The year: 1906; The man: Sri A. Subba Rao Pai; The Mission: Improving the economic conditions of the common people.
And till today Canara Bank, the then Canara Hindu Permanent Fund, is living upto the mission with which it was originally started.
"A good bank is not only the financial heart of the community,but also one with an obligation of helping in every possible manner to improve the economic conditions of the common people" said A. Subba Rao Pai, the founder.
CANARA BANK, is one of our country’s pioneering banks and among the few Indian banks and reflect on the history of this marvelous institution.
From a single branch bank which began operation with 2000 shares of Rs.50/- and started functioning from a small rented building at 75A, Dongerkery Street, Mangalore.
A Century later, the society has changed, the magnitude has changed and the bank too has changed, changed for the sake of its beloved customers.
All these years what remains unchanged is its commitment to its customers, the public and the nation as a whole. The commitment to develop the economic status of the common public by serving them and encouraging the entrepreneurship movement in the country. Today Canara Bank occupies a very important position in the Indian Banking Sector.
The Bank has built a formidable customer base at present, a strong brand equity and excellent pan India network. In most of the banking operational areas Canara Bank stand head and shoulders with other leading banks. Canara Bank is one of the world-class banks to emerge out of India.
Mr. M.B.N. RAO, Chairman and Managing Director, said, "At Canara Bank, we would like to expand our services to every aspect of wealth management. We will provide the entire gamut of services to an individual. We would like to be a speciality financial supermarket".
According to him, the bank has spent crores of rupees in upgrading the technology for core banking application across the organisation.
With these upgradation in the areas core banking, the bank will be able to provide top class service to its esteemed customers at par with any contemporary banks.
The customer is the king because he is the beneficiary by all these technological upgradations with a variety of value added services like ATM, Mobile Banking etc, that will make banking an easy work.
These days the bank’s customer has the option of banking without even stepping into his branch.
With the Anywhere Banking Service, in coordination with several branches across the country, money could be transferred instantly to any of its branches’ account thereby saving the most precious commodity on earth, TIME.
Apart from the Anywhere Banking facility and ATMs, the customer has an option of doing his transaction right in his drawing room itself using his computer and internet.
The bank has always remained big in commercial banking with a motto to serve the community. Personal banking and SME sectors remains their niche areas as well.
The bank also boasts a commendable contribution in Agricultural and social service sectors.
The Bank does not believe in just making money but also believes in giving money, time and energy for a cause.
The Bank has been assiduously espousing charitable and holding out generous helping hand to several organisations involved in social services apart from itself initiating social services schemes. Not just the management but its employees to keep aside Rs.10 a month towards creating a pool of money to support numerous social causes.
The bank’s management for its part has tasked every branch to conduct atleast one social-cause programme every year.
According Mr. M.B.N. Rao, the bank has the domain expertise in making this institution a world class bank in the financial services industry.
The wisdom propelled with the power of technology is sure to take this institution to greater heights in the prospective future, under this able man who entered this organisation with a tag of "ideas man".