Canara Bank

Canara Bank (Kannada: ಕೆನೆರಾ ಬ್ಯಾಂಕ್ ) (, ) is a state-owned financial services company in India. It was established in 1906, making it one of the oldest banks in the country. As on 2009 November, the bank had a network of 3057 branches, spread across India. The bank also has offices abroad in London, Hong Kong, Moscow, Shanghai, Doha, and Dubai.

History

Ammembal Subba Rao Pai, a philanthropist, established the Canara Hindu Permanent Fund in Mangalore, India, on 1 July 1906. The bank changed its name to Canara Bank Limited in 1910 when it incorporated.

In 1958, the Reserve Bank of India 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. 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.

The Government of India nationalised Canara Bank, along with 13 other major commercial banks of India, on 19 July 1969.

In 1976, Canara Bank inaugurated its 1000th branch.

In 1983, Canara Bank opened its first overseas office, a branch in London. In 1985, Canara Bank acquired Lakshmi Commercial Bank in a rescue.

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