Canara Bank supports farmers, rural population
By Deepak Arora
 MYSORE, Aug 16: Canara Bank, a leading Public Sector Bank of the country held “Agri & Retail – Expo” at Kuvempunagar Mysore on Friday. The programme was aimed at disseminating information about the various banking products which are designed exclusively for the benefit of farming community, Small and Micro entrepreneurs, retailers and professionals.
Inaugurating the Expo, Mr R K Dubey, Chairman & Managing Director of Canara Bank, asserted that the Bank will be in the forefront in providing need based financial support to all sectors and especially to the much needed Farming community and Bank will continue to play a vital role in upliftment of rural populace. And he assured that all the Rural branches will be installed with an ATM, shortly.
Further, he has elaborated on the various technology based initiatives taken by the Bank for hassle free customer service. He announced the inauguration of an E-Lounge at Kuvempunagar, Mysore, which is first of its kind in Mysore City, catering to the needs of tech savvy customers. It is open 24X7, with a host of services such as Cash Deposit, Cash withdrawal, Internet Banking, On Line Trading and pass book printing.
He announced the launching of new products “Canara MSE Unnathi” and “Canara MSE Pragathi” for the benefit of MSE Segments and exhorted the Entrepreneurs to be innovative and contribute for the growth of the country.
Fertilizer Dealers, Seed Distributors, Agriculture Implement Dealers, Tractor Dealers, Auto Dealers, Builders, SHG Members have displayed their products by holding stalls provided by the Bank. Both the vendors and service seekers had a purposeful interaction.
Mr S S Bhatt, General Manager of Priority Credit Wing of Canara Bank, dealt at length on the various initiatives taken for improving the lots of rural community.
He also appealed to seed their Aadhar numbers with Bank accounts for availing Direct Benefit Transfer from Government of India.
Mr. R R Sharma, Chief General Manager of Retail Banking Wing of the Bank, asked the customers to take advantage of the slashed rate of interest on Housing Loans and other Retail loans.
Later, during interaction with the Doctors, he explained the various banking facilities available to them and assured of all necessary help.
As a part of corporate social responsibility, Mr R K Dubey, Chairman & Managing Director of the Bank, handed over an “Automatic Braille Box Printing Machine ” to Divya Jyothi Charitable Trust for the benefit of Blind students of the organization, costng Rs 5.36 lakhs.
Also, toppers among girl and boy students who passed out X std from Government High School of Mysore District were felicitated and honoured with cash awards.
PM: No throw back to 1991 crisis
NEW DELHI, Aug 17: Prime Minister Manmohan Singh on Saturday ruled out the possibility of India witnessing a repeat of the 1991 balance of payments crisis and also reversing the path to globalisation of the economy.
"There is no question of going back to 1991 (balance of payment crisis). At that time foreign exchange in India was a fixed rate. Now it is linked to market. We only correct the volatility of the rupee," he said.
In 1991, Singh said, the country had only foreign exchange reserves for 15 days.
"Now we have reserves of six to seven months. So there is no comparison. And no go question of going back to 1991 crisis."
Against the backdrop of the high Current Account Deficit (CAD) the Prime Minister was asked about fears in some quarters that the country may be witnessing a throwback to 1991 crisis when gold was pledged and the country was forced to adopt a reforms programme that put it on the path of globalisation of economy.
He was speaking after release of the fourth volume of RBI history titled "RBI History-Looking Back and Looking Ahead" at a small function at his Race Course residence.
When asked that the Current Account Deficit was still high, Singh acknowledged the problem saying high imports of gold was one of the major factors contributing to it.
"We seem to be investing a lot in unproductive assets," he added.
He then turned to a leading economic journalist and said, "Ask him. He is the guru.”
PM for new thinking on RBI's monetary policy
NEW DELHI: Prime Minister Manmohan Singh on Saturday called for evolving a fresh thinking on RBI's monetary policy in a globalised economy and dealing with the constraints of its macro economic policies.
"The time has come to look at the possibilities and limitations of the monetary policy in a globalised economy and dealing with the constraints of the macro economic problems.
That is where a fresh thinking is called for," he said.
"I think Raghuram Rajan (Governor designate) will evolve a policy with the help of professional persons for a national consensus if we have to carry on with implementing social and economic changes in a complex economy," Singh said.
The remarks assume significance in the context of the raging debate over RBI's hawkish policy stance on checking inflation vis-a-vis government priority on growth.
The subject also came up in the speech of outgoing RBI Governor Duvvuri Subbarao, who in his welcome address, said the debate on growth-inflation balance has been clouded by some "over simplififcations".
The function was attended by a galaxy of personalities including former RBI Governors--Amitabha Ghosh, C Rangarajan, Bimal Jalan, Y V Reddy--present and former deputy governors and Ministers of State for Finance Namo Narain Meena and J D Seelam.
Canara Bank celebrates I-Day; R K Dubey honours eminent persons
By Deepak Arora
 BANGALORE, Aug 15: Canara Bank, a nationalised Bank, celebrated 67th Independence Day today. Mr R K Dubey, Chairman & Managing Director of the Bank, hoisted the national flag in the presence of Mr A K Gupta and Mr P S Rawat, Executive Directors of the Bank. All top Executives and other staff of the Bank were present on the occasion.
During this celebration, the Bank honoured eminent personalities in different fields for their contribution to the Society.
Chairman & Managing Director Mr R K Dubey honoured Dr. C N Manjunath, Managing Director, Professor & Head of the Department of Cardiology and Director, Sri Jayadeva Institute of Cardiovascular Sciences & Research, Bengaluru, in recognition of his yeomen service to the Society.
As a part of CSR, the Bank also donated artificial Jaipur Limbs to the physically challenged people. Meritorious Students were also honoured on this occasion.
Several eminent persons and senior officers and staff of the bank, including Mr S S Bhat, General Manager, was present on the occasion.
 R K Dubey inaugurates Canara Retail Expo in Goa
PANAJI, Aug 14: Canara Bank, a leading nationalised Bank, having a network of 33 branches in the State of Goa, organised Retail Expo and launch of MSME Pragathi & Unnathi today.
The programme was inagurated by Mr R K Dubey, Chairman & Managing Director of Canara Bank, in the presence of Mr R R Sharma, Chief General Manager of Head Office and Mrs Maya G K, Deputy General Manager of Goa Circle. Other leading dignataries were also present on the occasion.
Canara Bank pays Rs 390 cr dividend to Govt
By Deepak Arora
 NEW DELHI, Aug 8: Enhancing returns for shareholders has been the prime focus for Canara Bank. For the just concluded financial 2012-13, the Bank declared the highest ever dividend of 130% compared to 110% declared previous year.
Government of India is the major shareholder of the Bank, with a share of 67.7%. Mr R K Dubey, Chairman & Managing Director of Canara Bank, today, handed over a
cheque, amounting to Rs.390 crore as dividend for 2012-13 to the Union Finance Minister, Mr P Chidambaram, in the presence of Mr Namo Narain Meena, Minister of State for Finance, at New Delhi.
Other dignitaries present on the occasion were Mr A K Gupta, Mr V S Krishna Kumar and Mr P S Rawat, Executive Directors of the Bank alongwith Dr Rajath Bhargava, Director of the Bank.
Canara Bank net rises 2.2% to Rs 792 cr; operating profit rose 36% to Rs 1,898 cr
 BANGALORE, Aug 3: Public sector lender Canara Bank on Saturday reported a marginal rise of 2.2 per cent in its net profit at Rs 792 crore for the quarter ended June 2013, against the corresponding period last year. Its total income rose 14.6 per cent to Rs 10,508 crore, against Rs 9,165 crore in the year-ago period.
The bank’s operating profit rose 36 per cent to Rs 1,898 crore, against Rs 1,394 crore in the corresponding period last year.
The rise in net profit was low primarily due to provisions and contingencies during the quarter. Provisions stood at Rs 916 crore, against Rs 418 crore in the year-ago period. Provisions towards non-performing assets (NPAs) stood at Rs 417 crore.
Net interest income saw growth of eight per cent at Rs 1,991 crore, while non-interest income recorded robust growth of 79 per cent at Rs 1,238 crore. The bank's net interest margin stood at 2.21 per cent. Under Basel-III norms, capital adequacy ratio stood at 11.35 per cent. Returns on assets fell to 0.75 per cent from 0.83 per cent in the year-ago period. The percentage of net NPAs increased from 1.66 per cent to 2.48 per cent.
Deposits rose 14.2 per cent to Rs 3,81,972 crore from Rs 3,34,619 crore in the corresponding period last year, while advances increased 10.8 per cent to Rs 2,49,891 crore from Rs 2,25,584 crore in the year-ago period.
 Pradyman Singh Rawat is new ED of Canara Bank
BANGALORE, Aug 5: Mr Pradyuman Singh Rawat has assumed charge as the Executive Director of Canara Bank, one of the leading public sector banks in India, with effect from today.
Mr Rawat has over 34 years of vast banking experience. He has worked in different branches, Zonal Offices, Overseas Offices and Head Office of Bank of India with distinction.
He is a graduate in science and has completed CAIIB Part 1. Born on May 16, 1956, Mr Rawat joined Bank of India in the year 1979 as an Officer and moved up to the rank of General Manager in 2011.
Single-brand retailers like Mark's & Spencer's can sell sub-brands: Anand Sharma
 NEW DELHI, Aug 3: Global single-brand retailers such as Marks & Spencer's will be able to sell their flagship as well as sub-brands from their stores in India, according to Mr Anand Sharma, commerce and industry minister.
The minister said he expects the first multi-brand retailer to come to India before the next general elections.
Sharma said that in the latest changes in the foreign direct investment policy norms, the government has clarified that single-brand retailers will be able to house different product lines. "We have kept it simple...We have said that whether you are a brand owner or not, but have a legal agreement with the brand owner, it is fine. But you have to file a list of products," Sharma said.
The finance ministry had earlier asked the department of industrial policy and promotion to clarify if M&S was allowed to sell sub-brands in the country under the single-brand retail FDI policy.
Sharma said the latest FDI reforms are "not exhaustive" and that deliberations are on for opening up of more sectors, such as construction. "We are seriously considering what more can we do in the construction sector, particularly in terms of FDI," he said.
India allows 100% FDI through the automatic route in construction development, which includes townships, housing and built-up infrastructure. However, stringent conditions are imposed.
On Thursday, the Cabinet approved 100% FDI in sectors such as telecom and asset reconstruction companies, and eased the entry route for others to automatic from Foreign Investment Promotion Board approval. The government also relaxed norms for the multi-brand retail sector.
Sharma sounded confident about getting the country's first FDI in multi-brand retail before elections next year. "Definitely...We will see foreign retailers coming in before the elections. What was asked was clarity and space, we have brought in that," he said.
The government diluted many contentious conditions in the multi-brand retail policy, including 50% investment in back-end infrastructure, 30% sourcing from small firms and access only to cities with population over one million. It also allowed sourcing from agri-cooperatives.
On whether the country will immediately see dollars flowing into multi-brand retail, the minister said, "It took a while for foreign single-brand retailers also to make up their mind, particularly the big ones like IKEA. But once they made up their mind, they have come with huge investments."
The government had tweaked the sourcing norms in single-brand retail to meet industry demand, after which Swedish furniture maker IKEA rolled out its 10,500 crore investment plan. The latest FDI relaxation in multi-brand retail will have to be tabled in Parliament, but Sharma does not see that as a challenge. The government had to face a confidence vote after it had tabled the relevant notification in September last year.
Can Fin Homes' 71st branch inaugurated at Bangalore
 BANGALORE, Aug 2: Mr V.S.Krishnakumar, Executive Director, Canara Bank inaugurated the 71st Branch of Can Fin Homes Ltd on at Electronic City Bangalore in the presence of Mr C. Ilango, Managing Director, Can Fin Homes Ltd. A few builders and customers of the locality and executives of the Company were present on the occasion.
Executive Director V. S. Krishnakumar also launched the ‘Online Application’ in our website portal (www.canfinhomes.com) which will help new customers to submit their loan application online and another ‘customer portal’ for the existing customers to view their loan account transactions/download and generate required certificates.
During the last financial year, Can Fin Homes Ltd. has opened 17 branches and has planned to open 16 more branches during 2013-14. Having already opened two branches, four more branches at Kanakapura (Bangalore), Mandya, Vizag Steel City and Thiruvallur(Chennai) will be opened before August 31.
The Company has announced its financial results for the June quarter on July 30. The Company has registered a robust growth of 60% YoY under Profit before Tax (Rs.15 Cr. to Rs.24 Cr.) and 55% under Profit after Tax (Rs.11 Cr. to Rs.17 Cr.). YoY growth of 57 % under Sanction (Rs.622 Cr.), 60% under Disbursement (Rs.550 Cr.) and 51% under Outstanding (Rs.4,400 Cr.) has also been registered. NPA has come down from Rs.27 Cr. to Rs.17 Cr.
The company plans to sanction loans to the extent of Rs. 2700 Cr during the FY 2013-14 and reach a loan book size of Rs. 6000 Cr by March 31, 2014.
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