Corporation Bank is one of the oldest banks in India. The bank was founded in 1906 in a place known as Udupi, Karnataka state in India. It has its headquarters in Corporation Bank, Mangaladevi Temple Road in Pandeshwar.
The bank offers banking products including investment vehicles. It has a revenue capacity of about Rs. 862.83 crores and a net income of about Rs. 100.27 crores.
The bank was established with an initial operating capital of about Rs. 5,000 and first day accumulated resources of not more than $1. It has a total of about 11,325 full time employees.
Corporation Bank has a feature of being the first Indian Bank to publish its financial results that conform to US GAAP. The bank was founded out of the need to create the first banking facility at Udupi as there was no financial facility there at the time.
The indigenous financial facility had largely been left in the hands of a few wealthy private individuals. Therefore, something important had to be done in order to offer relief to the common man. The first bank that existed prior to Corporation bank was Bank of Madras, one of the few presidency banks that had been set up at the time.
Corporation Bank had the first branch located at Kundapur in 1923. Immediately after the opening up of the branch, the bank opened another in Mangalore at Car Street. One of the major principals of the bank is to calculate thrift spending amongst the citizens of India. It also seeks to promote developmental projects through offering developmental assistant to the people of India.
Throughout its operation, the bank has endured numerous hurdles including economic depression, stiff competitions in the banking sectors and two major world wars. However, it managed to survive these and still remain one of the best banks in the region.
Corporation Bank offers a wide variety of products including the prestigious and renowned deposit product that was launched by then governor Dr. C Rangarajan during his visit to the bank. The bank has an intensive ATM network system. It aims to increase its financial activities mainly through the adoption of internet banking, mobile banking systems, phone banking and online systems of banking.
The bank takes part in various developmental projects including implementation of sustainable financial systems. The nationalized bank India has a well organized banking structure. In order to ensure that its banking services meet the needs of both corporate and retail clients, it put in place highly coordinated branch networks.