This state had given rise to India's seven leading banks, such as Canara Bank, Syndicate Bank, Corporation Bank, Vijaya Bank, Karnataka Bank, Vysya Bank and the State Bank of Mysore originated from this state. In which five in the above list of banks were established in the districts of
Udupi and Dakshina Kannada. These districts have one among the best distribution of banks in India. Between 1880 and 1935, 22 banks were established in coastal Karnataka, nine of them in the city of Mangalore. And that crowned the name 'Cradle of Banking in India'.
The origin of banking in Karnataka's coastal region can be traced to the year 1868 when the Presidency Bank of Madras opened, But in Mangalore the first bank was introduced in the year 1906, ie Canara Bank. Along with this in the same year Corporation bank was started in Udupi. Accompanying these the other banks were introduced one by one.
Looking deeper into the banks,Canara Bank was established in 1906 by Ammembai Subba Rao Pai established the Canara Bank Hindu Permanent Fund in Mangalore, India, on 1 July 1906.It has grown since then and now has 2542 branches in India and one overseas branch in London.[4] In the fiscal year 2005-06, Canara Bank became India's second-largest public sector bank in terms of advances and deposits.
Corporation Bank was founded by a group of philanthropists headed by Khan Bahadur Haji Abdulla Haji Kasim Saheb Bahadur in the town of Udupi in 1906 under the name of "The Canara Banking Corporation (Udupi) Ltd".In 1972, it got its present name of Corporation Bank and it was nationalised in 1980.
The Karnataka Bank was founded on 18 February 1924 at Mangalore.The bank initially catered to people of Karnataka, has now spread its network of branches throughout the country.
Syndicate Bank was established in the town of Udupi in 1925 under the name "Canara Industrial and Banking Syndicate Ltd" by three people Upendra Ananth Pai, Vaman Kudva, and Dr. T M A Pai.In 1963, it got its present name of Syndicate Bank. Now the bank has 2125 branches
Vijaya Bank was established on 23 October 1931 at coastal city Mangalore by A. B. Shetty and others. The bank was established to help the farming community. Later the bank grew phenomenally under leadership of Mulki Sunder Ram Shetty during the 1960s. The Vijaya bank was nationalised in
the 1980s by the Government of India. The bank has a presence in most of the states of India. Later it was merged with Bank of Baroda along with Dena Bank on First April 2019.
These many banks have kept its tribute to the city, which makes the coastal Karnataka 'Cradle of Banking.' And staying out in the nation for economic purposes.Mangalore marks again, it is not just a city, but a landmark of exceptional capabilities that strives to up bring the city in all possibilities
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