10 Interesting Facts about Canara Bank

Canara Hindu permanent fund is one of the Top Nationalised banks in India; The Ministry of Finance and the Government of India regulate the Bank.

It was Established in July 1906 at Mangalore by Ammembal Subba Rao Pai. Later in 1910 changed to Canara Bank when it got incorporated.

After when the Canara bank was nationalized in the year of 1969, the Growth was Stunning.

One of the Banks in India launched electronic transfers, ATMs, deposit machines, and many more. It puts huge investments in technology to ease the transactions for the customers.

Facts about Canara Bank:

Canara Bank obtained Bank of Kerala:

The first acquisition by Canara Bank was the Bank of Kerala founded in September 1944, and during the purchase, on May 20, 1961, it had 3 branches.

At the time of acquisition, the Bank of Kerala was acquired by Canara bank in 1961.

So, the first acquisition made by Canara bank was Bank of Kerala in the year 1961,

Canara Bank acquired Trivandrum Permanent Bank:

In 1961, Canara Bank obtained another bank, that is Trivandrum Permanent Bank,

The Bank was founded on February 7, 1899; at the time, it had 14 branches during the merger.

Canara Bank became Nationalised :

The Bank was nationalized on July 19, 1969, which means the government should announce our nationalization alongside 13 major commercial banks.

Canara Bank is among the public banks and the next preferred Bank to SBI by non-Millenials.

IN 1963, Canara Bank acquired 4 other Banks :

In 1963, the Bank acquired 4 banks in the entire year. The following banks are:    

  • Sree Poornathyeesa Vilasam Bank – The Bank was established on February 21, 1923, and had 14 branches during the time of acquisition.
  • Pandyan bank in Madurai, Tamilnadu- The Bank was founded on December 11, 1946, in Madurai, and it had 83 branches before the merge.
  • The Arnad Bank was in Tiruchirapalli, has established on December 23, 1942, and had only one branch by the merge.
  • Cochin Commercial Bank in Cochin, Kerala, was established on January 3, 1936, and there were 13 Branches at the time of the merger. 

Canara Bank acquired G. Raghumathmul Bank :

The RBI ordered Canara Bank to acquire G.Raghumathmul Bank in 1958. G.Raghumathmul bank was established in 1870; later, in 1925, the Bank became a limited company.

At the time of the merger, Canara Bank acquired the Bank to get 5 branches. This merge helped the Bank to scale up its visibility into tier-2 and 3 cities.

Headquarters of the Bank:

The Canara bank was incorporated and managed in Mangalore, but the headquarters was established in Bangalore, Karnataka.

Bangalore is a metropolitan city and the IT capital of India; many information technology startup unicorns have formed in Bangalore, and one of the safest cities in India.

But the Bank had an office abroad in London, Moscow, Shanghai, Doha, South Africa, Dubai, New York, Bahrain, and Hong Kong,

Canara bank branch counts and employees in India:

By 2022, the Bank will have more than 88,000 employees. When the employee who works in all over the branches.

The Canara bank has more branches with a good count of employees; almost 1000 branches in India. One of the banks has the electronic transfer of funds with 3rd party. You should know the MICR and IFSC Codes of various branches of the Bank.

In 1985, the Lakshmi commercial bank was acquired by Canara bank; the Canara bank brought almost 230 branches in India.

When the Bank got an ISO certificate :

In 1996, the Canara bank was the first Indian Bank to get the ISO certificate for “total branch banking “ for its seshadripuram in Bangalore.

Right now, the Canara bank was dropped to get the ISO certificate for the branches.

The first foreign branch for Canara bank:

In 1983, The first foreign Branch was in London, the first representative office for the Canara bank overseas.

Currently, Canara Bank has almost 8 foreign branches in 8 different countries.

Is Canara bank merged with any other bank?

On August 30, 2019, when the current Indian Finance Minister Nirmala Sivaraman was appointed, the merge of Canara Bank with Syndicate Bank was nominated. Yet, it started rolling out effectively.

Conclusion :

  • In our article, we discussed almost all the facts about Canara Bank, established in 1906 and changed its name in 1956.
  • The Bank has 9000+ branches, with 11,800 ATMs, including 88,000 employees are worked in the Bank of Canara.
  • The Equity shares of the Bank are to be in NSE and BSE.
  • Recently, Canara bank was merged with a syndicate bank in 2021.

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