Canara Bank
Encyclopedia
Canara Bank is a state-owned financial services company in India
. It was established in 1906, making it one of the oldest banks in the country. As on 2009 November, the bank had a network of 3057 branches, spread across India. The bank also has offices abroad in London
, Hong Kong
, Moscow
, Shanghai
, Doha
, and Dubai
.
, a philanthropist, established the Canara 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 G. Raghumathmul 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 1985, Canara Bank established a subsidiary in Hong Kong, Indo Hong Kong International Finance.
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.
In 2008-9, Canara Bank opened its third foreign operation, this one a branch in Shanghai.
list .
codes for NEFT and RTGS
transactions or issueing e-cheaques. .
Though small in size, the Bank's presence abroad has brought in considerable foreign business, particularly NRI deposits.
programme. 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.
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
. It was established in 1906, making it one of the oldest banks in the country. As on 2009 November, the bank had a network of 3057 branches, spread across India. The bank also has offices abroad in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
, Moscow
Moscow
Moscow is the capital, the most populous city, and the most populous federal subject of Russia. The city is a major political, economic, cultural, scientific, religious, financial, educational, and transportation centre of Russia and the continent...
, Shanghai
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
, Doha
Doha
Doha is the capital city of the state of Qatar. Located on the Persian Gulf, it had a population of 998,651 in 2008, and is also one of the municipalities of Qatar...
, and Dubai
Dubai
Dubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
.
History
Ammembal Subba Rao PaiAmmembal Subba Rao Pai
Sri. Ammembal Subba Rao Pai was a leading lawyer of Mangalore, India. He was the founder of Canara Bank, now one of India's leading banks, and Canara High School in Mangalore.-Life & Times:...
, a philanthropist, established the Canara Hindu Permanent Fund in Mangalore
Mangalore
Mangalore is the chief port city of the Indian state of Karnataka. It is located about west of the state capital, Bangalore. Mangalore lies between the Arabian Sea and the Western Ghat mountain ranges, and is the administrative headquarters of the Dakshina Kannada district in south western...
, 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
Reserve Bank of India
The Reserve Bank of India is the central banking institution of India and controls the monetary policy of the rupee as well as US$300.21 billion of currency reserves. The institution was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of...
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 Government of India
Government of India
The Government of India, officially known as the Union Government, and also known as the Central Government, was established by the Constitution of India, and is the governing authority of the union of 28 states and seven union territories, collectively called the Republic 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 1985, Canara Bank established a subsidiary in Hong Kong, Indo Hong Kong International Finance.
In 1996 Canara Bank became the first Indian Bank to get ISO
ISO 9000
The ISO 9000 family of standards relates to quality management systems and is designed to help organizations ensure they meet the needs of customers and other stakeholders . The standards are published by ISO, the International Organization for Standardization, and available through National...
certification for “Total Branch Banking” for its Seshadripuram branch in Bangalore
Bangalore
Bengaluru , formerly called Bengaluru is the capital of the Indian state of Karnataka. Bangalore is nicknamed the Garden City and was once called a pensioner's paradise. Located on the Deccan Plateau in the south-eastern part of Karnataka, Bangalore is India's third most populous city and...
. Canara Bank has now stopped opting for ISO certification of Branches.
In 2008-9, Canara Bank opened its third foreign operation, this one a branch in Shanghai.
Founding principles
- 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.
Forbes Global 2000 Ranking 2006
Canara Bank was ranked at 1200 in the Forbes Global 2000Forbes Global 2000
The Forbes Global 2000 is an annual ranking of the top 2000 public companies in the world by Forbes magazine. The ranking is based on a mix of four metrics: sales, profit, assets and market value...
list .
India branches and offices
Canara Bank India branches can be found using www.bankbranchin.com. The website also gives Office Location Address and Contact. The website has an easy-to-use interface to find IFSCIFSC
IFSC may refer to:*International Financial Services Centre*International Federation of Sport Climbing*Indian Financial System Code...
codes for NEFT and RTGS
RTGS
RTGS may refer to:*Real Time Gross Settlement*Royal Thai General System of Transcription...
transactions or issueing e-cheaques. .
Overseas branches and offices
Canara Bank established its International Division in 1976, to supervise the functioning of its various foreign departments, to give required thrust to foreign exchange business, particularly exports and to meet the requirements of NRIs.Though small in size, the Bank's presence abroad has brought in considerable foreign business, particularly NRI deposits.
- 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)
Subsidiary companies
- 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
- Shreyas Gramin Bank
- South Malabar Gramin Bank
- Pragathi Gramin Bank
Development projects
Canara bank made a partnership with UNEP to initiate a successful solar loanSolar power in India
India is densely populated and has high solar insolation, an ideal combination for using solar power in India. India is already a leader in wind power generation...
programme. 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
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 benefitting from this initiative. In March 2009 IT Examiner published reports of major problems with the flexcube implementation. Now, all the branches of Canara Bank are live on core banking application Flexcube.Financial results June 2010(in crores)
| Operating profit | 1483 |
| Provisions | 0470 |
| Net profit | 1013 |
| Total income | 5895 |
| Of which other income | 0734 |
| Trading profit | 0224 |
| Trading profit | 4412 |
| Of which opt. expenses | 0978 |
External links
- Canara Bank IFSC Codes
- Find IFSC Code of all Canara Bank branches in India, or Branch Details by IFSC Code
- /Canara Bank Ltd. (BSE: 532483, ISIN: INE476A01014)
- Bank Branch Location - Canara BANK IFSC code, MICR code, address list of all branches
- Canara Bank ATM Locations
- Phone Banking Nos of Canara Bank
- Swift Code of Canara Bank Branches