Corporation Bank came into being as Canara Banking Corporation (Udipi) Limited, on 12th March, 1906, in the temple town of Udupi, by the pioneering efforts of a group of visionaries. The Bank started functioning with just Rs.5000/- as its capital and at the end of the first day, the resources stood at 38 Rupees-13 Annas-2 Pies.
The Founder President Khan Bahadur Haji Abdullah Haji Kasim Saheb Bahadur, committed to fulfill the long felt banking needs of the people and also to inculcate the habit of savings, provided the much-needed impetus to founding a financial institution that would bring about prosperity to the society.
The content of the first Appeal to the public dated 19th February, 1906 speaks volume about the lofty ideals and ethos behind the foundation. The Founder President Haji Abdullah declared that "The Primary object in forming 'Corporation' is not only to cultivate habits of thrift amongst all classes of people, without distinction of caste or creed, but also habits of co-operation amongst all classes". " This is 'Swadeshism' pure and simple and every lover of the country is expected to come forward and co-operate in achieving this end in view "
The Bank took on the priorities of nationalization in full stride and emerged successful in fulfilling the national objectives, while sustaining its performance oriented culture and profit augmenting record. Amidst all this, the Bank crossed Rs.1000 crore-deposit mark in the year 1985 and launched into the 1990s with focus on high quality growth by embracing newer technology.
The end of first phase of Banking sector reforms in India had seen the Bank emerging as the most innovative and dynamic bank in the public sector, outshining other banks in terms of asset quality, capital adequacy, operational efficiency, well diversified income base, profitability, productivity, and strong balance sheet.
The tremendous amount of confidence and loyalty reposed by the public in general and customers in particular, manifested it self in the overwhelming response to the IPO of the Bank in the year 1997.