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Karnataka, particularly the coastal districts of Dakshina Kannada and Udupi, is sometimes called the "cradle of banking" in India. [32] This is because seven of the country's leading banks, Canara Bank, Syndicate Bank, Corporation Bank, Vijaya Bank, Karnataka Bank, Vysya Bank and the State Bank of Mysore originated in this state. [32]
The bank was established to help farming community. Later bank grew phenomenally under leadership of Mulki Sunder Ram Shetty during the 1960s. The Vijaya bank was nationalised in the 1980s by Government of India. The bank has presence in most of states of India. Later it was merged with Bank of Baroda along with Dena Bank on First April 2019.
Karnataka Bank Limited is an Indian private sector bank based in Mangalore. It is an 'A' Class Scheduled Commercial Bank with a network of 915 [ 2 ] branches, 1188 ATMs & Cash recyclers and 588 e-lobbies/mini e-lobbies across 22 states and 2 union territories.
Karnataka Bank Limited was established on 18 February 1924 in Mangalore. [49] In addition to these, two banks were established in nearby towns. Corporation Bank was founded in Udupi by Khan Bahadur Haji Abdulla Haji Kasim Saheb Bahadur in 1906, [50] and Syndicate Bank was co-founded in Manipal by T M A Pai, Upendra Ananth Pai and V S Kudva in 1925.
This is a list of banks which are considered to be Scheduled Banks under the second schedule of RBI Act, 1934. [1] [2]At end-March 2024, India’s commercial banking sector consisted of 12 public sector banks (PSBs), 21 private sector banks (PVBs), 45 foreign banks (FBs), 12 SFBs, six PBs, 43 RRBs, and two LABs.
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The seven other state banks became subsidiaries of the new bank in 1959 when the State Bank of India (Subsidiary Banks) Act, 1959 was passed by the Union government. [ 1 ] The next major government intervention in banking took place on 19 July 1969 when the Indira government nationalised an additional 14 major banks.
It was a Scheduled Bank jointly owned by Government of India, Canara Bank and Government of Karnataka (share capital contributed in the ratio of 50:35:15 respectively). The bank was permitted to carry all kinds of banking business. The Bank was operating in 9 districts of Karnataka, having its Head Office at Ballari. [2] [3] [4]