Canara Bank
Canara Bank is the third largest nationalised bank in India. It is under the ownership of the Ministry of Finance, Government of India. It is headquartered in Bangalore. Established in 1906 at Mangalore by Ammembal Subba Rao Pai, the bank also has offices in London, Hong Kong, Dubai and New York. History. 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. Canara Bank's first acquisition took place in 1961 when it acquired Bank  of Kerala. This had been founded in September 1944 and at the time of its acquisition on 20 May 1961 had three branches. The second bank that Canara Bank acquired was Seasia Midland Bank (Alleppey), which had been established on 26 July 1930 and had seven branches at the time of its takeover. In 1958, the Reserve Bank of India had ordered Canara Bank to acquire G. Raghumathmul Bank, in Hyderabad. This bank had been established in 1870, and had converted to a limited company in 1925. At the time of the acquisition G. Raghumathmul Bank had five branches. The  merger took effect in 1961. Later in 1961, Canara Bank acquired Trivandrum Permanent Bank. This had been founded on 7 February 1899 and had 14 branches at the time of the merger. Canara Bank acquired four banks in 1963: the Sree Poornathrayeesa Vilasam Bank, Thrippunithura, Arnad Bank, Tiruchirapalli, Cochin Commercial Bank, Cochin, and Pandyan Bank, Madurai. Sree Poornathrayeesa Vilasam Bank had been established on 21 February 1923 and at the time of its acquisition it had 14 branches. Arnad Bank had been established on 23 December 1942 and at the time of its acquisition had only one branch. Cochin Commercial  Bank had been established on 3 January 1936, and at the time of its acquisition had 13 branches. The government of India nationalised Canara Bank, along with 13 other major commercial banks of India, on 19 July 1969. In 1976, Canara Bank inaugurated its 1000th branch. In 1985, Canara Bank acquired Lakshmi Commercial Bank in a rescue. This brought Canara Bank some 230 branches in northern India. In 1996, Canara Bank became the first Indian Bank to get ISO certification for "Total Branch Banking" for its Seshadripuram branch in Bangalore. Canara Bank has now stopped opting for ISO certification of  branches. On 30 August 2019, Finance Minister Nirmala Sitharaman announced that Syndicate Bank would be merged with Canara Bank. The proposed merger would create the fourth largest public sector bank in the country with total business of and 10,324 branches. The Board of Directors of Canara Bank approved the merger on 13 September. The Union Cabinet approved the merger on 4 March 2020. The merger was completed on 1 April 2020 with Syndicate Bank shareholders receiving 158 equity shares in the former for every 1,000 shares they hold. Overseas subsidiaries, branches and offices. Canara Bank established its international division in  1976. In 1983, Canara Bank opened its first overseas office, a branch in London. Two years later, Canara Bank established a subsidiary in Hong Kong, Indo Hong Kong International Finance. In 2008–9, Canara Bank opened its third foreign operation, this one a branch in Shanghai. Later Canara Bank established a branch each in Leicester and Bahrain, and converted its Hong Kong subsidiary into a branch. It also has a representative office in Sharjah. Together with State Bank of India, Canara Bank established a joint venture in Moscow, Commercial Bank of India LLC. Canara Bank provides the general manager and the  branch managers for Al Razouki Intl Exchange Co (LLC), which a number of business leaders and non-resident Indians (NRIs) established in 1981 in the United Arab Emirates to facilitate remittances to India by tourists and NRIs. Since 1983, Canara Bank has been responsible for the management of Eastern Exchange Co. WLL, Doha, Qatar, which Abdul Rahman M.M. Al Muftah established in 1979. Canara Bank opened its seventh overseas branch in New York, United States on 10 June 2014. Regional rural banks. Canara Bank sponsors four regional rural banks (RRB): Development projects. Canara Bank partnered with UNEP to initiate a  solar loan program. This four-year $7.6 million effort launched in April 2003, to help accelerate the market for financing solar home systems in southern India. Empower. Canara Bank offers Unified Payment Interface (UPI) app named “empower”. This app empowers Canara Bank and other Bank customers to perform pay and collect transactions using a single mobile app. On 19 November 2017, it launched Canarites (Candi) app, a digital library, a field recovery mobile app, a retail loan (vehicle) – tracking system, and a regulatory guidance tracking system. On 7 May 2020, Bhanu Srivastav from Canara Bank, partnered with NGOs to  donate all his royalty proceeds for the betterment of needy children. He is working at Canara Bank Head Office, in Human Resource Department and a bestselling author of novel 'Hacker 404 Happiness not found'. On 23 May 2020, Canara Bank announced credit support for borrowers affected by COVID-19 to enable them to avail the sanctioned facilities to the full extent and improve their business. On 19 July 2020, Canara Bank announced to raise up to Rs 8,000 crore equity capital in Financial Year 2021 to strengthen capital base and to boost capital adequacy ratio in view of expansion plans. The  Bank will seek nod from shareholders for the same in its AGM in August 2020. Controversies. Money Laundering. On 6 June 2018, the UK division of Canara Bank was fined £890,000 ($1.2 million) by the UK's Financial Conduct Authority and was blocked from accepting new deposits for around five months for systematic anti-money laundering (AML) failures.