18 Facts About Canara Bank

Canara Bank is one of the largest banks in India. This article tells you the 18 facts about the bank that you should know if you want to understand the history of the bank in a better way.

Facts About Canara Bank

1. Canara Bank Was Established in Year 1906

The bank was established by the Ammembal Subba Rao Pai, who was a philanthropist. This bank was established as “Canara Hindu Permanent Fund” in Mangalore, Karnataka. But later when the bank got incorporated in the year 1910 the name was changed to Canara Bank.

2. Canara Bank Acquired Bank of Kerala in 1961

It is quite common for the banks to acquire other banks those days. So the first acquisition that was made by the bank was in the year 1961. At that time the Bank of Kerala had 3 branches established.

3. The Bank Acquired Seasia Midland Bank

After the acquisition of the Bank of Kerala, Canara Bank acquired one more bank which was based in Kerala. The name of the bank was Seasia Midland Bank.

The year in which this acquisition took place is not clear. But the Seasia Midland Bank was founded in the year 1930 and had 7 branches at the time of the acquisition.

4. RBI Ordered Canara Bank to Acquire G. Raghumathmul Bank

In the year 1958, the Reserve Bank of India ordered the bank to acquire the G. Raghumathmul Bank. This was a bank based in Hyderabad and had 5 branches established. The merger of the bank with the G. Raghumathmul Bank was completed in the year 1961.

5. Canara Bank acquired Trivandrum Permanent Bank

In the year 1961, the bank acquired yet another bank which was Trivandrum Permanent Bank. At the time of the acquisition, the bank had 14 branches until the merger was completed.

6. In 1963 the Bank Acquired 3 Banks

In the year 1963, the bank acquired 4 more banks which were Sree Poornathrayeesa Vilasam Bank, Arnad Bank, Cochin Commercial Bank, and Pandyan Bank.

  • Sree Poornathrayeesa Vilasam Bank was based inThrippunithura and had 14 branches.
  • The Arnad Bank was based in Tiruchirappalli and it had 1 branch established during the merger with the Canara bank.
  • Cochin Commercial Bank was based in Cochin, Kerala, and had 13 branches during the merger with the bank.
  • Pandyan Bank was a bank based in Madurai and it had 83 branches during the merger.

7. Canara Bank was Nationalised in Year 1969

The government of India selected Canara Bank to be nationalized along with the other 13 banks in the year 1969.

8. The is Owned by the Government of India

After the bank was nationalized in the year 1969, it is now owned and operated by the Government of India. The Government of India owns 69.33% of the stake in the bank.

9. The Bank Inaugurated its 1000th Branch in Year 1976

The bank was expanding its network quite fast and it inaugurated its 1000th branch in the year 1976. The name of the branch is unclear.

10. The Bank Acquired Lakshmi Commercial Bank in the Year 1958

Canara Bank acquired the business operations of the Lakshmi Commercial Bank in the year 1958. This was done as an action to rescue the Lakshmi Commercial Bank from going defunct. With this acquisition, the bank added nearly 230 branches to its network. This helped the bank to gain a strong presence in the northern part of India.

11. The Bank Opened its First Foreign Branch in the Year 1983

The first foreign branch of Canara Bank was established in London in the year 1983. This was not only the first branch, but it was also the first representative office of the bank overseas.

12. First Indian Bank to Get ISO Certification in the Year 1996

The bank has a branch located in Seshadripura, Bengaluru for which it got the ISO Certification. This was given for “Total Branch Banking”. Currently, the bank has stopped getting ISO certification for its branches.

13. Canara Bank was Merged with Syndicate Bank in the Year 2020

Finance minister of India Nirmala Sitharaman had announced this merger of the bank with Syndicate Bank back on 30 August 2019. This merger was completed on 1 April 2020.

14. Canara Bank has More than 9,800 Branches

According to the Wikipedia page of the bank, it has more than 9,800 branches as of June 2021.

15. Canara Bank has More than 11,800 ATMs

As of June 2021, Canara Bank has an ATM network of more than 11,800 ATMs spread across the globe.

16. The Bank has More than 88,000 Employees

As of March 2021, Canara Bank has more than 88,000 employees working for it. This includes the employees working in the branches in India and also overseas.

17. The Current Headquarters of the Bank is in Bengaluru, Karnataka

Canara Bank was started in Mangaluru, Karnataka. But the current headquarters of the bank is located in the city of Bengaluru, Karnataka. The address of the headquarters is 6648, 112, JC Rd, P.B, Halsurpete, Nagarathpete, Bengaluru, Karnataka 560001.

18. The Shares of the Bank are Traded on NSE and BSE in India

The general public can purchase the equity shares of banks as they are traded on the NSE and also BSE in India.