Canara Bank :: History

Late Sri Ammembal Subbarao Pai

Our Beloved Founder

Founded as 'Canara Bank Hindu Permanent Fund' in 1906, by late Shri Ammembal Subba Rao Pai, a philanthropist, this small seed blossomed into a limited company as 'Canara Bank Ltd.' in 1910 and became Canara Bank in 1969 after nationalization.

"A good bank is not only the financial heart of the community, but also one with an obligation of helping in every possible manner to improve the economic conditions of the common people" - A. Subba Rao Pai.

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.

Sound founding principles, enlightened leadership, unique work culture and remarkable adaptability to changing banking environment have enabled Canara Bank to be a frontline banking institution of global standards.

Significant Milestones

Year
1st July 1906	Canara Hindu Permanent Fund Ltd. formally registered with a capital of 2000 shares of 50/- each, with 4 employees.
1910	Canara Hindu Permanent Fund renamed as Canara Bank Limited
1969	14 major banks in the country, including Canara Bank, nationalized on July 19
1976	1000th branch inaugurated
1983	Overseas branch at London inaugurated Cancard (the Bank’s credit card) launched
1984	Merger with the Laksmi Commercial Bank Limited
1985	Commissioning of Indo Hong Kong International Finance Limited
1987	Canbank Mutual Fund & Canfin Homes launched
1989	Canbank Venture Capital Fund started
1989-90	Canbank Factors Limited, the factoring subsidiary launched
1992-93	Became the first Bank to articulate and adopt the directive principles of “Good Banking”.
1995-96	Became the first Bank to be conferred with ISO 9002 certification for one of its branches in Bangalore
2001-02	Opened a 'Mahila Banking Branch', first of its kind at Bangalore, for catering exclusively to the financial requirements of women clientele.
2002-03	Maiden IPO of the Bank
2003-04	Launched Internet Banking Services
2004-05	100% Branch computerization
2005-06	Entered 100th Year in Banking Service. Launched Core Banking Solution in select branches. Number One Position in Aggregate Business among Nationalized Banks.
2006-07	Retained Number One Position in Aggregate Business among Nationalized Banks. Signed MoUs for Commissioning Two JVs in Insurance and Asset Management with international majors viz., HSBC (Asia Pacific) Holding and Robeco Groep N.V respectively.
2007-08	Launching of New Brand Identity. Incorporation of Insurance and Asset Management JVs. Launching of 'Online Trading' portal. Launching of a ‘Call Centre’. Switchover to Basel II New Capital Adequacy Framework.
2008-09	The Bank crossed the coveted 3 lakh crore in aggregate business. The Bank’s 3rd foreign branch at Shanghai commissioned.
2009-10	The Bank’s aggregate business crossed 4 lakh crore mark. Net profit of the Bank crossed 3000 crore. The Bank’s branch network crossed the 3000 mark.
2010-11	The Bank’s aggregate business crossed 5 lakh crore mark. Net profit of the Bank crossed 4000 crore. 100% coverage under Core Banking Solution. The Bank’s 4th foreign branch at Leicester and a Representative office at Sharjah, UAE, opened. The Bank raised 1993 crore under QIP. Govt. holding reduced to 67.72% post QIP.
2011-12	Total number of branches reached 3600. The Bank’s 5^th foreign branch at Manama, Bahrain opened.

As at March 2013, the total business of the Bank stood at

598033 crore.