About
Canara Bank was established in 1906 and has its headquarters in Bengaluru. It is one of the biggest public sector banks operated by the Government of India. The bank also runs its international banking branches in New York, Tanzania, Moscow, London, and Shanghai. Canara Bank was nationalised in 1969.
Listing and Revenue
Canara Bank is listed on both BSE and NSE.
| Revenue | ₹56,748 crore |
| Operating Income | ₹9,360 crore |
| Net Income | ₹-2,236 crore |
| Total Assets | ₹7,11,782 crore |
Products and Services
Canara Bank provides an array of products and services to its customers including home loans, student loans, personal loans, credit cards, NRI banking, SME credit, and corporate banking among others.
History
Canara Bank was established on 1 July 1906 by a philanthropist named Ammembal Subba Rao Pai. Initially, its name was Canara Hindu Permanent Fund which was later changed to Canara Bank Limited in 1910 after its incorporation.
The bank was nationalised on 19 July 1969 along with other 13 big banks of India. Canara Bank reached the milestone on 1000 branches in 1976.
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. It also became the first bank to secure an ISO certification for "Total Branch Banking". The award was for its Seshadripuram branch in Bangalore.
Acquisition
Canara Bank acquired G. Raghumathmul Bank, in Hyderabad in 1958. In 1961, Canara Bank bought full stake in Trivandrum Permanent Bank. In 1963, it acquired 4 regional banks in a deal including Thrippunithura, Vilasam Bank, Cochin Commercial Bank, and Pandyan Bank.
In 1985, Canara Bank took over Lakshmi Commercial Bank in a move to rescue it.
Awards and Recognition
Canara Bank was honoured with the ‘India’s Most Trusted Public Sector Banking Services Company 2019’ by the International Brand Consulting Corporation, USA. It has also got the award for the Best Data Quality Management 2018-19 at the Annual Credit Information Conference.
Subsidiaries
Canara Bank opened its first international division in 1976. Its first overseas office opened in 1983 with a branch in London. Canara Bank also inaugurated a subsidiary in Hong Kong, Indo Hong Kong International Finance in 1985.
In the year 2008–09, Canara Bank established its third foreign operation with a fully functional branch in Shanghai. It also opened up a branch each in Leicester and Bahrain. Canara also transformed its Hong Kong subsidiary into a banking branch. Canara Bank also runs a representative office in Sharjah.
In collaboration with State Bank of India, Canara Bank has rolled out a joint venture in Moscow, Commercial Bank of India LLC.