Canara bank
NAME - SWASTIKA SEMWAL
Course - B.SC HONORS HOME SCIENCE
Introduction
Canara Bank is one of India's oldest and largest public
sector banks. Established in 1906, the bank has grown
from its humble beginnings in Mangalore, Karnataka,
into a premier financial institution with a wide array of
banking services and products. Canara Bank’s history,
governance, products, and its role in Indian banking
illustrate its significance in the country's financial
landscape.
History and Evolution
Canara Bank was founded by Shri Ammembal Subba Rao Pai, a philanthropist,
with a vision to cater to the financial needs of the common man and promote
socio-economic development. Initially called the Canara Hindu Permanent Fund, it
was renamed Canara Bank Limited in 1910. Over the decades, the bank expanded
across India and internationally, reflecting its growing stature.
The bank was nationalized in 1969, along with several other major banks in India,
which led to an increased focus on rural banking, financial inclusion, and priority
sector lending. This step allowed Canara Bank to leverage government backing,
accelerating its growth in various financial sectors .
Products and Services
Canara Bank offers a comprehensive range of banking
products and services that cater to various customer
segments, including individuals, businesses, and large
corporates. Some of its key offerings include:
1. Retail Banking:
Savings Accounts: Canara Bank provides different types of
savings accounts catering to students, salaried individuals,
and senior citizens, with options for zero-balance accounts.
Current accounts: Canara Bank offers a vast network of
current accounts services to individuals as well as
businesses.
Loans: A wide variety of loans such as home loans, personal
loans, car loans, and education loans are available, with
competitive interest rates and flexible repayment terms.
Deposits: Fixed deposits (FDs), recurring deposits (RDs),
and other savings schemes provide customers with a
secure way to grow their savings.
2. Corporate and MSME Banking:
Canara Bank supports small and medium enterprises
(MSMEs) with specialized loan products, working capital
finance, and trade services.
It offers term loans, project finance, and cash credit for
corporates, enabling them to fund large-scale projects and
meet capital needs.
3. Agricultural Banking:
In line with India’s agrarian economy, the bank has several
schemes aimed at farmers, including loans for agricultural
equipment, working capital for crops, and financing for
dairy and poultry farming.
4. Digital Banking:
Canara Bank has embraced digital banking through its
mobile app, internet banking, and other digital channels,
offering services like online account opening, fund
transfers, bill payments, and more.
Apps like canara ai1, canara candigital
5. International Banking:
Catering to NRIs, the bank offers NRI accounts, foreign
exchange services, remittances, and trade finance. Its
overseas branches also support cross-border business
transactions.
6. Wealth Management:
Canara Bank provides investment products such as mutual
funds, insurance, and government bonds. It also offers
wealth management services for high-net-worth
individuals (HNIs).
Corporate Social Responsibility (CSR)
As part of its corporate social responsibility, Canara Bank
is actively involved in various initiatives aimed at
community development, education, healthcare, rural
development, and women’s empowerment. The bank has
set up various financial literacy centers and rural
development programs to improve financial awareness
and inclusion among underserved populations.
Thank
you!!
