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.
Today, Canara Bank is one of the major public sector banks owned by the Government of India. Its headquarters is in Bengaluru. As it was established at Mangalore in 1906, that also makes it one of the oldest public sector banks in the country. The government nationalized the bank in 1969. As of 31 March 2017, the bank had a network of 6083 branches and more than 10519 ATMs spread across India. The bank also have offices abroad in London, Hong Kong, Moscow, Shanghai, Doha, Bahrain, South Africa, Dubai, Tanzania and New York.
Canara Bank sponsors two regional rural banks (RRB):
Kerala Gramin Bank
Pragathi Krishna Gramin
Canara Bank is a state level led bank in Kerala.
CSB was founded on 26 November 1920, well before Indian independence, and opened for business on January 1st, 1921 with an authorized capital of Rs.5 lakhs and a paid up capital of Rs. 45270/- During the first two decades of its functioning, the Bank concentrated only in Kerala. Banks and credit institutions which proliferated especially in Kerala received a jolt and many of them came to their doom following the crash of the Travancore National Quilon Bank in 1938 followed by Palai Central Bank in 1960. During the period many small banks came to the verge of collapse shaking the confidence of the public and what followed was a process of consolidation. The strategy of mergers and amalgamations of small banks with bigger banks brought the number of banks within controllable limits, thereby making the industry's base strong. In 1964-65, The Catholic Syrian Bank Ltd took part in taking over the liabilities and assets of five small/medium sized banks in Kerala. The expansion programme…
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