Muniyappa inaugurates Canara Bank's Rural Mahotsav at Kolar

By Deepak Arora

KOLAR, Oct 30: The Union Minister of State {Independent Charge} for Micro, Small and Medium Enterprises (MSME), Mr K.H. Muniyappa, inaugurated Canara Bank's MSME and Rural mahotsav here on Wednesday. Canara Bank's Chairman and Managing Director, Mr R K Dubey, and the Executive Director, Mr A K Gupta, presided over the programme.

The Union Minister of State also declared open five new branches of Canara Bank i.e., Specialized SME branch at Narasapura, Ithrasanahally, Lakshmipura Cross, (Soft Launch) Inorahosahalli & Seethanayakanahalli.

The Minister also inauguration a Deflouridation Plant at Jodi Krishnapura Village, Kolar District.

Speaking on the occasion, Chairman and Managing Director R K Dubey announced that Canara Bank will extend all support in installation of 200 D F Plants in fluoride affected villages of Kolar District.

He further said the Bank will adopt eight villages of the District for overall development.

In his address, Minister K.H. Muniyappa highly appreciated Canara Bank’s gesture in providing 200 DF Plants and adopting villages for overall development. He also expressed his satisfaction for providing loans to the poor under various schemes like PMEGP, IOD, MSME loans, Micro Insurance, NPS.

He appealed to all the Banks to sanction Educational Loan and implement CSR activities.

Karnataka Minister U T Khader appreciated the efforts of the Bank in providing potable drinking water in Kolar district.

During the function, Minister Muniyappa and other dignitaries distributed Loan Sanction letters to the beneficiaries of PMEGP, Micro and Small Entrepreneurs and In-built Overdraft.

As a part of the MSME & Rural Mahotsava the following activities were conducted:

1. Inauguration of Deflouridation Plant at Jodi Krishnapura Village, Kolar District.

The Village is not having potable drinking water as the TDS of the water is more than 800 and is having high fluoride content. Hence Canara Bank installed De-flouridation Plant to treat the water and provide safe drinking water (less than 50 TDS ) as a part of its CSR initiatives. The DF plant was inaugurated by Mr K H Muniyappa, and Mr R K Dubey. The programme was graced by Executive Director A K Gupta and DGM Bangalore Suburban Circle R Sampath Kumar.

2. Distribution of School Bags:

In a function at Primary School of Jodi Krishnapura, Mr Muniyappa and Mr R K Dubey and Mr A K Gupta distributed School bags to all the students of the school.

3. MSME and Rural Mahotsav at Kolar:

A grand function was arranged at Gokul Kalyana Mantapa, Tamaka, Kolar. The function was graced by Union Minister K H Muniyappa, Mr U T Khader, Karnataka Minister for Health and Family Welfare and In-charge minister for Kolar District, Chairman and Managing Director R K Dubey, Executive Director A K Gupta, Mr Naseer Ahmed, MLC, Mr D K Ravi, IAS, Deputy Commissioner & District Magistrate, Kolar, Mr S S Bhat, General Manager, Canara Bank, PC&FI Wing, Mr R Madhusudan, General Manager, MSME wing and President and Members of Zilla Panchayat, Taluk Panchayat and Grama Panchayat.

Mr R Sampath Kumar, DGM, Bangalore Suburb, welcomed the dignitaries and participants. In his Welcome address he has narrated the various schemes of the Bank and purpose of the function.

Govt decides to take away five gas blocks from RIL

NEW DELHI, Oct 28: The government has decided to take away five gas discoveries announced by Mukesh Ambani’s Reliance Industries Ltd (RIL) in the KG-D6 basin, off the coast of Andhra Pradesh. These five blocks are believed to hold gas worth $10 billion (about `62,000 crore). British Petroleum Plc has a 30% stake in the block.

The Directorate General of Hydrocarbons, the oil regulator, had recommended that eight gas producing blocks be taken away from Reliance as it had failed to submit plans to commercially exploit the fields. It has been alleged that RIL had been hoarding its discovered gas so that it wouldn’t have to sell it at the prevailing price of $4.2 per unit. Gas prices have been revised to $6.7 per unit wef April 1, 2014.

But petroleum minister Veerappa Moily had, on October 9, approved the decision to take away five of these blocks. The company has been allowed to retain three of the blocks under review. Reliance has announced 18 oil and gas discoveries in the KG-D6 basin. There is no dispute over the other 10 discoveries.

“The contractor (RIL) should be asked to relinquish areas pertaining to five discoveries (814 sq km) with immediate effect," sources familiar with the development said.

The RIL spokesperson refused to comment on the development. But in August, RIL executive director PMS Prasad had written to the oil ministry: “…projecting RIL as a defaulter and forcing it to relinquish discovered resources will not only hurt investors but considerably reduce the chances of many of these discoveries ever being produced”.

Ambani and British Petroleum CEO Bob Dudley had met finance P Chidambaram and Moily on October 18 and had also made a detailed presentation to show RIL had not defaulted on the production.

RIL, in its August letter, had also said it has “spent enormous amounts of time and money on bringing these discoveries to fruition” and would “suffer immensely if pushed to a situation of forced relinquishment of rightful discoveries.”

RIL was awarded the KG-D6 block in 2000 and has been producing gas from three fields since September 2008-09.

Canara Bank playing pivotal role in educational loans: Chidambaram

By Deepak Arora

TIRUMANGALAM (MADURAI), Oct 26: The Union Finance Minister, Mr P Chidambaram, has hailed the performance of Canara Bank for playing a pivotal role in disbursement of Educational loans in a campaign mode. Inaugurating a loan distribution function for “Inclusive growth” in the presence of Canara Bank Chairman & Managing Director R K Dubey, here, the Finance Minister also declared open 30 Farmer Clubs and five Rural Clinics under the auspices of Canara Bank.

Also present on the occasion were Mr V S Krishna Kumar, Executive Director and Mr G V Manimaran, Director of Canara Bank, and Mr B.Manickam Tagore, Member of Parliaments from Virudhunagar Lok Sabha constituency and Mr N S V Chitthan, Member of Parliament from Dindigul Constituency.

Canara Bank has got more than 4200 branches throughout the country. Its Circle Office at Madurai has got the jurisdiction over eight southern Districts with the total number of 168 branches.

It has got the Lead Bank responsibilities in 2 districts namely Madurai and Theni Districts coming under Madurai Circle.

Canara Bank's Madurai Circle organized the loan distribution function for “Inclusive growth” covering the beneficiaries in eight Southern districts of Tamil Nadu.

Mr Chidambaram distributed token sanctions to few beneficiaries out of sanctioned loans of 23,578 beneficiaries amounting to Rs 134.49 crores. It comprises Educational loans to 14,020 student beneficiaries, Kissan Credit Cards to 1001 farmers, DIR (@ 4% interest) loans to 1001 street vendors, Weavers’ Credit Card to 251 handloom weavers. Auto rickshaw loans to 201 beneficiaries including 27 women beneficiaires under Canara Pragathi scheme, micro & small enterprises loans to 101 entrepreneurs under Canara Unnathi scheme and 7,003 small loans under other priority loan scheme.

The loan beneficiaries included 11,107 women, 7,121 SC/ST beneficiaries and 5,344 beneficiaries belonging to Minority Communities.

Canara Bank has also donated equipments/machineries/furnitures etc worth Rs 12 lakhs to various social service organizations under Corporate Social Responsibility.

Earlier, Chairman and Managing Director R.K.Dubey welcomed the Chief Guest and other dignitaries. While welcoming he informed that Canara Bank’s total business has crossed Rs 6.76 lakh crores.

The Education loan outstanding of the Bank is Rs 4,514.00 crores which is one of the highest amongst Public sector Banks.

Mr K Lakshmipathikumar, General Manager, Circle Office, Madurai, proposed a vote of thanks.

Krishnakumar opens Koramangala branch of Can Fin Homes

By Deepak Arora

BANGALORE, Oct 24: Canara Bank Exexutive Director V S Krishnakumar inaugurated renovated branch of Can Fin Homes Ltd., a subsidiary company of Canara Bank, at Koramangala here.

The function began with Executive Director Mr V S Krishnakumar lighting a lamp in the presence of Mr C Ilango, Managing Director of Can Fin Homes and Mr K R Vijayendra, Director, Can Fin Homes, Mr Nagaraja Rao, Chief Manager of Koramangala Branch.

During the last financial year, Can Fin Homes Ltd. has opened 17 branches and had planned to open 17 more branches during 2013-14. During the current financial year six branches have been opened.

Six more branches at Devanahalli (Karnataka), Dindigal (Tamil Nadu), Erode (Tamil Nadu),Vellore(Tamil Nadu),Sonepat (Haryana) and Rohtak (Haryana) will be opened shortly.

The Company has announced its financial results for the June 13 quarter on 30/07/13. 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 has provided the easy access service of ‘Online Application’ portal in website (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.

The Company has also launched a new product recently called as Flexi LAP (Loan against property) which has salient features listed below:

• Flexibility in time schedule for availing loan (in tranches) upto 6 months. Interest only on availed portion.

• The option of making extra payment (over & above regular EMI) & can avail the same after 1 and 2 years.

• No prepayment penalty if repaid from own sources.

• Loans for vacant sites (allotted by Govt. authorities)

• 10% additional loan after I year and 25% after II years on same security.

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 31/03/14.

Canara Bank launches Housing Loan for Agriculturists

By Deepak Arora

BANGALORE, Oct 21: Canara Bank Chairman and Managing Director, Mr R K Dubey, has launched a new scheme, namely “Housing Loan for Agriculturists” for persons engaged in Agriculture and Allied Activities like Dairy, Poultry and also in Plantation and Floriculture.

Mr Dubey launched the scheme in the presence of Mr A K Gupta, Mr.V S Krishna Kumar and Mr P S Rawat, Executive Directors of the Bank and other Directors of the Bank at Head Office here on Monday.

Speaking on the occasion, Mr Dubey informed that the demand for a separate scheme for Agriculturists for dwelling house has increased due to difference in their income pattern which depends on harvest season.

In order to cater to the needs of Agriculturists this new scheme has been launched, he added.

Further the Bank is offering the lowest interest rates for Home Loan @9.95 per cent and EMI of Rs. 874 per lakh. Processing Charges has been waived till October 31.

Canara Bank holds Business Excellence workshop

By Deepak Arora

BANGALORE, Oct 23: CED Cell of Canara Bank, Head Office, organised here on Wednesday a one day Workshop on “Business Excellence”. Mrs Maithili Krishnamurthy, Chief General Manager, Marketing and BPR Wing, inaugurated the programme by lighting the lamp.

In her inaugural address she explained about the schemes of the Bank for the benefit of women entrepreneurs. She also touched upon the technology products of the Bank which are useful to the entrepreneurs in the present day context.

She called upon the women entrepreneurs present on the occasion to make best use of the inputs provided in shaping their business outlook.

As many as 52 women entrepreneurs have actively participated in the workshop.

Mrs Suseela K Assistant General Manager, PC and FI wing welcomed the guests. Mr Sunil Kurtkoti, Deputy General Manager, PC &FI Wing, was present on the occasion.

Mr H. Somashekar, Director General of National Academy of RUDSETI gave the overview of the programme

Different sessions on Business Growth, Entrepreneurship development, Financing to Micro and Small entrepreneurs, effective marketing ,business counseling, etc were handled by the expert resource persons from National Academy of RUDSETI and MSME wing of the Bank.

Policy soon to facilitate entry of foreign banks: RBI Governor

WASHINGTON, Oct 13: The Reserve Bank of India (RBI) is all set to unveil banking sector reforms, which would allow foreign banks to enter Indian market in a big way and even contemplate taking over Indian banks, RBI Governor Raghuram Rajan has said.

The banking sector reform, in particular to those facilitating entry of foreign banks in India in a "big way" is part of the five pillars of reforms, including monetary policy framework, which the RBI is going to implement in the next few years, the RBI Governor told a Washington audience on Saturday.

"That is going to be a big opening because -- one could even contemplate taking over Indian banks, small Indian banks and so on," Rajan said, adding that the policy framework for the entry of foreign banks in India is likely to unveiled in the next few weeks.

"For foreign banks, if you adopt a wholly owned subsidiaries structure and we are coming up with details on that in the next couple of weeks, we will allow you near national treatment," he said, quickly adding that there would be two conditions.

"One reciprocity -- your country should allow the same to our own banks -- and second you come through one route either you have a branch or you have a subsidiary; don't do both. That is primarily to simplify our regulatory function, but also to make it clean. But once you have a fully owned subsidiary, we would allow you a lot of freedom," he said.

The new policy with regard to the foreign banks is part of his five pillars of reforms, he said, adding that this would start with the monitory policy.

"We got to get our monitory policy clear and understood to the broader public. Clearly the Reserve Bank has had monetary policy framework, we need to make it much more explicit. And also bring it up to modern standards of transparency and credibility," Rajan said.

Emphasising on banking reform, Rajan said the RBI has already announced free branching in India.

"We announced that we will give new bank licenses not just once, but we would contemplate opening it on tap -- people come in submit their application, we consider them and give licenses," he said, adding that the RBI is also talking about differentiated bank licenses.

Deepening of Indian markets, he said, is another area of policy reforms. "We want deeper Indian markets -- the corporate markets, the government debt markets and the money markets," he said, adding that this particular reform would be carried out only after the current economic turmoil is over.

Noting that the level of technology in India is tremendous, Rajan said financial inclusion is another sector of his reform.

"We can think about technology based solutions to intrusions- spreading payments across the country. Across the board we would use to spread financial inclusion technology, he said.

"Whether it be corporate distress or financial institution distress, we need to improve our mechanism to make it simpler, cleaner and less value reducing," he said.

Rajan acknowledged that inflation is clearly an issue for the economy. The ordinary monetary policy would be focused on containing inflation and not directed towards external sectors, he said.

Canara Bank raises $500 million via bonds

BANGALORE, Oct 11: State-owned Canara Bank on Friday said it has raised $500 million through bonds under the $2 billion medium term note (MTN) programme.

It said in a regulatory filing that it "...has informed BSE that the Bank has raised $500 million through issue of senior Unsecured Bonds under the $2 billion medium term note programme".

Canara Bank said the amount was raised through the bank's London branch. The coupon rate for the bonds issued is 5.25 per cent per annum. The tenure of the bonds is five years. These bonds are listed on Singapore Stock Exchange, it added.

India-France Technology Summit to help support SMEs; Facilitate innovation: Francois Richier

By Deepak Arora

NEW DELHI, Oct 9: The forthcoming India-France Technology Summit will open up a new eco-system for extended collaboration between Indian businesses, academic organizations, research organizations and their counterparts in France in technology related areas, education, urban development, water management and importantly bringing small and medium enterprises in two countries, according to Mr Francois Richier, French Ambassador to India.

Speaking at the India-France Technology Summit Curtain Raiser Press Conference organized by Confederation of Indian Industry (CII) here on Wednesday, Ambassador Francois Richier said that the Summit, to be by attended over 200 French businessmen, academia and others, "will give a critical push to the French participation in the development of Indian industry and social sectors and will enrich the strategic dialogue between the two countries.”

Billed as the largest technology summit, organized so far, it will be attended by more than 200 French Industry and Research Institutions and a matching number of select Indian counterparts. CII is the coordinating body and so far 18 such summits were held earlier.

The French Ambassador underscored the growing relationship between India and France in the field of education and said that 450 active MOUs with French universities, business schools and higher education institutions were signed so far. He referred to the new digital university to be opened up with the French participation and the joint research program to be opened in Hyderabad in collaboration with Mahindras.
“This is a new phase in our bilateral relations and eventually will touch upon a large canvas”, he said adding that the France will proactively scout Indian market to enhance its presence.

The Summit will lay focus on three workshops and 27 roundtables. In roundtables, Academicians, Researchers and Policy makers from India and France will discuss on research collaborations in the areas of energy, air transport, IT for aerospace, India – France Aerospace Collaboration, neuroscience, nanotechnologie, challenges and Innovation in India's urban rail, Indo-French electronics: From Silico to Systems, contribution and collaboration, complex systems, metabolic diseases, infectious diseases, surface Treatments, IT for Health, Water & Agriculture, Multiculturel management, Massive online course, IT for Industry, Maths & innovation, Engineers to Managers, Smart Networks, Smart Cities/ Identification and Security, Sustainable cities and the challenges of urbanization in India, Smart cities/ Energy and Marine Technologies.

Mr H K Mittal, Secretary, Technology Development Board, Government of India, said that the Summit will focus among other things, the strategies for bringing together small and medium enterprises in both the countries. This is important because the large enterprises in both the countries have the infrastructure and wherewithal to promote their businesses. The SMEs do not have such support system and a new system has to be evolved to bring this segment in both the countries together.

He said the other objective of the summit is to ensure that businesses in both the countries develop strategies for tapping markets in third countries on a win - win basis. He also mentioned about several technology agreements that are going to be signed at the summit between the French and Indian side.

Mr Dhruv M Sawhney, Past President, CII, said that the summit would help organizations in both countries to look beyond manufacturing and services sector. The French industry can look at India’s emerging segments like healthcare, water management and sectors that promote and facilitate exports.

He also mentioned about the paradigm shift that has taken place in the IPR regime in India and said that the French technology companies could take advantage of the enhanced patent protection regime in India.

High exports, low imports bring down trade deficit in Sept

NEW DELHI, Oct 9: Rising exports and declining imports in September narrowed the trade deficit to a 30-month low of USD 6.76 billion, which may help to rupee to stabilise after excessive volatility in the past few months.

"Imports have shown a significant fall of 18.1 per cent and exports have shown a rise of 11.15 per cent in September. The trade deficit is the lowest in the last 30 months," according to S R Rao, Commerce Secretary.

While exports of textiles, pharmaceuticals and agriculture recorded decent growth, imports came down mainly on account of a decline in inward shipments of gold and oil.

Imports of gold and silver plunged more than 80 per cent to USD 0.8 billion in September from USD 4.6 billion a year earlier. Oil imports declined by about 6 per cent to USD 13.19 billion.

"I am confident that import-containment measures put in place for non-essential imports are playing out extremely well and we need to continue this so that our rupee becomes stronger," Rao added.

The rupee has depreciated by about 15 per cent since April. The previous low for the trade deficit was USD 3.8 billion in March 2011. The gap was USD 10.9 billion in August.

Exports and imports in September stood at USD 27.68 billion and USD 34.4 billion, respectively.

During April-September this fiscal, exports grew by 5.14 per cent to USD 152.1 billion while imports declined by 1.8 per cent to USD 232.23 billion. The trade deficit for the six-month period was USD 80.1 billion.

The Secretary expressed confidence that the export target of USD 325 billion this fiscal would be achieved. India's trade deficit has been fuelled by high imports of gold and crude oil, contributing to the current account deficit, which has touched an all-time high of 4.8 per cent of GDP, or USD 88.2 billion, in 2012-13.

During the first half of this fiscal, gold and silver imports rose 8.7 per cent to USD 23.1 billion.

Rao said the import figure for September was the lowest in the past 30 months.

"The government has taken steps to curtail imports of non-essential commodities, particularly precious stones. That is the singular reason for decline in trade deficit," he said.

Oil imports during April-September grew 3.58 per cent to USD 82.87 billion. Non-oil imports declined 4.55 per cent to USD 149.35 billion.

In September, they dipped 24.19 per cent to USD 21.24 billion.

Rao said engineering, which contributes the most to the country's exports, has started showing positive growth. Engineering exports rose 15.2 per cent to USD 5.2 billion in September, while they declined 0.62 per cent to USD 28.07 billion in April-September.

Rao said with the Commerce Ministry having resolved the 80:20 issue, there should be a resurgence in the export of gems and jewellery.

The Reserve Bank of India introduced the 80:20 scheme in July, under which 20 per cent of gold purchased from overseas had to be exported to avail of further imports of the metal.

The restriction was aimed at curbing the widening current account deficit.

A government official last month said more than 20 per cent of the imported metal could be exported, clearing the confusion that had held up inbound shipments at customs.

Gems and jewellery exports in September declined 8.31 per cent to USD 3.79 billion. They were down 8.7 per cent to USD 20 billion during April-September.

Exports of tea, coffee, spices have come down.

Apparel Export Promotion Council Chairman A Sakthivel said exports may be good this year on the back of a good monsoon, positive manufacturing and a revival in the US economy.

Federation of Indian Export Organisations President Rafeeque Ahmed said exports will touch USD 350 billion this fiscal.

"The trade deficit is likely to come down to below USD 150 billion for this fiscal, which will help the government to keep the CAD within USD 70 billion," he said.

Canara, Apollo Munich join hands to provide health insurance

By Deepak Arora

BANGALORE, Oct 7: Taking advantage of the recent IRDA regulations pertaining to health insurance, Canara Bank and Apollo Munich Health Insurance today announced that they are joining hands to provide health insurance to Canara Bank customers across the country. Under the arrangement, Canara Bank will act as a Corporate Agent for selling Apollo Munich Health Insurance products.

Mr A K Gupta, Mr V S Krishna Kumar and Mr P S Rawat, Executive Directors of Canara Bank and other senior officails were present on the occasion.

On the occasion, Dr. Prathap C. Reddy, Chairman, The Apollo Hospitals Group and Apollo Munich Health Insurance, stated, “My dream is to make quality healthcare affordable to all Indians. Health insurance globally has been shown to be the best way to fund healthcare."

Dr Reddy said " I am delighted that Apollo Munich is joining hands with a reputed institution like Canara Bank. With Canara Bank’s broad network of branches, I am sure that we will be able to ensure that Indians all across the country will have access to health insurance, and thereby, quality healthcare.”

The Canara Bank Chairman and Managing Director, Mr R.K. Dubey, said “Our tie up with Apollo Munich Health Insurance will ensure that Canara Bank’s 100 year legacy of trust that our customers have placed in us, will be strengthened."

Mr Dubey said "the health of our customers is of vital importance to us and we strongly believe that health insurance is an essential product to hold in one’s portfolio. With Apollo Munich, we feel very confident that we will be able to provide our customers with the right products that suit all their present & future healthcare needs.”

Ms. Shobana Kamineni, Director, Apollo Munich Health Insurance, said that “Apollo Munich is committed to work with Canara Bank to ensure excellent training, product support and smooth operational processes, so that Canara Bank customer’s enjoy uncomplicated health insurance products and services.”

Mr. Antony Jacob, Chief Executive Officer, Apollo Munich Health Insurance, said, “We have created a suite of unique products for Canara Bank in partnership with them. We are confident that our products today, and in the future, will be appreciated by the Bank’s customers. We are eager to get started.”

SBI gets its first woman chair in 206 years

MUMBAI, Oct 7: The government on Monday named Arundhati Bhattacharya as the first woman chair of the 206-year-old State Bank of India, which together with its subsidiaries, accounts for 22% of the country's bank deposits and 23% of total lending.

That's not the only record: Bhattacharya is also the first woman to ever lead a Fortune 500 company in India, and the only woman banker on that list of giants anywhere in the world.

Bhattacharya (57), who was earlier managing director and chief finance officer of SBI, takes charge at a time the bank faces pressure of rising bad loans as borrowers find it difficult to meet their repayment obligations in a slowing economy. She also has to restore the confidence of investors who have dragged down SBI's share price in recent weeks because of this deterioration in asset quality.

Although Bhattacharya was the only executive in SBI's senior management with a minimum residual service of two years, the government had decided to waive this requirement and consider all the four managing directors of the bank. They included Hemant Contractor, A Krishna Kumar and S Vishvanathan. Insiders said that Bhattacharya held her own during the interviews.

Bhattacharya, who joined as a probationary officer in 1977, has held key positions in SBI in her 36-year career. She was chief executive of the bank's merchant banking arm, SBI Capital Markets; before that, as chief general manager in charge of new projects, she was actively involved in the launch of several new businesses such as SBI General Insurance, SBI Custodial Services and the SBI Macquarie Infrastructure Fund. During her stint at the bank's New York office, she oversaw external audit and correspondent relations.

Bhattacharya's appointment, for three years, may not bring any major surprises, at least to begin with, as she has worked closely with the outgoing chairman, Pratip Chaudhuri. In a recent interview, Bhattacharya had spoken of the need to get out of what she described as a QSQT—quarter se quarter tak—culture and to take a longer term view of four to six quarters. Listing her priorities as MD she had highlighted capital efficiency, improvement in productivity, investor relations and overall liquidity management.

Although there are many instances of women occupying the corner offices in Indian banks, SBI has a special place in India's financial sector as the bank. Besides its sheer size and network of over 15,000 branches, SBI plays a strategic role as banker to the government in its defence and crude oil deals.

Canara Bank bags Golden Peacock Award and Mahatma Gandhi Pravasi Gold Samman Award at London

By Deepak Arora

LONDON, Oct 4: Canara Bank, India's leading nationalised Bank, has received two prestigious awards -- Golden Peacock Award for Excellence in Corporate Governance and Mahatma Gandhi Pravasi Gold Samman Award at a function in London.

Canara Bank bagged the prestigeous Golden Peacock Award for Excellence in Corporate Governance 2013, presented by Institute of Directors, India.

Canara Bank Chairman and Managing Director, Mr R K Dubey, received the award from Baroness Verma at a glittering function held at London on Wednesday.

Chairman and Managing Director, Mr R K Dubey, also received the prestigeous Mahatma Gandhi Pravasi Gold Samman Award during the Global Achievers’ Conclave organized by NRI Welfare Society of India at House of Lords, London on Friday.

This award is conferred on Most Eminent Achievers who have made a place for themselves in their profession and are keeping flag of India high.

The Award was presented by Baroness Verma.

Canara Bank's Chief Executive Mr N K Sahoo and the Bank's London branch team were also present on the occasion.

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