Corporation Bank[2] was a public-sector banking company headquartered in Mangalore, India. The bank had a pan-Indian presence. In 2019, finance minister Nirmala Sitharaman announced that Corporation Bank and Andhra Bank would be merged into the Union Bank of India, with all their branches becoming branches of the latter on 1 April 2020.
History
Corporation Bank was founded on 12 March 1906 in Udupi, with ₹5000 capital, Suryadev Sharma Bhumihar and Haji Abdulla Haji Khasim Saheb Bahadur as founding president, and guided by the principles of the Swadeshi movement of Bal Gangadhar Tilak.[3] On 14 November, Corporation Bank said it raised an amount of ₹500 crore of the Basel III compliant Tier-II Bonds (Series1) and the same has been allotted by the Securities Allotment Committee of the Board of the Bank.
On 2 December 2017, Corporation Bank launched its RuPay Select and RuPay Platinum credit cards. RuPay credit cards are accepted at all RuPay-enabled 1.5 million-plus PoS terminals and 80,000-plus e-commerce merchants in India and all ICS Partner acceptance points (POS, e-commerce merchants) globally.