Canara Bank

#1954

Rank

$7.19B

MarketCap IN

IN India

Country

Summary
Canara Bank provides various banking products and services in India and internationally. It offers personal banking services, such as savings and deposits comprising savings accounts, current accounts, recurring deposits, fixed deposits, unclaimed deposits, deposit schemes for senior citizens, and re-investment plans; loan products, including housing, home improvement, vehicle, site, rent, teachers, gold, mortgage, housing-cum-solar, consumer, education, rain water harvesting, and other loans; life, general, and health insurance products; consultancy services, which cover personal tax assistance and investment counselling, estate and wills, private and charitable trustee, debenture and security trusteeship, and attorney ship services; foreign exchange and international banking services; mutual funds; and safe deposit lockers, depository, safe custody, and card services. The company also provides corporate banking products and services, including accounts and deposits, such as current, fixed, and recurring deposits; supply chain finance management; loans and advances comprising working capital finance, term loans, infrastructure financing, and export finance; syndication services; IPO monitoring services; and merchant and commercial banking, escrow bankers/ASBA, underwriting, and investment services. In addition, it offers NRI banking products and services, such as remittance facilities; loans and advances, such as home, home improvement, vehicle, rent, mortgage, and site loans; consultancy safe deposit lockers, safe custody, and attorney ship services; and investment and online trading facilities. Further, the company provides internet, micro, small, and medium enterprises banking services. As of March 31, 2022, it operated 9734 branches, including 777 specialized branches and 3 overseas branches; and 12,208 ATMs. Canara Bank was incorporated in 1906 and is headquartered in Bengaluru, India.

History

Ammembal Subba Rao Pai, a philanthropist, established the Canara Hindu Permanent Fund in Mangalore, India, on 1 July 1906.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 , which had been established on 26 July 1930 and had seven branches at the time of its takeover.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. The merger took effect in 1961. 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.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.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 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 and 10,324 branches. The Board of Directors of Canara Bank approved the merger on 13 September. 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.


Mission
To provide quality banking services with good customer care, create value for all stakeholders and continue as a responsive corporate social citizen.

Vision
To emerge as a 'Preferred Bank' by pursuing global benchmarks in profitability, operational efficiency, asset quality, risk management and expanding the global reach.

Key Team

Mr. K. Satyanarayana Raju (Exec. Director)

S. K. Majumdar (GM & CFO)

A Narayanan (CTO & GM)

Pushkar Sinha (Chief Information Officer & GM)

Ajith Jose (Group Chief Compliance Officer)

Mr. V. Ramachandra (Chief Gen. Mang.)

Mr. A. V. Rama Rao (Chief Gen. Mang.)


Recognition and Awards
Canara Bank has won various awards and recognitions for providing excellent services. Some of the recognitions include Best Bank Award from India Today, Best Technology Bank Award from Business India, Best Bank Award from UTV Bloomberg and Best Bank Award from Dun & Bradstreet.

References
Canara Bank
Leadership team

Mr. Lingam Venkata Prabhakar (MD, CEO & Director)

Mr. Brij Mohan Sharma (Exec. Director)

Mr. Debashish Mukherjee (Exec. Director)

Products/ Services
Banking, Financial Services
Number of Employees
Above 50,000
Headquarters
Bengaluru, Karnataka, India
Established
1906
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
CANBK.NS
Social Media
Sun Mar 03 2024
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