Canara Bank

Infobox Company
company_name = Canara Bank
company_
company_type = Public BSE|532483
NSE: CANBK
foundation = Canara Bank Hindu Permanent Fund (1906)
Canara Bank Ltd (1910)
Canara Bank (1969)
location =
key_people = A C Mahajan, Chairman & Managing Director
D L Rawal, Executive Director
G S Vedi, Executive Director

industry = Financial
Commercial banks
num_employees = 47,389 (2004-05)
homepage = [http://www.canarabank.com/ www.canarabank.com]

History

Canara Bank, established in 1906 as "Canara Bank Hindu Permanent Fund" [ [http://www.canarabank.com/English/Scripts/History.aspx Canara Bank - History] ] in Mangalore, India, by Ammembal Subba Rao Pai, is one of the oldest and major commercial banks of India. Its name was changed to Canara Bank Limited in 1910. The bank, along with 13 other major commercial banks of India, was nationalised on 19 July, 1969, by the Government of India. In 1985, Canara Bank acquired Lakshmi Commercial Bank in a rescue.

Branches

As of 2008, the bank has a network of 2641 branches, spread across India and other countries. Its head office is located in Bangalore, India. The bank also has international presence in several centers, including London, Hong Kong, Moscow, Shanghai, Doha, and Dubai. In terms of business it is one of the largest nationalized commercial banks in India, with a total business of about Rs.2 trillion.

Founding Principles

* To remove superstition and ignorance.
* To spread education among all to sub-serve the first principle.
* To inculcate the habit of thrift and savings.
* To transform the financial institution not only as the financial heart of the community but the social heart as well.
* To assist the needy.
* To work with sense of service and dedication.
* To develop a concern for fellow human being and sensitivity to the surroundings with a view to make changes/remove hardships and sufferings.

Forbes Global 2000 Ranking 2006

Canara Bank was ranked at 1299 in the Forbes Global 2000 list [ [http://www.forbes.com/lists/2006/18/06f2000_The-Forbes-2000_Counrty_5.html The Forbes 2000 - Forbes.com ] ] .

ubsidiary Companies

* Canfin Homes Limited
* Canbank Factors Limited
* Canbank Venture Capital Fund Limited
* Canbank Computer Services Limited
* Gilt Securities Trading Limited
* Canara Robeco Asset Management Company Limited
* Canbank Financial Services Limited
* Canara HSBC Oriental Life Insurance Company Limited

Regional Rural Banks

* [http://www.shreyasbank.com Shreyas Gramin Bank]
* South Malabar Gramin Bank
* Pragathi Gramin Bank

Development projects

Canara bank made a partnership with UNEP to initiate a successful solar loan programme. It was a four-year $7.6 million effort, launched in April 2003 to help accelerate the market for financing solar home systems in southern India.

Major IT initiative

Canara Bank had a major IT initiative to network all branches and move them to a single software platform. Canara Bank chose Flexcube from i-flex solutions as the application. The Bank entered into an agreement with IBM for rolling out flexcube to over 1000 branches as part of Phase I. This phase has just been concluded, with Karaikudi Branch in Tamil Nadu being the 1000th branch to go live. Over 22 million customers are benefitting from this initiative.

Financial Results FY 2007-08

* [http://www.canarabank.com/Upload/English/Content/FinancialResults31Mar2008.xls Audited Financial Results for the year ended 31st March 2008]

*Gross Income: Rs.16723.04 Crore
*Net PAT: Rs.1795.33 Crore
*EPS: Rs.43.79

ee also

* [http://www.canarabank.com/ Canara Bank Official Web Site]
*Indian Banking

Further reading

* "A Banking Odyseey: The Canara Bank Story " (ISBN 706958306) by M V Kamath

References

External links