Canara Bank

By: EconomyWatch   Date: 17 July 2010

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Canara Bank is a major government owned banking products and services provider in India. It is ranked in 1305th position in 2008 Forbes Global 2000 list. It is presently regarded as a major name in banking circuit of India.
Canara Bank is biggest nationalized bank of India if only figures for aggregate business done in 2006-07 is taken into account. Since its inception, Canara Bank has been making lots of profit and this has turned it into a major banking establishment in India.

Brief history
Canara Bank was established in July 1906 by Sri Ammembal Subba Rao Pai who was a philanthropist. Its initial name was Canara Bank Hindu Permanent Fund. It was later re-christened as Canara Bank Ltd in 1910. After it was nationalized in 1969, it was re-named as Canara Bank.

Products and services
Canara Bank offers its products and services in four different categories – personal banking, non resident Indian banking, corporate banking and priority and small medium enterprises credit. In personal banking section, Canara Bank offers a number of products and services like savings and deposits, consultancy services, international services, mutual funds, loan products, depository services, card services, insurance business, technology products and ancillary services.

In corporate banking sectio,n Canara Bank offers products and services like accounts and deposits, IPO monitoring activity, cash management services, merchant banking services, loans and advances, TUF schemes and syndication services.

Financials
In 2007, sales of Canara Bank amounted to $3.03 billion and it earned profits worth $0.35 billion. Assets held by Canara Bank were worth $38.54 billion and its market value was around $2.85 billion.

Awards and recognition
Canara Bank was conferred position of Best Public Sector Bank in India by Financial Express-Ernst and Young as per its Best Banks Survey conducted during 2005-06. Ministry of Micro, Small & Medium Enterprises of Indian government gave Canara Bank its First National Award. This award was provided for excellence in Micro & Small Enterprises (MSE) Lending in 2006-07. In 2007, ITM Business School and Indiatimes Mindscape gave Canara Bank “Employer Branding Award” for excellence in human resources.




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