The Founder President Khan Bahadur Haji Abdullah Haji Kasim Saheb Bahadur, committed to fulfill the long felt banking needs of the people and also to inculcate the habit of savings, provided the much-needed impetus to founding a financial institution that would bring about prosperity to the society.
The content of the first Appeal to the public dated 19th February, 1906 speaks volume about the lofty ideals and ethos behind the foundation. The Founder President Haji Abdullah declared that:
"The Primary object in forming ‘Corporation’ is not only to cultivate habits of thrift amongst all classes of people, without distinction of caste or creed, but also habits of co-operation amongst all classes”.
“This is ‘Swadeshism’ pure and simple and every lover of the country is expected to come forward and co-operate in achieving this end in view ”
The days that followed :
The initial growth was consciously cautious and need based. The first branch of the Bank was opened at Kundapur in 1923, followed by the second in Mangalore in 1926. The Bank stepped into the then Coorg State in 1934 by opening its seventh branch at Madikeri. In 1937 the Bank was included in the second schedule of Reserve Bank of India Act, 1934.
Prosperity to All :
In 1939, the Bank’s name changed from Canara Banking Corporation (Udipi) Ltd., to “Canara Banking Corporation Ltd.,” and strongly put forth its vision with the motto-“ Sarve Janah Sukhino Bhavantu” which means“Prosperity to All ”
The second change in the name of the Bank occurred in 1972, from ‘Canara Banking Corporation Ltd.’ to ‘Corporation Bank Limited.’ and finally ‘Corporation Bank’ following its nationalization on 15th April, 1980.
Shouldering National objectives:
The Bank took on the priorities of nationalization in full stride and emerged successful in fulfilling the national objectives, while sustaining its performance oriented culture and profit augmenting record. Amidst all this, the Bank crossed Rs.1000 crore-deposit mark in the year 1985 and launched into the 1990s with focus on high quality growth by embracing newer technology.
The end of first phase of Banking sector reforms in India had seen the Bank emerging as the most innovative and dynamic bank in the public sector, outshining other banks in terms of asset quality, capital adequacy, operational efficiency, well diversified income base, profitability, productivity, and strong balance sheet.
The tremendous amount of confidence and loyalty reposed by the public in general and customers in particular, manifested it self in the overwhelming response to the IPO of the Bank in the year 1997.
A Big Leap to the Big League:
As on 30th September 2017, the Total Business of the Bank was Rs.3,29,300 crore. The Total Deposit stood at Rs.2,01,488 crore and the Total Advances were at Rs.1,27,812 crore. The Networth rose to Rs.11,737 crore.
Growing Bigger. Getting Closer.
Presently, the Bank has a network of 2501 fully automated CBS branches, 3169 ATMs and 4724 Branchless Banking Units across the country. The Bank has Representative Offices at Dubai and at Hong Kong.
The Bank has extended Branchless Banking units to 4724 villages and has issued Smart Cards to all account holders in these villages for enabling them to operate their accounts at their doorsteps through the Business Correspondents appointed by the Bank.
From 38 Rupees-13 Annas-2 Pies to a business level of Rs.3,29,300 crore and from a Networth of Rs.5,000/- to Rs.11,737 crore, the evolution of the Bank from a Nidhi to graduate as a Premier Public Sector Bank and from the early days of Swadeshism to post-Liberalisation days has been a corporate success story.
Weathering two world wars, economic depressions, imbibing the latest in technology, responding to financial reforms and the unique record of uninterrupted posting of profits right from its inception in 1906, only further strengthened its its commitment to the people.