Corporation Bank was a public-sector banking company headquartered in
Mangalore, India
Mangalore (), officially known as Mangaluru, is a major port city of the Indian state of Karnataka. It is located between the Arabian Sea and the Western Ghats about west of Bangalore, the state capital, 20 km north of Karnataka–Ker ...
. The bank had a pan-Indian presence. Presently, the bank has a network of 2,432 fully automated
CBS
CBS Broadcasting Inc., commonly shortened to CBS, the abbreviation of its former legal name Columbia Broadcasting System, is an American commercial broadcast television and radio network serving as the flagship property of the CBS Entertainm ...
branches, 3,040
ATMs, and 4,724 branchless banking units across the country. In 2019,
finance minister
A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation.
A finance minister's portfolio has a large variety of names around the world, such as "treasury", ...
Nirmala Sitharaman
Nirmala Sitharaman (born 18 August 1959) is an Indian economist and politician serving as the Minister of Finance and Corporate Affairs of India since 2019. She is a member of the Rajya Sabha, upper house of the Indian Parliament, since 2014. ...
announced that Corporation Bank and
Andhra Bank
Andhra Bank was a medium-sized public sector bank (PSB) of India, with a network of 2885 branches, 4 extension counters, 38 satellite offices and 3798 automated teller machines (ATMs) as of 31 March 2019. During 2011–12, the bank entered t ...
would be merged into the
Union Bank of India
Union Bank of India, commonly referred to as Union Bank or UBI, is an Indian public sector bank headquartered in Mumbai. It has 120+ million customers and a total business of US$106 billion. After the amalgamation with Corporation Bank and A ...
, with all their branches becoming branches of the latter on 1 April 2020.
History
Corporation Bank was founded on 12 March 1906 in
Udupi
Udupi (alternate spelling Udipi; also known as Odipu) is a city in the Indian state of Karnataka. Udupi is situated about north of the educational, commercial and industrial hub of Mangalore and about west of state capital Bangalore by road.
...
, with capital,
Haji Abdulla Haji Khasim Saheb Bahadur as founding president, and guided by the principles of the
Swadeshi movement
The Swadeshi movement was a self-sufficiency movement that was part of the Indian independence movement and contributed to the development of Indian nationalism. Before the BML Government's decision for the partition of Bengal was made public in ...
of
Bal Gangadhar Tilak.
On 14 November, Corporation Bank said it raised an amount of of the Basel III compliant Tier-II Bonds (Series1) and the same has been allotted by the Securities Allotment Committee of the Board of the Bank.
On 2 December 2017, Corporation Bank launched its RuPay Select and
RuPay
RuPay ''(portmanteau of Rupee and Payment)'' is an Indian multinational financial services and payment service system, conceived and launched by the National Payments Corporation of India (NPCI) on 26 March 2012. It was created to fulfil th ...
Platinum credit cards. RuPay credit cards are accepted at all RuPay-enabled 1.5 million-plus PoS terminals and 80,000-plus e-commerce merchants in India and all ICS Partner acceptance points (POS, e-commerce merchants) globally.
On 30 August 2019,
Finance Minister
A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation.
A finance minister's portfolio has a large variety of names around the world, such as "treasury", ...
Nirmala Sitharaman
Nirmala Sitharaman (born 18 August 1959) is an Indian economist and politician serving as the Minister of Finance and Corporate Affairs of India since 2019. She is a member of the Rajya Sabha, upper house of the Indian Parliament, since 2014. ...
announced that Corporation Bank and
Andhra Bank
Andhra Bank was a medium-sized public sector bank (PSB) of India, with a network of 2885 branches, 4 extension counters, 38 satellite offices and 3798 automated teller machines (ATMs) as of 31 March 2019. During 2011–12, the bank entered t ...
would be merged into
Union Bank of India
Union Bank of India, commonly referred to as Union Bank or UBI, is an Indian public sector bank headquartered in Mumbai. It has 120+ million customers and a total business of US$106 billion. After the amalgamation with Corporation Bank and A ...
. The proposed merger would make Union Bank of India the fifth largest public sector bank in the country with assets of and 9,609 branches. The Board of Directors of Andhra Bank approved the merger on 13 September. The
Union Cabinet
The Union Council of Ministers Article 58 of the ''Constitution of India'' is the principal executive organ of the Government of India, which is responsible for being the senior decision making body of the executive branch. It is chaired by t ...
approved the merger on 4 March, and it was completed on 1 April 2020.
See also
*
Indian banking
Modern banking in India originated in the mid of 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791. ...
*
List of banks in India
This is the list of banks which are listed as Scheduled Banks (India) under second schedule of RBI Act, 1934.
Commercial banks Public Sector Banks (PSBs)
There are 12 public sector banks as of 15 November 2021
Private-sector banks
A ...
*
Economy of Mangalore
References
External links
*
{{Banking in India
Defunct banks of India
Indian companies established in 1906
Banks established in 1906
Banks disestablished in 2020
Indian companies disestablished in 2020
Companies formerly listed on the Bombay Stock Exchange
Companies nationalised by the Government of India
Banks based in Karnataka
Companies based in Mangalore
Companies listed on the National Stock Exchange of India
Companies listed on the Bombay Stock Exchange