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ABOUT CORPORATION BANK
A short sketch of its growth between 1906 and 2005
The Canara Banking Corporation Udupi Ltd, the first bank in South Kanara was established on 12th March 1906. The founder was a prominent muslim businessman and landholder by name Khan Bahadur Haji Abdullah Haji Kasim Saheb Bahadur. It was inspired by the swadeshi movement which was gaining ground in the country ruled by the Imperial England.
The object, according to the founder, was to encourage thrift among all.
That was the way to promote swadeshism.
The bank grew very slowly, the first branch having been opened in May 1923 at Kundapur. By 1936 it had 20 branches. The Bank was included in the II schedule of RBI Act in June1937 and became a Scheduled Bank. The name was changed into CANARA BANKING CORPORATION LTD from April 1939.
The banking crisis of 1940's resulted in the failure of many banks every where. CBC, however, stood its ground firmly because of its conservative outlook and support from the common people of South Kanara.
In 1956 the bank celebrated its Golden Jubilee. At that time it had 42 branches Rs.4.23 crore deposits and Rs.2.23 crore advances.
In 1961 the Administrative Office was shifted to Mangalore. In April,1972 the name was again changed into Corporation Bank Ltd. From 1973, the Bank registered rapid growth. In 1976 the deposits crossed the Rs. 100 crore mark with 215 branches spread in various states. The same year, while celebrating the Platinum Jubilee the new Administrative Office building in Mangalore was inaugurated.
In April,1980 Corporation Bank was nationalised along with five other banks with deposits of Rs.200 crores and above. Thereafter the Bank entered a phase of rapid expansion in terms of branch network, deposits growth and advances. In March, 2006 there were 835 branches, 53 Extension counters and 901 ATMs spread in almost all states of India except the North East. The deposits as on March 2006 had crossed Rs.32870 crore and advances were over Rs.23960 crore. From a small regional status the Bank reached a national level during its 25 years of corporate journey in the public sector. On 6th March 2006, the bank celebrated is Centenary.
Chairmen of Corporation Bank
[For a detailed history of the Bank read 'Corporation Bank: A Corporate Journey' by M. V. Kamath, published by Corporation Bank; for more about the Bank visit its website www.corpbank.com ] |
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