History of Corporation Bank
1906
- The Comp. was Incorporated at Udipi. The Bank transacts banking business of every description. The undertaking of Corporation Bank Ltd., was taken over by Government by an Ordinance promulgated on 15th April, 1980 viz., Banking Companies [Acquisition & Transfer of Undertakingss] Ordinary, 1980 & vested in a new bank under the name 'Corporation Bank'.
- The Bank sponsored a RRB under the name 'The Chikmagalur-Kodagu Grameen Bank'.
1984
- Rs 10 lakhs contributed by Govt.
1985
- Rs 440 lakhs contributed by Govt.
1986
- Rs 200 lakhs contributed by Govt.
1988
- Rs 400 lakhs contributed by Govt.
1990
- Rs 500 lakhs contributed by Govt.
1991
- Rs 2000 lakhs contributed by Govt.
1992
- Rs 3000 lakhs contributed by Govt.
1993
- Rs 4500 lakhs contributed by Govt.
1996
- Total Branch Automation package was launched in 46 branches taking the total number of branches under TBA project to 151.
- Rs 30,00,00,000 returned during the year.
1997
- As at 31st March, the banks per capital investment under the IRDP was Rs 9000.
- The Bank established the Corporation Bank Self Employment Training [COBSETs] Institute at Chikmagalur in co-ordination with Government of Karnataka. It conducted Radio and TV repairs, motor rewinding screen printing, mushroom cultivation etc.
- The Banks is one of Co-promoters of Primary Dealer in Govt. Securities, which has been promoted by Canara Bank viz. Gilt Securities Trading Corporation of India Ltd.
- 84 branches were provided with Satellite based Communication NetWork System [E-Mail taking the total number of branchess] with E-Mail connectivity to 219.
- Corporation Bank has cut its prime lending rate to 13.5 per cent from 14 per cent & will be entering the capital market on September 24 with a public issue of equity shares at the rate of Rs 80 per share which the bank board has considered reasonable at a price to earning ratio of 5.2 & price to book value of just 1.6.
- According to Hugar, Corporation Bank is the only bank in the country to set up specialised collection & payment service branches. The first branch has been set up in Bangalore.
- Corporation Bank is working on a joint venture with National Housing Bank [NHBs] to form a housing finance company. The public sector bank last month submitted the proposal to Reserve Bank of India [RBIs].
- The Reserve Bank of India has in principle approved Mangalore-based Corporation Bank proposal for setting up a wholly owned housing finance subsidiary.
1998
- Corporation Bank has obtained registration for its first wholly owned subsidiary - Corp-bank homes Ltd - from the National Housing Bank.
- Corporation Bank is setting up a housing finance subsidiary, CorpBank Homes Ltd, which will be inagurated on 22nd May in Mangalore.
- As part of golden jubilee celebration of India Independence, Corporation Bank has created two endowments for promotion of education in Dakshina Kannada district.
- Corporation Bank has entered into a strategic alliance with the Stock Holding Corporation of India Ltd., [SHCILs].
- Corporation Bank is the first public sector bank to launch the bullion scheme for jewellery exporters following the necessary amendments made by Maharashtra State Government in the Mumbai Sales Tax Act of 1959.
1999
- Close on the heels of having set up a housing finance subsidiary, Corporation Bank has drawn up plants to become a primary dealer in the money markets & has initiated talks with foreign majors for getting into the insurance field as soon as the sector opens up.
- Corporation Bank is confident of its subsidiary doing well in the primary dealership firm as the bank has one of most active treasury departments among public sector banks.
2000
- The Industrial Finance Branch of Bank in New Delhi has received the ISO 90002 certificate issued by Det Norske Veritas, Netherlands.
- The Bank has entered into a 'Strategic Business Alliance' with Netsavvy Solutions Pvt. Ltd., a Chennai-based company, to provide Internet banking facilities to its customers.
- The Bank has launched its tele-banking facilities called `Corp Dial' at its home city-Managalore & Udupi in Karnataka.
- The Bank has become the first public sector bank in the country to adopt US GAAP accounting standards.
- Chennai-based Laser Soft Infosystems Ltd, exclusively focussed on developing software suited to the banking industry, has signed a major contract recently with the Corporation Bank to bring about total branch automation through a unique concept called `cluster banking'.
- Public Sector Corporation Bank will enter a three way tie-up to foray into the life insurance sector ad has created a separate divsion within the bank to speed up the entry procedure.
- Corporation bank chose Chennai for launching its `Any branch banking' product covering the 12 computerised branches in the city.
- Corporation Bank has launched 'Corp Access' - the bank any branch banking product at Chennai.
- SalahkarIndia.com has tied up with Corporation Bank to display its products on the investment site of SalakharIndia.
- S K Cherian Varghese has been appointed by hte Reserve Bank of India as the chairman & managing director of Corporation Bank for five years.
- The Bank has launched a payment processing centre for its corporate clients.
- Corporation Bank has launched its Internet-based cash management service for its corporate customers.
2001
- The State-run Corporation Bank is proposing to introduce demat services on its own to its customers early in the month of March.
- Mr. P.K. Gupta has been appointed as the Wholetime Director designated as Executive Director effective from February 23, in place of Mr. N.S. Gujral.
-Corporation Bank house magazine Kshema has won `The best editorial content award 2000' in the all-India house journal competition, organised by Mayarm Surjan Foundation, Rajpur.
2002
- Corporation Bank has informed that in exercise of powers conferred by provisions of Banking Companies. The Central Government has appointed Shri Ramesh Chander Chandiwala, as Non-Executive Director of Bank for a period of three years with effect from November 05, 2001.
- Central Govt. nominates Pradeep Kumar as Non-Executive Director of Corporation Bank.
-Corporation Bank has informed that the following Directors on the Board of Bank have retired on July 04, 2002, on completion of their term of office. 1. V K Chanana, 2. B Ganapath Pai 3. K K G Pillai, 4. Dushyant Tyagi.
-Corporation Bank has informed that at the 5th Annual General Meeting of Shareholders held on July 24, 2002 the following shareholders were declared elected as Directors on the Board of Bank, representing the shareholders.
1. Shri S Ravi 2. Shri A Ramamurthy 3. Shri Dushyant Tyagi 4. Shri S B Mathur 5. Shri K K G Pillai 6. Shri V K Chanana
The above Directors are deemed to have assumed office with effect from July 25, 2002. The term of office of above Directors will be three years upto July 24, 2005.
- Shri K Venugopal, Director on the Board of Bank has resigned as Director with effect from September 12, 2002.
2003
- Corporation Bank has obtained the right to host ATMs at 14 stations of Western Railway. Western Railway had invited bids for 51 stations starting from Churchgate [Mumbais] to Vapi [Gujarats]s
- National Bank for Agriculture & Rural Development [Nabards] & Corporation Bank have signed a MoU for co-financing of hi-tech agricultural, agro-processing & export-oriented projects. Joint financing by these banks would help accelerate capital formation in rural areas
- Corporation Bank has informed that Shri A Ramamurthy, Director on the Board of Bank expired on February 23, 2003.
- Corporation Bank on March 25, inaugurated 33 new outlets within premises of Life Insurance Corporation. These service outlets, which includes extension counters & automated teller machines are spread across the states of Punjab, Delhi, Rajasthan, Jharkhand, Orissa, Maharashtra, Goa, Karnataka & Tamil Nadu
- Corporation Bank has informed that the Central Government has nominated Shri D N Prakash as Officer Employee Director on the Board of Bank for a period of three years from March 26, 2003 & thereafter until his successor has been nominated or untill he ceases to be an officer of Bank, whichever is earlier.
- The Chairman & Managing Director [CMDs] of Corporation Bank, Mr K. Cherian Varghese, received two `regional awards' for years 2000-2001 & 2001-2002 on behalf of Town Official Language Implementation Committee [TOLICs] of Mangalore for contribution made towards the implementation of official language policy of Government.
-Corporation Bank has informed the Exchange that Shri Ramakant Vashishtha, shareholder of Bank is deemed elected on June 30, 2003 as Director on the Board of Bank, representing the shareholders of Bank.
-Corporation Bank has informed that Shri Ramakant Vashishtha, shareholder of Bank is deemed elected on June 30, 2003 as Director of Board of Bank, representing shareholders of Bank.
- Corporation Bank has entered into an alliance with ECGC [Export Credit Guarantee Corporations] for a corporate agency tie-up.
-Donates Rs 1 crore to Prime Minister National Relief Fund
-Signed MoU to collaborate with Eicher for financing tractors to farmers.
-Corporation Bank bags Forbes Award
2004
- Corporation Bank has signed an agreement with DSP Merrill Lynch Mutual Fund
-Corporation Bank inks pact with Toyota Motors
-Corpn Bank signs Memorandum of agreement with Honda Siel Power Products limited to provide easy loans for purchasing Honda power generators
-Government of India nominates Smt. Uma Shankar, General Manager, Reserve Bank of India, Bangalore, as a Director on the Board of Bank w.e.f. January 9, 2004 until further orders, vice Shri G.K. Sharma.
-Andhra Bank inks pact with Corpn Bank to share ATMs
-Corpn Bank opens 5 more branches in Bangalore
-Corpn Bank, Texmo in tango for agri-pumpsets
-Corpn Bank gets Best Public Sector Bank award
-Ties up with Tractors & Farm Equipment Ltd for financing tractors to farmers
-Government of India has appointed Shri Ch. Hanumantha Rao as a Workman Employee Director on the Board of Bank
-Corporation Bank, Tanishq & World Gold Council [WGCs] have entered into a tie-up to offer finance scheme to their customers for purchase of gold jewellery
-Ties up with Bajaj Auto Ltd to finance two wheelers
-Corporation Bank has signed a memorandum of understanding with SAME Deutz-Fahr India [Ps] Ltd for financing its tractors to farmers.
-Corporation Bank & ICFAI University have signed a memorandum of understanding [MoUs] to publish research papers submitted & discussed at the Bank Economists' Conference [BECONs] 2002, as books
-Inks MoU with Greaves Cotton limited for financing farm machines to farmers
-Corporation Bank has entered into an agreement with the Indian Railway Catering & Tourism Corporation [IRCTCs] for online booking of railway tickets
- Corporation Bank wins prestigious 'Best Bank Award for Delivery Channels' from the Institute for Development & Research in Banking Technology [IDRBTs], sponsored by RBI.
- Corporation Bank jointly with New India Assurance launches a mediclaim scheme with a cashless facility for bank ATM & debit cardholders, called 'Corp Mediclaim'
2005
-Corpn Bank rolls out Kisan Card for farmers
-Corporation Bank inks agreement with IL&FS Investsmart for offering capital market services to the bank customers
-Corporation Bank opens CAPS branch
2006
-Corporation Bank unveils 3 schemes for SMEs
-Corporation Bank has informed that Shri Ramakant Vashishtha, Shareholders Director on the Board of Bank has resigned as Director with effect from October 23, 2006.
2007 -Corporation Bank has informed that Shri. D N Prakash, Officer Employee Director on the Board of Bank is ceased to be member of Board of Bank effective from March 08, 2007.
- Corporation Bank has joined hands with Mumbai dabbawallas to source clients for offering banking services.
-Corporation Bank has entered into Memorandum of Understanding [MOUs] with CRISIL Ltd for Rating of Small and Medium Enterprises [SMEss], Small Scale Industries [SSIss] & Facility Rating of corporates as required under BASEL II.
-Corporation Bank has has signed a Memorandum of Understanding with Credit Analysis and Research Ltd [CAREs] on December 20, 2007 for assigning credit rating to SME units & also Bank loan Rating to existing / prospective customers of Bank. 2008
- Corporation Bank has appointed Shri. Asit Pal,Genera] Manager, Bank of Baroda as a Whole Time Director [designated as Executive Directors] of Bank up to November 30, 2010.
