Corporation Bank is a public-sector banking company headquartered in Mangalore, India. The bank has a pan-Indian presence. Presently, the bank has a network of 2,440 fully automated CBS branches, 3,040 ATMs, and 4,724 branchless banking units across the country. The bank has representative offices in Dubai and Hong Kong.
As of 31 March 2016, the total business of the bank was ₹345,493 crore (US$54 billion). Total deposits stood at ₹205,171 crore (US$32 billion) and total advances were ₹140,322 crore (US$22 billion). The bank's net worth rose to ₹11,344 crore (US$1.8 billion).
History
Corporation Bank, the oldest banking institution in the erstwhile undivided South Canara District of the Madras Presidency and one of the oldest banks in India, was founded on 12 March 1906 in the Temple Town of Udupi by a small group of philanthropists, as there was no such bank at Udupi, an important trading centre next to Mangalore. The first branch of a modern bank established in the district was the Bank of Madras, one of the three Presidency Banks, which set up its office in Mangalore in 1868, largely to cater to the business needs of a few British firms dealing in export of plantation products. Its agent used to visit Udupi once a fortnight or so, to do banking. Money remittances had to be made only through postal medium.
To overcome these drawbacks and also to provide banking facilities for Udupi in particular and the district in general, a cosmopolitan group of philanthropists, led by Haji Abdulla Saheb, established this institution. What inspired the founding fathers was the fervour of Swadeshism. For promoting the bank, the Founder-President made an appeal saying, "The primary object in forming the 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 the end in view." They rightly defined Swadeshism as institution-building to aid economic activity through co-operation of all, shorn of distinction of caste and creed.
Canara Banking Corporation (Udupi) Limited, as the institution was called then, started functioning as a Nidhi with a humble beginning. The initial capital was ₹5,000/- and at the end of the first day, its resources stood at 38 rupees - 13 annas and 2 pies.
The setting up of the Canara bank seemed to stimulate co-operative banking elsewhere in the district. Between 1909 and 1917, six co-operative banks came into being, and during the decade immediately after the First World War (1914â€"18), South Canara gave birth to as many as eight banks. Despite two world wars, economic depression, and stiff competition, the Canara bank not only survived, but made satisfactory progress.
Having started in Udupi, the bank first branched out by opening a branch at Kundapur in 1923. The second branch of the bank was opened in Mangalore, at Car Street, in 1926. The bank expanded into Kodagu district, in 1934, by opening its seventh branch in Madikeri. In 1937, the bank was included in the second schedule of Reserve Bank of India Act, 1934. In 1939, the bank's name changed from Canara Banking Corporation (Udupi) Ltd. to Canara Banking Corporation Ltd. The Bank graduated to a regional bank in 1945 when the total number of its branches stood at 28. In 1961, it took over the Bank of Citizens of Belgaum. In the same year, the bank's administration office shifted from Udupi to Mangalore.
The second change in the name of the bank occurred in 1972, from Canara Banking Corporation Ltd. to Corporation Bank Limited. The bank was nationalised in 1980, along with 5 other private sector banks. After nationalisation, the pace of growth of the bank accelerated and it made all-round progress. Started as a common man's bank, it changed with the times to meet the aspirations of the people but never swerved from its motto - Sarve Janah Sukhino Bhavantu meaning "Prosperity for All". It endeavoured and succeeded in striking a balance between traditional values and an innovative approach, personalised service and professional outlook, and commercial considerations and public concern. The bank has been paying dividend continuously for the last 98 years, since its inception. Today, with modern, technology-driven products and services, and nationwide branches and ATMs (second-largest ATM network in the public sector), Corporation Bank is regarded as well-managed, with an excellent track record.
During the bank's Platinum Jubilee celebrations in 1976, the new administrative office building at Pandeshwar Mangalore was opened by Sri B.D.Jatti, the then-Vice-President of India. The bronze statue of Pandit Jawaharlal Nehru installed by the bank at the Traffic Island in front of its Corporate Office at Pandeshwar Mangalore, was unveiled by E.S. Venkataramiah, Chief Justice of India. In 1992, R. Venkataraman, the President of India, visited the bank to inaugurate its 85th anniversary celebrations and 60th anniversary of the bank's commencement of operation in Tamil Nadu state. In 1996, A. M. Ahmadi, Chief Justice of India, visited the bank to deliver the 90th-year commemorative lecture. Corporation Bank House, the new premises of the bank's Car Street Mangalore branch, was inaugurated by Dr. Manmohan Singh, who was then Union Finance Minister. Dr. C. Rangarajan, Governor of the Reserve Bank of India, launched the deposit product "Corp Classic" during his visit to the bank's corporate office in 1997. The bank's new Millennium Building was inaugurated by Union Minister of State for Finance Vikhe Patil in 2000. In the same year, Union Finance Minister Yashwant Sinha launched the bank's CorpFast product at the corporate office.
Corporation Bank was the first public sector bank, other than State Bank of India ascociates, to achieve 100% CBS (Core Banking Solutions) developed and implemented by Laser Soft Infosystems Limited, Chennai.
110 years of banking
Corporation Bank completed 110 years of existence on 12 March 2015. On the occasion of the 107th Foundation Day celebrations held at TMA Pai Hall, in Mangalore, five eminent personalities who made contributions to society were honoured by the Bank. They were B.M. Hegde, physician; B. Ramana Rao, cardiologist; Ela Bhatt, social entrepreneur and founder of SEWA; B. R. Shetty, entrepreneur, and Kadri Gopalnath, saxophonist.
A new application for internet banking on the iPad was launched on this occasion. A new caller tune for the Bank's mobile/landline phones was also inaugurated in the application.
The Centenary celebrations were launched by V. Leeladhar, Deputy Governor of the Reserve Bank of India, with the Bank's Foundation Day lecture on 12 March 2005.
As a part of the Bank's centenary celebrations, a number of programmes and projects were planned and executed. As a first step, the Bank launched, at Yeshwantpur-Malur in Kolar District on 13 March 2005, the Corp Kissan Card - a debit card tied in with VISA international - to enable farmers make timely purchases for agricultural operations. A modern public library was dedicated to the citizens of Mangalore in DK District, the birthplace of the Bank by P. Chidambaram, Union Finance Minister on 2 March 2006. The library building also houses a numismatic museum and a multi-purpose hall for intellectual activities. The Bank has also set up libraries in 25 villages and awarded scholarships to 100 meritorious students of those villages, for the pursuit of their higher education. Such libraries will be set up in 75 more villages in a phased manner. Corporation Bank - A Corporate Journey, the history of the Bank and Haji Abdullah Saheb a biography of the Bank's founder were published on the occasion of the Bank's Centenary Celebrations.
Projects
- To cater to the SME & Agricultural segments, the bank maintains exclusive SME loan centres in sixteen cities across India.
- The bank maintains online banking for its retail and corporate customers through a system called CorpNet.
- The bank also allows personal Internet banking through this application.
- The bank runs Project Sankalp, a business process re-engineering and organizational management project
- The bank has a wing named Corp Kiran, an association of wives of senior executives of Corporation Bank for understaking activities related to corporate social responsibility (CSR).
Ratings
CRISIL has re-affirmed the following programmes of Corporation Bank:
- ₹2 billion Bond issue AA
- Certificate of Deposits Programme P1+
- Fixed Deposit Programme FAAA
Awards
- Corporation Bank received the winner award jointly with Indian Bank for ‘Cheque Truncation System’ under the mid-sized category. The bank also received two runner-up awards for National Financial Switch for its performance in acquirer transactions and Immediate Payment Service (IMPS).
- Corporation Bank is ranked First under "National Awards for Excellence in MSE Lending" and Second under "National Awards for Excellence in Lending to Micro Enterprises" for the year 2012-13 under Public Sector Banks from Ministry of Micro, Small and Medium Enterprises.
- Corporation Bank has won the IBA Banking Technology Award 2012-13 for "Best Use of Mobility Technology in Banking". Shri S R Bansal, Chairman & Managing Director of the Bank received the award at the function held at Mumbai on 27 January 2014.
- For its impressive lending to SME sector, the Bank has been awarded an " SKOCH ACHIEVERS AWARD" by SKOCH, Delhi, on 22.3.2014.
- National Award for Assistance to Exporters from the President of India (1976â€"77)
- Gem & Jewellery Export Promotion Council Award successively for 5 years from 1981 to 1985
- Shiromani Award 1992 for Banking from Union Minister for Commerce
- Best Bank Award for Excellence in Banking Technology from Institute for Development & Research in Banking Technology (IDRBT), Hyderabad (2001)
- Best Bank Award for Innovative Usage and Application on INFINET (Indian Financial Network) from Institute for Development and Research in Banking Technology (IDRBT), Hyderabad (2002)
- Best Bank Award for Delivery Channels from Institute for Development and Research in Banking Technology (IDRBT), Hyderabad (2003)
- Runner-up Awards in the "Best Online and Multi-channel Banking Team" and "Outstanding achiever of the year-corporate" categories in recognition of outstanding achievement in Banking Technology for 2004, instituted under the aegis of Indian Banks Association and Trade Fairs & Conferences International.
- Best PSU Bank of the year by Bloom berg
- UTV Financial Leadership Award 2011
- Best Nationalised Bank by Financial Express (Source : Self Advertisement in Hindustan Times, Delhi, Front Page, 2 April 2011)
Recognition
- One of the Best 200 companies worldover outside the United States having a turnover under a billion US$ - Forbes Global, Hong Kong, issue dated 27 October 2004
- India’s Best Public Sector Bank - Business Today - KPMG Survey dated 7 December 2003
- India’s Strongest and Asia’s Second Strongest - The Asian Banker, Singapore dated 15 December 2003
- India’s Best Public Sector Bank - Outlook Money, 15 March 2004
- One among the Best 200/100 companies in Asia/Pacific and Europe having turnover under a billion US $ - Forbes Global, Hong Kong dated 1 November 2004
- One among India’s Best Public Sector Banks - Business Today, 26 February 2006
Products and services
See also
- Indian banking
- List of banks in India
- Economy of Mangalore
References
External links
- Corporation Bank website