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Canara Bank is an Indian public sector bank based in Bangalore, India. Established in 1906 at Mangalore by Ammembal Subba Rao Pai. The bank was nationalized in 1969.
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.
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The Karnataka Vikasa Grameena Bank (KVGB) is an Indian Regional Rural Bank sponsored by Canara Bank. It is under the ownership of the Ministry of Finance , Government of India . The bank provides retail banking services to rural users and has 629 branches in North and Western Karnataka .
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Canara Bank founder Ammembal Subba Rao Pai (19 November 1852 – 25 July 1909) was a leading lawyer of Mangalore , India . He was the founder of Canara Bank , now one of India's leading banks, and Canara High School in Mangalore.