Mangalore has been recently renamed as Mangaluru. It is a well-known port town in the Indian state of Karnataka. The city serves as the administrative headquarters of the Canara region of Karnataka. It is well known for its splendid beaches as well as a relaxed lifestyle. The Mangalore port fuels the development of the city, making it strategically the most important city on the Malabar coast. Mangalore, being one of the most cosmopolitan towns in the region, has a diverse population. The city lies on the estuary of the Netravati river and thus has a very fertile soil which supports the cultivation of coffee and cashews. Exports, commerce and petrochemicals drive the economy of the city. The IT industry is gradually gaining prominence in Mangalore as companies like Infosys, Cognizant, Mphasis have recently opened their offices in the city. Mangalore has large petrochemical companies like MRPL, MCF, ELF. Mangalore along with the adjoining city of Manipal combine to form a hub for education. Institutes like NIT Ranchihkal, Kasturba Medical College, Manipal University, Mangalore University, etc. attract students from all over the country. Mangalore boasts of its natural beauty and tourists flock to the city to relish the pleasant aura of the Tannirbhavi beach, the Panambur beach, St. Marys island, Kudroli Gokarnath Temple, Kadri Manjunath temple, Sammilan Shettys butterfly park, Rosario Cathedral, etc.
The government of India owns the Canara Bank as one of the largest and oldest public sector banks. The headquarter of the bank is in Bengaluru. It had a network of 6639 branches and more than 10600 ATMs all over India, as of 30 October 2017. The bank also has offices outside India in Hong Kong, Moscow, Shanghai, Doha, London,Bahrain, Dubai, Tanzania,South Africa, and New York. On 1 July 1906, the Canara Hindu Permanent Fund in Mangalore, India, was initiated by Ammembal Subba Rao Pai. The fund name was changed to Canara Bank Limited in 1910 when it was incorporated. In 1958, Canara Bank was permitted by the Reserve Bank of India to acquire G. Raghumathmul Bank of Hyderabad. G. Raghumathmul Bank had five branches at the time of the acquisition. The merger took effect in 1961. Canara Bank acquired Trivandrum Permanent Bank, later in 1961. Along with 13 other prominent commercial banks of India, on 19 July 1969, the Government of India nationalized Canara Bank. Canara Bank inaugurated its 1000th branch in 1976. In 1985, Canara Bank acquired Lakshmi Commercial Bank in a rescue. Due to these acquisitions, Canara Bank got some 230 branches in northern India.