Canara Bank
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| Type | Public (BSE: 532483, NSE: CANBK) |
|---|---|
| Industry | Banking Financial services |
| Founded | Canara Bank Hindu Permanent Fund (1906) Canara Bank Ltd (1910) Canara Bank (1969) |
| Headquarters | Bangalore, Karnataka |
| Key people | Sunderrajan Raman (CMD) |
| Products | Investment Banking Consumer Banking Commercial Banking Retail Banking Private Banking Asset Management Pensions Mortgages Credit Cards |
| Revenue |  25,792 crore (US$5.67 billion) (2011)[1] |
| Net income | 4,034 crore (US$887.48 million) (2011) |
| Total assets | 328,640 crore (US$72.3 billion) (2011) |
| Employees | 44,090 (2011) |
| Website | Canarabank.in |
Canara Bank (BSE: 532483, NSE: CANBK) 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, 4000atms spread across India. The bank also has offices abroad in London, Hong Kong, Moscow, Shanghai, Doha, and Dubai.Widely known for customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port in Karnataka. The Bank has gone through the various phases of its growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national level player in terms of geographical reach and clientele segments. Eighties was characterized by business diversification for the Bank. In June 2006, the Bank completed a century of operation in the Indian banking industry. The eventful journey of the Bank has been characterized by several memorable milestones. Today, Canara Bank occupies a premier position in the comity of Indian banks. With an unbroken record of profits since its inception
[edit] History
Ammembal Subba Rao Pai, a philanthropist, established the Canara Hindu Permanent Fund in Mangalore, India, on 1 July 1906.[2] 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.[3]
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.
[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 816[4] in the Forbes Global 2000 list.[5]
[edit] 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 IFSC codes for NEFT and RTGS transactions or issueing e-cheaques.[6]
[edit] 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)
[edit] 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
[edit] Regional rural banks
- Shreyas Gramin Bank
- 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] 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[7] of major problems with the flexcube implementation. Now, all the branches of Canara Bank are live on core banking application Flexcube.
[edit] 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 |
[edit] See also
[edit] Further reading
- A Banking Odyssey: The Canara Bank Story (ISBN 706958306) by M V Kamath
[edit] References
- ^ http://www.bseindia.com/bseplus/StockReach/AdvanceStockReach.aspx?scripcode=532483
- ^ Canara Bank - History
- ^ 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.
- ^ [1]
- ^ The Forbes 2000 - Forbes.com
- ^ http://www.punemirror.in/article/2/2011042420110424012801833898d0cd7/You-can-bank-on-his-creation.html
- ^ http://www.itexaminer.com/oracle-ibm-screw-up-canara-bank-system.aspx
[edit] 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)
- Canara 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
