Announcements

दिनांक Date

घोषणाएँ  Announcements

14.10.2019

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 15th October 2019 are given hereunder :

Type of MCLR

Effective MCLR (% p.a.)

Overnight MCLR

7.85

One-month MCLR

8.00

Three-month MCLR

8.30

Six month MCLR

8.45

One year MCLR

8.60

04.10.2019

Brickwork Ratings India Pvt. Ltd. has reviewed the credit ratings of the Bank’s Debt Instruments as  below :

Instrument Amount (Rs. in Crore) Rating Rating Action
Basel III CompliantTier II bonds 500.00 BWR AA(Credit Watch with DevelopingImplications) Reaffirmed and placed on Credit watch
Basel III CompliantTier II bonds(proposed) 1000.00 BWR AA(Credit Watch with DevelopingImplications Reaffirmed andplaced on Credit watch
Upper Tier II 500.00 BWR AA-(Outlook: Stable) Withdrawn on redemption
Innovative PerpetualDebt Instrument 300.00 BWR AA-(Outlook: Stable) Withdrawn on redemption

30.09.2019

Bank has introduced external benchmark linked loan scheme for Personal & Retail Segment and Micro & Small Enterprises in line with RBI guidelines dated September 04, 2019. RBI’s Repo rate has been selected as the external benchmark for this purpose.

16.09.2019

Board of Directors of the Bank in its meeting held on September 16, 2019 has given In-Principle approval for the amalgamation of the Corporation Bank into Union Bank of India.

13.09.2019

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 15th September 2019 are given hereunder :

Type of MCLR 

Effective MCLR (% p.a.)

Overnight MCLR

7.90

One-month MCLR

8.05

Three-month MCLR

8.35

Six month MCLR

8.50

One year MCLR

8.65

12.09.2019

A meeting of the Board of Directors of the Bank is scheduled to be held on Monday, the 16th September 2019, inter alia, to consider the amalgamation of the Corporation Bank into Union Bank of India.

12.09.2019

CARE Ratings Ltd. has revised the ratings of the Bank’s Debt Instruments as below:
Instrument Rating Remarks
Upper Tier II Bonds (Under Basel II) Aggregating ₹850 Crore* CARE A+ ; Credit Watch with developing implications. (Single A Plus; Outlook : Credit watch with developing implications). Placed on credit watch with developing  implications.
Perpetual Bonds (Under Basel II) Aggregating ₹500 Crore CARE A+; Watch with developing implications.  (Single A Plus; Outlook : Credit watch with developing implications). Placed on credit watch with developing  implications.
*Bank has redeemed ₹ 300 crore of Upper Tier II Bonds and ₹ 500 crore of Perpetual Bonds.

05.09.2019

India Ratings and Research Pvt. Ltd. has reviewed the ratings of Bank’s Debt Instruments as below :
Instrument Issue Size        (₹ in Crore) Rating Remarks
Long Term Issuer Rating - IND AA-/RWE Placed on Rating Watch Evolving (RWE)
Basel III compliant Tier II Bonds 500 IND AA-/RWE Placed on Rating Watch Evolving (RWE)
Proposed fresh issue of Basel III compliant Tier II Bonds 1000 IND AA-/RWE Placed on Rating Watch Evolving (RWE)

31.08.2019

Bank has introduced an external benchmark linked home loan product in the Bank. RBI’s Repo rate has been selected as the external benchmark for this purpose. The Repo Linked Lending Rate (RLLR) of the Bank has been fixed at 8.20% (i.e. Repo Rate + 2.80%).

31.08.2019

Bank has received a communication from Ministry of Finance, Government of India stating that the Alternative Mechanism (AM) after consultation with Reserve Bank of India has decided that Union Bank of India, Andhra Bank and Corporation Bank may consider amalgamation of the Andhra Bank and Corporation Bank into Union Bank of India.

23.08.2019

This is to inform that Shri Gopal Murli Bhagat, Executive Director of the Bank has completed his term as Executive Director of the Bank at the close of office hour on 23rd August 2019

13.08.2019

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 15th August 2019 are given hereunder:

Type of MCLR 

Effective MCLR (% p.a.)

Overnight MCLR

8.05

One-month MCLR

8.20

Three-month MCLR

8.50

Six month MCLR

8.65

One year MCLR

8.70

03.08.2019

Reserve Bank of India (RBI) in exercise of powers conferred under Section 47A(1)(c) read with the Section 46(4)(i) and 51(1) of the Banking Regulation Act, 1949 has imposed penalty of ₹ 50 Lakh (Rupees Fifty Lakh only) on the Bank for delay in reporting of frauds.

03.08.2019

Reserve Bank of India (RBI) in exercise of powers conferred under Section 47A(1)(c) read with the Section 46(4)(i) and 51(1) of the Banking Regulation Act, 1949 has imposed penalty of ₹ 1 Crore (Rupees One Crore only) on the Bank for deficiency in regulatory compliance with the directions issued by RBI on Cyber Security Framework and Fraud Classification and Reporting.

19.07.2019

India Ratings and Research Pvt. Ltd. has reviewed the ratings of Bank’s Debt Instruments as below :

Instrument

Issue Size        (₹ in Crore)

Rating

Remarks

Long Term Issuer Rating

-

IND AA-/Stable

Reaffirmed

Basel III compliant Tier II Bonds

500

IND AA-/Stable

Reaffirmed

Proposed fresh issue of Basel III compliant Tier II Bonds

1000

IND AA-/Stable

Reaffirmed

08.07.2019

ICRA Ltd. has reviewed the ratings of the Bank’s Debt Instrument as below:

Instrument

Amount (₹ in Crore)

Rating

Rating Action

Certificate of Deposits

30,000.00

[ICRA] A1+

Reaffirmed

04.07.2019

CARE Ratings Ltd. has revised the ratings of the Bank’s Debt Instruments as below:

Instrument

Rating

Remarks

Upper Tier II Bonds (Under Basel II) Aggregating ₹850 Crore

CARE A+; Stable  

(Single A Plus; Outlook:Stable)

Revised from A+;

 Negative

Perpetual Bonds (Under Basel II) Aggregating ₹500 Crore

CARE A+; Stable  

(Single A Plus; Outlook: Stable)

Revised from A+;

Negative

Lower Tier II Bonds (Under Basel II Aggregating ₹500 Crore)

 

Withdrawn

03.07.2019

Reserve Bank of India (RBI) in exercise of powers conferred under Section 47A(1)(c) read with the Section 46(4)(i) of the Banking Regulation Act, 1949 has imposed penalty of ₹ 2.5 million (Rupees Two and half million only) on the Bank for deficiency in regulatory compliance with certain provisions of directions issued by RBI.

29.06.2019

The Twenty Second Annual General Meeting of the Shareholders of the Bank was held on 29th June 2019 at Mangaluru. In the said meeting the shareholders have resolved and approved the following:

1.         Discussed, approved and adopted the Audited Standalone and Consolidated Balance Sheet of the Bank as at 31st March, 2019, Standalone and Consolidated Profit and Loss Account of the Bank for the year ended 31st March, 2019, the Report of the Board of Directors on the working and activities of the Bank for the period covered by the Accounts and the Auditors’ Report on the Balance Sheet and Accounts.

2.         Approved raising of capital of the Bank by way of issuance of fresh equity shares and/or by issuance of Additional Tier – I or Tier – II capital as per Basel III Guidelines to the extent of ₹ 5000/- crore.

14.06.2019

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 15th June 2019 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

Overnight MCLR

8.05

One-month MCLR

8.20

Three-month MCLR

8.50

Six month MCLR

8.80

One year MCLR

8.85

17.05.2019

The Analyst Meet of the Bank is scheduled to be held on Friday i.e. 24th May 2019 at Mumbai to discuss the Audited Financial Results of the Bank for the fourth quarter / year ended on 31st March 2019.

17.05.2019

1. The Annual General Meeting of the shareholders of the Bank to be held on Saturday, the 29th June 2019 at 10.30 a.m. at Head Office, Mangaluru.

2. The date 21.06.2019 to 29.06.2019 (both days inclusive) as Book Closure Dates for Annual General Meeting. The cut-off date for remote e-voting will be 24.06.2019.

30.04.2019

Redemption of Lower Tier II Bonds by the Bank on receipt of RBI approval :

ISIN No.

Coupon Rate (%)

Amount       (₹ In Cr)

Date of issue

Record date

Redemption

Date

INE112A09083

8.85

500.00

31.03.2009

30.04.2019

31.05.2019      31

30.04.2019

Exercise of call option and accordingly redemption on following IPDI and Upper Tier – II Bonds by the Bank subject to necessary approval:

ISIN No.

Coupon Rate (%)

Amount       (₹ In Cr)

Date of issue

Record date

Call date

INE112A09109

8.37

500.00

28.05.2009

27.04.2019

28.05.2019

INE112A09083

8.85

500.00

31.03.2009

30.04.2019

31.05.2019

INE112A09117

9.15

300.00

10.07.2009

09.06.2019

10.07.2019

INE112A09125

8.45

250.00

10.08.2009

10.07.2019

10.08.2019

INE112A09133

8.45

300.00

11.08.2009

11.07.2019

11.08.2019

INE112A09141

9.05

100.00

11.08.2009

11.07.2019

11.08.2019

INE112A09158

9.10

100.00

26.08.2009

26.07.2019

26.08.2019

26.04.2019

Shri P. K. Panda appointed as Director on the Board of Corporation Bank by the Central Government vide notification dated 26th April 2019, vice Shri Pradyumna K. Jena.

26.04.2019

The Audit Committee of the Board of the Bank on 25th April 2019 appointed Shri V Muthukrishnan, at present the General Manager, Financial Management Division of the Bank, as the Chief Financial Officer of the Bank with effect from 25.04.2019.

25.04.2019

Shri Deverakonda Diptivilasa, Part-time Non-official Director of the Bank has ceased to be a Director of the Bank from 25th April 2019 on completion of his term on 24th April 2019.

05.04.2019

Exercise of call option and accordingly redemption on following Upper Tier – II Bonds by the Bank subject to necessary approval :

ISIN No.

Coupon Rate (%)

Amount       (₹ In Cr)

Date of issue

Record date

Call date

INE112A09091

8.25

500

06.05.2009

05.04.2019

06.05.2019

INE112A09109

8.37

500

28.05.2009

27.04.2019

28.05.2019

03.04.2019

In terms of SEBI (Prohibition of Insider Trading) Regulations, 2015 as amended, the Trading Window for dealing in the Bank’s shares shall remain closed with immediate effect till 48 hours after the declaration of financial results of the Bank for the Quarter/Year ended 31st March, 2019 for all designated employees, Directors and Statutory Central Auditors of the Bank.

01.04.2019

Brickwork Ratings India Pvt. Ltd. has reviewed the credit ratings of the Bank’s Debt Instruments as below:

Instrument

Amount (Rs. in Crore)

Rating

Upper Tier II Bonds

500.00

BWR AA- (Outlook: Stable)

Reaffirmed

Innovative Perpetual Debt Instrument

300.00

BWR AA- (Outlook: Stable)

Reaffirmed

Basel III Compliant Tier II Bonds

500.00

BWR AA (Outlook: Stable)

Reaffirmed

Basel III Compliant Tier  II Bonds

(not yet raised)

1000.00

BWR AA (Outlook: Stable)

Reaffirmed

01.04.2019

Shri M. B. Ganesh, General Manager and Chief Financial Officer of the Bank has completed his term of office in the Bank on attaining the age of superannuation on 31st March 2019.

29.03.2019

The Securities Allotment Committee of the Board of the Bank in its meeting held on 29.03.2019 has considered and approved allotment of 340,55,47,226 equity shares of ₹2/- each at a premium of ₹24.68 per share i.e. at an issue price of ₹26.68 per share on preferential basis to Government of India (President of India).

27.03.2019

The Extraordinary General Meeting of the Shareholders of the Bank was held on 27th March, 2019 at Mangaluru. In the said meeting the shareholders have resolved and approved the following as Special Resolution:

1. To issue 340,55,47,226 equity shares of face value of ₹2/- each of the Bank at a premium of ₹24.68 per share i.e. at an issue price of ₹26.68 per share, to the Government of India i.e. the Promoter, in the name of the President of India, subject to compliance of Chapter V of the SEBI (ICDR) Regulations, 2018 and other  necessary approvals.

14.03.2019

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 15th March 2019 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

Overnight MCLR

8.05

One-month MCLR

8.20

Three-month MCLR

8.50

Six month MCLR

8.85

One year MCLR

8.90

11.03.2019

The Securities Allotment Committee of the Board of the Bank in its meeting held on 08.03.2019 has considered and approved allotment of 5,40,40,570 (Five Crore Forty Lakh Forty Thousand Five Hundred and Seventy) Equity Shares of Rs.2/- each to eligible employees under Corporation Bank Employee Stock Purchase Scheme 2018 (CORPBANK ESPS 2018).

11.03.2019

Reserve Bank of India (RBI) in exercise of powers conferred under Section 47(A)(1)(c) read with the Section 46(4)(i) of the Banking Regulation Act, 1949 has  imposed an aggregate penalty of Rs.10 million (Rupees Ten Million only) on the Bank for deficiency in regulatory compliance with one of the four compensatory control to do on real time basis.

02.03.2019

Shri M. Bhagavantha Rao appointed as Part-time Non-official Director on the Board of Corporation Bank by the Central Government vide notification dated 1st March 2019.

01.03.2019

The Extraordinary General Meeting of the shareholders of the Bank will be held on Wednesday, the 27th March 2019 at 10.30 a.m. at Head Office, Mangaluru. The cut-off date for determining the voting rights of the shareholders for participation is 21st March 2019.

26.02.2019

The Reserve Bank of India vide their press release dated February 26, 2019 has decided to take out ‘Corporation Bank’ out of Prompt Corrective Action (PCA) Framework subject to certain conditions and continuous monitoring.

25.02.2019

The Board of the Bank at its meeting held on 25.02.2019 approved to call an Extraordinary General Meeting of the shareholders of the Bank which will be held on Wednesday, the 27th March 2019 at 10.30 a.m. at Head Office, Mangaluru for the approval by special resolution to issue equity shares on preferential basis to Government of India to the tune of Rs. 9086 crore subject to other necessary approvals of RBI, SEBI and Government of India etc.

25.02.2019

The Board of the Bank at its meeting held on 25.02.2019 approved the proposal of capital raising plan to the extent of Rs.12,500 Crore by way of either issue and allotment of equity shares on preferential basis or by way of Additional Tier 1 Bonds or Tier II Bonds or Follow on Public Issue or Rights Issue or Qualified Institutions Placement or issue and allotment of equity shares on preferential basis to Government of India or Debt Issue or in combination of these thereof or any other method as per Basel III requirements in one or more tranches with Green Shoe Option if any.

21.02.2019

The issue of new equity shares of face value of Rs. 2/- each to the employees of the Bank under Corporation Bank Employee Stock Purchase Scheme 2018 has been closed on February 20, 2019.

20.02.2019

A meeting of the Board of Directors of the Bank is scheduled to be held on 25th February 2019 inter alia to consider raising of capital of the Bank by way of Preferential Allotment of equity shares to Government of India to the tune of Rs.9086 Crore, subject to necessary approvals/permissions from RBI, Government of India, SEBI, shareholders of the Bank and/or any other regulatory authority.

18.02.2019

Shri A. K. Vinod has been appointed as the Chief Risk Officer of the Bank for a term of three years or until further orders, whichever is earlier.

08.02.2019

RBI in exercise of powers conferred under Section 47(A)(1)(c) read with the Section 46(4)(i) of the Banking Regulation Act, 1949 has  imposed a penalty of Rs.20 million (Rupees Twenty Million only) on our Bank due to some lapses in monitoring of end use of funds and exchange of information with other banks in respect of one borrower along with some other Banks.

01.02.2019

Ms P. V. Bharathi, Executive Director, Canara Bank, has assumed office as the Managing Director and Chief Executive Officer of the Bank on 01.02.2019.

01.02.2019

Shri Jai Kumar Garg, Managing Director and Chief Executive Officer of the Bank has ceased to be a Managing Director and Chief Executive Officer from 1st February 2019 on completion of his term on 31st January 2019.

29.01.2019

The Securities Allotment Committee of the Board at its meeting held on 29th January 2019 approved the following:

 

1. To issue up to 10,00,00,000 (Ten Crore) new equity shares of face value of Rs. 2/- each to employees of the Bank under Corporation Bank Employee Stock Purchase Scheme 2018 (CORPBANK ESPS 2018) as per the provisions of the SEBI (Share Based Employee Benefits) regulations, 2014.

 

2. To issue these new shares at a discount of 25% of the Fair Market Value (average of opening and closing price of equity shares quoted on National Stock Exchange of India Ltd. on 28.01.2019 (which records the highest volume of trading in the shares). Accordingly, the issue price is fixed as Rs.19.61/- per equity share of face value Rs.2/- each.

 

3. The issue under CORPBANK ESPS 2018 shall commence from 30.01.2019.

 

4. It is further informed that the Trading Window for dealing in the Bank’s shares shall continue to remain closed till the expiry of 48 hours form the closure of the CORPBANK ESPS 2018 for all designated employees, Directors and Statutory Central Auditors of the Bank, etc. in connection with the opening of issue for subscription by the Eligible Employees of the Bank under CORPBANK ESPS 2018 [Except for the subscribing of equity shares by eligible employees under CORPBANK ESPS 2018]  during the issue period.  

24.01.2019

The meeting of the Securities Allotment Committee of the Board of the Bank is scheduled to be held on 29th January 2019, inter alia, to consider, finalise and approve a scheme namely “Corporation Bank Employee Stock Purchase Scheme 2018 (CORPBANK ESPS-2018)” to issue of up to 10 (Ten) crore new equity shares to the eligible employees of the Bank and all incidental matters threat.

14.01.2019

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 15th January 2019 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

Overnight MCLR

8.10

One-month MCLR

8.25

Three-month MCLR

8.55

Six month MCLR

8.90

One year MCLR

8.95

07.01.2019

The Bank has been informed by the Indian Banks’ Association vide their Circular letter no. CIR/HR&IR/Q/2018-19/6563 dated 24.12.2018 that the members of constituent unions of All India Bank Employees’ Association (AIBEA) & Bank Employees’ Federation of India (BEFI) working in various offices/branches of Public Sector Banks in India may take part in the proposed strike on 08.01.2019 and 09.01.2019.

27.12.2018

The Central Government vide Notification dated 26.12.2018 has appointed Ms P. V. Bharathi, Executive Director, Canara Bank as  Managing Director and Chief Executive Officer, Corporation Bank with effect from the date of assumption of office on or after 01.02.2019.

26.12.2018

Shri Birupaksha Mishra, General Manager, Central Bank of India, appointed as an Executive Director of Corporation Bank by the Central Government vide Notification dated 26.12.2018. Accordingly, he has asssumed office as the Executive Director of the Bank on 26.12.2018.

21.12.2018

Brickwork Ratings India Pvt. Ltd. has reviewed the credit ratings of the Bank’s Debt Instruments as below:

Instrument

Amount (Rs. in Crore)

Rating

Proposed fresh issue of Basel III Tier – II Bonds

1000.00

BWR AA (Outlook: Negative)

Assigned

Upper Tier II Bonds

500.00

BWR AA- (Outlook: Negative)

Reaffirmed

Innovative Perpetual Debt Instrument

300.00

BWR AA- (Outlook: Negative)

Reaffirmed

Basel III Tier II Bonds

500.00

BWR AA (Outlook: Negative)

Reaffirmed

200.00

Withdrawal of rating due to

not raising the amount

20.12.2018

Bank has been informed by Indian Banks’ Association vide their circular letter no. CIR/HR&IR/Q/2018-19/6347 dated 05.12.2018 and CIR/HR&IR/Q/2018-19/6479 dated 10.12.2018, that all constituent unions of All India Bank Officers’ Confederation          (AIBOC) and United Forum of Bank Unions (UFBU) have given a call for a strike on 21.12.2018 and 26.12.2018 respectively.

17.12.2018

ICRA Ltd. has reviewed the credit ratings of the Bank’s Debt Instrument as below:

 

Instrument

Amount (Rs. in Crore)

Rating

Rating Action

Lower Tier II Bonds

200.00

[ICRA] AA- (Negative)

Withdrawn*

Certificate of Deposits

30,000.00

[ICRA] A1+

Reaffirmed

*The Bond was redeemed at par on 03.12.2018 upon completion of its tenure of 120 months.

30.11.2018

The Bank has been informed by Karvy Computershare Private Limited that pursuant to Order dated 23.10.2018 of the Hyderabad Bench of the National Company Law Tribunal (NCLT Order), the operations of Karvy Computershare Private Limited, the Share Transfer Agent of the Bank (KCPL) have been transferred to Karvy Fintech Private Limited (Karvy Fintech) with effect from 17th November, 2018.

The Bank has been further informed that pursuant to the NCLT Order the all the existing agreements to which KCPL is a party including the agreements entered into by the Bank shall be in full force and vest with Karvy Fintech Private Limited.

19.11.2018

Exercise of call option and accordingly redemption on following IPDI and Upper Tier – II Bonds by the Bank subject to necessary approval :

ISIN No.

Coupon Rate (%)

Amount       (₹ In Cr)

Date of issue

Record date

Call date

INE112A09059

10.10

300

12.12.2008

11.11.2018

12.12.2018

INE112A09067

9.00

237.5

19.01.2009

19.12.2018

19.01.2019

INE112A09075

9.15

700

24.02.2009

24.01.2018

24.02.2019

11.10.2018

Allotment of 86,90,47,619 equity shares of ₹ 2/- each at a premium of ₹ 27.40 per share i.e. at an issue price of ₹ 29.40 per share on preferential basis to Government of India (President of India).

17.09.2018

The Securities and Exchange Board of India (SEBI) vide their letter dated September 7, 2018 given approval to the Bank that issuance of up to 10 crore fresh equity shares to employees through Employee Stock Purchase Scheme under SEBI (Share Based Employee Benefits) Regulations, 2014 as a method to comply with the norms of Minimum Public Shareholding (MPS) as required under Rule 19A of the Securities Contracts (Regulation) Rules, 1957.

14.09.2018

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 15th September 2018 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

Overnight MCLR

8.10

One-month MCLR

8.20

Three-month MCLR

8.50

Six month MCLR

8.90

One year MCLR

8.95

07.09.2018

The Extraordinary General Meeting of the Shareholders of the Bank was held on 7th September, 2018 at Mangaluru.  In the said meeting, the shareholders have resolved and approved the following as Special Resolutions:1. To issue 86,90,47,619 equity shares of face value of Rs.2 each of the Bank at a premium of Rs.27.40 per share i.e. at an issue price of Rs.29.40 per share, to the Government of India i.e. the Promoter, in the name of the President of India, subject to compliance of Chapter VII of the SEBI (ICDR) Regulations, 2009 and other necessary approvals.2. To issue up to 10 crore Equity Shares of face value of Rs.2 each at a premium to the Employees of the Bank under Corporation Bank Employee Stock Purchase Scheme (CorpBank-ESPS) in one or more tranches as per the provisions of the SEBI (Share Based Employee Benefits) Regulations, 2014 along with other necessary approvals.

31.08.2018

Crisil Ltd. has revised the credit ratings of the Bank’s Debt Instruments as below :

 

Lower Tier-II Bonds (Under Basel II) Aggregating Rs.1200 Crore

CRISIL AA-/ Negative (Outlook revised from 'Stable' and rating reaffirmed)

Tier-I Perpetual Bonds (Under Basel II) Aggregating Rs.437.5 Crore

CRISIL A+/ Negative (Outlook revised from 'Stable' and rating reaffirmed)

Upper Tier-II Bonds (Under Basel II) Aggregating Rs.1400 Crore

CRISIL A+/ Negative (Outlook revised from 'Stable' and rating reaffirmed)

Fixed Deposit Programme

FAA+/ Negative (Outlook revised from 'Stable' and rating reaffirmed)

Rs.1000 Crore Tier-I Bonds (Under Basel III)

CRISIL A-/Negative (Withdrawn)

14.08.2018

1. The Extra Ordinary General Meeting of the Shareholders of the Bank to be held on Friday,  the 7th September 2018 at 10.30 A.M. at Head Office, Mangaluru.

2.  The date 01.09.2018 has been fixed as record date/cut off date for determining the voting rights of the shareholders.

23.07.2018

Pursuant to the approval of the Board of Directors of the Bank, the Bank has entered into the lnter-creditor Agreement for Resolution of Stressed Assets (lCA).

05.07.2018

CARE Ratings Ltd. has revised the credit ratings of the Bank’s Debt Instruments as below:

 

Instrument

Rating

Remarks

Lower Tier-II Bonds (Under Basel II) Aggregating Rs.500 Crore

CARE AA-;  Negative

(Double A Minus; Outlook: Negative)

   Reaffirmed

Upper Tier-II Bonds (Under Basel II) Aggregating Rs.2850 Crore

CARE A+; Negative

(Single A Plus; Outlook:Negative)

   Reaffirmed

Perpetual Bonds (Under Basel II) Aggregating Rs.737.5 Crore

CARE A+; Negative

(Single A Plus; Outlook: Negative)

   Reaffirmed

29.06.2018

The Twenty First Annual General Meeting of the Shareholders of the Bank was held on 29th  June 2018 at Mangaluru. In the said meeting the shareholders have resolved and approved the following:

1.         Discussed, approved and adopted the Audited Standalone and Consolidated Balance Sheet of the Bank as at 31st March, 2018, Standalone and Consolidated Profit and Loss Account of the Bank for the year ended 31st March, 2018, the Report of the Board of Directors on the working and activities of the Bank for the period covered by the Accounts and the Auditors’ Report on the Balance Sheet and Accounts.

2.         Approved raising of capital of the Bank by way of issuance of fresh equity shares and/or by issuance of Additional Tier – I or Tier – II capital as per Basel III Guidelines to the extent of Rs.5000/- crore.

26.06.2018

India Ratings and Research Pvt. Ltd. has revised the ratings of Corporation Bank’s Debt Instrument as below :

Instrument

Rating

Remarks

Long Term Issuer Rating

IND AA-/Stable

Downgraded from

IND AA / Stable.

Proposed fresh issue of Basel III compliant Tier II BondsLong-Term Issuer Rating

IND AA-/Stable

Yet to be raised.

Basel III Tier 2 Bonds

 

IND AA-/Stable

Downgraded from

IND AA / Stable.

Basel III  AT 1 Bonds

Withdrawn

Withdrawn

14.06.2018

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 15th June 2018 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

Overnight MCLR

8.00

One-month MCLR

8.10

Three-month MCLR

8.40

Six month MCLR

8.80

One year MCLR

8.85

28.05.2018

Bank has been informed by Indian Banks’ Association vide their circular letter no. CIR/HR&IR/Q/2018-19/5088 dated 11.05.2018, that all constituent unions of United Forum of Bank unions (UFBU) have given a call for a strike on 30.05.2018 and 31.05.2018.

26.05.2018

1. The Annual General Meeting of the Shareholders of the Bank to be held on Friday, the 29th June 2018 at 10.30 A.M. at Head Office, Mangaluru.

2.  The Date 22.06.2018 to 29.06.2018 (both days inclusive) as Book Closure Date for Annual General Meeting. The cut-off date for Remote E-Voting will be 23.06.2018.

26.04.2018

Brickwork Ratings India Pvt. Ltd. has withdrawn the credit ratings of the Bank’s Debt Instrument as below :

Instrument

Amount               (Rs. Crore)

Rating

Remarks

Basel III compliant Additional Tier 1 Bonds

1000.00

BWR A+(Outlook: Stable)

Withdrawn*

04.04.2018

ICRA Limited has revised the credit ratings of the Corporation Bank  Debt Instruments as below:

 

Instrument

Amount               (Rs. Crore)

Rating

Remarks

Lower Tier II Bonds

200.00

[ICRA] AA- (Negative)

Withdrawn*

Lower Tier II Bonds

300.00

ICRA] AA- (Negative)

Withdrawn*

Lower Tier II Bonds

200.00

[ICRA] AA- (Negative)

 

Outstanding, Reaffirmed

Certificate of Deposits

30,000.00

ICRA A1+

Outstanding, Reaffirmed

* The Bonds were redeemed on 19.03.2018 and 27.03.2018 respectively on maturity.

31.03.2018

Allotment of 51,84,92,176 equity shares of Rs 2/- each at a premium of Rs.40.18 per share i.e. at an issue price of Rs 42.18 per share on preferential basis to Government of India (President of India).

26.03.2018

Brickwork Ratings India Pvt. Ltd. has reviewed the credit ratings of the Bank’s Debt Instrument as below :

Instrument

Amount               (Rs. Crore)

Rating

Remarks

Upper Tier II Bonds

500.00

BWR AA -

(Outlook : Negative)

Revised from BWR AA

(Outlook changed from Credit watch with Positive Implications).

Perpetual Tier I Bonds

 

300.00

BWR AA -

(Outlook: Negative)

Revised from BWR AA

(Outlook changed from Credit watch with Positive Implications).

Basel III compliant Tier II Bonds

700.00

BWR AA

(Outlook: Negative)

Outlook changed from Credit watch with Positive Implications.

Basel III compliant Additional Tier – I Bonds

1000.00

BWR A+

(Outlook: Stable)

Outlook changed from Credit watch with Positive Implications.

*The rating letter was received on 23.03.2018 at 18.39 P.M.by email from Brickwork Ratings India Pvt. Ltd.

14.03.2018

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 15th March 2018 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

Overnight MCLR

7.90

One-month MCLR

8.00

Three-month MCLR

8.30

Six month MCLR

8.70

One year MCLR

8.75

13.03.2018

An Extraordinary General Meeting of the Bank was held at Mangaluru on 13.03.2018 to to consider and approve the issue and allotment of 51,84,92,176 equity shares of the Bank of the face value of Rs.2/- each at an issue price of Rs.42.18 per share to Government of India on preferential basis, in terms of SEBI (ICDR) Regulations, 2009 and other necessary approvals.

12.03.2018

Exercise of call option on Additional Tier 1 Bonds in case of Regulatory Event by the Bank on 06.04.2018 and accordingly redeem following Additional Tier 1 Bonds :

ISIN No.

Coupon Rate (%)

Amount       (Rs. In Cr)

Date of issue

Record date

Call date

INE112A08010

9.51

500

09.02.2015

21.03.2018

06.04.2018

INE112A08028*

10.28

500

24.03.2017

21.03.2018

06.04.2018

INE112A08036

9.23

800

14.11.2017

21.03.2018

06.04.2018

* Interest from 24.03.2018 to 05.04.2018 will be paid on 06.04.2018.

28.02.2018

Clarification on news items of M/s. Ramnandi Estates Pvt. Ltd. at our Gaya Branch, outstanding liabilities Rs.665.73 lakh :

  • The accounts of the subject borrower have turned NPA on 03.09.2016.  

·         As per extant procedures after classifying the account as fraud by the Bank on 02.02.2018. reported to RBI. One property of the borrower sold and recovered Rs.553.40 lakh, remaining two properties of the borrower scheduled for auction on 08.03.2018 with reserve price of Rs.55 lakh and Rs.53 lakh.

  • A complaint in the matter has also been lodged with CBI [EOW], Ranchi, which has been registered on 27.02.2018. 
  • By virtue of the accounts being classified as fraud, total exposure in these accounts shall be provided as per extant RBI guidelines.

21.02.2018

CARE Ratings Ltd. has revised the credit ratings of the Bank’s Debt Instruments as below:

 

Instrument

Rating

Lower Tier-II Bonds (Under Basel II) Aggregating Rs.500 Crore

CARE AA-; Negative

(Double A Minus; Outlook:Negative)

Upper Tier-II Bonds (Under Basel II) Aggregating Rs.2850 Crore

CARE A+; Negative

(Single A Plus; Outlook:Negative)

Perpetual Bonds (Under Basel II) Aggregating Rs.737.5 Crore

CARE A+; Negative

(Single A Plus; Outlook: Negative)

16.02.2018

1. The Extra Ordinary General Meeting of the Shareholders of the Bank to be held on Tuesday, the 13th March 2018 at 10.30 A.M. at Head Office, Mangaluru.

2.  The date 07.03.2018 has been fixed as record date/cut off date for determining the voting rights of the shareholders.

29.01.2018

Crisil Ltd. has revised the ratings of Corporation Bank’s Debt Instrument as below :

 

Lower Tier-II Bonds (Under Basel II) Aggregating Rs.1200 Crore

CRISIL AA-/Stable (Outlook revised from Negative)

Tier-I Perpetual Bonds (Under Basel II) Aggregating Rs.437.5 Crore

CRISIL A+/Stable (Outlook revised from Negative)

Upper Tier-II Bonds (Under Basel II) Aggregating Rs.1400 Crore

CRISIL A+/Stable (Outlook revised from Negative)

Rs.1000 Crore Tier-I Bonds (Under Basel III)

CRISIL A-/Negative (Reaffirmed)

Fixed Deposit Programme

FAA+/Stable (Outlook revised from Negative)

27.12.2017

Shri K. Srinivasa Murthy appointed as Part-time Non-official Director under Chartered Accountant category on the Board of Corporation Bank by the Central Government vide notification dated 27th December 2017.

22.12.2017

As per the approval received from the Reserve Bank of India, the Bank has appointed M/s Chandran & Raman, Chartered Accountants, and M/s S. Ramanand Aiyar & Co., Chartered Accountants, as Statutory Central Auditors of the Bank in place of M/s M. Anandam & Co., Chartered Accountants, and M/s Ponraj & Co., Chartered Accountants, for the year 2017-18.

15.12.2017

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 15th December 2017 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

Overnight MCLR

7.80

One-month MCLR

7.90

Three-month MCLR

8.20

Six month MCLR

8.60

One year MCLR

8.65

13.12.2017

Reserve Bank of India vide their letter dated December 07, 2017, has placed the Bank under Prompt Corrective Action Framework in view of high NPA and requirement to raise capital of the Bank. This action will not have any material impact on the performance of the Bank and will contribute to improvement in internal control of the Bank in its activities.

14.11.2017

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 15th November 2017 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

Overnight MCLR

7.90

One-month MCLR

7.90

Three-month MCLR

8.20

Six month MCLR

8.60

One year MCLR

8.65

14.11.2017

Bank has raised the amount of Rs.500 Crore of the Basel III Compliant Tier-II  Bonds      [Series I] and the same has been allotted by the Securities Allotment Committee of the Board of the Bank on 14th November 2017 to the respective Bond investors with a coupon rate of 8.02% per annum.

14.11.2017

Bank has raised the amount of Rs.800 Crore of the Basel III Compliant Additional Tier-I Perpetual Bonds [Series III] and the same has been allotted by the Securities Allotment Committee of the Board of the Bank on 14th November 2017 to the respective Bond investors with a coupon rate of 9.23% per annum.

08.11.2017

Brickwork Ratings India Pvt. Ltd.. has assigned the ratings of Corporation Bank’s Debt Instrument as below :

Instrument

Rating

Proposed fresh issue of Basel III compliant Tier – II Bonds

BWR AA

(Credit watch with Positive Implications)

02.11.2017

Bank is issuing Unsecured, Subordinated, Non-Convertible, Taxable, Perpetual Bonds which will qualify as Additional Tier-1 Capital (as the term is defined in the Basel III Guidelines of the Reserve Bank of India) in the nature of Debentures of Rs.500 crore with Green Shoe Option upto Rs.500 Crore (maximum Rs.1000 Crore) on Private Placement Basis.

27.10.2017

Brickwork Ratings India Pvt. Ltd. has reviewed the credit ratings of the Bank’s Debt Instrument as below :

Instrument

Amount               (Rs. Crore)

Rating

Remarks

Upper Tier II Bonds

500.00

BWR AA

(Outlook: Negative)

Reaffirmed

Credit watch with Positive Implications

Perpetual Tier I Bonds

 

300.00

BWR AA

(Outlook: Negative)

Reaffirmed

Credit watch with Positive Implications

Proposed fresh issue of Basel III compliant Additional Tier – I perpetual Bonds

1000.00

BWR A+

(Outlook: Negative)

Reaffirmed

Credit watch with Positive Implications

17.10.2017

India Ratings and Research Pvt. Ltd. has revised the ratings of Corporation Bank’s Debt Instrument as below :

Instrument

Rating

Remarks

Long-Term Issuer Rating

IND AA

(Outlook Stable)

Affirmed

Basel III Tier 2 Bonds

 

IND AA

(Outlook Stable)

Affirmed

Basel III  AT 1 Bonds

IND A

(Outlook Negative)

Downgraded from

IND A+/Negative.

12.10.2017

ICRA Limited has revised the credit ratings of the Corporation Bank  Debt Instruments as below:

 

Instrument

Amount               (Rs. Crore)

Rating

Remarks

Lower Tier II Bonds

700.00

[ICRA] AA- (Negative)

 

Downgraded from

[ICRA] AA (Negative)

Certificate of Deposits

30,000.00

ICRA A1+

Reaffirmed

11.10.2017

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 15th October 2017 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

8.00

one-month MCLR

8.00

three-month MCLR

8.20

six month MCLR

8.60

One year MCLR

8.65

28.09.2017

Brickwork Ratings India Pvt. Ltd. has revised the credit ratings of the Bank’s Debt Instrument as below :

Instrument

Amount               (Rs. Crore)

Rating

Remarks

Proposed fresh issue of Basel III compliant Additional Tier – I Bonds

1000

BWR A+

(Outlook: Negative)

-

Upper Tier II Bonds

500.00

BWR AA

(Outlook: Negative)

Revised from BWR AA+

(Outlook: Negative)

Perpetual Tier I Bonds

 

300.00

BWR AA

(Outlook: Negative)

Revised from BWR AA+

(Outlook: Negative)

14.09.2017

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 15th September 2017 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

8.10

one-month MCLR

8.10

three-month MCLR

8.20

six month MCLR

8.60

One year MCLR

8.65

07.09.2017

An Extraordinary General Meeting of the Bank was held at Mangaluru on 07.09.2017 to elect two directors from amongst the shareholders of the Bank, other than the Central Government. In the election held in the EGM dated 7th September 2017, out of the three candidates, the following two candidates polled majority of the votes and accordingly they were elected as directors.

SI. No.

Names

1.

Shri Pradeep Kumar Jain

2.

Ms. Chitra Gouri Lal

The above two directors shall be deemed to assume office from 8th September 2017 for a period of three years from the date of assumption that is till 7th September 2020.

30.08.2017

The Bank has decided to introduce a two tier saving bank interest rate w.e.f. 01.09.2017 as follows :

Criteria

% of interest w.e.f. 01.09.2017

Savings Bank Balance below Rs.50 Lac

3.50 p.a.

Savings Bank Balance Rs.50 Lac & above

4.00% p.a.

(Existing Rate – No Change)

 

26.08.2017

Shri Sushobhan Sarker, Ms. Chitra Gouri Lal and Shri Ramesh Kumar Bhat, Shareholder Directors have ceased to be Directors on the Board of the Bank from 26th August 2017 on completion of their term on 25th August 2017.

21.08.2017

Bank has been informed by Indian Banks’ Association vide their circular letter no. CIR/HR&IR/Q/2017-18/3342 dated 05.08.2017, that all constituent unions of United Forum of Bank unions (UFBU) have given a call for a strike on Tuesday, 22nd August 2017.

16.08.2017

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 15th August 2017 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

8.15

one-month MCLR

8.15

three-month MCLR

8.20

six month MCLR

8.65

One year MCLR

8.75

17.07.2017

1. The Extra Ordinary General Meeting of the Shareholders of the Bank to be held on Thursday, the 7th September 2017 at 10.30 A.M. at Head Office, Mangaluru.

2.  The date 11.08.2017 has been fixed as record date/cut off date to consider the names of the shareholders entitled to participate in the Election, i.e. to nominate and contest for election of two Shareholder Directors. Thursday, 31.08.2017 has been fixed as the evoting cut off date for participation in Remote E-voting and voting by poll on the business of the  meeting.

06.07.2017

CARE Ratings Ltd. has reviewed the credit ratings of the Bank’s Debt Instruments as below:

 

Instrument

Amount               (Rs. Crore)

Rating

Remarks

Lower Tier II Bonds

500.00

CARE AA-; Stable

(Double A Minus; Outlook:Stable)

Reaffirmed

Upper Tier II Bonds

2850.00

CARE A+; Stable

(Single A Plus; Outlook:Stable)

Reaffirmed

Perpetual Bonds

 

737.50

CARE A+; Stable

(Single A Plus; Outlook:Stable)

Reaffirmed

28.06.2017

The Twentieth Annual General Meeting of the Shareholders of the Bank was held on 28th June 2017 at Mangaluru.  In the said meeting the shareholders have resolved and approved the following:

1.      Discussed, approved and adopted the Audited Standalone and Consolidated Balance Sheet of the Bank as at 31st March, 2017, Standalone and Consolidated Profit and Loss Account of the Bank for the year ended 31st March, 2017, the Report of the Board of Directors on the working and activities of the Bank for the period covered by the Accounts and the Auditors’ Report on the Balance Sheet and Accounts.

2.      Approved raising of capital of the Bank by way of issuance of fresh equity shares and/or by issuance of Additional Tier – I or Tier – II capital as per Basel III Guidelines to the extent of Rs.3500/- crore.

21.06.2017

Brickwork Ratings has reaffirmed the ratings of Corporation Bank’s Bond issues as below :

Type of Instrument

Amount (Rs. in Cr)

Issue Date

Maturity Date

Rating (Mar 2016)

Upper Tier II Bonds

500

06 May 2009

06 May 2024

BWR AA+ (Outlook Negative)

Reaffirmed

Perpetual Tier I Bonds

300

10 July 2009

10 July 2024

BWR AA+ (Outlook Negative)

Reaffirmed

14.06.2017

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 15th June 2017 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

8.15

one-month MCLR

8.15

three-month MCLR

8.25

six month MCLR

8.65

One year MCLR

8.75

09.06.2017

CRISIL Ltd. has revised the credit ratings of the Bank’s Debt Instrument as below :

 

Rs 1000 crore Tier I Bonds (Under Basel III )

CRISIL A/Stable (Outlook revised from ‘Negative’ and rating reaffirmed)

Rs.500 crore Tier II Bonds (Under Basel III )

CRISIL AA/Negative (Withdrawal)*

Lower Tier II Bonds (under Basel II) Aggregating Rs.1200 crore

CRISIL AA/Negative (Reaffirmed)

Tier I Perpetual Bonds (Under Basel II) Aggregating Rs.437.5 crore

CRISIL AA-/Negative (Reaffirmed)

Upper Tier II Bonds (Under Basel II) Aggregating Rs.1400 crore

CRISIL AA-/Negative (Reaffirmed)

Fixed Deposit Programme

FAAA/Negative (Reaffirmed)

*as the Bonds have not been raised.

 

29.05.2017

India Ratings and Research Pvt. Ltd. has revised the ratings of Corporation Bank’s Debt Instrument as below :

Instrument

Rating

Remarks

Long-Term Issuer Rating

IND AA

(Outlook Stable)

Affirmed

INR 5 BN Basel III compliant Tier II Bonds

 

IND AA

(Outlook Stable)

Affirmed

INR 10 BN Basel III compliant AT I Instrument

IND A +

(Outlook Negative)

Affirmed; Outlook revised from to Negative.

20.05.2017

1. The Annual General Meeting of the Shareholders of the Bank to be held on Wednesday, the 28th June 2017 at 10.30 A.M. at Head Office, Mangaluru.

2.  The Date 22.06.2017 to 28.06.2017 (both days inclusive) as Book Closure Date for Annual General Meeting. The cut-off date for Remote E-Voting will be 22.06.2017.

12.06.2017

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 15th May 2017 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

8.20

one-month MCLR

8.20

three-month MCLR

8.30

six month MCLR

8.65

One year MCLR

8.75

06.05.2017

Shri Sunil Mehta, Executive Director of the Bank has ceased from the services of the bank on 5th May 2017 upon his appointment as Managing Director and Chief Executive Officer  of Punjab National Bank.

07.04.2017

Brickwork Ratings has reaffirmed the ratings of Corporation Bank’s Bond issues as below :

Type of Instrument

Amount (Rs. in Cr)

Issue Date

Maturity Date

Rating (Mar 2016)

Upper Tier II Bonds

500

06 May 2009

06 May 2024

BWR AA+ (Outlook Negative)

Perpetual Tier I Bonds

300

10 July 2009

10 July 2024

BWR AA+ (Outlook Negative)

07.04.2017

CRISIL Ltd. has reaffirmed the credit ratings of the Bank’s Debt Instrument as below :

Rs 5.00 Billion Tier II Bonds (Under Basel III )

CRISIL AA/Negative (Reaffirmed)

Lower Tier II Bonds (under Basel II) Aggregating Rs.12.00 Billion

CRISIL AA/Negative (Reaffirmed)

Tier I Perpetual Bonds (Under Basel II) Aggregating Rs.4.375 Billion

CRISIL AA-/Negative (Reaffirmed)

Upper Tier II Bonds (Under Basel II) Aggregating Rs.14.00 Billion

CRISIL AA-/Negative (Reaffirmed)

Rs 10.00 Billion Tier I Bonds (Under Basel III )

CRISIL A/Negative (Reaffirmed)

Fixed Deposit Programme

FAAA/Negative (Reaffirmed)

Rs.250.00 Billion Certificates of Deposit Programme

CRISIL A1+ (Withdrawal)

24.03.2017

Bank has raised Rs.500 crore of the Basel III compliant Additional Tier–1 (Series II) Unsecured, Subordinated, Non-Convertible, Taxable, Perpetual Bonds and the same has been allotted by the Securities Allotment Committee of the Board of the Bank to the respective Bond Investors with a coupon rate of 10.28% per annum.

16.03.2017

Bank is issuing Unsecured, Subordinated, Non-Convertible, Taxable, Perpetual Bonds which will qualify as Additional Tier-1 Capital (as the term is defined in the Basel III Guidelines of the Reserve Bank of India) in the nature of Debentures of Rs.500 crore on Private Placement Basis.

02.03.2017

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f 1st March 2017 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

8.25

one-month MCLR

8.25

three-month MCLR

8.30

six month MCLR

8.65

One year MCLR

8.75

27.02.2017

Bank has been informed by Indian Banks’ Association vide their circular letter no. CIR/HR&IR/Q/2016-17/2105 dated 13.02.2017 that all constituent unions of United Forum of Bank unions (UFBU) have given a call for a strike on Tuesday, 28th February 2017..

04.02.2017

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f 1st February 2017 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

8.30

one-month MCLR

8.30

three-month MCLR

8.35

six month MCLR

8.65

One year MCLR

8.75

03.01.2017

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f 2nd January 2017 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

8.35

one-month MCLR

8.35

three-month MCLR

8.40

six month MCLR

8.65

One year MCLR

8.75

29.12.2016

Credit Analysis & Research Ltd. (CARE Ratings) has reviewed the credit ratings of the Corporation Bank  Debt Instruments as below:

 

Instrument

Amount               (Rs. Crore)

Rating

Remarks

Lower Tier II Bonds

500.00

CARE AA-; Stable

(Double A Minus; Outlook : Stable)

Reaffirmed

Upper Tier II Bonds

2850.00

CARE A+; Stable

(Single A Plus; Outlook : Stable)

Reaffirmed

Perpetual Bonds

 

737.50

CARE A+; Stable

(Single A Plus; Outlook : Stable)

Reaffirmed

26.12.2016

Shri Adish Kumar Jain, Part-time Non-Official Director under Chartered Accountant Category on the Board of the Bank has ceased to be a Director from 26th December 2016 on completion of his term on 25th December 2016. 

30.11.2016

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f 1st December 2016 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

9.00

one-month MCLR

9.15

three-month MCLR

9.20

six month MCLR

9.35

One year MCLR

9.45

23.11.2016

The Institutional Investor meet was held on Wednesday, 23rd November 2016 at Corporation Bank Head Office, Mangaluru as per following details :
Date Name Place
23.11.2016 HDFC Mutual Fund Mangaluru.

04.11.2016

Shri Bonam Venkata Bhaskar, Part-time Non-Official Director of the Bank has ceased to be a Director from 04th November 2016 on completion of his term on 03rd November 2016. 

28.10.2016

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f 1st November 2016 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

9.00

one-month MCLR

9.10

three-month MCLR

9.25

six month MCLR

9.35

One year MCLR

9.45

18.10.2016

Shri Ekanath Baliga, Officers’ Employee Director of the Bank has ceased to be a Director from 17th October 2016 on completion of his term on 16th October 2016.

07.10.2016

ICRA Limited has revised the credit ratings of the Corporation Bank  Debt Instruments as below:

 

Instrument

Amount               (Rs. Crore)

Rating

Remarks

Lower Tier II Bonds

700.00

ICRA AA

(ICRA Double A)

(Outlook Negative)

Reaffirmed

Outlook revised from stable to negative

Certificate of Deposits

30,000.00

ICRA A1+

(ICRA A One Plus)

Reaffirmed

29.09.2016

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f 1st October 2016 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

9.05

one-month MCLR

9.15

three-month MCLR

9.30

six month MCLR

9.40

One year MCLR

9.50

28.09.2016

Allotment of 12,45,70,868 equity shares of Rs 2/- each at a premium of Rs 38.78 per share i.e. at an issue price of Rs 40.78 per share on preferential basis to Government of India (President of India).

15.09.2016

An Extraordinary General Meeting of the Bank was held at Mangaluru on 15.09.2016 to consider and approve the issue and allotment of 12,45,70,868 equity shares of the Bank of the face value of Rs.2/- each at an issue price of Rs.40.78 per share to Government of India on preferential basis, in terms of SEBI (ICDR) Regulations, 2009 and other necessary approvals.

01.09.2016

Bank has been informed by Indian Banks’ Association vide their circular letter no. CIR/HR&IR/Q/2016-17/864 dated 18.08.2016 and CIR/HR&IR/Q/2016-17/873 dated 19.08.2016, that AIBEA, AIBOA, BEFI, AIBOC & INBOC have given a call for a strike on Friday, 02nd September 2016.

31.08.2016

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f 1st September 2016 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

8.95

one-month MCLR

9.10

three-month MCLR

9.30

six month MCLR

9.45

One year MCLR

9.50

24.08.2016

Shri Gopal Murli Bhagat, General Manager, Bank of India,  appointed as an Executive Director of Corporation Bank by Central Government vide notification dated 24.08.2016. Accordingly, he has asssumed office as the Executive Director of the Bank on 24.08.2016.

30.07.2016

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f 1st August 2016 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

8.95

one-month MCLR

9.10

three-month MCLR

9.35

six month MCLR

9.45

One year MCLR

9.55

28.07.2016

RBI in exercise of powers conferred under Section 47(A)(1)(c) read with the Section 46(4)(i) of the Banking Regulation Act, 1949 has  imposed a penalty of Rs. 10 million (Rupees Ten Million only) on our Bank due to some lapses in KYC/AML norms, along with some other Banks.

28.07.2016

Bank has been informed by Indian Banks’ Association vide their circular letter no. CIR/HR&IR/Q/2015-16/643 dated 12.07.2016, that United Forum of Bank Union (UFBU) has given a call for a strike on Friday, 29th July 2016.

13.07.2016

Credit Analysis & Research Ltd. (CARE Ratings). has revised the credit ratings of the Corporation Bank  Debt Instruments as below:

 

Instrument

Amount               (Rs. Crore)

Rating

Remarks

Lower Tier II Bonds

500.00

CARE AA-

(Double A Minus)

Revised from CARE AA

(Double A )

Upper Tier II Bonds

2850.00

CARE A+

(Single A Plus)

Revised from CARE AA-

(Double A Minus)

Perpetual Bonds

 

737.50

CARE A+

(Single A Plus)

Revised from CARE AA-

(Double A Minus)

30.06.2016

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f 1st July 2016 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

9.00

one-month MCLR

9.15

three-month MCLR

9.40

six month MCLR

9.50

One year MCLR

9.55

29.06.2016

The Nineteenth Annual General Meeting of the Shareholders of the Bank was held on 29th June 2016 at Mangaluru.  In the said meeting the shareholders have resolved and approved the following:

1.    Discussed, approved and adopted the Audited Standalone and Consolidated Balance Sheet of the Bank as at 31st March, 2016, Standalone and Consolidated Profit and Loss Account of the Bank for the year ended 31st March, 2016, the Report of the Board of Directors on the working and activities of the Bank for the period covered by the Accounts and the Auditors’ Report on the Balance Sheet and Accounts.

28.06.2016

In the Audit Committee meeting of the Bank held on 28th June 2016, Shri M. B. Ganesh, at present the Deputy General Manager, Financial Management Division of the Bank, is appointed as the Chief Financial Officer of the Bank with effect from 28.06.2016 .

04.06.2016

Annual General Meeting of the Shareholders of the Bank to be held on Wednesday, the 29th June 2016 at 10.30 A.M. at Head Office, Mangaluru.

03.06.2016

Shri R. Natarajan, General Manager and Chief Financial Officer of the Bank has completed his term of office in the Bank on attaining the age of superannuation on 31st May 2016.

18.05.2016

1. The Annual General Meeting of the Shareholders of the Bank to be held on Wednesday, the 29th June 2016 at 10.30 A.M. at Head Office, Mangaluru.

2.  The Date 24.06.2016 to 29.06.2016 (both days inclusive) as Book Closure Date for Annual General Meeting. The cut-off date for Remote E-Voting will be 23.06.2016.

01.05.2016

Revision in Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals w.e.f. 1st May 2016 are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

9.00

one-month MCLR

9.20

three-month MCLR

9.40

six month MCLR

9.50

One year MCLR

9.55

26.04.2016

India Ratings and Research Pvt. Ltd. has revised the ratings of Corporation Bank’s Debt Instrument as below :

Instrument

Rating

Remarks

Long-Term Issuer Rating

IND AA

(Outlook Stable)

Revised from IND AA +

(Outlook Stable)

INR 5 BN Tier II Bonds

 

IND AA

(Outlook Stable)

Revised from IND AA +

(Outlook Stable)

INR 10 BN AT I Instrument

IND A +

(Outlook Stable)

Revised from IND AA -

(Outlook Stable)

25.04.2016

 

Shri Deverakonda Diptivilasa appointed as an Part-time Non–Official Director on the Board of Corporation Bank by Central Government vide notification dated 25.04.2016.

21.04.2016

Brickwork Ratings has revised the ratings of Corporation Bank’s Bond issues as below :

Type of Instrument

Amount (Rs. in Cr)

Issue Date

Maturity Date

Rating (Mar 2016)

Upper Tier II Bonds

500

May 2009

May 2024

BWR AAA to BWR AA+ (Outlook Negative)

Perpetual Tier I Bonds

300

July 2009

July 2024

BWR AAA to BWR AA+ (Outlook Negative)

01.04.2016

Fixation of Marginal Cost of Fund Based Lending Rate (MCLR) for all new Rupee Loan and Advances including Renewals are given hereunder :

Tenor based MCLR 

Effective MCLR (% p.a.)

overnight MCLR

9.05

one-month MCLR

9.30

three-month MCLR

9.50

six month MCLR

9.55

One year MCLR

9.60

3 Year MCLR

9.80

23.03.2016

ICRA Ltd. has assigned the ICRA A1+ rating to Bank’s Certificate of Deposit amounting to Rs. 30,000 crore.

22.03.2016

Credit Analysis & Research Ltd. (CARE Ratings) has reviewed the credit ratings of the Bank’s Debt Instrument as below :

Instrument

Rating

Lower Tier II Bonds – Rs 500 crore.

CARE AA (Double A).

Revised from CARE AA+ (Double A Plus).

Upper Tier II Bonds – Rs 2850 crore.

CARE AA - (Double A Minus).

Revised from CARE AA (Double A).

Perpetual Bonds (Basel II) – 737.50 crore.

CARE AA- (Double A Minus).

Revised from CARE AA (Double A).

15.03.2016

Rs 5.00 Billion Tier II Bonds (Under Basel III )

CRISIL AA/Negative ( Downgraded from CRISIL AA+, outlook revised from stable)

Lower Tier II Bonds (under Basel II)Aggregating Rs.15.00 Billion

CRISIL AA/Negative (Downgraded from CRISIL AA+, outlook revised from stable)

Tier I Perpetual Bonds (Under Basel II) Aggregating Rs.4.375 Billion

CRISIL AA-/Negative(Downgraded from CRISIL AA, outlook revised from stable)

Upper Tier II Bonds (Under Basel II) Aggregating Rs.14.00 Billion

CRISIL AA-/Negative(Downgraded from CRISIL AA, outlook revised from stable)

Rs 10.00 Billion Tier I Bonds (Under Basel III )

CRISIL A/Negative (Downgraded from CRISIL AA-, outlook revised from stable)

Fixed Deposit Programme

FAAA/Negative (Outlook revised from stable)

Rs.250.00 Billion Certificates of Deposit Programme

CRISIL A1+ (Reaffirmed)

CRISIL Ltd. has reviewed the credit ratings of the Bank’s Debt Instrument as below :

25.02.2016

ICRA Limited has revised rating of the Bank’s Lower Tier II Bonds from ICRA AA+ Stable to ICRA AA Stable.

24.02.2016

Bank has been informed by Indian Banks’ Association vide their circular letter no. CIR/HR&IR/Q/2015-16/2143 dated 18.02.2016, that All India Bank Officers’ Confedration (AIBOC) has given a call for a strike on Monday, 29th February 2016.

12.02.2016

Bank has announced Unaudited Financial Results (Subjected to Limited Review) for the quarter / nine months ended on 31.12.2015.

01.02.2016

Shri Jai Kumar Garg has assumed office as Managing Director & CEO of the Bank on 1st February 2016.

01.02.2016

Shri Sadhu Ram Bansal, Chairman & Managing Director of the Bank has completed his term of office in the Bank on attaining the age of superannuation on 31st January 2016.

22.01.2016

Shri Sunil Mehta, General Manager, Allahabad Bank,  appointed as an Executive Director of Corporation Bank by Central Government vide notification dated 22.01.2016. Accordingly, he has asssumed office as the Executive Director of the Bank on 22.01.2016.

12.01.2016

The Bank is making an investment of 1,42,000 equity shares at Rs 352 per equity share, having face value of Rs 100.00 each amounting to Rs. 4,99,84,000/-, i.e. in percentage term 1.06%, in the private placement of equity shares of M/s National Payment Corporation of India (NPCI).

06.01.2016

Bank is going to acquire 4% shareholding from the existing shareholder namely Nomura Asset Management Strategic Investments PTE Limited of LIC Nomura Mutual Fund Asset Management Company Ltd. at an aggregate price of Rs 5,66,91,800/- as per the valuation derived, subject to necessary approval and agreement, if any.

01.01.2016

Change in constitution of the Board of the Bank : Shri B. K. Srivastav, Executive Director of the Bank has completed his term of office in the Bank on attaining the age of superannuation on 31st December 2015.

 

31.12.2015

Allotment of 2,81,60,693 equity shares of Rs 2/- each at a premium of Rs 48.78 per share i.e. at an issue price of Rs 50.78 per share on preferential basis to Life Insurance Corporation of India.

 

 

Feedback