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Home >> About Us >> History
Late Sri Ammembal Subbarao Pai
Our Beloved Founder
Sri Ammembal Subbarao Pai

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

  1. To remove Superstition and ignorance.
  2. To spread education among all to sub-serve the first principle.
  3. To inculcate the habit of thrift and savings.
  4. To transform the financial institution not only as the financial heart of the community but the social heart as well.
  5. To assist the needy.
  6. To work with sense of service and dedication.
  7. 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.

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Significant Milestones


1st July 1906

Canara Hindu Permanent Fund Ltd. formally registered with a capital of 2000 shares of 50/- each, with 4 employees.


Canara Hindu Permanent Fund renamed as Canara Bank Limited


14 major banks in the country, including Canara Bank, nationalized on July 19


1000th  branch inaugurated


Overseas branch at London inaugurated Cancard (the Bank’s credit card) launched


Takeover of Lakshmi Commercial Bank Limited Commissioning of Indo Hong Kong International Finance Limited (now a full fledged branch)


Canbank Mutual Fund & Canfin Homes launched


Canbank Venture Capital Fund started


Canbank Factors Limited, the factoring subsidiary launched


Became the first Bank to articulate and adopt the directive principles of “Good Banking”.


Became the first Bank to be conferred with ISO 9002 certification for one of its branches in Bangalore


Opened a 'Mahila Banking Branch', first of its kind at Bangalore, for catering exclusively to the financial requirements of women clientele.


Maiden IPO of the Bank


Launched Internet Banking Services


100% Branch computerization


Entered 100th Year in Banking Service. Launched Core Banking Solution in select branches. Number One Position in Aggregate Business among Nationalized Banks.


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.


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.


The Bank crossed the coveted 3 lakh crore in aggregate business. The Bank’s 3rd foreign branch at Shanghai commissioned.


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.


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.


Total number of branches reached 3600. The Bank’s 5th foreign branch at Manama, Bahrain opened. 

2012-13 Highest Dividend of 130% paid for the year
2013-14 1027 branches and 2786 ATMs opened during the year. Global business crossed the 7 lakh crore milestone. Switchover to Basel III New Capital Adequacy Framework.
2014-15 Global Business of the Bank crossed 8 lakh crore.
2015-16 The Bank's 8th foreign branch at DIFC (Dubai) opened.

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