The banking and financial institutions have assisted in the metamorphosis of the state of Karnataka into a financially independent state and presented it with an entirely advanced dimension. In fact the involvement of the banking and financial institutions in the modification of the state of Karnataka is so much that the districts situated along the coast like Dakshina Kannad combined with Udipi are bestowed with the coveted title of being the 'Cradle of Banking' in India. This region is so well equipped with banking and financial institutions that survey has proved that there is a branch of a bank available for every 500 inhabitants of the state which is indeed an incredible feat that deserves some applause.
The major banking and financial institutions of Karnataka that have revolutionized Karnataka are mentioned below :-
- Canara Bank - It holds a staggering 2542 outlets in only India and has recently invested in an overseas endeavor in London. Being founded by Ammembai Subba Rao Pai in the year 1906, the bank has come a long way.
- State Bank of Mysore (SBM) – Originally designated as the Bank of Mysore, it came into being in the year 1913.The State Bank of India has legal possession of SBM's approximately 92.33% shares. The State Bank of Mysore is dowered with 9604 employees and has 644 outlets.
- Syndicate Banks – This bank is situated inside the premises of Udipi and came into existence under the tag of 'Canara Industrial and Banking Syndicate Limited' in the year 1925. It now has as many as 2125 outlets.
- Corporation Bank – Being the inspiration of Khan Bahadur Haji Abdulla Haji Kasim Saheb Bahadur is located in Udipi.
- Karnataka Bank - 18th February 1924 marked the dawn of this bank in the venue known as Mangalore. This bank has spread its outlets across the country.
