PUBLIC SECTOR BANKS IN INDIA – CORPORATION BANK
PUBLIC SECTOR BANKS OF INDIA – CORPORATION BANK
Corporation Bank (CORPBANK) is an India-based banking company based in Mangalore in India. The bank was founded with an initial capital of Rs.5000 and first day’s canvassed resources of less than one USD 1, has currently 12724 full time employees, and operates from several branches in India. Corporation Bank, the oldest banking institution in the erstwhile undivided Dakshina Mangalore District of Karnataka and one of the oldest banks in India.
The indigenous banking was largely in the hands of a few rich private individuals and something had to be done to provide relief to the common man from the clutches of the money lenders who held full sway. The first branch of a modern bank established in the district was the Bank of Madras, one of the three Presidency Banks, which set up its office in Mangalore in 1868 largely to cater to the business needs of a few British firms dealing in export of plantation products. Its agent used to visit Udupi once a fortnight or so,to do banking. Money remittances had to be made only through postal medium.
The Bank is a Public Sector Unit with 57.17% of Share Capital held by the Government of India. The Bank came out with its Initial Public Offer (IPO) in October 1997 and 37.87% of Share Capital is presently held by the Public and Financial Institutions. The Bank’s Net Worth stood at Rs.3,054.92 crores as on 31 March 2005. Corporation Bank completed 100 years of existence on 12 March 2006. The Centenary celebrations were launched by Shri V.Leeladhar, Deputy Governor, Reserve Bank of India with the Bank’s Foundation Day lecture on 12 March 2005.