Dear Readers,
Current affairs is an important component of several competitive exams such as the UPSC Civil Services Examination, SSC-CGL, Bank PO & PSU entrance tests, etc. Therefore, understanding the terms/concepts/events that make news is critical for aspirants. We at PaGaLGuY bring you series of articles explaining some of these important concepts/events. This series of articles deals with public sector banks in India and a brief background on each.
6. Canara
Bank: Headquartered in Bangalore, Canara Bank was founded in 1906 by Ammembal
Subba Rao Pai. It has a total of 5682 branches and also has offices in the UK,
China, Hong Kong, Doha, Bahrain, South Africa, the US, the UAE and Russia. Canara
Bank sponsors 2 RRBs, namely Kerala Gramin Bank and Pragati Krishna Gramin
Bank. It has 8 subsidiary companies that are into mutual funds, financial
services, and computer services, among others. Pradyuman Singh Rawat is the
present CEO of the bank.
7. Central
Bank of India: Sir Sorabji Pochkhanawala founded the bank in 1911 in
Mumbai. Central Bank of India has a total of 4695 branches across India and has
presence in China, Bhutan, Tanzania and Mozambique, Nairobi, Hong Kong, while
it has applied for the RBI’s permission to open offices in Doha, Singapore,
Dubai and London. Rajiv Rishi is the chairman and MD of the bank.
8. Corporation
Bank: Founded in 1906, the Corporation Bank founded by Khan Bahadur Haji
Abdullah Haji Kasim Saheb Bahadur, a philanthropist. It is headquartered in
Mangalore with a total of 2298 fully automated CBS branches across the country.
Corporation Bank also has representative offices in Dubai and Hong Kong. The bank
has extended branchless banking units to 4685 villages and has issued Smart
Cards to all account holders in these villages enabling them to operate their
accounts from home. Sadhu Ram Bansal is the present chairman and MD.
9. Dena
Bank: Headquartered in Mumbai, Dena Bank was founded in 1938 by Devkaran Nanjee.
It has a total of 1600 branches across India. Ashwini Kumar is the current
chairman of the bank.
10. IDBI
Bank: It was constituted under Industrial Development bank of India Act,
1964 and known as the Industrial Development Bank of India. For 40 years, it
functioned as a Development Finance Institution (DFI) before being transformed
into a bank. IDBI Bank is headquartered in India. In tandem with the reforms in
financial sector, IDBI changed from a DFI to a commercial bank. This was
effected with the Industrial Development Bank (Transfer of Undertaking and
Repeal) Act, 2003 and IDBI attained the status of a limited company viz., IDBI
Ltd. It is owned by the Government of India and on par with nationalised banks.
As of 2013, it had 1085 branches, including a branch in Dubai. MS Raghavan is
its current CEO.
To go through the previous article on list of PSBs in India, visit the following link:
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