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Announcements

दिनांक Date         

घोषणाएँ  Announcements

07.09.2017

An Extraordinary General Meeting of the Bank was held at Mangaluru on 07.09.2017 to elect two directors from amongst the shareholders of the Bank, other than the Central Government. In the election held in the EGM dated 7th September 2017, out of the three candidates, the following two candidates polled majority of the votes and accordingly they were elected as Directors.

SI. No.

Names

1.

Shri Pradeep Kumar Jain

2.

Ms. Chitra Gouri Lal

The above two directors shall be deemed to assume office from 8th September 2017 for a period of three years from the date of assumption that is till 7th September 2020.

30.08.2017

The Bank has decided to introduce a two tier saving bank interest rate w.e.f. 01.09.2017 as follows :

Criteria

% of interest w.e.f. 01.09.2017

Savings Bank Balance below Rs.50 Lac

3.50 p.a.

Savings Bank Balance Rs.50 Lac & above

4.00% p.a.

(Existing Rate – No Change)

 

26.08.2017

Shri Sushobhan Sarker, Ms. Chitra Gouri Lal and Shri Ramesh Kumar Bhat, Shareholder Directors have ceased to be Directors on the Board of the Bank from 26th August 2017 on completion of their term on 25th August 2017.

21.08.2017

Bank has been informed by Indian Banks’ Association vide their circular letter no. CIR/HR&IR/Q/2017-18/3342 dated 05.08.2017, that all constituent unions of United Forum of Bank unions (UFBU) have given a call for a strike on Tuesday, 22nd August 2017.

16.08.2017

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 15th August 2017 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

8.15

one-month MCLR

8.15

three-month MCLR

8.20

six month MCLR

8.65

One year MCLR

8.75

17.07.2017

1. The Extra Ordinary General Meeting of the Shareholders of the Bank to be held on Thursday, the 7th September 2017 at 10.30 A.M. at Head Office, Mangaluru.

2.  The date 11.08.2017 has been fixed as record date/cut off date to consider the names of the shareholders entitled to participate in the Election, i.e. to nominate and contest for election of two Shareholder Directors. Thursday, 31.08.2017 has been fixed as the evoting cut off date for participation in Remote E-voting and voting by poll on the business of the the meeting. 

06.07.2017

CARE Ratings Ltd. has reviewed the credit ratings of the Bank’s Debt Instruments as below:

 

Instrument

Amount               (Rs. Crore)

Rating

Remarks

Lower Tier II Bonds

500.00

CARE AA-; Stable

(Double A Minus; Outlook:Stable)

Reaffirmed

Upper Tier II Bonds

2850.00

CARE A+; Stable

(Single A Plus; Outlook:Stable)

Reaffirmed

Perpetual Bonds

 

737.50

CARE A+; Stable

(Single A Plus; Outlook:Stable)

Reaffirmed

28.06.2017

The Twentieth Annual General Meeting of the Shareholders of the Bank was held on 28th June 2017 at Mangaluru.  In the said meeting the shareholders have resolved and approved the following:

  1. Discussed, approved and adopted the Audited Standalone and Consolidated Balance Sheet of the Bank as at 31st March, 2017, Standalone and Consolidated Profit and Loss Account of the Bank for the year ended 31st March, 2017, the Report of the Board of Directors on the working and activities of the Bank for the period covered by the Accounts and the Auditors’ Report on the Balance Sheet and Accounts.

Approved raising of capital of the Bank by way of issuance of fresh equity shares and/or by issuance of Additional Tier – I or Tier – II capital as per Basel III Guidelines to the extent of Rs.3500/- crore.

21.06.2017

Brickwork Ratings has reaffirmed the ratings of Corporation Bank’s Bond issues as below :

Type of Instrument

Amount (Rs. in Cr)

Issue Date

Maturity Date

Rating (Mar 2016)

Upper Tier II Bonds

500

06 May 2009

06 May 2024

BWR AA+ (Outlook Negative)

Reaffirmed

Perpetual Tier I Bonds

300

10 July 2009

10 July 2024

BWR AA+ (Outlook Negative)

Reaffirmed

14.06.2017

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 15th June 2017 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

8.15

one-month MCLR

8.15

three-month MCLR

8.25

six month MCLR

8.65

One year MCLR

8.75

09.06.2017

CRISIL Ltd. has revised the credit ratings of the Bank’s Debt Instrument as below :

 

Rs 1000 crore Tier I Bonds (Under Basel III )

CRISIL A/Stable (Outlook revised from ‘Negative’ and rating reaffirmed)

Rs.500 crore Tier II Bonds (Under Basel III )

CRISIL AA/Negative (Withdrawal)*

Lower Tier II Bonds (under Basel II) Aggregating Rs.1200 crore

CRISIL AA/Negative (Reaffirmed)

Tier I Perpetual Bonds (Under Basel II) Aggregating Rs.437.5 crore

CRISIL AA-/Negative (Reaffirmed)

Upper Tier II Bonds (Under Basel II) Aggregating Rs.1400 crore

CRISIL AA-/Negative (Reaffirmed)

Fixed Deposit Programme

FAAA/Negative (Reaffirmed)

*as the Bonds have not been raised.

29.05.2017

India Ratings and Research Pvt. Ltd. has revised the ratings of Corporation Bank’s Debt Instrument as below :

Instrument

Rating

Remarks

Long-Term Issuer Rating

IND AA

(Outlook Stable)

Affirmed

INR 5 BN Basel III compliant Tier II Bonds

 

IND AA

(Outlook Stable)

Affirmed

INR 10 BN Basel III compliant AT I Instrument

IND A +

(Outlook Negative)

Affirmed; Outlook revised from to Negative.

20.05.2017

1. The Annual General Meeting of the Shareholders of the Bank to be held on Wednesday, the 28th June 2017 at 10.30 A.M. at Head Office, Mangaluru.

2.  The Date 22.06.2017 to 28.06.2017 (both days inclusive) as Book Closure Date for Annual General Meeting. The cut-off date for Remote E-Voting will be 22.06.2017.

12.05.2017

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 15th May 2017 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

8.20

one-month MCLR

8.20

three-month MCLR

8.30

six month MCLR

8.65

One year MCLR

8.75

06.05.2017

Shri Sunil Mehta, Executive Director of the Bank has ceased from the services of the bank on 5th May 2017 upon his appointment as Managing Director and Chief Executive Officer  of Punjab National Bank. 

07.04.201 7

Brickwork Ratings has reaffirmed the ratings of Corporation Bank’s Bond issues as below :

Type of Instrument

Amount (Rs. in Cr)

Issue Date

Maturity Date

Rating (Mar 2016)

Upper Tier II Bonds

500

06 May 2009

06 May 2024

BWR AA+ (Outlook Negative)

Perpetual Tier I Bonds

300

10 July 2009

10 July 2024

BWR AA+ (Outlook Negative)

07.04.2017

CRISIL Ltd. has reaffirmed the credit ratings of the Bank’s Debt Instrument as below :

Rs 5.00 Billion Tier II Bonds (Under Basel III )

CRISIL AA/Negative (Reaffirmed)

Lower Tier II Bonds (under Basel II) Aggregating Rs.12.00 Billion

CRISIL AA/Negative (Reaffirmed)

Tier I Perpetual Bonds (Under Basel II) Aggregating Rs.4.375 Billion

CRISIL AA-/Negative (Reaffirmed)

Upper Tier II Bonds (Under Basel II) Aggregating Rs.14.00 Billion

CRISIL AA-/Negative (Reaffirmed)

Rs 10.00 Billion Tier I Bonds (Under Basel III )

CRISIL A/Negative (Reaffirmed)

Fixed Deposit Programme

FAAA/Negative (Reaffirmed)

Rs.250.00 Billion Certificates of Deposit Programme

CRISIL A1+ (Withdrawal)

24.03.2017

Bank has raised Rs.500 crore of the Basel III compliant Additional Tier–1 (Series II) Unsecured, Subordinated, Non-Convertible, Taxable, Perpetual Bonds and the same has been allotted by the Securities Allotment Committee of the Board of the Bank to the respective Bond Investors with a coupon rate of 10.28% per annum.

16.03.2017

Bank is issuing Unsecured, Subordinated, Non-Convertible, Taxable, Perpetual Bonds which will qualify as Additional Tier-1 Capital (as the term is defined in the Basel III Guidelines of the Reserve Bank of India) in the nature of Debentures of Rs.500 crore on Private Placement Basis.

02.03.2017

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f 1st March 2017 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

8.25

one-month MCLR

8.25

three-month MCLR

8.30

six month MCLR

8.65

One year MCLR

8.75

27.02.2017

Bank has been informed by Indian Banks’ Association vide their circular letter no. CIR/HR&IR/Q/2016-17/2105 dated 13.02.2017 that all constituent unions of United Forum of Bank unions (UFBU) have given a call for a strike on Tuesday, 28th February 2017..

04.02.2017

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f 1st February 2017 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

8.30

one-month MCLR

8.30

three-month MCLR

8.35

six month MCLR

8.65

One year MCLR

8.75

03.01.2017

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f 2nd January 2017 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

8.35

one-month MCLR

8.35

three-month MCLR

8.40

six month MCLR

8.65

One year MCLR

8.75

29.12.2016

Credit Analysis & Research Ltd. (CARE Ratings) has reviewed the credit ratings of the Corporation Bank  Debt Instruments as below:

 

Instrument

Amount               (Rs. Crore)

Rating

Remarks

Lower Tier II Bonds

500.00

CARE AA-; Stable

(Double A Minus; Outlook : Stable)

Reaffirmed

Upper Tier II Bonds

2850.00

CARE A+; Stable

(Single A Plus; Outlook : Stable)

Reaffirmed

Perpetual Bonds

 

737.50

CARE A+; Stable

(Single A Plus; Outlook : Stable)

Reaffirmed

26.12.2016

Shri Adish Kumar Jain, Part-time Non-Official Director under Chartered Accountant Category on the Board of the Bank has ceased to be a Director from 26th December 2016 on completion of his term on 25th December 2016.
 

30.11.2016

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f 1st December 2016 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

9.00

one-month MCLR

9.15

three-month MCLR

9.20

six month MCLR

9.35

One year MCLR

9.45

23.11.2016

The Institutional Investor meet was held on Wednesday, 23rd November 2016 at Corporation Bank Head Office, Mangaluru as per following details :
Date
Name
Place
23.11.2016
HDFC Mutual Fund
Mangaluru.

04.11.2016

Shri Bonam Venkata Bhaskar, Part-time Non-Official Director of the Bank has ceased to be a Director from 04th November 2016 on completion of his term on 03rd November 2016.
 

28.10.2016

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f 1st November 2016 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

9.00

one-month MCLR

9.10

three-month MCLR

9.25

six month MCLR

9.35

One year MCLR

9.45

18.10.2016

Shri Ekanath Baliga, Officers’ Employee Director of the Bank has ceased to be a Director from 17th October 2016 on completion of his term on 16th October 2016.

07.10.2016

ICRA Limited has revised the credit ratings of the Corporation Bank  Debt Instruments as below:

 

Instrument

Amount               (Rs. Crore)

Rating

Remarks

Lower Tier II Bonds

700.00

ICRA AA

(ICRA Double A)

(Outlook Negative)

Reaffirmed

Outlook revised from stable to negative

Certificate of Deposits

30,000.00

ICRA A1+

(ICRA A One Plus)

Reaffirmed

29.09.2016

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f 1st October 2016 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

9.05

one-month MCLR

9.15

three-month MCLR

9.30

six month MCLR

9.40

One year MCLR

9.50

28.09.2016

Allotment of 12,45,70,868 equity shares of Rs 2/- each at a premium of Rs 38.78 per share i.e. at an issue price of Rs 40.78 per share on preferential basis to Government of India (President of India).

15.09.2016

An Extraordinary General Meeting of the Bank was held at Mangaluru on 15.09.2016 to consider and approve the issue and allotment of 12,45,70,868 equity shares of the Bank of the face value of Rs.2/- each at an issue price of Rs.40.78 per share to Government of India on preferential basis, in terms of SEBI (ICDR) Regulations, 2009 and other necessary approvals.

01.09.2016

Bank has been informed by Indian Banks’ Association vide their circular letter no. CIR/HR&IR/Q/2016-17/864 dated 18.08.2016 and CIR/HR&IR/Q/2016-17/873 dated 19.08.2016, that AIBEA, AIBOA, BEFI, AIBOC & INBOC have given a call for a strike on Friday, 02nd September 2016.

31.08.2016

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f 1st September 2016 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

8.95

one-month MCLR

9.10

three-month MCLR

9.30

six month MCLR

9.45

One year MCLR

9.50

24.08.2016

Shri Gopal Murli Bhagat, General Manager, Bank of India,  appointed as an Executive Director of Corporation Bank by Central Government vide notification dated 24.08.2016. Accordingly, he has asssumed office as the Executive Director of the Bank on 24.08.2016.

30.07.2016

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f 1st August 2016 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

8.95

one-month MCLR

9.10

three-month MCLR

9.35

six month MCLR

9.45

One year MCLR

9.55

28.07.2016

RBI in exercise of powers conferred under Section 47(A)(1)(c) read with the Section 46(4)(i) of the Banking Regulation Act, 1949 has  imposed a penalty of Rs. 10 million (Rupees Ten Million only) on our Bank due to some lapses in KYC/AML norms, along with some other Banks.

28.07.2016

Bank has been informed by Indian Banks’ Association vide their circular letter no. CIR/HR&IR/Q/2015-16/643 dated 12.07.2016, that United Forum of Bank Union (UFBU) has given a call for a strike on Friday, 29th July 2016.

13.07.2016

Credit Analysis & Research Ltd. (CARE Ratings). has revised the credit ratings of the Corporation Bank  Debt Instruments as below:

 

Instrument

Amount               (Rs. Crore)

Rating

Remarks

Lower Tier II Bonds

500.00

CARE AA-

(Double A Minus)

Revised from CARE AA

(Double A )

Upper Tier II Bonds

2850.00

CARE A+

(Single A Plus)

Revised from CARE AA-

(Double A Minus)

Perpetual Bonds

 

737.50

CARE A+

(Single A Plus)

Revised from CARE AA-

(Double A Minus)

30.06.2016

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f 1st July 2016 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

9.00

one-month MCLR

9.15

three-month MCLR

9.40

six month MCLR

9.50

One year MCLR

9.55

29.06.2016

The Nineteenth Annual General Meeting of the Shareholders of the Bank was held on 29th June 2016 at Mangaluru.  In the said meeting the shareholders have resolved and approved the following:

  1. Discussed, approved and adopted the Audited Standalone and Consolidated Balance Sheet of the Bank as at 31st March, 2016, Standalone and Consolidated Profit and Loss Account of the Bank for the year ended 31st March, 2016, the Report of the Board of Directors on the working and activities of the Bank for the period covered by the Accounts and the Auditors’ Report on the Balance Sheet and Accounts.

28.06.2016

In the Audit Committee meeting of the Bank held on 28th June 2016, Shri M. B. Ganesh, at present the Deputy General Manager, Financial Management Division of the Bank, is appointed as the Chief Financial Officer of the Bank with effect from 28.06.2016 .

04.06.2016

Annual General Meeting of the Shareholders of the Bank to be held on Wednesday, the 29th June 2016 at 10.30 A.M. at Head Office, Mangaluru.

03.06.2016

Shri R. Natarajan, General Manager and Chief Financial Officer of the Bank has completed his term of office in the Bank on attaining the age of superannuation on 31st May 2016.

18.05.2016

1. The Annual General Meeting of the Shareholders of the Bank to be held on Wednesday, the 29th June 2016 at 10.30 A.M. at Head Office, Mangaluru.

2.  The Date 24.06.2016 to 29.06.2016 (both days inclusive) as Book Closure Date for Annual General Meeting. The cut-off date for Remote E-Voting will be 23.06.2016.

01.05.2016

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 1st May 2016 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

  • overnight MCLR

9.00

  • one-month MCLR

9.20

three-month MCLR

9.40

six month MCLR

9.50

One year MCLR

9.55

26.04.2016

India Ratings and Research Pvt. Ltd. has revised the ratings of Corporation Bank’s Debt Instrument as below :

Instrument

Rating

Remarks

Long-Term Issuer Rating

IND AA

(Outlook Stable)

Revised from IND AA +

(Outlook Stable)

INR 5 BN Tier II Bonds

 

IND AA

(Outlook Stable)

Revised from IND AA +

(Outlook Stable)

INR 10 BN AT I Instrument

IND A +

(Outlook Stable)

Revised from IND AA -

(Outlook Stable)

25.04.2016

 

Shri Deverakonda Diptivilasa appointed as an Part-time Non–Official Director on the Board of Corporation Bank by Central Government vide notification dated 25.04.2016.

21.04.2016

Brickwork Ratings has revised the ratings of Corporation Bank’s Bond issues as below :

Type of Instrument

Amount (Rs. in Cr)

Issue Date

Maturity Date

Rating (Mar 2016)

Upper Tier II Bonds

500

May 2009

May 2024

BWR AAA to BWR AA+ (Outlook Negative)

Perpetual Tier I Bonds

300

July 2009

July 2024

BWR AAA to BWR AA+ (Outlook Negative)

01.04.2016

Fixation of Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

  • overnight MCLR

9.05

  • one-month MCLR

9.30

three-month MCLR

9.50

six month MCLR

9.55

One year MCLR

9.60

3 Year MCLR

9.80

23.03.2016

ICRA Ltd. has assigned the ICRA A1+ rating to Bank’s Certificate of Deposit amounting to Rs. 30,000 crore.

22.03.2016

Credit Analysis & Research Ltd. (CARE Ratings) has reviewed the credit ratings of the Bank’s Debt Instrument as below :

Instrument

Rating

Lower Tier II Bonds – Rs 500 crore.

CARE AA (Double A).

Revised from CARE AA+ (Double A Plus).

Upper Tier II Bonds – Rs 2850 crore.

CARE AA - (Double A Minus).

Revised from CARE AA (Double A).

Perpetual Bonds (Basel II) – 737.50 crore.

CARE AA- (Double A Minus).

Revised from CARE AA (Double A).

15.03.2016

Rs 5.00 Billion Tier II Bonds (Under Basel III )

CRISIL AA/Negative ( Downgraded from CRISIL AA+, outlook revised from stable)

Lower Tier II Bonds (under Basel II)Aggregating Rs.15.00 Billion

CRISIL AA/Negative (Downgraded from CRISIL AA+, outlook revised from stable)

Tier I Perpetual Bonds (Under Basel II) Aggregating Rs.4.375 Billion

CRISIL AA-/Negative(Downgraded from CRISIL AA, outlook revised from stable)

Upper Tier II Bonds (Under Basel II) Aggregating Rs.14.00 Billion

CRISIL AA-/Negative(Downgraded from CRISIL AA, outlook revised from stable)

Rs 10.00 Billion Tier I Bonds (Under Basel III )

CRISIL A/Negative (Downgraded from CRISIL AA-, outlook revised from stable)

Fixed Deposit Programme

FAAA/Negative (Outlook revised from stable)

Rs.250.00 Billion Certificates of Deposit Programme

CRISIL A1+ (Reaffirmed)

CRISIL Ltd. has reviewed the credit ratings of the Bank’s Debt Instrument as below :

25.02.2016

ICRA Limited has revised rating of the Bank’s Lower Tier II Bonds from ICRA AA+ Stable to ICRA AA Stable.

24.02.2016

Bank has been informed by Indian Banks’ Association vide their circular letter no. CIR/HR&IR/Q/2015-16/2143 dated 18.02.2016, that All India Bank Officers’ Confedration (AIBOC) has given a call for a strike on Monday, 29th February 2016.

12.02.2016

Bank has announced Unaudited Financial Results (Subjected to Limited Review) for the quarter / nine months ended on 31.12.2015.

01.02.2016

Shri Jai Kumar Garg has assumed office as Managing Director & CEO of the Bank on 1st February 2016.

01.02.2016

Shri Sadhu Ram Bansal, Chairman & Managing Director of the Bank has completed his term of office in the Bank on attaining the age of superannuation on 31st January 2016.

22.01.2016

Shri Sunil Mehta, General Manager, Allahabad Bank,  appointed as an Executive Director of Corporation Bank by Central Government vide notification dated 22.01.2016. Accordingly, he has asssumed office as the Executive Director of the Bank on 22.01.2016.

12.01.2016

The Bank is making an investment of 1,42,000 equity shares at Rs 352 per equity share, having face value of Rs 100.00 each amounting to Rs. 4,99,84,000/-, i.e. in percentage term 1.06%, in the private placement of equity shares of M/s National Payment Corporation of India (NPCI).

06.01.2016

Bank is going to acquire 4% shareholding from the existing shareholder namely Nomura Asset Management Strategic Investments PTE Limited of LIC Nomura Mutual Fund Asset Management Company Ltd. at an aggregate price of Rs 5,66,91,800/- as per the valuation derived, subject to necessary approval and agreement, if any.

01.01.2016

Change in constitution of the Board of the Bank : Shri B. K. Srivastav, Executive Director of the Bank has completed his term of office in the Bank on attaining the age of superannuation on 31st December 2015.

 

31.12.2015

Allotment of 2,81,60,693 equity shares of Rs 2/- each at a premium of Rs 48.78 per share i.e. at an issue price of Rs 50.78 per share on preferential basis to Life Insurance Corporation of India.

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