Corporation Bank
 |
|
| Public | |
| Traded as | : : CORPBANK |
| Industry | Banking |
| Founded | Udupi, 12 March 1906 |
| Headquarters | Mangalore, Karnataka, India |
|
Key people
|
Jai Kumar Garg (CEO, MD) |
| Products | Loans, Credit Cards, Savings, Investment vehicles, etc. |
 ₹14,510.40 crore (equivalent to ₹190 billion or US$2.8 billion in 2016) (Financial year 2011-12) |
|
| ₹1,506.04 crore (equivalent to ₹20 billion or US$300 million in 2016) (March 2012) | |
| Owner | Government of India |
| Website | www.corpbank.com |
Corporation Bank is a public sector banking company headquartered in Mangalore, India. The bank has a pan-India 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$51 billion). Total deposits stood at ₹205,171 crore (US$30 billion) and total advances were ₹140,322 crore (US$21 billion). The bank's net worth rose to ₹11,344 crore (US$1.7 billion).
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 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 South Canara 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 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.
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Wikipedia