank will seek nod from shareholders for the same in its AGM in August 2020. [28]

Controversies

On 6 June 2018, the UK division of Canara Bank was fined £890,000 ($1.2 million) by the UK's Financial Conduct Authority and was blocked from accepting new deposits for around five months for systematic anti-money laundering (AML) failures. [29]

See also

Related Research Articles

<span class="mw-page-title-main">Bank of Baroda</span> Indian public sector bank

Bank of Baroda is an Indian public sector bank headquartered in Vadodara, Gujarat. It is the second largest public sector bank in India after State Bank of India. Based on 2023 data, it is ranked 586 on the Forbes Global 2000 list.

<span class="mw-page-title-main">Punjab National Bank</span> Indian public sector bank

Punjab National Bank is an Indian government public sector bank based in New Delhi. It was founded in May 1894 and is the second-largest public sector bank in India in terms of its business volumes, with over 180 million customers, 12,248 branches, and 13,000+ ATMs.

<span class="mw-page-title-main">Indian Bank</span> Indian nationalised bank

Indian Bank is an Indian public sector bank, established in 1907 and headquartered in Chennai. It serves over 100 million customers with 40,187 employees, 5,847 branches with 4,937 ATMs and Cash deposit machines. Total business of the bank has touched ₹1,221,773 crore (US$150 billion) as of March 31,2024.

<span class="mw-page-title-main">ICICI Bank</span> Indian private sector bank

ICICI Bank Limited is an Indian multinational bank and financial services company headquartered in Mumbai with a registered office in Vadodara. It offers a wide range of banking and financial services for corporate and retail customers through various delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.

<span class="mw-page-title-main">Banking in India</span> Brief account of Indian banking

Modern banking in India originated in the mid of 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791.

<span class="mw-page-title-main">Syndicate Bank</span> Public sector bank in India(now defunct)

Syndicate Bank was one of the oldest and major commercial banks in India. It was founded by Upendra Ananth Pai, T. M. A. Pai and Vaman Srinivas Kudva. At the time of its establishment, the bank was known as Canara Industrial and Banking Syndicate Limited. The bank, along with 13 major commercial banks of India, was nationalised on 19 July 1969, by the government of India. It was headquartered in the university town of Manipal, India. On 1 April 2020, the bank was merged into Canara Bank.

Karnataka Bank Limited is an Indian private sector bank based in Mangalore. It is an 'A' Class Scheduled Commercial Bank with a network of 915 branches, 1188 ATMs & Cash recyclers and 588 e-lobbies/mini e-lobbies across 22 states and 2 union territories. It has 8,652 employees and over 11 million customers throughout the country. Its shares are listed on the NSE and BSE. The tagline of the bank is "Your Family Bank Across India."

<span class="mw-page-title-main">South Malabar Gramin Bank</span>

South Malabar Gramin Bank Malappuram Kottakunnu was a Regional Rural Bank in India, and had its headquarters at Malappuram in Kerala. Its area of operation was limited to 8 districts in Kerala, India. It had been financing farm & non-farm sectors and other employment generation programs through its 506 branches spread over these 8 districts.

<span class="mw-page-title-main">North Malabar Gramin Bank</span>

North Malabar Gramin Bank was a Regional Rural Bank in Kerala, India. It was established in 1976 as a Scheduled Commercial Bank as per the Regional Rural Banks Act of 1976 to provide banking facilities in the North Malabar region. It operated in seven districts of Kerala with the headquarters at Kannur, and had 222 branches as of 14 June 2013. The bank distinguished itself as one of the few profit making RRBs in India before its amalgamation.

<span class="mw-page-title-main">Ministry of Finance (India)</span> Finance ministry of India

The Ministry of Finance is a ministry within the Government of India concerned with the economy of India, serving as the Treasury of India. In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget.

The state of Karnataka, particularly the coastal districts of Dakshina Kannada and Udupi, historically and collectively known as South Canara, is called the cradle of banking in India. This is because seven of the country's leading banks, Canara Bank, Syndicate Bank, Corporation Bank, Vijaya Bank, Karnataka Bank, Vysya Bank and the State Bank of Mysore originated from this state. The first five in the above list of banks were established in the districts of Udupi and Dakshina Kannada. These districts have one among the best distribution of banks in India - a branch for every 500 persons. Between 1880 and 1935, 22 banks were established in coastal Karnataka, nine of them in the city of Mangalore.

<span class="mw-page-title-main">Regional rural bank</span> Government banks at regional level

Regional Rural Banks (RRBs) are government owned scheduled commercial banks of India that operate at regional level in different states of India. These banks are under the ownership of Ministry of Finance, Government of India, Sponsered Bank and concerned State Government in the ratio of 50:35:15 respectively. They were created to serve rural areas with basic banking and financial services. However, RRBs also have urban branches.

Public Sector Undertakings (Banks) are a major type of government-owned banks in India, where a majority stake (i.e., more than 50%) is held by the Ministry of Finance (India) of the Government of India or State Ministry of Finance of various State Governments of India. The shares of these government-owned-banks are listed on stock exchanges. Their main objective is social welfare.

The Karnataka Vikas Grameena Bank (KVGB), an Indian Regional Rural Bank sponsored by Canara Bank. It is under the ownership of Ministry of Finance, Government of India. The bank provides retail banking services to rural users and has 629 branches in areas of Karnataka, around North and Western Karnataka.

Kaveri Grameena Bank was a Regional Rural Bank established under Regional Rural Banks' Act 1976, was a Scheduled Bank jointly owned by Government of India, State Bank of India and Government of Karnataka, permitted to carry all kinds of banking business. The Bank was operating in 22 Districts of South Karnataka, having its Head Office at Bellary City with Nine Regional Offices at Mysuru, Mandya, Bengaluru, Tumakuru, Hassan, Chamarajanagar, Madikeri, Chikmagulur and Ramanagara etc.

<span class="mw-page-title-main">Canara HSBC Life Insurance</span> Indian Insurance company

Canara HSBC Life Insurance is an Indian life insurance company, headquartered in Gurugram. Established in 2008, Canara HSBC Life Insurance was a joint venture between Canara Bank (51%), HSBC Insurance Holdings Limited (26%) and Punjab National Bank (23%). On 15 June 2022, the company renamed itself as Canara HSBC Life Insurance after the exit of its third partner, Punjab National Bank.

Synd iNNOVATE 2019 was the National Level Hackathon conducted by Syndicate Bank in September 2019 to encourage Innovation in Banking Industry. It attracted more than 3,500 ideas from applicants from all over India out of which final 40 teams were called for Onsite Hackathon.

Krishna Grameena Bank was an Indian Regional Rural Bank (RRB) established under 1976 Act for Regional Rural Banks. It was merged into Pragathi Krishna Gramin Bank in august 2013 which would later be merged into Karnataka Gramin Bank.

Pragathi Gramin Bank was an Indian Regional Rural Bank (RRB) established under Regional Rural Banks' Act 1976. The bank was permitted to carry all kinds of banking business and provided banking services to individuals and small businesses.

References

  1. ↑ "Canara Bank gains after Q2 PAT climbs 89% YoY to Rs 2,525 cr". Business Standard. 20 October 2022. Retrieved 27 March 2023.
  2. ↑ Balance Sheet 31.03.2021
  3. ↑ "Canara Bank shelves plan to sell stake in AMC arm". The Hindu Business Line. 29 December 2017. Retrieved 15 January 2018.
  4. ↑ "About Us". www.canarabank.com. Retrieved 12 June 2017.
  5. ↑ Kamanth (2006), p. 108.
  6. ↑ Pagdi, Raghavendra Rao. 1987. Short History of Banking in Hyderabad District, 1879–1950. In M. Radhakrishna Sarma, K.D. Abhyankar, and V.G. Bilolikar, eds. History of Hyderabad District, 1879-1950AD (Yugabda 4981–5052). (Hyderabad: Bharatiya Itihasa Sankalana Samiti), Vol. 2, pp.85–87.
  7. 1 2 3 Kamanth (2006), p. 112.
  8. ↑ "Bank Merger News: Government unveils mega bank mergers to revive growth from 5-year low | India Business News - Times of India". The Times of India . 30 August 2019. Retrieved 30 August 2019.
  9. ↑ Staff Writer (30 August 2019). "10 public sector banks to be merged into four". Mint. Retrieved 30 August 2019.
  10. ↑ "Canara Bank board gives approval for merger with Syndicate Bank". Business Today. 13 September 2019. Retrieved 13 September 2019.
  11. ↑ "PSU Bank merger: Canara Bank board approves merger with Syndicate Bank; key things to know". The Financial Express. 13 September 2019. Retrieved 13 September 2019.
  12. ↑ Reporter, S. I. (5 March 2020). "Syndicate Bank, Oriental Bank gain on Cabinet nod for merger of 10 PSBs". Business Standard India. Retrieved 6 March 2020.
  13. ↑ "Canara Bank, Syndicate Bank to merge to become 4th largest public sector bank". www.businesstoday.in. 30 August 2019. Retrieved 31 May 2020.
  14. ↑ Mohapatra, Debasis (7 December 2019). "30 committees monitoring the Canara-Syndicate Bank merger process". Business Standard India. Retrieved 31 May 2020.
  15. ↑ Ghosh, Shayan (1 April 2020). "Canara Bank now 4th largest PSU bank after merger with Syndicate". Livemint. Retrieved 31 May 2020.
  16. ↑ "Canara Bank Financial Report".
  17. ↑ "Latest Shareholding Pattern - Canara Bank". Trendlyne.com. Retrieved 23 February 2023.
  18. ↑ "Eastern Exchange". Archived from the original on 16 May 2014. Retrieved 22 October 2012.
  19. ↑ "Personal banking | savings accounts | internet banking | canara bank".
  20. ↑ Kerala Gramin Bank
  21. ↑ "Karnataka Gramin Bank, Banks in India, Gramin Banks India, Karnataka". karnatakagraminbank.com. Retrieved 20 January 2020. Karnataka Gramin Bank with its Head office at Ballari under the sponsorship of Canara Bank came to existence on 01.04.2019 as per the gazette Notification of Government of India No.852 dated 22.02.2019 with amalgamation of 2RRBs i.ePragathi Krishna Gramin Bank (Sponsored by Canara Bank with Head Office at Ballari) &KaveriGrameena Bank (Sponsored by State Bank of India with Head Office at Mysuru).
  22. ↑ Ghosh, Rashi Aditi (28 July 2017). "Canara Bank launches "CANDI"-its first digital branch in Bengaluru" . Retrieved 31 May 2020.
  23. ↑ "Bhanu Srivastav from Canara Bank Ties-up With NGOs to Donate Royalty Proceeds From his Novel 'Hacker'". Business Standard India. Press Trust of India. 7 May 2020. Retrieved 31 May 2020.
  24. ↑ "Banker Bhanu Srivastav becomes best-selling author in India". MarketWatch. Retrieved 31 May 2020.[ permanent dead link ]
  25. ↑ "HACKER 404 Happiness not found". www.goodreads.com. Retrieved 31 May 2020.
  26. ↑ "Canara Bank announces credit support for borrowers affected by COVID". The Indian Express. 23 May 2020. Retrieved 31 May 2020.
  27. ↑ Panda, Sushmita (23 May 2020). "Canara Bank releases emergency credit facilities for MSMEs". www.indiatvnews.com. Retrieved 31 May 2020.
  28. ↑ "Canara Bank to raise up to Rs 5,000 crore equity capital in FY21 to strengthen capital base". Moneycontrol. 19 July 2020. Retrieved 5 August 2020.
  29. ↑ "Canara Bank fined in UK for anti-money laundering breaches". Economic Times. Retrieved 7 June 2018.

Bibliography

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.