- Business
- Canara Bank, one of India's largest public sector banks, provides a comprehensive range of retail, corporate, and institutional banking services; deposit products including savings accounts, current accounts, fixed deposits, and recurring deposits; loan offerings such as home loans, personal loans, vehicle loans, business loans, loans against property, agricultural finance, and mortgage banking; card services encompassing debit, credit, and prepaid cards; insurance products through life and general insurance schemes; wealth management, asset management via Canara Robeco Mutual Fund, and investment banking; cash management, treasury operations, trade finance, foreign exchange, and international banking services; digital platforms supporting UPI, IMPS, NEFT, RTGS, mobile banking, and e-KYC; as well as MSME financing, NRI services, government scheme participation, and consultancy services including IPO monitoring and syndication. Headquartered in Bengaluru, Karnataka, India, the bank was founded in 1906 in Mangalore by Ammembal Subba Rao Pai and nationalized in 1969, operating over 9,800 branches, 13,000 ATMs across India, and international offices in London, New York, Dubai, and other locations, with subsidiaries like Canfin Homes, Canara Bank Securities, and joint ventures such as Canara HSBC Life Insurance. In recent developments, Canara Bank launched specialized products including the Canara Heal healthcare loan, Canara Angel savings account for women, Canara TruEdge current and savings accounts, and Canara UPI 123PAY ASI in 2024; announced plans to raise up to Rs 9,500 crore through AT1 bonds and Tier II bonds in FY 2025-26 to bolster capital adequacy and support 10-11% credit growth; expanded digital initiatives like API banking and financial inclusion programs; signed an MoU with NSRCEL for startup debt financing; and continues post-2020 merger integration with Syndicate Bank, enhancing its position as the fourth-largest public sector bank.