Corporation Bank launches heritage museum on 106th Foundation Day

Corporation Bank launches heritage museum on 106th Foundation Day

Mangalore Today News Network

March 12: The Corporation Bank celebrated its 106th Foundation Day today. Shri Pranab Mukherjee, the union minister for finance, inaugurated the event, which was held at Convention Hall, The Ashok, Chanakyapuri, New Delhi. Besides, special programmes were held at several centres all over the country.

 

 

Dr. M. Veerappa Moily, the union minister for law and justice; Shri Namo Narain Meena, the state minister for finance; Shri Oscar Fernandes, the member of the parliament; and Shri K. Raghupathi Bhat, the member of the legislative assembly were the guests of honor. Shri Ramnath Pradeep, the chairman and managing director of the bank; Shri Narendra Singh and Shri Ashwani Kumar, the executive directors; various directors of Corporation Bank, dignitaries and valued customers of the bank were also present.

Revealing the origins and history of the Corporation Bank, an official press release stated that the bank started functioning on March 12, 1906 in Udupi, before establishing branches in Dakshina Kannada under the leadership of Khan Bahadur Haji Abdullah Haji Kasim Saheb Bahadur. The bank, which is now 106 years old, has grown from a Nidhi, which collected Rs. 38 on its first working day, to a huge business venture worth Rs. 1,70,000 crore as on Dec 31, 2010, stated the press release.

On the occasion of its 106th Foundation Day, the bank has opened 275 business outlets, a heritage museum, and a financial research centre in Udupi, the place of its birth.


Revealing details regarding the financial research centre and the heritage museum, the release stated that both are dedicated in honor of Haji Abdullah Saheb, the founder president of the bank. The heritage museum will provide valuable details regarding the history of banking in coastal Karnataka and the path taken by Corporation Bank. It will illustrate the evolution of banking, records, bank notes and currency, banking instruments, and others. It is expected to soon develop into a tourist hotspot for pilgrims who visit Lord Krishna’s Temple in Udupi.

The heritage museum will also include the financial research centre, the financial literacy, financial resource centre, and credit counseling centre, the Corporation Bank – Commonwealth Enterprise Financial Centre, and an auditorium.

According to the press release, the financial research centre is a comprehensive knowledge pool of financial services and banking with respect to India. The general public can access its archives, which comprise hard as well as soft copy formats. The financial inclusion resource centre comprises in-depth information regarding financial inclusion and illustrates the initiatives taken by the Indian Government and the RBI on allied products and services.

The financial literacy and credit counseling centre will provide free counseling to those interested through person-to-person interaction, mobile phones, and so on. It will also educate people on matters such as responsible borrowing, early savings, debt counseling, financial products and services, and so on.