Canara Bank
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| Canara Bank | |
|---|---|
| Type | Public BSE: 532483 |
| Founded | Canara Bank Hindu Permanent Fund (1906) Canara Bank Ltd (1910) Canara Bank (1969) |
| Headquarters |  Bangalore, India |
| Key people | M B N Rao, Chairman & Managing Director D L Rawal, Executive Director |
| Industry | Financial Commercial banks |
| Employees | 47,389 (2004-05) |
| Website | www.canbankindia.com |
Contents |
[edit] History
Canara Bank (BSE: 532483), established in 1906 with the name of Canara Bank Hindu Permanent Fund in Mangalore, India, by Ammembal Subba Rao Pai, is one of the oldest and major commercial banks of India. Its name was changed to Canara Bank Limited in 1910. The bank, along with 13 other major commercial banks of India, was nationalised on 19th July, 1969, by the Government of India. In 1985, Canara Bank acquired Lakshmi Commercial Bank in a rescue.
[edit] Branches
As of 2007, the bank has a network of 2542 branches, spread over 25 States/4 Union Territories of India. Its head office is located in Bangalore, India. The bank also has international presence in several centers, including London, Hong Kong, Moscow, Shanghai, Doha, and Dubai. In terms of business it is one of the largest nationalized commercial banks in India, with a total business of about Rs.2 trillion.
[edit] 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.
[edit] Forbes Global 2000 Ranking 2006
Canara Bank was ranked at 1299 in the Forbes Global 2000 list [1].
[edit] Subsidiary Banks
- Canfin Homes Limited
- Canbank Factors Limited
- Canbank Venture Capital Fund Limited
- Canbank Computer Services Limited
- Gilt Securities Trading Limited
- Canbank Investment Management Services Limited
- Canbank Financial Services Limited
[edit] Regional Rural Banks
- Shreyas Gramin Bank : Web[1]
- South Malabar Gramin Bank
- Pragathi Gramin Bank
[edit] Development projects
Canara bank made a partnership with UNEP to initiate a successful solar loan 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.
[edit] See also
[edit] Further reading
- A Banking Odyseey: The Canara Bank Story (ISBN 706958306) by M V Kamath
[edit] References
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