Canara Bank operating profit for 9 months at Rs 4914 crore, up by 17.2 pc
By Deepak Arora
 BANGALORE, Jan 31: Public sector lender Canara Bank's operating profit for 9 months went up 17.2 per cent year-on-year and stood at Rs 4914 Crore. The net profit for the period was Rs 1827 Crore, according to Mr R K Dubey, Chairman and Managing Director of the Bank.
Annoucing results of the third quarter ended December, he said the bank had clocked profit after tax at Rs 710.51 crore in the October-December quarter of 2012-13. Total income of the bank increased to Rs 10,935 crore during the quarter, from Rs 9,390.29 crore in the same period a year ago.
Total provision made for the quarter was at Rs 1182 crore compared to Rs 799 crore for Q2 FY 14 and Rs 1106 crore for Q1 FY 14. The provision for NPAs during the quarter was 543 crore and provisions made for depreciation on investments was 157 crore.
He said the total income for Q3 rose to Rs 10935 crore, with a y-o-y growth of 16.4 per cent.
Gross NPA Ratio at 2.79 % compared to 2.77 % as at December 2012, despite spike in stressed.
Total Deposits stood at 4.09 lakh crore, up by 26.2 % y-o-y and Advances (net) at 2.88 lakh crore, up by 31.8 % y-o-y.
The Bank has declared an interim dividend of 65 per cent.
Income from the loans and advances for the quarter increased to Rs 7,360 crore with year-on-year growth of 23.5 per cent and non-interest income for the quarter stood at Rs 851 crore.
"Total expenses for the quarter was Rs 9,344 crore compared to Rs 7,874 crore for third quarter of FY'2013 and the operating expenses for the quarter stood at Rs 1,488 crore compared to Rs 1,317 crore for third quarter of FY 2013."
The net interest income for the quarter increased to Rs 2,227 crore with 12 per cent year-on-year growth, he said.
"Upgradation was of Rs 2,061 crore in nine months of this year compared to Rs 779 crore in the same period last year," he said. The bank also registered record cash recovery at Rs 3,135 crore compared to Rs 2,477 crore as in December 2012.
Net Interest Income increased to Rs 6,409 crore with year-on-year growth of 10.7 per cent and non-interest income was at Rs 2,863 crore, up by 33.4 per cent year-on-year.
Ratio of E-transactions increased to 44 per cent compared to 22 per cent as in December 2012.
The bank registered total deposits of Rs 4.09 lakh crore, up by 26.2 per cent year-on-year and advances at Rs 2.88 lakh crore, up by 31.8 per cent year-on-year, he added.
The bank's overseas business constituted six per cent of the total business and the total business of five overseas branches increased to Rs 39788 crore from Rs 26276 crore a year ago.
He said the advances under agriculture portfolio increased to Rs 45,703 crore with a growth of 29.2 per cent year-on- year, achieving 19.88 per cent to ANBC (Adjusted Net Bank Credit) as against mandated target of 18 per cent. Advances to micro, small, medium enterprises reached Rs 47678 crore with a year-on-year growth of 46.2 per cent, he said.
Talking about future goals, he said the bank aims to reach an aggregate business figure of more than Rs 7 lakh crore, with deposit growth of more than 17 per cent and advances growth of more than 21 per cent.
The bank also aims to take the number of branches to more than 5,500 and ATMs to 10,000 by March 2015.
Rajasthan joins Delhi in banning FDI in retail
NEW DELHI/JAIPUR, Jan 31: There is more bad news for foreign supermarket chains looking to set up shop in India with Rajasthan joining Delhi in reversing its earlier decision to allow foreign direct investment (FDI) in multi-brand retail trading.
Analysts said that the move will further impact investor sentiment as it does away with stability in policy. Foreign retailers have cited the lack of unanimity among political parties as one of the key reasons to adopt a wait and watch stance before committing to investing in the country.
So far, Tesco, which has tied up with Tata Group's Trent, is the only company to have received government go-ahead for multi-brand retail even as others such as Walmart and Carrefour have preferred to wait on the sidelines. Tesco intends to start operations in Maharashtra and Karnataka.
The newly elected BJP government in Rajasthan has communicated its decision against allowing FDI in multi brand retail to the Union commerce and industry ministry, accordingv to government officials.
Principal secretary Veenu Gupta, managing director of RIICO and in charge of the state Bureau of Investment Promotion as commissioner, confirmed that the letter was sent to the ministry on January 25. BJP has been opposed to the policy with states ruled by it, including Gujarat and Madhya Pradesh, deciding against allowing FDI in multi-brand.
 Canara CMD Dubey inagurates Mid Corporate Branch at Tumkur
NEW DELHI, Jan 24:
Canara Bank, a leading nationalized Bank, opened a new Mid Corporate Branch here at Tumkur on Friday.
Mr R K Dubey, Chairman & Managing Director of Canara Bank, inaugurated the new Branch.
He was flanked by Mr V S Krishna Kumar, Executive Director of the Bank and Mr G S Basavaraj, Member of Parliament, Tumkur.
New PAN card procedures to eliminate fake cards
NEW DELHI, Jan 28: The new procedures notified by the Income Tax department for obtaining a PAN card is expected to eliminate the problem of fake and multiple cards.
Officials in the Income Tax department also said that the cost of obtaining a PAN card after rounding off has now been fixed at Rs 105, including taxes.
The I-T department recently notified new procedures for verifying personal and proprietary data of an individual or entity for allotment of new Permanent Account Number (PAN) cards.
"The new procedures of checking original documents for proving date of birth, address and identity have been brought in to check the complaints of fake PAN cards or multiple cards obtained by any entity," a senior I-T official said today.
From February 3, the Central Board of Direct Taxes (CBDT) has notified that individuals or others wanting PAN will have to furnish copies of proof of identity, address and date of birth attached with their application forms and they will be checked against their original documents when applications are submitted at PAN facilitation centres.
While the original documents would be returned to applicants after on-the-spot verification, the applicant has to self-attest the photocopies.
The I-T department has found a number of individuals possessing multiple PAN cards or forging details to evade taxes and create 'benami' properties.
"The technology systems of the I-T department will now be made error-free and robust once PAN card data is entered as correctly as possible," the official said, adding the new cards issued henceforth will feature the name and date of birth of the applicant and not the address details similar to the older version.
PAN is a 10-digit alphanumeric unique number allotted by the I-T department to taxpayers.
Canara CMD Dubey inagurates maiden Mid Corporate Branch at Raipur
By Deepak Arora
 RAIPUR, Jan 21: Mr R K Dubey, Chairman & Managing Director of Canara Bank, today inaugurated its maiden Mid Corporate Branch at Raipur. On this occasion Mr Nirmal Chand, CGM, RBI, Raipur was the guest of honour. The function was well attended by other dignitaries, corporate clients and public in general.
During his address, Mr Dubey elaborated the achievements and the focus areas of the
bank in the days to come. This was the 36th branch of the Bank in the State.
Mr Dubey whilehighlighting the progress of the Bank, informed that the Bank has opened more than 800 branches during the current financial year and expected to take its tally to 900 by March 2014.
The Bank plans to open 50 branches in the State by this financial end, and 61 by June 2014. The Bank also proposes to open its Circle Office in Raipur by May 2014.
Speaking on the occasion, Mr S K Hota, Deputy General Manager of Nagpur Circle expressed his gratitude to the customers of the Bank due to whom the Bank has grown over the years in Chhatisgarh Regions.
In keeping with the tradition of the bank in discharging its obligation as a responsible Corporate Citizen, Mr Dubey donated a solar photovoltaic powerplant and street lighting systems at Seva Nikatan, Cherikedi, an organisation engaged in training and rehabilitation of physically challenged youth to lead a better life.
Mr Dubey also announced Bank’s continued support for the cause and for post training settlement of the physically challenged youth.
Later in the day, Mr Dubey inaugurated the Mega Retail and MSME Expo organized by the Bank at Moti Bagh Ground, near Press Club, Raipur, wherein 30 prominent Builders and Automobile Dealers have put up their stalls which attracted huge public.
On this occasion the Bank released over 4150 loans amounting to over Rs. 7400 lakh.
As a proactive banker, Mr Dubey called on the Chief Minister of Chhattisgarh, Dr Raman Singh at Mahanadi Bhavan, Naya Raipur.
During the interaction, Mr Dubey briefed about Bank’s expansion plan for the state and willingness to play a larger role in the growth process of the state. He said that Canara Bank has increased its branch network from 16 as at March 2016 to 36 now covering 17 out of the 27 districts. Bank has plans to expand to the remaining districts by March 2014. He also informed that education loans of Rs.12 crore were sanctioned to 850 youths by different branches.
The Chief Minister appreciated the contribution made by the Bank in development of the state and assured of all possible help in expansion of branches in the state.
He also had a meeting with the Chief Secretary and Additional Chief Secretary of Chhattisgarh and discussed about bank’s possible engagement in the development of the State.
 Canara Bank bags 'Jury Award for New Initiatives under MSME'
NEW DELHI, Jan 22:
Canara Bank has bagged "Jury Award for New Initiatives under MSME” instituted by Chamber of Indian Micro Small and Medium Enterprises under Banking Excellence Awards 2013.
Mr R Madhusudan, General Manager, Head Office and Mr T Sreekanthan, General Manager, Delhi Circle received the prestigious award from Mr Montek Singh Ahluwalia, Deputy Chairman, Planning Commission.
 Canara CMD Dubey inagurates 142nd branch in Delhi
By Deepak Arora
NEW DELHI, Jan 17: Canara Bank, a leading nationalized Bank, opened its 142nd branch in the national Capital at Mahipalpur here on Friday. Canara Chairman & Managing Director, Mr R K Dubey, inaugurated the branch. The new branch is equipped with E-lounge.
Senior officials of the bank, inlcluding General Manager of Delhi Circle Mr Sreekanthan, and customers attended the ianugural function.
With the opening of this branch, the Bank’s network of branches reached 4574 across the country.
The new branch also arranged CSR activities under which tricycles were donated to the physically challenged persons.
Angry India Inc hits out at AAP's decision to scrap FDI in Delhi
NEW DELHI, Jan 13: India Inc on Monday expressed strong displeasure over the Delhi government's decision to withdraw approval to FDI in multibrand retail, saying the move was likely to hinder foreign investments flowing into the country.
"It is unfortunate that the Delhi government has chosen not to allow FDI in multibrand retail in Delhi. This will discourage international retailers planning to enter India," according to chairman of CII National Retail Committee J Suresh.
In a significant decision on Monday, Aam Aadmi Party government withdrew the approval given by the previous Sheila Dikshit dispensation to foreign direct investment (FDI) in multibrand retail in Delhi.
Terming the Delhi government's decision as anti-investment and one that sends a wrong signal to foreign investors, industry body Assocham said: "If one party reverses the decision of its rival dispensation upon change of guards, the policy and political risks for global investors would definitely increase in India, scaring them away".
Last year, the central government permitted 51 per cent FDI in the multibrand retail trading and left its implementation on the states.
"This direct negation without demonstrating a search for a viable alternative would hamper investment sentiment. Consumers would have benefited from choices of products at competitive prices. It has been proven time and again that both large multibrand retail stores and small kirana stores coexist peacefully," Ficci president Sidharth Birla said.
As many as 12 states, mostly Congress-led, including Delhi had agreed to allow global retailers to open super market chains. The other states include Maharashtra, Karnataka and Andhra Pradesh.
"The Delhi government's decision is bound to impact the overall FDI scenario not just in Delhi but also associated states like Haryana, Rajasthan and Punjab because Delhi is the hub for northern states," PHD Chamber of Commerce president Sharad Jaipuria said.
"According to our assessment, overall retail sector in the Delhi-NCR region has potential to attract FDI worth USD 50 billion in the next 5-6 years if supported with conducive policies. But due to this decision, it won't materialize," he added.
Delhi has become the first state to withdraw permission for FDI in retail sector.
The Aam Aadmi Party (AAP) in the party manifesto had expressed its opposition to the policy of FDI in multibrand retail.
Omar launches Canara Bank's Udaan project in JK
By Deepak Arora
 JAMMU, Dec 31: As part of its Corporate Social Responsibility, Canara Bank has launched “UDAAN” project in the State of Jammu & Kashmir in co-ordination with the NSDC and the& Government of Jammu & Kashmir. The aim of the project is the development of Skill and Employability of the youth in Jammu & Kashmir.
Unemployed residents of Jammu & Kashmir who have done Graduation or above are being covered under this scheme. There were 300 candidates who have been short-listed for Skill Development Training in co-ordination with the NSDC and the Government of Jammu & Kashmir.
As part of the above project, the Jammu & Kashmir Chief Minister, Mr Omar Abdullah, inaugurated the “Skill Development Programme” for 300 youth of Jammu & Kashmir, at General Zorawar Singh Auditorium, University of Jammu, here on Tuesday.
Duration of the training will be three months leading to a certification at the end, and recruitment to the posts of 135 Probationary Officers and 15 Probationary Clerks. In the meeting, the Canara Bank Chairman and Managing Director, Mr R K Dubey, announced that bank will take the entire 300 candidate post training.
Chairman Dubey also announced that the Bank is going to open 28 new branches in addition to the existing 13 branches taking the figure to 41 with plans to open a separate Circle Office shortly.
Also present on the occasion were Mr Dilip H M Chinnoy, Managing Director and CEO, NSDC, Md. Iqbal Kandey, Chief Secretary, Government of Jammu & Kashmir and Mr Jahangir Hashmi, Project Director, Udaan, Mr. Shyamalendu Saha, GM-HR, Canara Bank HO, Bangalore and Mr. Devender Arora, GM Circle Head Canara Bank Chandigarh.
Canara Bank is a leading Public Sector Bank with Head Office in Bangalore and pan India presence with over 4500 branches and equal number of ATMs having Global Business of Rs.6.73 Lakh Crore as at September 2013.
Canara becomes first bank to launch Aadhaar linking facility to cusotmer account
By Deepak Arora
 BANGALORE, Dec 28: Canara Bank has become the first bank in the country to launch a Self-Check Aadhaar linking facility to the account for the customers, according to Mr R K Dubey, Chairman and Managing Director of Canara Bank.
Launching the facility here, Mr Dubey said Canara Bank has launched this innovative facility enabling customer to do a Self-Check on status of Aadhaar linking to his account and also for submitting Aadhaar seeding request by visiting Bank’s website www.canarabank.com.
The customer has to simply key-in details like account number and customer ID. The system checks whether the Aadhaar number is available in the bank’s server. If YES, it informs the customer about its presence. If NO, it prompts the customer to provide Aadhaar number through simple steps. In a matter of few minutes the customer’s Aadhaar seeding request is taken.
Bank has earlier launched four alternate channels for Aadhaar seeding, empowering
the customer to request Aadhaar seeding from the comfort of his home or office without having to visit his branch. The customer can simply SMS Aadhaar number along with bank account number to get his Aadhaar linked to bank account.
Yet another convenient option is to call the toll free number of Bank’s Call Centre and provide Aadhaar details for linking. Those customers who have access to internet banking facility can provide request for Aadhaar seeding through this facility. At the bank’s ATM facilities also, the customer can provide a seeding request.
All the requests from the customer’s are centrally processed and on successful seeding of Aadhaar number the customer is sent an SMS (wherever mobile number is
registered) about the outcome. More than 6000 Aadhaars have been linked through this process and Bank expects that this will increase in coming days.
TOLIC meet held
BANGALORE, Dec 26: 56th meeting of Town Official Language Implementation Committee (Banks), Bangalore was held at Hotel Chancery Pavilion, Bangalore on Dec. 26, 2013 under the convenorship of Canara Bank. The meeting was presided over by the Chairman & Managing Director of Canara Bank, Mr R K Dubey, who is also the Chairman of TOLIC (Banks), Bangalore.
Mr Shyamalendu Saha, GM, HR Wing, HO welcomed the dignitaries. Mrs Sulekha Mohan, DGM, HR Wing, HO and Member-Secretary of TOLIC (Banks), Bangalore kept review report before the house. Mr M.P. Damodaran, Deputy Directior (Ag), Regional Implementation Office (South) and Executives from member Banks were also present.
The Rajbhasha Shield prizes were given away to Member Banks for best implementation of O L policy in their offices/branches under various categories. Dr. Suresh T. Rathod, AGM, State Bank of Mysore, Head Office, Bangalore presented vote of Thanks.
Canara Bank launches kiosk banking through Akshaya Centres
By Deepak Arora
 TRIVANDRUM, Dec 23: Canara Bank has launched “Kiosk Banking through Akshaya Centres” in Kerala at a function held here on Monday. Canara Bank Chairman and Managing Director, Mr R K Dubey, launched the Kiosk banking in the presence Mr Bala Kiran, IAS, Director, Akshaya State Mission, Bhagwan Ghadge Patil, Chief operating officer, CSC E-Governance, Ministry of Communications and IT and Mr V K Chopra, Deputy Secretary, DFS, Ministry of Finance.
As mandated by the Department of Financial Services, Ministry of Finance, Government of India, every sub service area of 1500 households has to be covered by a banking channel.
Canara Bank has tied up with Akshaya State Mission to launch this service in about 92 Akshaya Centres, statewide. By this facility, customers can open account, deposit and withdraw cash at Akshaya Centres itself and need not visit the bank branch.
Mr K R Balachandran, Deputy General Manager, Canara Bank, Circle Office, Trivandrum welcomed the gathering and Mr C G Nair, Deputy General Manager, proposed the vote of thanks.
As per the directions of the Department of Financial Services, Ministry of Finance, Government of India, the concept of Sub Service Area (SSA) was introduced for kiosk banking.
A SSA refers to a geographically contiguous sub-area carved out of the normal service area of the bank branch, with an approximate population of 1500 households (6000 members); wherein an alternate banking channel had to be opened. This banking channel could be in the form of a Business Correspondent – Kiosk (BC-Kiosk) or Business Correspondent- Individual model only. The idea is to ensure that an individual need not travel more than 1 to 1.5 kms for conducting a banking transaction.
BC kiosk shall act as an extension counter of the bank branch. At present, new accounts can be opened; credit and debit transactions can be executed subject to an upper limit.
In Kerala, Akshaya State Mission and Canara Bank have entered into an arrangement wherein the BC Kiosk Model will be implemented through the Akshaya Centres.
Canara Bank introduces ATM cash withdrawals for Joint Account holders
BANGALORE, Dec 24: Canara Bank Chairman & Managing Director, Mr R K Dubey, launched today a unique payment product, which enables cash withdrawal at ATMs in Joint Accounts, which are operated “Jointly”, using two Cards with two distinct PINs.
The facility is enabled for all joint accounts operated by two Joint Accounts holders. Joint Account holders will be issued ATM Debit Cards individually. One of the account holder is designated as ‘Primary’ account holder and the other will be ‘Secondary’ account holder.
Transaction is initiated by Primary cardholder by inserting the Card in the ATM and
keying the PIN. The transaction is authorized only after the validation by Secondary cardholder, using the Card and PIN issued to him.
The ATM Debit Cards can be used only for the ATM Cash Withdrawal. The card is valid for domestic usage, on Canara Bank ATMs only. The facility of Balance Inquiry,
Mini Statement, PIN Change are available for Joint Account holders individually on operation with their respective cards. SMS Alerts for ATM Cash Withdrawal tansaction will be received by the First Joint Account holders on registered mobile
number.
The product is first of its kind and shall provide a cutting edge to Canara Bank in
servicing the Customers differently.
India Inc gives thumbs-up to Rahul's views on spurring growth
 NEW DELHI, Dec 22: Welcoming Rahul Gandhi's views on the urgency to focus on growth and transparency, India Inc said he has touched the real issues being faced by the industry and it would encourage investor sentiment.
"His talk is comprehensive and touches real issues, which industry has been trying to grapple with in recent times. Gandhi's talk is reflective of the fact that he has his ears to the ground...even as the economy has slowed down and investor confidence is not at its peak," CII President Kris Gopalakrishnan said in a statement on Sunday.
Interacting with business leaders and responding to their concerns on Saturday, the Congress Vice President talked about the problems of inflation, delay in clearances, accountability and transparency while underlining the need for pushing the growth to alleviate poverty and making the country the largest economy by the time it turns 100 years old.
Terming Gandhi's interaction with the industry as very positive, Bharti Enterprises Vice Chairman and MD Rajan Bharti Mittal said, "It was heartening to hear his comments on the urgency to focus on growth and transparency, the issues that are key to bringing back the economy to its earlier growth rate."
Gopalakrishnan said at a time, when questions have been raised about India's commitment to reforms and growth, Gandhi's comments are music to the ears of investors, who would draw confidence from his speech.
Godrej Industries Chairman Adi Godrej said the stress on resolving regulation and administrative procedures in Gandhi's speech would greatly encourage investor sentiments and boost investments.
"As he mentioned, decision-making requires to be transparent, timely and fair, while the initiatives on corruption have to be followed up with action," Godrej said.
Sundaram-Clayton Ltd Managing Director Venu Srinivasan said it was for the first time that a political leader of Gandhi's stature mentioned the need for a modern and flexible labour market of international standards.
"Industry would welcome a dialogue on how to create fulfilling and rewarding jobs for our young people, as stated by Mr Gandhi," Srinivasan said.
Gandhi in his speech has said old labour laws have forced businesses to use contract labour.
"As you know, they are often underpaid and unprotected. India needs a modern and flexible labour market where labour has a fair share and is protected by international labour standards," Gandhi has said.
Stating that Gandhi's speech was spot-on and meets many of industry's concerns, Hero MotoCorp Joint MD Sunil Kant Munjal said industry would now look forward to quick actions from the Government, taking a cue from Gandhi's speech.
"Rahul Gandhi has clearly identified the immediate problems regarding project delays and highlighted the issues that must be addressed, such as land acquisition, regulatory and administrative hurdles, and environmental clearances," Munjal added.
Canara CMD R K Dubey opens 5 new branches, 4 e-Lounges and 15 ATMs in Delhi
By Deepak Arora
 NEW DELHI, Dec 20: Canara Bank Chairman and Managing Director, Mr R K Dubey, inaugurated five new branches, 15 ATMs, four e-Lounges and shifting of two branches to new premises here on Friday in the presence of Executive Directors -- Mr V S Krishna Kumar and Mr P S Rawat and Board members and large number of customers.
Mr Dubey formally inagurated a new branch of the bank along with an e-Lounge at Nangloi here on Friday. Through remote, the Chairman also delclared opening of three new branches along with e-Lounges at Mianwali Nagar, Surajmal Vihar, Shalimar Bagh and one branch at Kirari Suleman Nagar, 15 new ATMs at different locations including three ATMs at airport and six ATMs at DMRC stations.
Shifting of two branches to new premises at Punjabi Bangh and Gandhi Nagar along with e-Lounges was also delcared open through the remote.
With this addition, network of Canara Bank in the Capital city has gone up to 141 brances, 279 ATMs and 18 e-Lounges.
Mr T Sreekanthan, General Manager, Delhi circle, along with other Executivs and customers of Delhi were also present on the occasion.
Canara Bank, a leading nationalized Bank, is on expansion mode in Delhi adding new brances, ATMs and e-Lounges as part of providing hi-tech delightful service to Delhi-ites.
Canara Bank gets licence to open branch at New York
By Deepak Arora
 NEW DELHI, Dec 19: With an idea to expand its gloabl presence, Canara Bank, a leading nationalized Bank of India, has received a Licence to open Bank’s branch at New York.
Mr. R K Dubey, Chairman & Managing Director, Canara Bank informed that the Board of Governors of the Federal Reserve System, Washington DC, USA vide its communication dated December 13, 2013, has approved the proposal of the Bank to open a branch in New York.
The Bank is happy to inform that it could get the approval of the Regulators of USA in a record 20 months’ time after its filing application with the Regulators. This is the fastest time within which any Indian Bank could secure the approval of US Regulators.
The Bank is taking steps to hasten the process of opening the branch in New York and commence the operations expeditiously.
Canara CMD Dubey opens 5 e-Louges in Bangalore
By Deepak Arora
 BANGALORE, Dec 13: Canara Bank Chairman & Managing Director, Mr R K Dubey, on Friday opened five e-lounges here taking the total number of e-lounges to seven in the Bangalore City.
Mr Dubey inaugurated the e-lounge at South End Branch here along with four other e-lounges at Indiranagar, Banashankari II Stage, V V Puram and Electronic City Bangalore.
Canara Bank has more than 160 branches in the Bangalore City.
The e-lounge offers the services of Cash Deposit Kiosk, Cheque Deposit Kiosk, Pass Book Printer and Internet Banking Facility apart from ATM services. With this, the total number of e-lounges of the Bank, has risen to 49 pan India.
Canara CMD's special address at CARE Ratings
 Dec 11: Canara Chairman & Managing Director, Mr R K Dubey, delivered a special address at the 20th anniversary celebrations of CARE Ratings, a renowned Rating Agency.
Mr Dubey addressed the participants on the subject “Basel II and now Basel III: How are banks geared for this Challenge”.
The presentation was well received and appreciated by the gathering.
Mr V S Krishna Kumar, Executive Director of the Bank, was also present on the occasion.
Canara CMD Dubey inaugurates first e-Lounge in Andhra
By Deepak Arora
 HYDERABAD, Dec 11: Canara Bank Chairman and Managing Director, Mr R K Dubey, inaugurated a Mega Retail and MSME Expo at Nizam College Grounds here on Wednesday. The two-day programme has been organised by the Canara Bank. Many reputed builders, Automobile dealers and others participated by installing their stalls in the expo.
As many as 13,233 Loans under Housing, Vehicle, Agriculture, MSME and other segments amounting to Rs 334 Crores were sanctioned on the occasion.
Mr G V Manimaran, Director, Canara Bank, Mr R R Sharma, Chief General Manager, Retail Assets Wing, Canara Bank, Head Office, Bangalore, Mr G S Iyer, General Manager of Bank’s Hyderabad Circle and all other Executives participated.
The CMD also inaugurated e-lounge at Hyderguda, first of its kind in Andhra Pradesh, offering cash, cheque deposits along with latest tech products.
R K Dubey inaugurates Canara Bank's Retail, MSME Expo in Chennai
 CHENNAI, Dec 9: The Chairman and Managing Director of Canara Bank, Mr R K Dubey, inaugurated organized Retail and MSME Loan Expo in here on Monday. During the Expo, 1,022 Retail Loans comprising Education Loan, Housing Loan, Home Improvement Loan and Loan Against Property to the tune of 70.88 crore were disbursed. MSE Loans numbering 1,768 amounting to 123 crore were also disbursed.
Reiterating the Bank’s commitment for the growth of MSE Sector, Mr Dubey said that two new schemes viz., Canara MSE Unnati and Canara MSE Pragati have been launched sometime back with a view to get closer to the common man and to enhance his business prospects.
He thanked the customers of the Bank for the continued patronage to the Bank.
Mr Dubey desired them to take advantage of the Bank’s lowest base rate of 9.95% in the country.
Mr G V Manimaran, Director of the Bank, Mr R M Meenakshi Sundaram, General Manager, Chennai Circle, several officials of the Bank and host of customers were present on the occasion.
Earlier in the day, Mr Dubey inaugurated the e-lounge 24 x 7 facility at Mylapore branch. This is the second e-lounge facility of the Bank in Chennai City. The earlier one being at T Nagar branch.
NSDL adjusts Canara bank top performer in new Demat accounts
CHENNAI, Dec 7: Canara Bank, a leading nationalized Bank, has been adjudged as the "Top performer in new Demat accounts opened" in Banking Sector by National Securities Depository Ltd., (NSDL) for the year 2013.
In a glittering function held at Chennai, Mr Rm. Meenakshi Sundaram, General Manager, Chennai Circle received the award on behalf of the Bank from Mr G.V. Nageshwar Rao, Managing Director and CEO of NSDL.
This award has been instituted by NSDL for the first time to recognize and reward the outstanding performers in the Indian Banking Sector, for popularizing and mobilizing Demat Accounts.
India's clintches WTO deal for farmers, poor of the world
 BALI, Dec 6: In a major victory for India, the World Trade Organization (WTO) agreed to allow countries to provide subsidy on staple food crops without any threat of punitive action, a concession that salvaged the current round of world trade talks from the brink of collapse.
After burning the midnight oil and tough negotiations over the past four days in the face of India's unrelenting stand on the food security issue, the 159-member WTO reached a historic agreement that will boost global trade by USD 1 trillion.
The deal allows nations such as India to fix a Minimum Support Price (MSP) for farm produce and to sell staple grains to the poor at subsidised rates.
It also permits countries to store foodgrains to meet contingency requirements.
"A great day for India, I am more than happy...India has clinched WTO deal for the farmers and poor of the world," Commerce and Industry Minister Anand Sharma said after the final round of negotiations.
The draft agreement, which will protect the right to food and allow India to go ahead with its USD 20 billion food security scheme, is expected to be adopted by the plenary later in the day.
"It's a victory for Indian farmers and farmers of the developing world. It is also recognition of the right of developing nations for public stock-holding of food grains to ensure food security for their citizens," Sharma added.
The agreement will come as booster for the WTO, which until yesterday had failed to make headway with regard to the Doha round of trade talks, pending since 2001.
The deal was clinched after WTO Director General Roberto Azevedo on Thursday night, called a crucial meeting of key players, which continued till early morning.
It was attended by Sharma, US Trade Representative (USTR) Michael Froman and Indonesian Trade Minister Gita Wirjawan.
Developed countries such as the US and the EU wanted India to accept a peace clause, which offers four years of immunity from penalties imposed for breaching the farm subsidy cap of 10 per cent under the AoA. Host Indonesia shared the same view.
India and other developing nations, on the other hand, wanted the peace clause until a permanent solution is found on the matter for smooth implementation of the food security programme.
Sharma said, "It's a path-breaking decision...This is the first major decision or agreement that has been reached ever since the WTO was established.
"The previous agreement based on the Uruguay round was inherently imbalanced and flawed. The balance was against the developing countries and that is why support was mobilised and it became an imperative to launch a new round of negotiations, which is the Doha Development Agenda."
As per the draft on the agriculture sector, members have agreed to put in place an interim mechanism until a final solution is found with regard to public stock-holding for food security purposes.
Members, the draft added, "shall refrain from challenging through the WTO dispute settlement mechanism...support provided for traditional staple food crops in pursuance of public stock-holding programme for food security purposes..."
Sharma had until Thursday maintained that it was "better to have no agreement than to have a bad agreement..." and got support from major emerging economies, including South Africa.
Meanwhile, an Indian official said that India would be entitled to adequate transition time as well as external support and assistance, if required, for implementing trade facilitation agreement.
The trade facilitation agreement will improve competitiveness of Indian industry both in domestic trade and international trade.
"India recognises benefits of a trade facilitation agreement, which aims at simplifying customs procedures and reducing transaction costs," the official said, adding that the agreed text marks a fair balance reflecting the aspirations of both the developed and developing countries.
"It is a historic decision. It is a victory not only for India but also for developing and poor countries," Sharma said after the decision was taken on the text on the public stock holding.
Sharma talked to Prime Minister Manmohan Singh and he kept him informed on all the developments on Bali Ministerial that started on 3rd December, sources said.
"Today he talked two times to the Prime Minister, morning and afternoon," the source said.
The WTO issue was also discussed in the special meeting of the Union Cabinet which condoled the death of Nelson Mandela, officials said.
The 159-member WTO also agreed on the Trade Facilitation Agreement (TFA), which is aimed at making international trade much easier by simplifying and streamlining custom procedures across the globe.
The pact is billed to bring in gains worth USD 1 trillion for global trade. The TFA would help countries cut transaction costs.
"India recognises the inherent benefits of TFA. It will improve competitiveness of Indian industry both in domestic and international trade. It will also help in the movement of commodities like grapes, groundnut and pharma consignments," an official said.
The Bali deal, which a few termed as an "early harvest", is a major breakthrough in the so-called Doha Round of talks which were launched in the Qatari capital in November 2001.
"All traditional staple food crops, without any numerical limit will be covered under the decision...this decision provides legal certainty and also committees WTO members to work towards updating the rules under Agreement on Agriculture (AoA)", a source said.
"Now the four year peace clause will continue till a permanent solution is reached."
As per the draft on agriculture sector, members have agreed to put in place an interim mechanism till a final solution is found with regard to public stock holding for food security purposes.
Members, the draft added, "shall refrain from challenging though the WTO dispute settlement mechanism ...of the agreement on agriculture in relation to support provided for traditional staple food crops in pursuance of public stock holding programme for food security purposes..."
Diesel demand drops first time in ten years: Indian Oil Corporation
NEW DELHI, Dec 5: Diesel demand has declined for the first time in over a decade as monthly price increase and rise in power generation pulled down demand, Indian Oil chairman R S Butola said on Thursday.
"This year, there has been 0.8-1% de-growth," Butola said at the 3rd World Energy Summit here. Improved power generation reduced use of generator sets, which resulted in lesser demand for diesel.
But, the bigger reason is the move to deregulate diesel rates through small monthly increases. "Small adjustments of 50 paise every month has brought some parity with cost," Butola said. Diesel rates have risen by a cumulative Rs 6.62 per litre since January, which has also lead to a drop in demand for diesel cars.
Diesel is India's most-consumed fuel, accounting for close to 45% of the demand of total petroleum products. Since 2003-2004, the demand for the main transportation fuel had been growing at a healthy rate of 6-8%.
Butola said petrol consumption had dropped when the fuel was deregulated in June 2010 but diesel continued to see rise in consumption as it was heavily subsidized, thereby discouraging people to use it optimally. Now petrol is at par with its cost of production but the current selling price of diesel is still Rs 9.99 a litre less than cost. "We believe that market forces need to be allowed to have proper inter-play (on demand and consumption)," he said.
While diesel sales dropped in the first seven months of the fiscal, petrol consumption rose by 10% to 9.1 million tonnes. But, overall fuel demand during the April-October period was largely unchanged at 90.6 million tonnes against 90.2 million tonnes in the same period last year.
Besides losing Rs 9.99 a litre on diesel, state-run fuel retailers are losing Rs 36.2 per litre on kerosene sold through ration shops and Rs 542.5 per cylinder of cooking gas.
The slowdown in economic growth could also be a factor in dampening demand. Growth slowed to a decade low of 5% in 2012-13 and is expected to be in the same territory in the current fiscal year as well. Industrial growth has also remained sluggish.
India refuses to trade food security at Bali meet
BALI, Dec 5: Sticking to its position that food security was non-negotiable as it impacted four billion people worldwide and millions of farmers, India on Wednesday rejected the subsidy proposal in its present form at the global trade talks in Bali, Indonesia.
"For India, food security is non-negotiable," India's Commerce Minister Anand Sharma said at the plenary session of the 9th Ministerial Meeting of the World Trade Organisation (WTO), risking yet another failure of the talks that were kicked off in Doha in 2001.
"Governments of all developing nations have a legitimate obligation and moral commitment toward food and livelihood security of hundreds of millions of their hungry and poor," the minister told the highest decision-making body of the consensus-based WTO.
"Public procurement at administered prices is often the only method of supporting farmers and building stocks for food security in developing countries. Need of public stockholding of food grains to ensure food security must be respected," Sharma said.
"Dated WTO rules need to be corrected. The G33 proposal was mooted precisely for this." At the core of the draft text is the due restraing, or peace, clause on subsidies.
The Group of 33 developing countries, led by India, want the existing farm accord revised to allow them to exceed their subsidy levels beyond the cap of 10 percent of national output till such time a permanent solution is found.
The peace clause seeks to allow this but with a four-year cap.
"It (the text) is only temporary with no assurance of a permanent solution," Sharma said. "It (the peace clause) must remain in force till we reach a negotiated permanent solution and provide adequate protection from all kinds of challenges."
The issue is one of the key factors slowing the WTO's Doha Round of talks that were started in Qatar in 2001, seeking to overhaul the world trading system by setting a global framework of rules and pulling down barriers.
However, protectionist disputes between rich and poor countries -- as well as the WTO's insistence that any accord be unanimous -- has kept a deal elusive.
Sharma said India has constructively engaged in the Doha Round for the last 12 year with a strong development mandate and has cited the centrality of food security, livelihood security, and rural development in trade negotiations.
"None of these texts require the developed countries to make binding commitments for the benefit of developing countries. In contrast, developing countries would be required to undertake significant commitments in trade facilitation," said the Indian minister.
"If this imbalance in the Bali package is not redressed, the world at large would accuse all of us of collectively making hollow promises and keeping the tank empty on development content."
 Canara Bank opens 4495th branch
KURNOOL, Dec 2: Canara Bank, a leading nationalized Bank, opened a new branch and an ATM at Srisailam in Kurnool District, Andhra Pradesh on Monday. The Branch was inaugurated by Mr S P Y Reddy, Member of Parliament, Nandyal Constituency and the ATM by Mr C Ramachandraiah, Minister for Endowments, Andhra Pradesh.
Other dignataries present on the occasion were Mr E Prathap Reddy, Minister for Law and Courts, Mr R K Dubey, Chairman and Managing Director, Mr V S Krishna Kumar, Executive Director and Mr G V Sambasiva Rao, Director of Canara Bank.
This is the 4495th branch of the Bank pan India.
|
