Canara Bank

Third largest public sector bank in India

Canara Bank

Canara Bank Head Office Town Hall Junction, Bengaluru, Karnataka

Company type| Public

Traded as

| BSE: 532483
NSE: CANBK
Industry|

* Banking
* Financial services

Founded| 1906; 119 years ago (1906)
Founder| Ammembal Subba Rao Pai
Headquarters|

Bengaluru

India

Number of locations

| 9,723 Branches | 13,423+ ATMs (2023)

Key people

* Vijay Srirangan
(Non-Exe Chairman)

K Satyanarayana Raju
(MD & CEO)

Products|

* Retail banking
* Corporate banking
* Investment banking
* Mortgage loans
* Private banking
* Wealth management
* Asset management
* Investment management
* Risk management
* Mutual funds
* Exchange-traded funds
* Index funds
* Credit cards
* Insurance

Revenue|  ₹139,165 crore (US$16 billion) (2024)

Operating income

|  ₹29,711 crore (US$3.4 billion) (2024)

Net income

|  ₹14,782 crore (US$1.7 billion) (2024)
Total assets|  ₹1,535,018 crore (US$180 billion) (2024)
Owner| Government of India (62.93%)[1]

Number of employees

| 82,519 (Jul 2024)
Capital ratio| 13.36%
Website| canarabank.com
Footnotes / references
[2]

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.[3]

## History

[edit]

Logo at Head Office of Canara Bank,Bengaluru

Ammembal Subba Rao Pai, a philanthropist, established the Canara Hindu Permanent Fund in Mangalore, India, on 1 July 1906.[4]

Canara Bank's first acquisition took place in 1961 when it acquired Bank of Kerala. This had been founded in September 1944 and at 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.[5]

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 a limited company in 1925. At the time of the acquisition G. Raghumathmul Bank had five branches.[6] The merger took effect in 1961.[7] 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.[7]

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 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.[7]

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 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 the fourth largest public sector bank in the country with total business of ₹15.20 lakh crore (US$180 billion) and 10,324 branches.[8][9] The Board of Directors of Canara Bank approved the merger on 13 September.[10][11] 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.[12][13][14][15][16][excessive citations]

## Shareholding

[edit]

As of December 2023, the promoter holding at the bank is 62.93% and the public holding is 37.07%.[17]

## Subsidiary companies

[edit]

### Domestic subsidiaries

[edit]

1\. Canfin Homes Limited (CFHL)- A network of 110 branches and 28 satellite offices throughout India[18]

2\. Canbank Factors Limited[19]

3\. Canbank Venture Capital Fund Limited[20]

4\. Canbank Computer Services Limited[21]

5\. Canara Bank Securities Limited[22]

6\. Canara Robeco Asset Management Company Limited[23]

7\. Canbank Financial Services Limited

### Joint ventures

[edit]

1\. Canara HSBC Life Insurance

### Foreign branches

[edit]

1\. London branch (U.K.)[24]

2\. New York branch (U.S.A.)[24]

3\. Dubai International Financial Centre branch (UAE)[24]

### Overseas subsidiaries

[edit]

1\. Canara Bank (Tanzania) Ltd.[24]

### International wealth management

[edit]

Since 1983, Canara Bank has been responsible for the management of Eastern Exchange Co. WLL,[25] Doha, Qatar, which Abdul Rahman M.M. Al Muftah established in 1979.[26]

## Regional rural banks

[edit]

Canara Bank sponsors four regional rural banks (RRB):

* Andhra Pragathi Grameena Bank
* Kerala Gramin Bank – Its headquarters are at Malappuram and it operates in all districts in Kerala. It was established in 1976 as a Scheduled Commercial Bank.[27][non-primary source needed]
* Karnataka Gramin Bank has its headquarters at Bellary, Karnataka, and has 1119 branches spread over eleven districts.[28][non-primary source needed]
* Karnataka Vikas Grameena Bank was constituted on 12 September 2005 after amalgamation of four Regional Rural Banks (RRBs) – Malaprabha Grameena Bank, Bijapur Grameena Bank, Varada Grameena Bank and Netravathi Grameena Banks – following the recommendations of the Narasimhan Committee.

## Development projects

[edit]

Canara Bank partnered with UNEP to initiate a solar loan program.

## Empower

[edit]

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 a single mobile app. On 19 November 2017, it launched Canarites (Candi) app,[29] 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.[30] He is working at Canara Bank Head Office, in Human Resource Department and a bestselling author.[31][32]

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.[33][34]

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 the same in its AGM in August 2020.[35]

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.[36]

## Overseas operations history

[edit]

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 a branch each in Leicester and Bahrain, and converted its Hong Kong subsidiary into a branch. Canara Bank incorporated its subsidiary in Tanzania as CBTL in 2015.

## Controversies

[edit]

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.[37]

Canara Bank faced 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 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.[38]

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.[39][40]

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 the bank to address these incidents publicly.[41][42]

## See also

[edit]

* Banks portal

* Banking in India
* List of banks in India
* Reserve Bank of India
* Indian Financial System Code

## References

[edit]

1. ^ "Canara Bank gains after Q2 PAT climbs 89% YoY to Rs 2,525 cr". Business Standard. 20 October 2022. Retrieved 27 March 2023.
2. ^ Balance Sheet 31.03.2021
3. ^ "Canara Bank shelves plan to sell stake in AMC arm". The Hindu Business Line. 29 December 2017. Retrieved 15 January 2018.
4. ^ "About Us". www.canarabank.com. Archived from the original on 6 June 2017. Retrieved 12 June 2017.
5. ^ Kamanth (2006), p. 108.
6. ^ 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.
7. ^ a b c Kamanth (2006), p. 112.
8. ^ "Bank Merger News: Government unveils mega bank mergers to revive growth from 5-year low | India Business News - Times of India". The Times of India. 30 August 2019. Retrieved 30 August 2019.
9. ^ Staff Writer (30 August 2019). "10 public sector banks to be merged into four". Mint. Retrieved 30 August 2019.
10. ^ "Canara Bank board gives approval for merger with Syndicate Bank". Business Today. 13 September 2019. Retrieved 13 September 2019.
11. ^ "PSU Bank merger: Canara Bank board approves merger with Syndicate Bank; key things to know". The Financial Express. 13 September 2019. Retrieved 13 September 2019.
12. ^ Reporter, S. I. (5 March 2020). "Syndicate Bank, Oriental Bank gain on Cabinet nod for merger of 10 PSBs". Business Standard India. Retrieved 6 March 2020.
13. ^ "Canara Bank, Syndicate Bank to merge to become 4th largest public sector bank". www.businesstoday.in. 30 August 2019. Retrieved 31 May 2020.
14. ^ Mohapatra, Debasis (7 December 2019). "30 committees monitoring the Canara-Syndicate Bank merger process". Business Standard India. Retrieved 31 May 2020.
15. ^ Ghosh, Shayan (1 April 2020). "Canara Bank now 4th largest PSU bank after merger with Syndicate". Livemint. Retrieved 31 May 2020.
16. ^ "Canara Bank Financial Report".
17. ^ "Latest Shareholding Pattern - Canara Bank". Trendlyne.com. Retrieved 23 February 2023.
18. ^ https://www.canfinhomes.com/ [bare URL]
19. ^ "Welcome To Canbank Factors LTD". Retrieved 24 September 2024.
20. ^ "WELCOME TO CANBANKVENTURE". www.canbank.vc. Retrieved 24 September 2024.
21. ^ "Canbank Computer Services Ltd". ccsl.co.in. Retrieved 24 September 2024.
22. ^ "Leading Financial Service Provider in India | Canara Bank Securities Ltd". www.canmoney.in. Retrieved 24 September 2024.
23. ^ https://www.canararobeco.com/ [bare URL]
24. ^ a b c d https://canarabank.com/branches-and-offices-abroad
25. ^ "Eastern Exchange Company". Eastern Exchange Company. Retrieved 24 September 2024.
26. ^ "Eastern Exchange". Archived from the original on 16 May 2014. Retrieved 22 October 2012.
27. ^ "Kerala Gramin Bank". Archived from the original on 17 October 2021. Retrieved 29 October 2013.
28. ^ "Karnataka Gramin Bank, Banks in India, Gramin Banks India, Karnataka". karnatakagraminbank.com. Retrieved 20 January 2020. "Karnataka Gramin Bank with its Head office at Ballari under the sponsorship of Canara Bank came to existence on 01.04.2019 as per the gazette Notification of Government of India No.852 dated 22.02.2019 with amalgamation of 2RRBs i.ePragathi Krishna Gramin Bank (Sponsored by Canara Bank with Head Office at Ballari) &KaveriGrameena Bank (Sponsored by State Bank of India with Head Office at Mysuru)."
29. ^ Ghosh, Rashi Aditi (28 July 2017). "Canara Bank launches "CANDI"-its first digital branch in Bengaluru". Retrieved 31 May 2020.
30. ^ "Bhanu Srivastav from Canara Bank Ties-up With NGOs to Donate Royalty Proceeds From his Novel 'Hacker'". Business Standard India. Press Trust of India. 7 May 2020. Retrieved 31 May 2020.
31. ^ "Banker Bhanu Srivastav becomes best-selling author in India". MarketWatch. Retrieved 31 May 2020.[permanent dead link‍]
32. ^ "HACKER 404 Happiness not found". www.goodreads.com. Retrieved 31 May 2020.
33. ^ "Canara Bank announces credit support for borrowers affected by COVID". The Indian Express. 23 May 2020. Retrieved 31 May 2020.
34. ^ Panda, Sushmita (23 May 2020). "Canara Bank releases emergency credit facilities for MSMEs". www.indiatvnews.com. Retrieved 31 May 2020.
35. ^ "Canara Bank to raise up to Rs 5,000 crore equity capital in FY21 to strengthen capital base". Moneycontrol. 19 July 2020. Retrieved 5 August 2020.
36. ^ "State-owned Canara Bank mobilises $300 mn through IFSC banking unit". Business Standard. September 2024.
37. ^ "Canara Bank fined in UK for anti-money laundering breaches". Economic Times. Retrieved 7 June 2018.
38. ^ "RBI Imposes Rs2.92 Crore Penalty on Canara Bank for Non-compliance". Moneylife NEWS & VIEWS. Retrieved 4 November 2024.
39. ^ Ray, Atmadip (9 September 2024). "RBI rejects Canara Bank's credit card subsidiary plan". The Economic Times. ISSN 0013-0389. Retrieved 29 October 2024.
40. ^ "RBI rejects Canara Bank's bid for credit card subsidiary amid concerns". 10 September 2024.
41. ^ "On video, bank officials abuse staff for not meeting target". India Today. 9 May 2024. Retrieved 4 November 2024.
42. ^ "Bandhan, Canara Bank officers caught abusing employees for failing to meet targets, netizens react | Video". Mint.

## External links

[edit]

Wikimedia Commons has media related to Canara Bank.

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* v
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Canara Bank

Mergers|

| National|

* Syndicate Bank

|

Other|

* Bank of Kerala
* Seasia Midland Bank
* G. Raghumathmul Bank
* Trivandrum Permanent Bank
* Sree Poornathrayeesa Vilasam Bank
* Arnad Bank
* Cochin Commercial Bank
* Pandyan Bank
* Lakshmi Commercial Bank

RRBs|

* Andhra Pragathi Grameena Bank
* Kerala Gramin Bank
* Karnataka Gramin Bank
* Karnataka Vikas Grameena Bank

Subsidiaries|

* Canfin Homes
* Canara Robeco Asset Management Company

Investments & JVs|

* Canara HSBC Oriental Bank of Commerce Life Insurance (51%)

People|

| Current|

* Lingam Venkata Prabhakar (MD & CEO)

|

Founders|

| Canara|

* Ammembal Subba Rao Pai

|

Syndicate|

* Tonse Ramesh Upendra Pai
* T. M. A. Pai
* Vaman Srinivas Kudva

Authority control databases

International|

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National|

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## Further reading

[edit]

* Kamath, M. V. (2006). A banking odyssey, the story of Canara Bank. Delhi: Konark Publishers. ISBN 81-220-0717-1. OCLC 80175889.

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