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On 19 July 2020, Canara Bank announced to raise up to Rs 8,000 crore equity capital in Financial Year 2021 to strengthen capital base and to boost capital adequacy ratio in view of expansion plans. The Bank will seek nod from shareholders for the same in its AGM in August 2020. [36] Canara Bank mobilized $300 Million via their IFSC Banking Unit.
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.
He served as the chairman of Canara Bank for five years up to August 2020 and as the administrator of Lakshmi Vilas Bank during 2020 till its merger with DBS Bank. He is currently a member of the Reserve Bank of India Standing External Advisory Committee (SEAC) for evaluating applications for Universal Banks and Small Finance Banks.
The mergers took effect from 1 April 2020. [8] Allahabad Bank was merged into Indian Bank. Oriental Bank of Commerce and United Bank of India were merged into Punjab National Bank. Andhra Bank and Corporation Bank were merged into Union Bank of India. Syndicate Bank was merged into Canara Bank.
Prabhakar started his career as Chief Risk Officer and GM-Integrated Risk management at Allahabad Bank. He joined Punjab National Bank on 1 March 2018 as the executive director. [5] He became the Managing Director and CEO of Canara Bank from 1 February 2020 and continued to hold his position till 31 December 2022. [6] [7]
[59] [54] The Board of Directors of Canara Bank approved the merger on 13 September 2019. [60] [61] The Union Cabinet approved the merger on 4 March 2020. Canara Bank assumed control over Syndicate Bank on 1 April 2020 with Syndicate Bank shareholders receiving 158 equity shares in the former for every 1,000 shares they hold. [62]
All four amalgamated RRBs were sponsored by Syndicate Bank(Now Canara Bank) and were located in Karnataka. At the time of amalgamation in 2005, the bank’s business was Rs. 23,263.73 Crore. It was named the Karnataka Vikasa Grameena Bank. Its head office is at Dharwad. It is functioning under the sponsorship of Syndicate Bank (now Canara Bank).
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