Corporation Bank - Wikipedia, the free encyclopedia 18/09/10 7:21 AM

Corporation Bank
From Wikipedia, the free encyclopedia

Corporation Bank, founded in 1906 in Udupi, CORPORATION BANK

Karnataka state, India, is one of the Indian banks in
Public Sector Undertaking. The bank was founded with
an initial capital of Rs. 5000 (USD 100), and first day’s
canvassed resources of less than one USD 1, has Type Public (BSE, NSE:CORPBANK)
currently (31 March 2004) 12,724 full time employees, Founded Udipi, 1906
and operates from several branches in India.
Headquarters Corporation Bank,
The Bank is a Public Sector Unit with 57.17% of Share CORPORATE OFFICE ,
Capital held by the Government of India. The Bank Mangaladevi Temple Road
came out with its Initial Public Offer (IPO) in October Pandeshwar
1997 and 37.87% of Share Capital is presently held by Mangalore 575 001 India
the Public and Financial Institutions. The Bank’s Net
Worth stood at Rs.3,054.92 crores as on 31 March 2005. Key people Chairman

Products Loans, Credit Cards, Savings,

The bank has the distinction of the first Indian bank to
Investment vehicles, etc.
publish its financial results (1998-99) conforming to US
GAAP. Revenue ▲ Rs 862.83 crore (2006)
Net income ▲Rs 100.27 Crore (2006) [1]
Website www.corpbank.com
Contents (http://www.corpbank.com/)

1 History
2 Completes a 100yrs of banking
3 Ratings
4 Awards won
5 Major recognitions
6 External links
7 References

History
Corporation Bank, the oldest banking institution in the erstwhile undivided Dakshina Kannada(Mangalore)
District of Karnataka and one of the oldest banks in India, was founded in 12th March 1906 in the Temple
Town of Udupi, by a small group of philanthropists led by Khan Bahadur Haji Abdulla Haji Kasim Saheb
Bahadur. The need to start this bank was felt because there was no such facility at Udupi, an important
trading centre next to Mangalore in D.K. District. The indigenous banking was largely in the hands of a
few rich private individuals and something had to be done to provide relief to the common man from the
clutches of the money lenders who held full sway. 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
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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 made a bold venture to start
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

"The Canara Banking Corporation (Udupi) Ltd.", as the institution was called then, started functioning as a
‘Nidhi' with a humble beginning. The initial capital was Rs.5000/- 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 Banking Corporation Ltd. seems to have given a fillip to co-operative
Banking and also to regular 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 (1914-18) South
Kanara gave birth to as many as eight banks. It is to the credit of this Bank that despite two world wars,
economic depression and stiff competition, the Bank not only quite survived, but also made satisfactory
progress.

Having been started at 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 stepped 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 into a Regional Bank
in 1945 when the total number of its branches stood at 28. In the year 1961, it took over ‘Bank of Citizens,
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 right balance between traditional values and innovative approach, personalised
service and professional outlook and commercial considerations and public concern. One of the unique
achievements of the Bank is that it has been paying dividend continuously for the last 98 years since its
inception. Today, with the most modern technology-driven products and services and nationwide branches
& ATMs, Corporation Bank stands tall among the Public Sector Banks in the country and is hailed as one
among the well-managed Public Sector Banks with excellent track record in all the key parameters of
banking. The Bank has the second largest ATM network in the public sector.

Corporation Bank had the honour of playing host to many a distinguished personality. During the Bank's
Platinum Jubilee Celebrations in 1976, the new Administrative Office Building at Pandeshwar Mangalore
was opened by Shri B.D.Jatti, the then Vice-President of India. The bronze statue of Pt. Jawaharlal Nehru
installed by the Bank at the Traffic Island in front of its Corporate Office at Pandeshwar Mangalore, was
unveiled by Mr. Justice E.S. Venkataramaiah, the then Chief Justice of India. In 1992, His Excellency Shri
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unveiled by Mr. Justice E.S. Venkataramaiah, the then Chief Justice of India. In 1992, His Excellency Shri
R. Venkataraman, the then 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 the
year 1996, Mr. Justice A.M.Ahmadi, the then 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 the Union Finance Minister.
Dr. C. Rangarajan, the then Governor of Reserve Bank of India, launched the prestigious deposit product
Corp Classic during his visit to the Bank's Corporate Office in 1997. The Bank's new Millennium Building
was inaugurated by the then Union Minister of State for Finance Shri Vikhe Patil in the year 2000. In the
same year, Shri Yashwant Sinha, who was the Hon'ble Union Finance Minister at that time, launched the
Bank's CorpFast product at the Corporate Office.

First Public Sector Bank(other than SBI Ascociates) to achieve 100% CBS developed and implemented by
Laser Soft Infosystems Limited,Chennai.[2]

Completes a 100yrs of banking

Corporation Bank completed 100 years of existence on 12 March 2006. The Centenary celebrations were
launched by Shri V. Leeladhar, Deputy Governor, 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 has launched the Corp Kissan Card - debit card tied up with VISA
international,, to enable the farmers make timely purchases for agricultural operations.at Yeshwantpur-
Malur in Kolar District on 13 March 2005. A modern public library was dedicated to the citizens of
Mangalore in DK District, the birth place of the Bank by Shri P. Chidambaram, Hon'ble 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 given away scholarship
to 100 meritorious students of such 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 President have been published on the
occasion of the valedictory function of the Bank's Centenary Celebrations.[3]

Ratings
CRISIL has re-affirmed the following programmes of Corporation Bank:

Rs.2 billion Bond issue AAA

Certificate of Deposits Programme P1+
Fixed Deposit Programme FAAA[4]

Awards won
National Award for Assistance to Exporters from the President of India (1976-77)
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

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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.[5]

Major recognitions
One of the Best 200 companies worldover outside the US having a turnover under a billion US$ -
Forbes Global, Hong Kong, issue dated 27 October 2003
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[6]

External links
Corporation Bank website (http://www.corpbank.com)

References
1. ^ http://www.thehindubusinessline.com/2006/04/27/stories/2006042703600100.htm"
2. ^ "History" (http://www.corpbank.com/asp/0100text.asp?presentID=84&headID=47) .
http://www.corpbank.com/asp/0100text.asp?presentID=84&headID=47. Retrieved 2006-08-14.
3. ^ "100yrs" (http://www.corpbank.com/asp/0100text.asp?presentID=84&headID=47) .
http://www.corpbank.com/asp/0100text.asp?presentID=84&headID=47. Retrieved 2006-08-14.
4. ^ "Ratings" (http://www.corpbank.com/asp/0100text.asp?presentID=238&headID=84) .
http://www.corpbank.com/asp/0100text.asp?presentID=238&headID=84. Retrieved 2006-08-14.
5. ^ "Awards Won" (http://www.corpbank.com/asp/0100text.asp?presentID=238&headID=84) .
http://www.corpbank.com/asp/0100text.asp?presentID=238&headID=84. Retrieved 2006-08-14.
6. ^ "Major Recognitions" (http://www.corpbank.com/asp/0100text.asp?presentID=238&headID=84) .
http://www.corpbank.com/asp/0100text.asp?presentID=238&headID=84. Retrieved 2006-08-14.
Retrieved from "http://en.wikipedia.org/wiki/Corporation_Bank"
Categories: Banks of India | Economy of Karnataka | Government-owned banks in India | Companies
established in 1906 | Banks established in 1906

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