PUBLIC SECTOR BANKS IN INDIA – CANARA BANK
PUBLIC SECTOR BANKS OF INDIA – CANARA BANK
Canara Bank (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, spread across India. The bank also has offices abroad in London, Hong Kong, Moscow, Shanghai, Doha, and Dubai country.
Ammembal Subba Rao Pai a philanthropist, established the Canara Hindu Permanent Fund in Mangalore city in India, on 1 July 1906. 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 city. 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. In 1976, Canara Bank inaugurated its 1000th branch.
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 2008-2009, Canara Bank opened its third foreign operation, this one a branch in Shanghai.