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In 1976, Canara Bank inaugurated its 1000th branch. In 1985, Canara Bank acquired Lakshmi Commercial Bank in a rescue. In 1996, Canara Bank became the first Indian Bank to get ISO certification for "Total Branch Banking" for its Seshadripuram branch in Bangalore. Canara Bank has now stopped opting for ISO certification of branches.
In the fiscal year 2005-06, Canara Bank became India's second-largest public sector bank in terms of advances and deposits. The bank changed its name to Canara Bank Limited in 1910 when it incorporated. [5] In 2002-03, the bank went in for its Initial Public Offer and raised Rs.110 crores. [2] The India government holds a 73% stake in Canara Bank.
At the time of its establishment, the bank was known as Canara Industrial and Banking Syndicate Limited. The bank, along with 13 major commercial banks of India, was nationalised on 19 July 1969, by the government of India. It was headquartered in the university town of Manipal, India. On 1 April 2020, the bank was merged into Canara Bank.
Online banking, also known as internet banking, virtual banking, web banking or home banking, is a system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website or mobile app. Since the early 2000s this has become the most common way that customers ...
A digital bank represents a virtual process that includes online banking, mobile banking, and beyond. As an end-to-end platform, digital banking must encompass the front end that consumers see, the back end that bankers see through their servers and admin control panels, and the middleware that connects these nodes.
On 30 August 2019, Finance Minister announced that Syndicate Bank would be merged with Canara Bank. The proposal would create the fourth largest PSB trailing SBI, PNB, BoB with assets of ₹ 15.20 lakh crore (US$180 billion) and 10,324 branches. [59] [54] The Board of Directors of Canara Bank approved the merger on 13 September 2019.
[10] [11] The bank also runs a 24-hour Internet banking service called MoneyClick. [12] Karnataka Bank Limited provides business and personal banking products and services in India. The bank has four areas of business: Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations. [13]
The core banking system is a major investment for retail banks and maintaining and managing the system can represent a large part of the cost of running a bank. Given its critical role in daily banking operations and customer interactions, ensuring the smooth functioning and security of the core banking software is of utmost importance for ...