Canara Bank is focusing on the rural and semi-urban areas of the north coastal region to improve its business in the financial year 2020-21 when the bank will have more than 100 branches in the region with the merger of Syndicate Bank. Currently Canara Bank has 63 branches and Syndicate Bank 31 apart from administrative and regional offices for both banks in Srikakulam, Vizianagaram, and Visakhapatnam.
Canara Bank Assistant General Manager A. Ramesh Babu, who reviewed the bank’s activities in Srikakulam, told The Hindu that the bank's customer friendly schemes helped it cross ₹9,000-crore business in the financial year 2019-20. He said the merger of Syndicate Bank with Canara Bank would be beneficial for customers as they would have access to more branches in the region.
“Canara Bank is always very strong in gold loan segment as its interest rate is only 8.5 % for the loans below three lakh. Now, it has given top priority for crop loans by promoting the Union government’s Kisan Credit Card scheme which would offer many benefits including interest subvention for farmers. With the support of 74 business correspondents, we are able to sanction loans to the farmers living in the remote areas of Vizianagaram, Srikakulam, and Visakhapatnam,” he said.
New accounts
Mr. Ramesh Babu said that the bank was focusing on opening new accounts, particularly current accounts, by explaining the benefits to entrepreneurs and business persons of all segments. “All the branch managers have been advised to conduct special meetings with potential customers to improve the business activity,” he added.
