History of Canara Bank
The Bank is a Government of India undertaking, & carries on all banking business. The Bank was brought into existence by an ordinance passed on the 19th July 1969 by Central Government. In terms of ordinance the undertaking of Canara Bank Ltd was vested to and transferred to the new bank. This ordinance was replaced by Banking Companies [Acquisition & Transfer of Undertakings] Act, 1969. This Act was declared null and void by Supreme Court on the 10th of February 1970 & subsequently the Ordinance was promulgated. Then the Banking Companies[Acquisition & Transfer of Undertakings] Act, 1970 was passed & it was made effective retrospectively from 19th July 1969.
2000 - Canara Bank became the first public sector bank to join the MasterCard ATM network.
- Canara Bank has launched its gold deposit scheme in Bangalore, offering 3-3.5 per cent interest on the deposits.
- The Canara Bank & Bank of India have envinced interest to provide loan to the Rs 6,500 crore joint venture Bharat Oman Refineries project in Madhya Pradesh.
- Public Sector Canara Bank has hiked prime lending rate & MTLR to 12.25 per cent from 11.75 per cent & 12 per cent respectively with effect from 10th August.
- The Bank came up with a vanilla bonds issue of Rs 300 crore to increase the tier-II capital before september 30.
- Bangalore - based Canara Bank has set up four corporate service branches in Bangalore, Mumbai, Delhi & Chennai & is likely to covert more branches for specialised services. - Canara Bank, the 100 per cent government-owned public sector bank will be roping in an overseas joint venture partner for its mutual fund subsidiary in the next three months.
- Canara Bank has entered into an agreement with the Al Mirza group in Oman for opening an exchange house that will be managed by officers deputed by bank.
- Canara Bank will introduce its voluntary retirement scheme on January 1, 2001.
- Canbank Factors Ltd., a subsidiary of Canara Bank, has launched its export-factoring activity & has appointed GE Capital International Finance, SPA as is import factor.
2001 - Canbank Factors Ltd., a subsidiary of Canara Bank, has opened its eighth branch in New Delhi.
- The Public Sector Canara Bank has entered into an arrangement with the Infrastructure Development Finance Comp. for financing core sector projects.
- Canara Bank has named RV Shastri as its new chairman & Managing Director.
2002
-Drops plan to bring in a joint venture partner in its proposed credit card subsidiary
-Canbank Computer Services Ltd, a subsidiary of Canara Bank, awarded the revised ISO certification, ISO 9001:2000, by BVQI
-Launches Laghu Udhyami Credit Card to give its small borrowers credit facilities
-Reduces interest rates on NRE & domestic term deposits
-Launches 3 ATMs at Nanganallur, Annanagar & Valmikinagar of Tamil Nadu
-Reduces interest on housing loan
-Slashes Prime Lending Rate to 11.5% from 11.75%
-Eight Regional Rural Banks [RRBss] sponsored by Canara Bank report total business of Rs 4,030 crore
-Hands over dividend of Rs 80 crore to the Union Government
-Reduces its equity capital to Rs 300 crore
-Returns 48 per cent [Rs 277.87 crores] of its capital of Rs 577.87 crore to Central Government
-Launches 'Anywhere Banking' facility in Hyderabad making it the fifth city in the country to have the facility in addition to Bangalore, Mumbai, Delhi, Kolkata and Chennai
-Comes out with public issue of 110,000,000 equity shares of Rs 10 each at a premium of Rs 25 per share aggregating Rs 385 crore
2003
-SBI & Canara Bank tie up to kick off full fledged operations in Moscow
-Launches a new credit scheme to encourage solar home lighting systems in Karnataka with assistance from the United Nations Environment Programme [UNEPs]
-Ties up with Aviva Life Insurance Comp. to act as Corporate Agent for selling the Life Insurance products of AVIVA without risk participation
-Aviva Life Insurance launches sale of its products through Canara Bank
-Issues Tier II Capital [Unsecured Redeemable Non-Convertible Subordinated Bondss] aggregating Rs 400 crore
-Launches a floating rate deposit scheme [FRDSs] for high networth individuals
-Raises Rs 500 cr via Tier II bonds
-Strikes a structured deal with Central Board of Trustees [CBoTs] to privately place its tier-2 bond issue for Rs 250 crore at 7.25 per cent
-Canara Bank Regional Rural Banks witness 16 % growth for 2002-03
-Adds seven more ATMs in Kerala
-Tops the recovery list of Non Performing Assets [NPAs] among nationalised banks
-Reduces interest rates by 2 pc for SSI loans
-Ties up with Mahindra and Mahindra for tractor financing
-Canara Bank, Central Bank of India [CBIs], Indian Overseas Bank [IOBs], UCO Bank & Union Bank of India [UBIs] form an alliance to launch `Cash Online' ATM network
-Eicher Tractors sign MoU with Canara Bank for providing financing solution to farmers buying Eicher Tractors & other farm implements
-- Canara Bank along withCentral Bank of India [CBIs] , Indian Overseas Bank [IOBs], UCO Bank & Union Bank of India [UBIs] have formed an alliance to launch `Cash Online' ATM network
-Canara Bank has signed a memorandum of understanding [MoUs] with the Small Industries Development Bank of India [SIDBIs] for co-financing small-scale industries, service sector & for undertaking related infrastructure projects.
-Canara Bank unveils special loan scheme for women
-Canara Bank raises Rs.250 crore Tier-II capital
2004
-Central Government nominates Smt Supriya Pattnaik, General Manager, Reserve Bank of India, as a Director on the Board of Directors of Bank with immediate effect in place of Shri C S Murthy
-Canara Bank and Bank of India acquire 4% stake in Mercator Lines
-Canara Bank enters into strategic tie-up with Western Union & its primary agent AFL WIZ
-Introduces a loan scheme for individuals to subscribe to initial public offers at five cities - Bangalore, Chennai, Kolkata, Delhi & Mumbai - with an aim to cater to the needs of retail investors
-Canara Bank opens its first Mahila Banking Branch in Kerala
-Canara Bank announced the launch of `E-kisan credit card', an ATM enabled card for farmers
-Canara Bank has launched a loan scheme for medical fraternity - Doctor Choice - in Bangalore
- Canara Bank unveils 2 new ATMs in Thiruvananthapuram
- Canara Bank ties up with BAL for auto finance
-Canara Bank unveils new ATM in Hayatnagar
-Canara Bank unveils new branch in Udupi
- Canara Bank signs a Memorandum of Understanding [MoUs] with M/s Tractor and Farm Equipment Manufacturers Ltd [TAFEs].
-Canara Bank has announced the launch of housing loan scheme designed exclusively for employees of Kerala Water Authority [KWAs]
-Canara Bank has entered into a franchise agreement with Western Union Financial Services for money transfer facility
-Canara Bank has launched a 'gold card' scheme for exporters, under which it will offer a three-year credit period with an automatic renewal clause, & with competitive interest & charges
-Canara Bank, one of premier Banks in the country has signed a Memorandum of Understanding [MoUs] with M/s Kerala Agro Machinery Corporation Limited [KAMCOs], one of largest manufacturers of power tillers
-Canara Bank, one of premier Banks in the country has signed a Memorandum of Understanding [MoUs] with M/s Plastro Plasson Industries [Indias] Ltd, one of leading Companies which specializes in manufacturing of micro-irrigation equipments & also undertakes projects on turnkey basis, for financing of micro-irrigation equipments to farmers
-Canara Bank & HDFC Mutual Fund on August 12 signed an agreement for bank to distribute HDFC MF products through its network
-Canara Bank has informed that the Bank vide agreement dated August 12, 2004 with HDFC Asset Management Comp. Ltd has entered into a strategic alliance for cross selling of schemes/products of HDFC Mutual Fund, launched from time to time
-Canara Bank, TVS Motor rolls out TVS Canmobile
-Canara Bank forges alliance with New Holland Tractors
-Al Razouki partners with Canara Bank
-Canara Bank launches new schemes 'Cantravel', 'Cantech'
-Canara Bank signs agreement with Russian Bank
2005
- On January 3, 2004, launches multi-point interactive video conferencing as a means to review the performances of its circles from its headquarters in Bangalore.
-Canara Bank inks bancassurance pact with United India Insurance Co Ltd [UIICLs].
-Canara Bank signs MoU with NCMSL
-Canfin Homes launches three new loan products
-Canara Bank appoints Shri M B N Rao as Chairman and Managing Director [CMDs] up to June 30, 2008
-Canara Bank sets up ATM
-Canara Bank begins operation in Shanghai on August 08,2005.
-Canara Bank tied up with i-flex Solutions for core-banking project & IBM will be the systems integration partner.
-Canara Bank joins hand with Dakshina Kannada milk co-op
2006
-Canara Bank has signed a memorandum of understanding [MoUs] with Tata BP Solar India Ltd, to extend a soft loan for purchase of water heaters
-Canara Bank has informed that in exercise of powers conferred by clause [bs] of sub-section [3s] of section 9 of Banking Companies [Acquisition & transfer of Undertakingss] Act, 1970 / 1980 read with sub clause [1s] of clause 3 of Nationalized Banks [Management & Miscellaneous Provisionss] Scheme, 1970 / 1980, the Central Government, nominated Shri Amitabh Verma, Joint Secretary [BOAs], Ministry of Finance Banking Division, as a Director of Bank in the place of Shri G C Chaturvedi, vide notification Dated October 31, 2006, with immediate effect & until further orders.
2007
- Canara Bank has inked a memorandum of understanding with the ICRA Ltd for credit rating small & medium enterprises. The MoU will facilitate extending comprehensive rating services to all the bank SME customers. This was especially since Canara Bank was aiming to expand its advances to the sector.
-Canara Bank has appointed Shri. Alok Kumar Misra, Executive Director of Bank as Chairman and Managing Director of Oriental Bank of Commerce by Government of India, Ministry of Finance, Department of Economic Affairs, Banking Division, vide its Notification dated June 04, 2007.
- Canara Bank has appointed Shri D L Rawal, General Manager, Punjab National Bank, as a whole time director [designated as the Executive Directors] of Bank from the date of his taking charge i.e. from June 06, 2007 & until further orders or till the date of his superannuation i.e. upto October 31, 2011, vide notification dated June 06, 2007.
- Canara Bank has rolled out two new schemes for their High Networth Individuals - SB Gold [Savings Banks] & Can-Premium Current Account. The schemes offer various services like free debit & credit cards, anywhere banking facility, internet & mobile banking facility with free funds transfer, telebanking & issue of demand drafts at concessional charges, among others. SB Gold scheme, which was first launched in Bangalore last year, has been extended to the bank customers across the country.
- Canara Bank, HSBC Insurance [Asia-Pacifics] Holdings & Oriental Bank of Commerce have formally signed agreement to jointly establish life insurance Comp. in India.
- Canara Bank announced a 0.50 per cent cut in floating interest rates on home loans, indicating easing cost of funds that prompted segment leader HDFC too to rollback rates last week.
2008
- Canara Bank has informed that in exercise of powers conferred by clause [es] Sub-Section 3 of Section 9 of Banking Companies [Acquisition & Transfer of Undertakingss] Act, 1970, read with sub- clause [2s][as] of clause 9 of Nationalized Banks [Management & Miscellaneous Provisionss] Scheme, 1970, the Central Government has appointed Shri. Devender Dass Rustagi, Special Assistant, Canara Bank, Recovery Section, Circle Office, Nehru Place, New Delhi as Workmen Employee Director on the Board of Directors of Canara Bank, vide Notification dated September 15, 2008, for a period of three years from the date of Notification or until further orders whichever is earlier.
2009
- Canara Bank has appointed Shri. Jagdish Pai K L, General Manager, Bank of India as a whole time director [designated as Executive Directors] of Canara Bank with effect from the date of his taking over charge & up to June 30, 2011 i.e. the date of his superannuation or until further orders, whichever is earlier, vide notification dated February 04, 2009.
- Canara Bank has entered into an alliance with Hyundai Motor India Ltd to finance the passenger vehicles manufactured by company. The bank will extend the finance facility to the buyers through its branches across the country as well as through the 251 Hyundai dealers.
- Canara Bank has informed BSE that in exercise of powers conferred by clause [as] of sub-section [3s] of section 9 of Banking Companies [Acquisition & Transfer of Undertakingss] Act, 1970/1980, read with sub-clause [1s] of clause 3, sub-clause [1s] clause 8 of Nationalized Banks [Management & Miscellaneous Provisionss] Scheme, 1970/1980, the Central Government, after consultation with the Reserve Bank of India, has appoints Shri. H S U Kamath, General Manager Union Bank of India as a whole time director [designated as Executive Directors] of Canara Bank with effect from the date of his taking over charge & up to December 31, 2013 i.e., the date of his superannuation or until further orders, whichever is earlier, vide notification dated March 26, 2009.
He has taken charge as Executive Director of Bank w.e.f. March 26, 2009.
