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Canara Bank was founded on July 1, 1906, in Mangalore, Karnataka, by Ammembal Subba Rao Pai, a lawyer and philanthropist, initially as the "Canara Hindu Permanent Fund." The bank was established with a distinct social mission to be a "financial heart of the community," aiming to promote financial literacy, encourage thrift, and provide accessible, trustworthy banking services to ordinary people to counter exploitative moneylenders. The institution was renamed "Canara Bank Limited" in 1910 and demonstrated a steady growth, notably opening its first branch in Mumbai by 1928 and acquiring several smaller banks in the 1960s. A pivotal moment in its history occurred on July 19, 1969, when it was nationalized by the Government of India along with 13 other major commercial banks, aligning its mission with national development and financial inclusion goals.

Canara Bank is currently an Indian public sector bank, with the Government of India holding a majority ownership of 62.93% as of a recent reporting period. Headquartered in Bengaluru, it is a significant institution within the Indian financial system. Following its merger with Syndicate Bank on April 1, 2020, Canara Bank became the fourth-largest public sector bank in the country in terms of total business. The bank operates a vast network of branches and ATMs across India and maintains an international presence with offices in key financial hubs like London, Dubai, and New York, solidifying its role as a major financial powerhouse.