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| Company type | Public |
|---|---|
| BSE: 532483 NSE: CANBK | |
| Industry | |
| Founded | 1906; 119 years ago (1906) |
| Founder | Ammembal Subba Rao Pai |
| Headquarters | , India |
Number of locations | 9,723 Branches | 13,423+ ATMs (2023) |
Key people | Vijay Srirangan (Non-Exe Chairman) K Satyanarayana Raju (MD &CEO) |
| Products | |
| Revenue |  ₹139,165 crore (US$16 billion) (2024) |
| ₹29,711 crore (US$3.5 billion) (2024) | |
| ₹14,782 crore (US$1.7 billion) (2024) | |
| Total assets | ₹1,535,018 crore (US$180 billion) (2024) |
| Owner | Government of India (62.93%)[1] |
Number of employees | 82,519 (Jul 2024) |
| Capital ratio | 13.36% |
| Website | canarabank |
| Footnotes / references [2] | |
Canara Bank is anIndian public sector bank based inBangalore, India. Established in 1906 atMangalore byAmmembal Subba Rao Pai. The bank wasnationalized in 1969. Canara Bank also has offices inLondon,Dubai andNew York.[3]
Ammembal Subba Rao Pai, a philanthropist, established theCanara Hindu Permanent Fund inMangalore, India, on 1 July 1906.[4]
Canara Bank's first acquisition took place in 1961 when it acquired Bank of Kerala. This had been founded in September 1944 and at the time of its acquisition on 20 May 1961 had three branches. The second bank that Canara Bank acquired was Seasia Midland Bank (Alleppey), which had been established on 26 July 1930 and had seven branches at the time of its takeover.[5]
In 1958, theReserve Bank of India had ordered Canara Bank to acquire G. Raghumathmul Bank, inHyderabad. 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.[6] The merger took effect in 1961.[7] Later in 1961, Canara Bank acquired Trivandrum Permanent Bank. This had been founded on 7 February 1899 and had 14 branches at the time of the merger.[7]
Canara Bank acquired four banks in 1963: the Sree Poornathrayeesa Vilasam Bank,Thrippunithura, Arnad Bank,Tiruchirapalli, Cochin Commercial Bank, Cochin, andPandyan Bank,Madurai. Sree Poornathrayeesa Vilasam Bank had been established on 21 February 1923 and at the time of its acquisition it had 14 branches. Arnad Bank had been established on 23 December 1942 and at the time of its acquisition had only one branch. Cochin Commercial Bank had been established on 3 January 1936, and at the time of its acquisition had 13 branches.[7]
TheGovernment of India nationalised Canara Bank, along with 13 other major commercial banks in India, on 19 July 1969. Karkala Pulkeri Janardhan Prabhu (KPJ Prabhu) served as chairman of the bank post nationalisation. In 1976, Canara Bank inaugurated its 1000th branch. In 1985, Canara Bank acquired Lakshmi Commercial Bank in a rescue.
In 1996, Canara Bank became the first Indian Bank to getISO certification for "Total Branch Banking" for its Seshadripuram branch inBangalore. Canara Bank has now stopped opting for ISO certification of branches.
On 30 August 2019,Finance MinisterNirmala Sitharaman announced that Syndicate Bank would be merged withCanara Bank. The proposed merger would create the fourth largest public sector bank in the country with total business of₹15.20 lakh crore (US$180 billion) and 10,324 branches.[8][9] The Board of Directors of Canara Bank approved the merger on 13 September.[10][11] The Union Cabinet approved the merger on 4 March 2020. The merger was completed on 1 April 2020 withSyndicate Bank shareholders receiving 158 equity shares in the former for every 1,000 shares they hold.[12][13][14][15][16][excessive citations]
As of December 2023, the promoter holding at the bank is 62.93% and the public holding is 37.07%.[17]
1. Canfin Homes Limited (CFHL)- A network of 110 branches and 28 satellite offices throughout India[18]
2. Canbank Factors Limited[19]
3. Canbank Venture Capital Fund Limited[20]
4. Canbank Computer Services Limited[21]
5. Canara Bank Securities Limited[22]
6. Canara Robeco Asset Management Company Limited[23]
7. Canbank Financial Services Limited
1. London branch (U.K.)[24]
2. New York branch (U.S.A.)[24]
3. Dubai International Financial Centre branch (UAE)[24]
1. Canara Bank (Tanzania) Ltd.[24]
Since 1983, Canara Bank has been responsible for the management of Eastern Exchange Co. WLL,[25]Doha,Qatar, which Abdul Rahman M.M. Al Muftah established in 1979.[26]
Canara Bank sponsors four regional rural banks (RRB):
Canara Bank partnered with UNEP to initiate asolar loan program.
Canara ai1 is the Mobile Banking app of Canara Bank. It was launched on 22 July 2022.[29]Canara ai1 is the Mobile Banking Super App with more than 300 features integrated with the futuristic vision of “One Bank, One App”.
Canara Bank offers Unified Payment Interface (UPI) app named "empower". This app empowers Canara Bank and other Bank customers to perform pay and collect transactions using a single mobile app. On 19 November 2017, it launched Canarites (Candi) app,[30] a digital library, a field recovery mobile app, a retail loan (vehicle) – tracking system, and a regulatory guidance tracking system.
On 7 May 2020,Bhanu Srivastav from Canara Bank, partnered with NGOs to donate all his royalty proceeds for the betterment of needy children.[31] He is working at Canara Bank Head Office, in Human Resource Department and a bestselling author.[32][33]
On 23 May 2020, Canara Bank announced credit support for borrowers affected by COVID-19 to enable them to avail the sanctioned facilities to the full extent and improve their business.[34][35]
On 19 July 2020, Canara Bank announced to raise up to Rs 8,000 crore equity capital in Financial Year 2021 to strengthen capital base and to boost capital adequacy ratio in view of expansion plans. The Bank will seek nod from shareholders for the same in its AGM in August 2020.[36]
Canara Bank mobilized $300 Million via their IFSC Banking Unit. The issuance received interest from investors across Asia, the Middle East, and Europe, indicating a strong confidence in Canara Bank's creditworthiness.[37]
Canara Bank established its international division in 1976. In 1983, Canara Bank opened its first overseas office, a branch in London. Two years later, Canara Bank established a subsidiary inHong Kong, Indo Hong Kong International Finance. In 2008–2009, Canara Bank opened its third foreign operation, this one a branch inShanghai. Later Canara Bank established a branch each inLeicester andBahrain, and converted itsHong Kong subsidiary into a branch.Canara Bank incorporated its subsidiary inTanzania as CBTL in 2015.
On 6 June 2018, theUK division of Canara Bank was fined £890,000 ($1.2 million) by the UK'sFinancial Conduct Authority and was blocked from accepting new deposits for around five months for systematic anti-money laundering (AML) failures.[38]
Canara Bank faced a monetary penalty of Rs 2.92 crore from the Reserve Bank of India (RBI) due to non-compliance with regulations, including failures in linking interest rates of loans to external benchmarks and other operational norms. This penalty reflects the RBI's scrutiny on ensuring adherence to banking standards aimed at protecting consumer interests and maintaining financial stability. Additionally, Canara Bank was involved in a controversy where its officers were recorded abusing employees for not meeting work targets, highlighting internal management and workplace culture issues within the bank.[39]
The Reserve Bank of India rejected Canara Bank's proposal to set up their own Credit Card Subsidiary because of the rising unsecured loan portfolios of the Canara Bank.[40][41]
Canara Bank officers have been involved in instances where they were recorded verbally abusing employees for not meeting their work targets, as documented in videos that circulated on social media, prompting the bank to address these incidents publicly.[42][43]
In 2024,Bhanu Srivastav, an employee noted for his expertise inInformation Technology (IT) andArtificial Intelligence (AI), resigned from Canara Bank amid controversy surrounding the bank's transfer policy.[44] His resignation drew significant attention due to his reputation as a star performer within the bank. Following his departure, there has been an observed increase in resignations, with reports suggesting that over 200 employees resign each month.[45] This trend has been noted in discussions around employee management and transfer policies within the banking sector.
Karnataka Gramin Bank with its Head office at Ballari under the sponsorship of Canara Bank came to existence on 01.04.2019 as per the gazette Notification of Government of India No.852 dated 22.02.2019 with amalgamation of 2RRBs i.ePragathi Krishna Gramin Bank (Sponsored by Canara Bank with Head Office at Ballari) &KaveriGrameena Bank (Sponsored by State Bank of India with Head Office at Mysuru).
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