Asansol, a city in the Burdwan district of the Indian state of West Bengal, is the states second largest city in terms of area and population. It is a Tier-II city which rapidly developing. The city has derived its name from two words - "Asan" refers to a 30 meters tall found near River Damodar and "Sol" refers to land. Thus, these two words combine to form the name of this city which is incredibly rich in minerals. This cosmopolitan city is located on the lower Chota Nagpur Plateau and it shares the border with the Dhanbad district in the adjoining state of Jharkhand. The economy of this city is principally dependent on its steel and coal industries. The IISCO or Indian Iron and Steel Company Ltd steel-making plant at Kulti in Asansol was the first of such facility in India and is undergoing major renovations to come back with doubled production rate. Eastern Coalfields has a significant presence in the Asansol due to the enormous deposits of high-quality coal in and around the city. The railway is a big contributor to Asansols economy as many residents are employed in the Chittaranjan Locomotive Works which is one of the worlds largest locomotive manufacturers.
The Canara Bank is the largest public sector bank. Ammembal Sube Rao Pai founded it in 1906. Its head office is in Bangalore. The bank was established as Canara Hindu Permanent Fund in 1906, Mangalore but later in 1910, the name was changed to Canara Bank. The first acquisition of Canara bank was Bank of Kerela which took place in 1961. In 1969, the GOI nationalized Canara Bank, and in 1976, it inaugurated its 1000th branch. The Canara Bank was the first bank to achieve ISO certification for "Total branch banking." The first overseas office of Canara Bank was opened in London and subsequently in Hong Kong and Shanghai. The bank has established a joint venture with SBI and incorporated Commercial Bank of India LLC in Moscow. The seventh branch of the Canara Bank was opened in New York, United States. The bank sponsors two regional rural banks, Kerela Gramin Bank and Pragathi Krishna Gramin Bank. Canara bank has launched a Unified Payment Interface app, "Empower" for its customers to transact using the mobile app.