BANKING AFFAIRS

Detailed explanation-1: -It was established at Mangalore in 1906 by Ammembal Subba Rao Pai. It is one of the oldest public sector banks in the country. Founded as ‘Canara Bank Hindu Permanent Fund’ in 1906, by late Shri Ammembal Subba Rao Pai, a philanthropist, this small seed blossomed into a limited company as ‘Canara Bank Ltd.

Detailed explanation-2: -Widely known for customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port town in Karnataka.

Detailed explanation-3: -The correct answer is Corporation Bank. Corporation Bank was founded by a group of philanthropists in Udupi in Dakshina Kannada District. Today it is one of the oldest and largest commercial banks of the country.

Detailed explanation-4: -Vision statement of our founder Sri Ammembal Subba Rao Pai states that, “A good Bank is not only the financial heart of the community, but has also an obligation of helping in every manner to improve the economic conditions of the common people” has been the guiding principle of the Bank’s CSR activities.

Detailed explanation-5: -Ammembal Subba Rao Pai, a philanthropist, established the Canara Hindu Permanent Fund in Mangalore, India, on 1 July 1906. The bank changed its name to Canara Bank Limited in 1910 when it incorporated.