History of Canara Bank
- Canara Bank is founded as Canara Bank Hindu Permanent Fund on 1st July 1906 by Ammembal Subba Rao in Mangalore, Karnataka.
- Canara Bank converted into a limited company i.e. Canara Bank Ltd in 1910.
- Canara Bank, along with 13 other major banks was nationalized on 19 July 1969. A nationalized bank is a bank in which Govt. of India holds a stake of 51% or higher.
- In FY 1992-93, the bank became the first Bank to articulate and adopt the directive principles of “Good Banking”.
- In FY 2001-02, the bank opened a 'Mahila Banking Branch' in Banglore, for catering exclusively to the financial requirements of Women.
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Banks Merger with Canara Bank
- With effects from 1 April 2020, Canara Bank merged with Syndicate Bank. The combined entity has become the 4th largest PSB (Public Sector Bank) bank by assets.
- After amalgamation, the bank has a network of 10,391 branches, 12,829 ATMs.
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Headquarter, BOD & Tagline of Canara Bank
|Details of Canara Bank HQ, CEO & Tagline|
|MD & CEO||L V Prabhakar|
|Tagline||Together We Can|
Logo of Canara Bank
Before the Merger:
After the Merger:
Meaning of the logo of Canara Bank
The two triangles in the logo of Canara Bank represent the bond between the bank and its customers. With the logo, the bank symbolically conveys the message 'Together we can'.
Subsidiaries of Canara Bank
The following is the list of Canara Bank's Subsidiaries:
- Canbank Financial Services Limited
- Canara Robeco Asset Management Company Limited
- Canbank Computer Services Limited
- Canara Bank Securities Limited
- Can Fin Homes Limited
- Canbank Factors Limited
- Canbank Venture Capital Fund Limited
- Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
Canara Bank's Awards and Achievements
- International Brand Consulting Corporation, USA:
- Winner of ‘India’s Most Trusted Public Sector Banking Services Company 2019’
- SIDBI-ET INDIA MSE AWARD-2019:
- Winner under Lender to MSE Category – PSB
- Annual Credit Information Conference 2019
- Winner under the category Best Data Quality Management
- DAY-NRLM, Ministry of Rural Development - 2019
- National award for SHG Bank Linkage 2018-19 (PSB)
Canara Bank Interest Rates
|DOMESTIC/NRO/NRE SAVINGS BANK DEPOSITS - W.E.F. 01.05.2020|
Facts about Canara Bank
- Canara Bank has 8 overseas branches. They are
- Hong Kong
- New York
- Moscow - (Commercial Indo Bank LLC - JV with SBI)
- Tanzania - (Canara Bank (Tanzania) Ltd. - Wholly Owned Subsidiary)
- Canara Bank has a 'Mahila Banking Branch' in Banglore and Chennai.
- CANDI - A Digital Banking Branch - It is equipped with fully automated facilities and robotic assistance for customers to provide banking services.
- Canara Sathi - It is a chatbot that solves the queries of customers about Banking products.
- CANDI Mobile Banking - A mobile app that provides many Banking Facilities such as A/c opening, Loan repayments, RIGS, NEFT, etc. under 'One Bank One App' Programme.
- Canara DiYA (Digitally Your Account) - Under this facility, a customer can open an Instant savings account. The customer gets a period of I year to complete Full KYC.
- In May, Canara bank has launched the special gold loan campaign at an interest rate of 7.85% per annum. The campaign will continue till 30 June 2020.
- In April, Mrutyunjay Mahapatra (CEO of Syndicate Bank) has been appointed as the Officer on Special Duty in Canara Bank.
- In March, Canara HSBC Oriental Bank of Commerce Life Insurance Company has launched a life insurance and terminal illness cover called iSelect Term Plan.
So, Guys, this is all about the history, facts, and recent news about the Canara Bank. We have tried to cover all the static information about the bank, which is relevant to the Bank Exam. We hope that you liked the article. For more articles like this on the other Indian States, stay tuned with us.
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