Corporation Bank Merged Company Summary

Corporation Bank Merged Summary

Corporation Bank (CorpBank) was incorporated in the year 1906 at Udipi. The Bank transacts banking business of every description. The undertaking of the Corporation Bank Ltd., was taken over by Government by an Ordinance promulgated on 15th April, 1980 viz., Banking Companies (Acquisition and Transfer of Undertakings) Ordinary, 1980 and vested in a new bank under the name Corporation Bank.Total Branch Automation package was launched in 46 branches during the year 1996. The Bank established one Institute during the year 1997 under the name of Corporation Bank Self Employment Training (COBSET) at Chikmagalur in co-ordination with Government of Karnataka. It conducted Radio & TV repairs; motor rewinding screens printing, mushroom cultivation etc. The first specialised collection and payment services branch was set up in Bangalore during the period of 1997. The Bank had inaugurated its wholly owned subsidiary under the name of CorpBank Homes Ltd for housing finance in 22nd May of the year 1998 at Mangalore. During the same year 1998, the bank had entered into a strategic alliance with the Stock Holding Corporation of India Ltd (SHCIL) and also launched the bullion scheme for jewellery exporters.During the year 2000, the Industrial Finance Branch of the Bank in New Delhi had received the ISO 90002 certificate issued by Det Norske Veritas, Netherlands. To provide Internet banking facilities to its customers, the Bank had entered into a Strategic Business Alliance with Netsavvy Solutions Pvt Ltd, a Chennai-based company and in the same year the bank had launched its tele-banking facilities called Corp Dial at its home city-Mangalore and Udipi in Karnataka. The Bank made a contract with Info systems Ltd to bring about total branch automation through a unique concept called cluster banking. The Bank had entered a three-way tie-up to foray into the life insurance sector and had created a separate division within the bank to speed up the entry procedure. CorpBank had launched Any Branch Banking product covering the 12 computerised branches in the city and also launched Corp Access - the banks any branch-banking product at Chennai. Introduced a payment-processing centre for its corporate clients. Corporation Banks house magazine Kshema has won The Best Editorial Content Award 2000 in the all-India house journal competition, organized by Mayarm Surjan Foundation, Rajpur. During the fiscal year 2000, the bank apart from its exclusive subsidiary for housing finance CorpBank Homes, had set up another wholly owned subsidiary CorpBank Securities to function as a primary dealer in Government Securities. CorpBank had introduced demat services on its own to its customers in March of the year 2001. The Bank had obtained the right to host ATMs at 14 stations of the Western Railway during the year 2003. The Bank had signed a Memorandum of Understanding (MoU) with National Bank in the year 2003 for Agriculture and Rural Development (Nabard) for the co-financing of hi-tech agricultural, agro-processing and export-oriented projects. As at March 25th of the year 2003, the bank had inaugurated 33 new outlets within premises of the Life Insurance Corporation. These service outlets, which include extension counters and automated teller machines, spread across the states of Punjab, Delhi, Rajasthan, Jharkhand, Orissa, Maharashtra, Goa, Karnataka and Tamil Nadu. The Bank had entered into an alliance with ECGC (Export Credit Guarantee Corporation) for a corporate agency tie-up and also in the same year 2003, CorpBank had signed a MoU to collaborate with Eicher for financing tractors to farmers. During the year 2004, the bank had opened five more branches in Bangalore. The Bank had signed an agreement with DSP Merrill Lynch Mutual Fund. Also in the same year, CorpBank inked pact with Toyota Motors and signed one MoU with Honda Siel Power Products Ltd to provide easy loans for purchasing Honda power generators. Made tie up with Tractors and Farm Equipment Ltd for financing tractors to farmers. The Bank along with Tanishq had entered into a tie-up with World Gold Council (WGC) to offer finance scheme to their customers for the purchase of gold jewellery. Corporation Bank won the prestigious Best Bank Award for Delivery Channels during the year 2004 from the Institute for Development and Research in Banking Technology (IDRBT), sponsored by RBI. The Bank had released Kisan Card for farmers in the year 2005, during the same year 2005, CorpBank made an agreement with IL&FS Investsmart for offering capital market services to the banks customers. The Bank had unveiled 3 schemes for Small & Medium Enterprises (SMEs) in the year 2006. Corp Bank Homes Ltd, the wholly owned subsidiary of the bank has merged with the bank effective from 4th October of the year 2006. During the year 2006-07, the bank had opened 66 new branches. In 2007, CorpBank had joined hands with Mumbais Dabbawallas to source clients for offering banking services and also in the same year Bank had entered into MOU with CRISIL Ltd for Rating of Small & Medium Enterprises and Facility Rating of corporate as required under BASEL II.