Top 10 Banks in India 2015

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7. Canara Bank

Established in the year 1906 and nationalized in the year 1969, the Canara Bank is one of the oldest banks in India. The headquarters of this bank is located in Bangalore, Karnataka.

It was established as the Canara Hindu Permanent Fund in Mangalore on 1 July 1906 by Ammembal Subba Rao Pai, a philanthropist. Later in 1910 it was renamed to Canara Bank Limited. The Canara bank acquired the Bank of Kerala on May 20, 1961 which at that time had three branches. Seasia Midlank Bank was the second bank that was acquired by Canara Bank. Thereafter in 1963 it acquired four other banks- Sree Poornathrayeesa Vilasam Bank, Arnad bank, Cochin Commercial Bank and Pandyan Bank.

The International Division of the Canara bank was established in 1976 and its first overseas bank was opened in London in 1983. Indo Hong Kong International Finance was established as a subsidiary in 1985 in Hong Kong. Later it established branches each in Shanghai, Leicester and Bahrain and also opened a representative office in Sharjah. Lately on June 10, 2014 the bank has opened another overseas branch in New York, USA. It has also established with the State Bank of India, the Commercial Bank of India LLC, a joint venture in Moscow.

The Canara Bank has strengthened its domestic presence in India through a distribution network comprising of 5641 branches across the country. It also has 7599 ATMs in 3839 centers. It also sponsors two RRBs (Regional Rural Banks)-the Kerala Gramin Bank, the largest RRB in India which operates in all districts in Kerala and the Pragathi Krishna Gramin Bank which has 645 branches sread across 11 districts in Kerala.

The canara bank has taken a number of IT initiatives which include setting up of 132 hi-tech E-lounges in select branches. These would have facilities like ATM and Kiosks for Cash Deposit, Cheque Deposit and Self printing Passbook. Other facilities include Internet banking terminal, Online Trading terminal and Corporate Website Access.

Total Assets (in $ billion): 83.96

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