Kakinada, a city in the Indian state of Andhra Pradesh, was formerly known as Cocanada. It is one of the largest cities in AP and serves as the district headquarters of the East Godavari district. It was initially known as Kakinandivada village, which was eventually a Dutch settlement. They used export sarees that were called coca or koka in Telugu. Hence, the place was named Cocanada. The name was finally changed to Kakinada after Independence. This city is one of the fastest growing cities in Andhra Pradesh and is currently being developed into a smart city as per PM Narendra Modis smart Cities Mission. Kakinada Port has a natural harbor at Hope Island, which contains two ports - an anchorage port and a deep-water port. The economy of Kakinada primarily depends upon agriculture, fishing and industrial sectors. Paddy and coconut are heavily cultivated in the city. The industrial sector covers the manufacture of refined edible oil, fertilizers and natural gas. The local economy is additionally supported by its textile industry and manufacture of auto parts, steel-related ancillary units and fishing. Kakinada is globally famous for its sweet called kaaja. This Tier-II city got its first IT Park in 2007 and many software companies have opened offices in the city, providing job opportunities to the local youths.
Corporation Bank was started about 111 years ago in 1906, with an initial capital amount of just Rs.5000/-. The bank has recorded Rs. 3,03,185 Crore mark in business, with more than 9900 service outlets across the nation, served by committed and dedicated over 19,000 Corp Bankers. The evidence of its growth can be seen in its financial performance and enviable track record. The prominent reason for bank celebration is empowering the rural and urban population together by being able to participate in nation building. Today, the Corporation Bank is the significant contributor to the growth of the countrys economy. After getting nationalized in 1980, the Corporation Bank evolved and adapted to the financial sector reforms. It became the Second Public Sector Bank in the country to enter capital market, the IPO of which was oversubscribed by more than thirteen times. The Bank took many initiatives in credit services such as Cash Management Services, m-Commerce, " Online " approvals for Educational loans, 100% CBS Compliance and more recently, the bank made an effort in taking the technology to remotest villages through low-cost branchless banking or Business Correspondent model.