Corporation Bank
COMPANY PROFILE
INTRODUCTION:
Corporation Bank, founded in 1906 in Udupi, Karnataka state, India, is one of the Indian Banks in Public Sector Undertaking. The body was founded with an initial capital of Rs. 5000 (US$ 100), and first day’s canvassed resources of less than one US$ 1, has currently (31 march 2004) 11,325 full time employees, and operates from several branches in India.
The Bank is a public sector unit with 57.17% of share capital held by the Government of India. The Bank came out with its Initial Public Offer (IPO) in October 1997 and 37.87% of Share Capital is presently held by the Public and Financial Institutions. The Bank’s Net Worth stood at Rs. 3, 054.92 crores as on 31 March 2005.
HISTORY:
Corporation Bank, the oldest banking institution in the erstwhile undivided Dakshina Kannada District of Karnataka and one of the oldest banks in India, was founded in 1906 in the Temple Town of Udupi, by a small group of philanthropists’ led by Khan Bahadur Haji, Abdulla Haji, Kasim Saheeb 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 Dakshina Kannada District.
The indigenous banking was largely in the hands of a few rich private individuals and something had to be done 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 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 philanthropist led by Haji Abdulla Saheeb made a bold venture to start this institution. What inspired the
INTRODUCTION:
Corporation Bank, founded in 1906 in Udupi, Karnataka state, India, is one of the Indian Banks in Public Sector Undertaking. The body was founded with an initial capital of Rs. 5000 (US$ 100), and first day’s canvassed resources of less than one US$ 1, has currently (31 march 2004) 11,325 full time employees, and operates from several branches in India.
The Bank is a public sector unit with 57.17% of share capital held by the Government of India. The Bank came out with its Initial Public Offer (IPO) in October 1997 and 37.87% of Share Capital is presently held by the Public and Financial Institutions. The Bank’s Net Worth stood at Rs. 3, 054.92 crores as on 31 March 2005.
HISTORY:
Corporation Bank, the oldest banking institution in the erstwhile undivided Dakshina Kannada District of Karnataka and one of the oldest banks in India, was founded in 1906 in the Temple Town of Udupi, by a small group of philanthropists’ led by Khan Bahadur Haji, Abdulla Haji, Kasim Saheeb 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 Dakshina Kannada District.
The indigenous banking was largely in the hands of a few rich private individuals and something had to be done 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 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 philanthropist led by Haji Abdulla Saheeb made a bold venture to start this institution. What inspired the