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21-777: Canara Bank is an Indian public sector bank based in Bangalore , India. Established in 1906 at Mangalore by Ammembal Subba Rao Pai . The bank was nationalized in 1969. Canara Bank also has offices in London , Dubai and New York . Ammembal Subba Rao Pai , a philanthropist, established the Canara Hindu Permanent Fund in Mangalore , India, on 1 July 1906. Canara Bank's first acquisition took place in 1961 when it acquired Bank of Kerala. This had been founded in September 1944 and at

42-510: A bestselling author. 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. 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

63-618: A branch each in Leicester and Bahrain , and converted its Hong Kong subsidiary into a branch. 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. Canara Bank sponsors four regional rural banks (RRB): Canara Bank partnered with UNEP to initiate a solar loan program. 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

84-689: A limited company in 1925. At the time of the acquisition G. Raghumathmul Bank had five branches. The merger took effect in 1961. Later in 1961, Canara Bank acquired Trivandrum Permanent Bank. This had been founded on 7 February 1899 and had 14 branches at the time of the merger. Canara Bank acquired four banks in 1963: the Sree Poornathrayeesa Vilasam Bank, Thrippunithura , Arnad Bank, Tiruchirapalli , Cochin Commercial Bank, Cochin, and Pandyan Bank , Madurai . Sree Poornathrayeesa Vilasam Bank had been established on 21 February 1923 and at

105-505: A monetary penalty of Rs 2.92 crore from the Reserve Bank of India (RBI) due to non-compliance with regulations, including failures in linking interest rates of loans to external benchmarks and other operational norms. This penalty reflects the RBI's scrutiny on ensuring adherence to banking standards aimed at protecting consumer interests and maintaining financial stability. Additionally, Canara Bank

126-415: A profit of ₹7780 crores by the public sector banks: a trend that continued throughout the decade, with a ₹16856 crore profit in 2008–2009. The consolidation of SBI-associated banks started first by State Bank of India merging its subsidiary State Bank of Saurashtra with itself on 13 August 2008. Thereafter it merged State Bank of Indore with itself on August 27, 2010. The remaining subsidiaries, namely

147-499: A single mobile app. On 19 November 2017, it launched Canarites (Candi) app, 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. He is working at Canara Bank Head Office, in Human Resource Department and

168-652: Is denoted in %, as of 30 September 2024 ): Presently there are 43 Regional Rural Banks in India Since 1 April 2020. Andhra Pradesh Arunachal Pradesh Assam Bihar Chhattisgarh Gujarat Haryana Himachal Pradesh Jammu and Kashmir Jharkhand Karnataka Kerala Madhya Pradesh Maharashtra Manipur Meghalaya Mizoram Nagaland Odisha Puducherry Punjab Rajasthan Tamil Nadu Telangana Tripura Uttar Pradesh Uttarakhand West Bengal Bhanu Srivastav Bhanu Srivastav

189-705: Is social welfare. The Central Government entered the banking business with the nationalization of the Imperial Bank of India in 1955. A 60% stake was taken by the Reserve Bank of India and the new bank was named State Bank of India . The seven other state banks became subsidiaries of the new bank in 1959 when the State Bank of India (Subsidiary Banks) Act, 1959 was passed by the Union government . The next major government intervention in banking took place on 19 July 1969 when

210-514: The Indira government nationalised an additional 14 major banks. The total deposits in the banks nationalised in 1969 amounted to 50 crores. This move increased the presence of nationalised banks in India, with 84% of the total branches coming under government control. The share of the bank sector held by the public banks continued to grow through the 1980s, and by 1991 public sector banks accounted for 90% of

231-619: The State Bank of Bikaner & Jaipur , State Bank of Hyderabad , State Bank of Mysore , State Bank of Patiala and State Bank of Travancore , and Bharatiya Mahila Bank were merged with State Bank of India with effect from 1 April 2017. On 30 August 2019, Minister of Finance Nirmala Sitharaman announced the government's plan for further consolidation of public sector banks. The mergers took effect from 1 April 2020. Currently there are 12 Nationalised Banks in India (Government Shareholding power

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252-530: The bank post nationalisation. In 1976, Canara Bank inaugurated its 1000th branch. In 1985, Canara Bank acquired Lakshmi Commercial Bank in a rescue. 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. On 30 August 2019, Finance Minister Nirmala Sitharaman announced that Syndicate Bank would be merged with Canara Bank . The proposed merger would create

273-641: The bank to address these incidents publicly. Public sector banks in India Public Sector Undertakings (Banks) are a major type of government-owned banks in India, where a majority stake (i.e., more than 50%) is held by the Ministry of Finance (India) of the Government of India or State Ministry of Finance of various State Governments of India . The shares of these government-owned-banks are listed on stock exchanges. Their main objective

294-479: The banking sector. A year later, in March, 1992, the combined total of branches held by public sector banks was 60,646 across India, and deposits accounted for ₹1,10,000 crore. The majority of these banks was profitable, with only one out of the 21 public sector banks reporting a loss. The nationalised banks reported a combined loss of ₹1160 crores. However, the early 2000s saw a reversal of this trend, such that in 2002-03

315-444: The fourth largest public sector bank in the country with total business of ₹ 15.20 lakh crore (US$ 180 billion) and 10,324 branches. The Board of Directors of Canara Bank approved the merger on 13 September. 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. As of December 2023,

336-596: The promoter holding at the bank is 62.93% and the public holding is 37.07%. 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 2008–2009, Canara Bank opened its third foreign operation, this one a branch in Shanghai . Later Canara Bank established

357-769: The same in its AGM in August 2020. Canara Bank mobilized $ 300 Million via their IFSC Banking Unit. The issuance received interest from investors across Asia, the Middle East, and Europe, indicating a strong confidence in Canara Bank's creditworthiness. 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. Canara Bank faced

378-463: The time of its acquisition it had 14 branches. Arnad Bank had been established on 23 December 1942 and at the time of its acquisition had only one branch. Cochin Commercial Bank had been established on 3 January 1936, and at the time of its acquisition had 13 branches. The Government of India nationalised Canara Bank, along with 13 other major commercial banks in India, on 19 July 1969. Karkala Pulkeri Janardhan Prabhu (KPJ Prabhu) served as chairman of

399-461: The time of its acquisition on 20 May 1961 had three branches. The second bank that Canara Bank acquired was Seasia Midland Bank ( Alleppey ), which had been established on 26 July 1930 and had seven branches at the time of its takeover. In 1958, the Reserve Bank of India had ordered Canara Bank to acquire G. Raghumathmul Bank, in Hyderabad . This bank had been established in 1870, and had converted to

420-674: Was born in Kanpur , Uttar Pradesh, India. He earned a degree in Mechanical Engineering and later transitioned into various professional fields, including technology and literature. Bhanu began his career in the banking sector, working with public sector banks like Syndicate Bank and Canara Bank . He managed Synd iNNOVATE , a national-level hackathon aimed at fostering innovation in the banking industry. Bhanu Srivastav's debut novel, Deified The Legacy of Yesterday , addresses societal issues such as domestic violence. The novel integrates

441-570: Was involved in a controversy where its officers were recorded abusing employees for not meeting work targets, highlighting internal management and workplace culture issues within the bank. The Reserve Bank of India rejected Canara Bank's proposal to set up their own Credit Card Subsidiary because of the rising unsecured loan portfolios of the Canara Bank. Canara Bank officers have been involved in instances where they were recorded verbally abusing employees for not meeting their work targets, as documented in videos that circulated on social media, prompting

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