Canara Bank

Canara Bank

Introduction to Canara bank

Canara bank, established in 1906, in India is one of the chief commercial banks, which makes this organization oldest bank among all. By 2008, Canara bank boasted a network of over 2641 branches, which are widespread all over the country. The head office of Canara bank is located at Bangalore in India. It also enjoys the presence in various international centers comprising Dubai, Doha, Shanghai, Moscow, Hong Kong and London. It is considered as the leading nationalized commercial-banks in the business world with a total amount of Rs. 2 trillion in India.

History

In 1906, in Mangalore, a philanthropist, late Shri Ammembal Subba Rao Pai, founded “Canara Bank Hindu Permanent Fund”. After the bank’s incorporation in 1910, it changed its name to Canara Bank. The Reserve Bank of India in 1958 ordered the Canara Bank to get hold on G.Raghumathmul Bank in Hyderabad. In 1870, Canara Bank was established and in 1925, it got converted into limited company. The bank boasted 5 branches at the acquisition point of time. On 19th July, 1969, Indian Government nationalized the Canara bank together with thirteen other primary Indian commercial banks. The bank established its first office overseas in 1983, in London and in 1985 the bank took over Lakshmi Commercial Bank.

Founding Principles of Canara Bank

• To remove ignorance and superstition.
• To spread the education to serve the first principle.
• To include the tendency of savings and thrift.
• To convert the financial establishment into social heart of the community as well.
• To help the needy.
• To develop a sense of dedication and service.
• To show an apprehension for human beings as well as to develop the sensitivity into the surroundings along with a vision to remove hardships or make changes.

Awards and Accolades

• Awarded ‘First Rank’ in the Best Banks awards of India under ‘Strength and Soundness’ category for 2006-07.
• A Golden Peacock National Training award, 2008 for achieving excellence in training.
• Best Corporate-Social Responsibility Practice award by Times Foundation, BSE and NASSCOM.
• National Award for “Excellence in Small & Micro Enterprises Lending, 2006-07” by Ministry of Medium, Small and Micro Enterprises.
• Awarded for “Business super brand status, 2008”.

Canara bank is a premier banking institute matching the global standards by offering High-quality principles, unique culture for work, remarkable adaptability and enlightened leadership to change the banking environment.