Canara Bank

Canara Bank is the third largest nationalised bank in India. It

is under the ownership of the Ministry of Finance, government Canara Bank
of India. It is headquartered in Bangalore. Established in 1906
at Mangalore by Ammembal Subba Rao Pai, the bank also
has offices in London, Hong Kong, Dubai and New York.[2]

Contents
History
Overseas subsidiaries, branches and offices Canara Bank head office at 112 J C
Subsidiary companies Road, Town Hall Junction, Bangalore,
Regional rural banks Karnataka
Development projects Type Public

Empower Traded as BSE: 532483 (https://w

ww.bseindia.com/stock-
Controversies
share-price/x/y/53248
Money Laundering
3/)
See also NSE: CANBK (https://w
ww.nseindia.com/get-q
References
uotes/equity?symbol=C
Bibliography
ANBK)
External links Industry Banking
Financial services

History Founded 1 July 1906

Canara Bank Hindu
Ammembal Subba Rao Pai, a philanthropist, established the Permanent Fund (1906
Canara Hindu Permanent Fund in Mangalore, India, on 1 at Mangalore)
July 1906.[3] The bank changed its name to Canara Bank Canara Bank Ltd
Limited in 1910 when it incorporated. (1910)
Canara Bank (1969)
Canara Bank's first acquisition took place in 1961 when it
acquired Bank of Kerala. This had been founded in Headquarters Bangalore, India
September 1944 and at the time of its acquisition on 20 May Number of 9,877 branches
1961 had three branches. The second bank that Canara Bank locations
11,819 ATMs
acquired was Seasia Midland Bank (Alleppey), which had
 (June 2021)
been established on 26 July 1930 and had seven branches at
the time of its takeover.[4] Key people Lingam Venkat
Prabhakar (MD & CEO)
In 1958, the Reserve Bank of India had ordered Canara Bank Products Asset management
to acquire G. Raghumathmul Bank, in Hyderabad. This bank
Commercial banking
had been established in 1870, and had converted to a limited
Credit cards
company in 1925. At the time of the acquisition G. Investment banking
Raghumathmul Bank had five branches.[5] The merger took Mortgages
effect in 1961.[6] Later in 1961, Canara Bank acquired Pensions
Trivandrum Permanent Bank. This had been founded on 7
Private banking
February 1899 and had 14 branches at the time of the
merger.[6] Retail banking
Revenue ₹84,525 crore
Canara Bank acquired four banks in 1963: the Sree (US$11 billion) (2021)
Poornathrayeesa Vilasam Bank, Thrippunithura, Arnad Bank,
Operating ₹20,009 crore
Tiruchirapalli, Cochin Commercial Bank, Cochin, and income (US$2.7 billion) (2021)
Pandyan Bank, Madurai. Sree Poornathrayeesa Vilasam Bank
had been established on 21 February 1923 and at the time of Net income ₹2,557 crore
its acquisition it had 14 branches. Arnad Bank had been (US$340 million) (2021)
established on 23 December 1942 and at the time of its Total assets ₹1,153,675 crore
acquisition had only one branch. Cochin Commercial Bank (US$150 billion) (2021)
had been established on 3 January 1936, and at the time of its Owner Government of India
acquisition had 13 branches.[6] (69.33%)
Number of 88,213 (March 2021)
The government of India nationalised Canara Bank, along
employees
with 13 other major commercial banks of India, on 19 July
1969. In 1976, Canara Bank inaugurated its 1000th branch. In Parent Ministry of Finance,
1985, Canara Bank acquired Lakshmi Commercial Bank in a Government of India
rescue. This brought Canara Bank some 230 branches in Capital ratio 13.36%
northern India. Website www.canarabank.com
(http://www.canaraban
In 1996, Canara Bank became the first Indian Bank to get ISO
k.com)
certification for "Total Branch Banking" for its Seshadripuram
branch in Bangalore. Canara Bank has now stopped opting Footnotes / references

[1]
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$200 billion) and 10,324 branches.[7][8] The Board of
Directors of Canara Bank approved the merger on 13 September.[9][10] 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.[11][12][13][14][15]

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. It also has a representative office in Sharjah.

Together with State Bank of India, Canara Bank established a joint venture in Moscow, Commercial Bank
of India LLC.

Canara Bank provides the general manager and the branch managers for Al Razouki Intl Exchange Co
(LLC), which a number of business leaders and non-resident Indians (NRIs) established in 1981 in the
United Arab Emirates to facilitate remittances to India by tourists and NRIs.
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.[16]

Canara Bank opened its seventh overseas branch in New York, United States on 10 June 2014.

Subsidiary companies
Canfin Homes Limited (CFHL), with a network of 110 branches and 28 satellite offices
throughout India
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

Canara Bank sponsors four regional rural banks (RRB):

Andhra Pragathi Grameena Bank

Kerala Gramin Bank – It is the largest RRB in India. Its headquarters are at Malappuram and
it operates in all districts in Kerala. It was established in 1976 as a Scheduled Commercial
Bank.[17]
Karnataka Gramin Bank has its headquarters at Bellary, Karnataka, and has 645 branches
spread over eleven districts.[18]
Karnataka Vikas Grameena Bank was constituted on 12 September 2005 after
amalgamation of four Regional Rural Banks (RRBs) – Malaprabha Grameena Bank, Bijapur
Grameena Bank, Varada Grameena Bank and Netravathi Grameena Banks – following the
recommendations of the Narasimhan Committee. All four amalgamated RRBs were
sponsored by Syndicate Bank (now merged with Canara Bank) and were located in
Karnataka.

Development projects
Canara Bank partnered with UNEP to initiate a solar loan program. This four-year $7.6 million effort
launched in April 2003, to help accelerate the market for financing solar home systems in southern India.

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,[19] 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.[20] He is working at Canara Bank Head Office, in Human
Resource Department and a bestselling author of novel 'Hacker 404 Happiness not found'.[21][22]

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.[23][24]

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.[25]

Controversies

Money Laundering

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.[26]

See also
Banking in India
List of banks in India
Reserve Bank of India
Indian Financial System Code
List of largest banks
List of companies of India
Make in India

References
1. Balance Sheet 31.03.2021 (https://www.bseindia.com/bseplus/AnnualReport/532483/68835
532483.pdf)
2. "Canara Bank shelves plan to sell stake in AMC arm" (http://www.thehindubusinessline.co
m/markets/stock-markets/canara-bank-shelves-plan-to-sell-stake-in-amc-arm/article1000588
3.ece). The Hindu Business Line. 29 December 2017. Retrieved 15 January 2018.
3. "About Us" (http://www.canarabank.com/english/about-us/). www.canarabank.com.
Retrieved 12 June 2017.
4. Kamanth (2006), p. 108.
5. 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.
6. Kamanth (2006), p. 112.
7. "Bank Merger News: Government unveils mega bank mergers to revive growth from 5-year
low | India Business News - Times of India" (https://timesofindia.indiatimes.com/business/ind
ia-business/government-unveils-mega-bank-mergers-to-revive-growth-from-5-year-low/articl
eshow/70911359.cms). Retrieved 30 August 2019.
 8. Staff Writer (30 August 2019). "10 public sector banks to be merged into four" (https://www.liv
emint.com/news/india/pnb-obc-and-united-bank-to-be-merged-nirmala-sitharaman-1567158
678718.html). Mint. Retrieved 30 August 2019.
9. "Canara Bank board gives approval for merger with Syndicate Bank" (https://www.businesst
oday.in/sectors/banks/canara-bank-board-gives-approval-for-merger-with-syndicate-bank/st
ory/378909.html). Business Today. Retrieved 13 September 2019.
10. "PSU Bank merger: Canara Bank board approves merger with Syndicate Bank; key things
to know" (https://www.financialexpress.com/industry/banking-finance/psu-bank-merger-cana
ra-bank-board-approves-merger-with-syndicate-bank-key-things-to-know/1705359/). The
Financial Express. 13 September 2019. Retrieved 13 September 2019.
11. Reporter, S. I. (5 March 2020). "Syndicate Bank, Oriental Bank gain on Cabinet nod for
merger of 10 PSBs" (https://www.business-standard.com/article/markets/select-psbs-gain-on
-government-nod-for-merger-of-10-banks-into-4-120030500347_1.html). Business Standard
India. Retrieved 6 March 2020.
12. "Canara Bank, Syndicate Bank to merge to become 4th largest public sector bank" (https://w
ww.businesstoday.in/sectors/banks/canara-bank-syndicate-bank-merge-become-4th-largest-
public-sector-bank/story/376286.html). www.businesstoday.in. Retrieved 31 May 2020.
13. Mohapatra, Debasis (7 December 2019). "30 committees monitoring the Canara-Syndicate
Bank merger process" (https://www.business-standard.com/article/finance/30-committees-m
onitoring-the-canara-syndicate-bank-merger-process-119120700064_1.html). Business
Standard India. Retrieved 31 May 2020.
14. Ghosh, Shayan (1 April 2020). "Canara Bank now 4th largest PSU bank after merger with
Syndicate" (https://www.livemint.com/industry/banking/canara-bank-now-4th-largest-psu-ba
nk-after-merger-with-syndicate-11585745401655.html). Livemint. Retrieved 31 May 2020.
15. "Canara Bank Financial Report" (https://www.moneycontrol.com/financials/canarabank/bala
nce-sheetVI/CB06).
16. "Eastern Exchange" (https://web.archive.org/web/20140516231532/http://easternexchange.
com.qa/). Archived from the original (http://www.easternexchange.com.qa/) on 16 May 2014.
Retrieved 22 October 2012.
17. Kerala Gramin Bank (http://www.nmgbank.com)
18. "Karnataka Gramin Bank, Banks in India, Gramin Banks India, Karnataka" (https://karnataka
graminbank.com/organisational-information/origin/). 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)."
19. Ghosh, Rashi Aditi (28 July 2017). "Canara Bank launches "CANDI"-its first digital branch in
Bengaluru" (https://bfsi.eletsonline.com/canara-bank-launches-candi-its-first-digital-branch-i
n-bengaluru/). Retrieved 31 May 2020.
20. "Bhanu Srivastav from Canara Bank Ties-up With NGOs to Donate Royalty Proceeds From
his Novel 'Hacker' " (https://www.business-standard.com/article/pti-stories/bhanu-srivastav-fr
om-canara-bank-ties-up-with-ngos-to-donate-royalty-proceeds-from-his-novel-hacker-12005
0701091_1.html). Business Standard India. Press Trust of India. 7 May 2020. Retrieved
31 May 2020.
21. "Banker Bhanu Srivastav becomes best-selling author in India" (https://www.marketwatch.co
m/press-release/banker-bhanu-srivastav-becomes-best-selling-author-in-india-2020-05-14).
MarketWatch. Retrieved 31 May 2020.
22. "HACKER 404 Happiness not found" (https://www.goodreads.com/work/best_book/7755848
0-hacker-404-happiness-not-found). www.goodreads.com. Retrieved 31 May 2020.
23. "Canara Bank announces credit support for borrowers affected by COVID" (https://indianexp
ress.com/article/business/banking-and-finance/canara-bank-announces-credit-support-for-b
orrowers-affected-by-covid-6423618/). The Indian Express. 23 May 2020. Retrieved 31 May
2020.
24. Panda, Sushmita (23 May 2020). "Canara Bank releases emergency credit facilities for
MSMEs" (https://www.indiatvnews.com/business/news-canara-bank-releases-emergency-cr
edit-facilities-for-msmes-619747). www.indiatvnews.com. Retrieved 31 May 2020.
25. "Canara Bank to raise up to Rs 5,000 crore equity capital in FY21 to strengthen capital
base" (https://www.moneycontrol.com/news/business/canara-bank-to-raise-up-to-rs-5000-cr
ore-equity-capital-in-fy21-to-strengthen-capital-base-5568221.html). Moneycontrol.
Retrieved 5 August 2020.
26. "Canara Bank fined in UK for anti-money laundering breaches" (https://economictimes.indiat
imes.com/articleshow/64482077.cms). Economic Times. Retrieved 7 June 2018.

Bibliography
Kamath, M. V. (2006). A banking odyssey, the story of Canara Bank (https://www.worldcat.or
g/oclc/80175889). Delhi: Konark Publishers. ISBN 81-220-0717-1. OCLC 80175889 (https://
www.worldcat.org/oclc/80175889).

External links
Official website (https://www.canarabank.com/)

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