IFFCO-Tokio net profit jumps 60 pc
 NEW DELHI, April 30: Private general insurer IFFCO Tokio General Insurance has reported a 60 per cent increase in net profit at Rs 216 crore in 2013-14 against Rs 134.7 crore in the year-ago period.
The company has reported a 12.9 per cent increase in premium revenue of Rs 2,991 crore compared with Rs 2,649 crore in 2012-13.
The general insurer has registered profit before tax (PBT) of Rs 322.50 crore in the current financial year compared with Rs 196.28 crore in 2012-13.
Yogesh Lohiya, Managing Director & CEO, IFFCO Tokio General Insurance Co. Ltd., said, “Despite tough economic and market conditions, the growth of the company has been more than the growth of the industry and profit before tax has surged by 64.3 per cent compared to last fiscal year. The company has succeeded in breaking the combined ratio benchmark and recorded the same at 99.9 per cent with underwriting profits of Rs 1.91 crore. This achievement has been possible by implementing strict underwriting policies; focus on economical and speedy settlement of claims and exercising stringent control on expenses of management.”
Rajeev Suri to head Nokia
 NEW DELHI, April 29: Finnish telecommunications equipment maker Nokia on Tuesday appointed India-born Rajeev Suri as its President and CEO. Earlier, the 46-year old was leading Nokia Solutions and Networks, the smaller network equipment unit of Nokia before the company sold its handset business to software giant Microsoft in a USD 7.2 billion deal.
He replaces Stephen Elop, who has returned to Microsoft as the executive vice mpresident of its devices group. Besides, Risto Siilasmaa, who was serving as an interim CEO, will return to focussing exclusively on his role as Chairman of Nokia's Board of Directors from May 1.
"As Nokia opens this new chapter, the Nokia Board and I are confident that Rajeev is the right person to lead the company forward. He has a proven ability to create strategic clarity, drive innovation and growth, ensure disciplined execution, and deliver results," Nokia Board of Directors Chairman Risto Siilasmaa said.
"Nokia, with its deep experience in connecting people and its three strong businesses, is well-positioned to tap new opportunities during this time of technological change.
I look forward to working with the entire Nokia team as we embark on this exciting journey," Suri said. Like the newly appointed Microsoft CEO Satya Nadella, Suri is also a Mangalore University graduate.
He joins the elite club of Indians heading global firms, which includes PepsiCo Chairman Indra Nooyi, Reckitt Benckiser Chief Executive Rakesh Kapoor, President and Chief Executive of MasterCard Ajay Banga and Anshu Jain of Deutsche Bank.
Suri, who has headed NSN since October 2009, has been credited for "presiding over consistently improving results leading to the successful turnaround and restructuring of the company."
According to his official profile, Suri has a Bachelor of Engineering degree in Electronics and Telecommunications from Mangalore University. He is based in Espoo, Finland.
With more than 23 years of international experience, Suri has worked in strategy and mergers & acquisitions, product marketing, sales, major account leadership, regional and business unit leadership and has lived in the Middle East, Asia, Africa and Europe. Suri joined Nokia in 1995 and headed the Asia Pacific region for NSN in 2007.
In July last year, Nokia agreed to buy German engineering giant Siemens' 50 per cent stake in their mobile broadband joint venture NSN for 1.7 billion euros (USD 2.2 billion) after which the firm was renamed Nokia Solutions and Networks.
Nokia's other businesses -- HERE (location services) and Technologies will be headed by Michael Halbherr (CEO of HERE) and Henry Tirri (Executive Vice President and acting Head of Technologies).
India now world's 3rd largest economy
By Deepak Arora
SINGAPORE, May 1: India is now the world's third largest economy in terms of purchasing power parity, ahead of Japan and behind the US and China which hold the top two spots. This was revealed by the 2011 round of the World Bank's International Comparison Program (ICP).
"The United States remained the world's largest economy, but it was closely followed by China when measured using PPPs. India was now the world's third largest economy, moving ahead of Japan," the report said.
It highlighted the fact that the largest economies were not the richest, as shown in the ranking of GDP per capita. The middle-income economies with large economies also had large populations, setting the stage for continued growth, it added.
The report says India "went from the 10th largest economy in 2005 to the third largest in 2011.
Incidentally, the economies of Japan and the United Kingdom became smaller relative to the United States, while Germany increased slightly and France and Italy remained the same.
The relative rankings of the three Asian economies—China, India, and Indonesia—to the United States doubled, while Brazil, Mexico, and Russia increased by one-third or more.
China to overtake U.S. economy this year
BEIJING, May 1: China has rejected a World Bank report that suggests it might pass the United States this year to become the biggest economy measured by its currency's purchasing power.
China is on track to become the No. 1 economy by sheer size by the early 2020s and possibly sooner. But its leaders downplay such comparisons, possibly to avert pressure to take on financial obligations or make concessions on trade or climate change.
The estimate by the World Bank's International Comparison Program says that based on 2011 prices, the purchasing power of China's currency, the yuan, was much stronger than was reflected by exchange rates.
By that measure, China's economy was 87% the size of the United States' in 2011, or 15% bigger than the previous estimate, according to a calculation by RBS economist Louis Kuijs. Faster-growing China would pass the United States in purchasing power terms this year, though it still would be about 60% the size of the U.S. economy at market exchange rates.
China's National Bureau of Statistics, which took part in the study, rejected its conclusion, according to the World Bank report.
The statistics bureau "expressed reservations" about the study's methodology and "did not agree to publish the headline results for China," the report said.
A figure was estimated anyway by researchers, but "the NBS of China does not endorse these results as official statistics," the report said.
The statistics bureau in Beijing did not respond Wednesday to a request for comment.
China's government has been reluctant to acknowledge previous milestones showing its economic rise when it passed Germany as the biggest exporter, Japan as the No. 2 economy and the United States as the biggest trader.
Its leaders have emphasized China's status as a middle-income country in resisting pressure to adopt binding limits on greenhouse gas emissions, for which their country is the biggest source.
The International Comparison Program, conducted every six years, is meant to allow comparisons of living standards in countries with widely varying prices.
The results are a good tool for understanding living conditions for Chinese families but other uses are limited, said Mark Williams, chief Asia economist for Capital Economics.
"It does bring home the sheer size of the Chinese economy, in the services and goods and that people in China are producing," Williams said.
"Where it falls short is that it doesn't really tell us about China's economic standing relative to the rest of the world," he said. "When it comes to China's purchasing power abroad, we need to look at the figures adjusted for market exchange rates."
The International Monetary Fund has forecast China's economic growth this year at 7.5%, nearly triple the 2.8% outlook for the United States.
With its much larger population of 1.3 billion people, China barely ranks in the top 100 countries for income per person.
The report is a reminder that Chinese consumers only have about one-tenth as much money to spend as Americans, said economist Brian Jackson of IHS Global Insight. That is about half the world average, on par with the Philippines, Bolivia or Iraq.
Sellers of consumer goods "may find it discouraging, given it implies a relatively low cost regime for final sales," Jackson said in an email.
ASM to establish footprint in the growing Indian market
By Deepak Arora
 NEW DELHI, April 22: The on-going Indian Premier League (IPL) is providing opportunities to several companies who facilitate flight support services and are utilizing the IPL platform to explore the Indian market for a long term association.
ASM (Aviation Management Services), a leading flight support company, is serving and has already handled several IPL clients including VIP’s during the first tranche of the IPL games happening in Dubai from April 16 to 30.
As one of the leading players in this segment ASM is looking at major expansion plans. India, being a rapidly growing market is an attractive destination for the company. Having established themselves in the region few years ago ASM is further penetrating into the market. Expansion plans for ASM are on track and 2014 has started on a promising note with the company handling several VIP clients.
Vito Gomes – Founder & Managing Director, Aviation Services Management said, “As a leading player in flight support services, ASM is very excited to be associated with the Indian Premier League. We believe India is a very exciting market for us and being part of the IPL is allowing us an opportunity to showcase our services to a large cross section of potential clients. We have been present here for a long time and have understood the market and clients needs.”
Aviation Services Management (ASM) became the leading brand in the flight support industry by providing a wide range of specialized aviation services designed to provide both value and convenience to business and commercial aviation companies.
Established in 1998 in the United Kingdom, ASM has ventured into the United Arab Emirates, operating and delivering aviation services network for Asia, Middle East, Africa, CIS, Europe and USA. ASM provides 24 hours year-round services, totally adapted to your needs. ASM is absolutely certain that you can enjoy every moment before, during and after your flight. They offer high-quality bespoke solutions emphasizing on maximum security and safety. Serving more than 3500 locations worldwide for various flight support services such as fuelling, flight planning, permits, handling etc, ASM is growing its business further.
 Canara Bank reaches milestone of 6,000th ATM
By Deepak Arora
BANGALORE, March 27:
Canara Bank, a leading natinalised Bank, opened its 6000th ATM here on Thursday. Canara Bank Chairman and Managing Director, Mr R K Dubey, inaguragted the new ATM at Vikasa Soudha (Secretariat Building), Bangalore.
Mr Sanjiv Kumar, IAS, Principal Secretary DPAR, Government of Karnataka, attended the function.
Mr V S Krishnakumar, Executive Director of the Bank and Mr Ravindra Bhandary, General Manager of the Bank, were present on the occasion.
Canara CMD Dubey opens 2 branches, 5 e-Lounges in Delhi
By Deepak Arora
 NEW DELHI, March 22: Canara Bank Chairman & Managing Director, Mr R K Dubey, on Saturday inaugurated two Branches and 5 E-Lounges in Delhi. The function was organized at the premises of newly opened branch with E-Lounge at Kishangarh. One more branch with E-Lounge was formally inaugurated through remote at Janakpuri D Block. Three Other E-lounges at Shakti Nagar, GTB Hospital and Janakpuri A Block were also declared open through remote during the function.
E-Lounge is a unique Banking facility innovation of Canara Bank wherein automated basic banking facilities like Cash withdrawal & deposit, Cheque deposit and Pass Book printing is available on 24 X 7 basis to its customers.
This initiative of Canara Bank has received lot of praise and appreciation from customers and general public. With this opening of branches and E-Lounges branch network of Canara Bank has gone up to 146 in the state of Delhi.
Number of E-Lounges in Delhi has reached 24.
Mr R K Dubey also announced inauguration of two fully renovated branch premises of Canara Bank at Sadar Bazar and Tri Nagar in Delhi.
With rich tradition of extending help to disadvantaged group of Society, Mr R K Dubey also donated computers and some other articles to two prominent NGOs of Delhi working in the area of helping poor and intellectually challenged children.
Mr T Srikanthan, Chief General Manager of the Bank, along with other executives of Bank and large number of distinguished guests and customers of Bank were present during the function.
Canara Bank Launches ‘Canara E-Infobook’ APP in Hindi for Android phones
By Deepak Arora
 BANGALORE, March 21: In tune with the increasing popularity in mobile based applications among customers, Canara Bank, a customer-focused Public Sector Bank, is on a major overhaul to be in the info-tech forefront.
Subsequent to launching of a very unique and customer-friendly mobile app called 'CANARA E-INFOBOOK' for Smartphones in English, the same APP is now available in its Hindi version, launched by the Chairman & Managing Director, Mr R K Dubey.
CANARA E-INFOBOOK (HINDI) APP will be helpful to large number of customers in Hindi.
This is an innovative Info-tech gift from Canara Bank to its valued customers. Since launch of the APP in English, there has been tremendous increase in the download and usage among our customers. More and more number of customers are finding this app very useful. Customers can download this app free from Google Play Store.
This application is loaded with several customer-friendly features, such as,
a. Electronic passbook- customer can view transactions upto 1 month.
b. Balance Enquiry.
c. Mail your banking statement to your mail ID.
d. Branch Locator.
e. ATM Locator.
f. Account Summary.
g. Cheque Status.
h. Product Information etc.
Canara Bank has taken several measures in the recent past to enhance technology based banking, such as, online opening of SB accounts, PPF accounts, online loan application and tracking system, facility of hot listing of Debit Card through Net Banking, Mobile Banking registration through Net Banking and Mobile Banking activation through ATM, request for cheque book through ATM, Net Banking & Mobile Banking Fund Transfer through IMPS using MPIN and beneficiary mobile number (or) Using IFSC Code and beneficiary Account Number under Net Banking etc.
Presently, Canara Bank has 4693 branches, including 5 overseas branches at London, Leicester, Hong Kong, Shanghai and Manama and 6134 ATMs all across the country.
Canara Bank is committed to continue its drive for financial empowerment with innovative and friendly schemes and services, benefitting people from all walks of life.
Canara Bank felicitates women achievers, launches social initiatives
By Deepak Arora
 BANGALORE, March 19: Inaugurating the International Women’s Day Celebrations of the Bank at the Corporate Office here on Wednesday, Mr R K Dubey, Chairman & Managing, in the presence of Executive Directors Mr Pradyuman Singh Rawat and Mr V S Krishnakumar and General Manager of Priority Credit & Financial Inclusion Wing Mr S S Bhat announced several facilities for women:
One of such facilities is Toilets for Girls in Govt Schools. Mr. Dubey said that the Bank is taking up construction of 130 Toilets for Girls in rural schools covering 26 Lead Districts of the Bank across the country.
Bank had announced an Award scheme for women entrepreneurs financed by Canara Bank during the International Women’s Day 2013. The awardees received cash prizes from Dr Kiran Mazumdar Shaw during the function.
Mrs Omana Muraleedharan, Prorietrix, Amrutha Metal Finish and Charis Food Products, Aroor, Allapuzha financed by Ernakulam South Branch, Trivandrum received a cash prize of Rs 1 lakh. Mrs Poornima S, Proprietrix, National Computer Education, Channaaptna financed by Channapatna branch bagged the Second Prize – cash Award of Rs 50,000.
Two micro women Entrepreneurs from Chandkuri Village in West Bengal, Mrs Sonali Samanta, Proprietrix, Sabang Mat Centre and Mrs Kalyani Pramanik, Proprietrix, Kalimata Mat Unit jointly won the third prize of Rs 25000 cash.
In Addition a consolation prize of Rs 10,000 was announced for SHG Sanjivani Masi Sainik Mahila Bachatgat financed by our Nanded branch, Nagpur.
Two economically backward girl students were given scholarship of Rs 1,10,000 each for pursuing MA (Education) at the Azim Premji University.
As a part of the function, also a Hand Book on Empowering Women through Information was released for guiding the women to take up Entrepreneurship.
A special saving Bank product- Canara Mahila Saving Account was launched on the occasion with attractive features like free Net Banking /Mobile Banking facility, Credit Card without fee, Free NEFT/RTGS facility, Name printed cheques etc for the Women Clients of the Bank.
The Bank took pride in felicitating 3 eminent Women Achievers - Dr Nagambika Devi, IAS, Principal Secretary, Youth Empowerment & Sports Dept. GOK; Dr Kiran Mazumdar Shaw, Chairman & Managing Director, Biocon Limited and Dr Sunita Krishnan Co-Founder, Prajwala, NGO, Hyderabad during the occasion.
Mrs Seema Dubey, Wife of Chairman and Managing Director Mr R K Dubey, joined in felicitating the women achievers.
Dr Nagambika Devi, IAS lauded the initiatives of Canara Bank for Women especially construction of Toilets and opined that all Government Offices and other organizations should be Women Compliant to safeguard the interests of women employees.
Dr Kiran Mazumdar Shaw, quoting herself as a proud Customer of Canara Bank, said that every woman has the potentiality of being an entrepreneur. Only women have to discover these qualities in themselves and move forward with courage and dedication to be successful in life.
Dr Sunita Krishnan, who is a crusader in rescuing and rehabilitating thousands of helpless girls and women from the sinister crime of sexual abuse, said “Be it women or men, one should first be a Good Human Being. We have to respect the dignity of people around us which will naturally decrease the atrocities committed on women in society”.
“Every person should get self educated, self motivated and we should never forget that we are a part of the whole & not the whole by itself”, she added.
Mrs Mythili Krishnamurthy, CGM, introduced the Guests of Honour and Mrs Bharathi P V, GM, proposed Vote of Thanks.
The program was well attended by esteemed customers of the Bank and Senior executives and their families.
In a first, SBI to sell around Rs 5000-cr NPAs to ARCs shortly
NEW DELHI, March 16: For the first time in its over two centuries of history, the nation's largest lender State Bank of India, which had reported 5.73 pc of its assets as bad loans in the December quarter, is going all out to stem the rot by offloading around Rs 5,000 cr of its Rs 67,799 cr dud assets to ARCs before the end of the month.
The move comes ahead of the tighter provisioning norms kicking in from next April, which the central bank had in May last year announced when it had more than doubled the provisioning for restructured loans to 5 from 2 percent.
"There are 14 ARCs functioning today, and we have invited many of them to pick up our stressed loans of around Rs 5,000 crore. We will definitely be offloading at least a large portion of this to the highest bidders. The process should be concluded before the end of the month," a senior SBI official said.
Earlier this month, Chairperson Arundhati Bhattacharya had said in Kolkata that "the bank was considering a proposal to sell NPAs in the current quarter. This would be for the first time we would be selling NPAs to asset reconstruction companies or ARCs."
But she did not specify how much the bank was planning to offload.
Normally ARCs pay 5-10 percent of the total bad loans being bought pay in cash and the rest could be security receipts (SRs), the SBI official cited earlier said, adding the bank is confident of selling a good portion of the dud loans earmarked for offloading.
In the quarter to December alone, the lender had added as much as Rs 11,400 crore in fresh bad loans or 5.73 percent, taking its overall NPA mount to a whopping Rs 67,799 crore.
This pulled down its net profit by a whopping 34 percent to Rs Rs 2,234 crore, as the bank was forced to make Rs 3,428.6 crore towards loan provisions up from Rs 2,766 crore a year ago.
The bank added Rs 11,400 crore in fresh slippages, including Rs 9,500 crore from SMEs and mid-corporates and added Rs 6,165 crore into the restructured loan book during the quarter, while a cleaning up of balance sheet resulted in a write-off of around Rs 5,000 crore in Q3.
The bank is also expecting at least Rs 9,500 crore of loans being restructured in the fourth qaurter.
As of the December quarter, as much as Rs 67,799 crore of its Rs 11,83,723 crore assets or advances as classified as NPAs, or 5.73 percent up from Rs 64,206 crore or 5.64 percent in the previous quarter.
While its net NPAs stood at Rs 37,167 crore or 3.24 percent in Q3 and Rs 32,151 crore or 2.91 percent in the previous quarter when its total net NPA was at Rs 11,39,326 crore.
Media reports said banks, mostly state-run ones, are scurrying to sell close to Rs 43,000 crore to ARCs by the end of the month as the total bad assets in the system rose to 4.1 percent of the total advances.
This is almost four times the amount that were put up for auctions in the past quarter.
The urgency of bans comes as the central bank under the new Governor Raghuram Rajan has been encouraging lenders to clean up their books.
In his inaugural address on 4th September last, Rajan had famously said that promoters of failed companies have no divine right to remain in control of such companies.
The rush to offloan bad loans is also to guard them against higher loan loss provisions that kick in from next March, by when all restructured loans would be classified as non-performing accounts attracting higher provisions.
On 30th May last year, the RBI had tightened the norms for loan restructuring norms by raising provisions to 5 percent in line with the global practices, in a gradual manner.
As per the RBI notification, provisioning on the newly restructured account was raised to 5 percent from 1st June 2013 from 2 percent.
However, for the old CRD accounts it would be done in a phased manner till April 2015.
What was more important was that the RBI had said the existing "regulatory forbearance" would no longer be available from 1st April 2015, therefore the urgency of banks to offload bad loans now.
As per existing guidelines, an account after restructuring is not classified as NPA. However, as per the new norms, restructured account would be treated as NPA.
The RBI had also said promoters of companies seeking CDR should bring in at least 20 percent of banks' sacrifice or 2 percent of the restructured debt as fresh equity.
Canara CMD Dubey opens 10 new branches; takes total to 123 in Madhya Pradesh
By Deepak Arora
 BHOPAL, March 13: Canara Bank Chairman and Managing Director, Mr R K Dubey, declared opened 10 new branches, including at Neelbud FI branch and also an ATM at VNS Institutions campus here, thus taking the branch network to 123 in Madhya Pradesh.
Canara Bank has adopted Ucher village of Sanchi Panchyat under Canara Gramodaya Scheme in which the Bank has developed the village holistically.
Mr R K Dubey handed over a cheque of Rs 10 lakhs to Jawaharlal Nehru Cancer Hospital and Research Centre, Bhopal being Bank’s contribution under Corporate Social Responsibility.
At a press conference, Mr Dubey unveiled Bank’s plans in the state of Madhya Pradesh. The Bank has already opened 59 branches in Madhya Pradesh so far during the year 2013-14 and proposes to open 300 more branches in a phased manner spanning
upto 2015-16.
The Bank decided to go in a big way in propagating educational loans by signing MoU with all major educational institutions in the state. This will generate the momentum for the development of the state.
Further, he informed that the bank may consider rephasement of agricultural loans taken by the farmers who have been affected by recent hail storms.
During his visit to Bhopal, he also called on the State Finance Minister Mr Jayant Malaiya and also Additional Chief Secretary Mrs Aruna Sharma.
Mr Dubey also was the chief guest at the international Seminar organized by VNS group of institutions.
Shikhar Dhawan is Brand Ambassador of Canara Bank
By Deepak Arora
 NEW DELHI, March 11: Canara Bank, one of India’s leading Public Sector Banks has
announced Shikhar Dhawan as the Bank’s brand ambassador. Canara Bank is gearing up for the next phase of banking with a focus on the youth – the future of India. Canara Bank founded in the year 1906 by Sri Ammebal Subba Rao Pai, is 108 years young and has an unbroken record of profits since its inception.
Mr R. K. Dubey, Chairman and Managing Director, Canara Bank, said, “At Canara Bank, we are constantly innovating and setting industry benchmarks. Our growth
trajectory is on the upswing and our progressive outlook is the cornerstone of our success. The Bank and Shikhar Dhawan have a lot in common. He has an admirable record, is constantly innovating his game and setting new standards. He represents the dreams of today’s youth and their aspiration, confidence and energy. Shikhar, as a youth icon, cements the partnership between the Bank and the youth.”
Shikhar Dhawan said, “It is an honour to be associated with Canara Bank that has a legend of more than a century. I share some of the Bank’s qualities and am fortunate to be chosen as its Brand Ambassador. The Bank is vibrant and very future-focussed. Today’s youth don’t just have big dreams but also have great self-belief and confidence. With an innovative bank like Canara Bank, the youth have the right support and can say – Together we can.”
Exports shrink first time in 8 months; trade deficit narrows
NEW DELHI, March 11: After recording positive growth for seven consecutive months, exports contracted 3.67 per cent in February to USD 25.68 billion, although the trade deficit showed a marked improvement mainly on account of a significant decline in gold imports.
The trade deficit in February, as per data released by the government on Tuesday, narrowed to USD 8.13 billion, the lowest level in five months.
It improved mainly on account of a 71.42 per cent decline in gold and silver imports to USD 1.63 billion in February from USD 5.71 billion in the same month a year earlier.
Total imports fell 17.09 per cent to USD 33.81 billion last month. Oil imports, too, declined 3.1 per cent to USD 13.6 billion.
Apex exporters body FIEO said that due to the decline in overseas shipments, India's exports will fall short of target by about USD 15 to 18 billion.
The government has estimated exports at USD 325 billion in this financial year.
"Credit is the biggest problem which exporters are facing. Arrears of duty refund claims have crossed Rs 20,000 crore. Global demand is there but we are unable to take advantage of this due to credit problem," Federation of Indian Export Organisations (FIEO) President Rafeeque Ahmed said.
After registering a 13.47 per cent growth in October, exports recorded growth in single digits until January.
Sectors contributing significantly to the export basket such as petroleum, engineering and pharmaceuticals registered a decline in February.
For the April-February period, exports were up 4.79 per cent to USD 282.7 billion. Imports during the 11-month period fell 8.65 per cent to USD 410.86 billion. The trade deficit during this period was USD 128 billion.
Canara, TWUISPL sign MoU for easy finance of auto rickshaws
By Deepak Arora
 BANGALORE, March 10: Canara Bank has entered into a Memorandum of Understanding with M/s Three Wheels United India Services Private Limited (TWUISPL) for financing individual Auto Rickshaw Drivers in the state of Karnataka under the project “Namma Auto”.
Namma Auto is community uplift project undertaken by M/s three Wheels India United
Sevices(P) Ltd to ensure sustainable livelihood for poor autorikshaw drivers by enabling them to acquire environment friendly 4 stroke LPG auto rikckshaws through finance from Canara Bank.
On the occasion, Mr R K Dubey,Chairman and Managing Director of Canara Bank stated that Canara Bank has evolved several schemes for financing of the poor entrepreneurs to enable them to get a source of sustainable livelihood and Canara MSE Pragati is one of such schemes where micro entrepreneurs are provided with loans upto Rs 10 lakh without collateral security under CGMSE scheme.
Mr Ramesh S Prabhu , Director of the Company stated that through the project Namma
Auto, it is intended to improve the quality of work and living of auto drivers through a three pronged starategy of financial services, alternate channels of revenue thorough display of advertisements and environment conservation.
The group of drivers, aged between 20 years to 60 years, will be identified by TWUISPL and will be given training for inculcating savings habits, developing better customer relationships, Prompt repayment culture etc.
Canara Bank will provide loans to the identified auto drivers to purchase autorickshaws upto 85% of on-road cost of the Autorickshaws at 10.75%. The premium payable to CGTMSE will be absorbed by the Bank.
The company will also assist the auto drivers in getting in and outside advertisements to generate additional income.
MoU is initially operational in Bangalore City and shall be extended to other parts of Karnataka in due course.
 Canara CMD Dubey is 'Legend of Bangalore'
By Deepak Arora
BANGALORE, March 9:
Canara Bank Chairman and Managing Director, Mr R K Dubey, has been honoured as an "Legend of Bangalore" at a function here. Karnataka Governor, Mr Hansraj Bharadwaj, conferred the award to Mr Dubey.
The Chamber of Commerce for India and International Business and Industries organised its Annual Awards Ceremony at NIMHANS Convention Centre here on Sunday.
The Awards for "The Legends of Bangalore" were conferred by Mr Hansraj Bharadwaj, Governor of Karnataka.
Canara Bank opens Rural Self Employment Training Institute in Purnea
By Deepak Arora
 BAHORA (PURNEA), March 8: Canara Bank, on the occasion of International Women’s Day dedicated one more Rural Self Employment Training Institute (CBRSETI) at Bahora, Purnea District of Bihar State for providing skill development training to the unemployed youth in the rural area of the District with special focus on Women.
The Institute was inaugurated by Mrs Jawahar Thakur and Mr Jawahar Thakur, ICAS, CGA, Government of India on Saurday in a well furnished premises at the village in the presence of Mr R K Dubey, Chairman & Managing Director, Canara Bank.
A training programme on mobile repairs was inaugurated with 30 participants from the surrounding villages. The training kits were handed over to the trainees.
Mr Jawahar Thakur thanked Canara Bank for starting the Institute which will benefit large number of youth in backward district of Purnea. The trainees would be provided free training with boarding and lodging facilities.
Addressing the gathering, Mr R K Dubey asked the rural youth to take more advantage of training facilities to become self employed and to create micro enterprises in the District. He also assured that the rich agricultural belt would get Agri-based training inputs and also Agri-Development Centre to address the orderly growth of agriculture in the area.
In a public function held on the occasion, eight new branches of Canara Bank and 51
ATMs were dedicated to the state of Bihar in different locations.
Canara Bank declared adoption of three villages viz., Bahora, Raghunathpur and Karma for the overall development and sustainable development initiatives under Canara Gramodaya Scheme.
On this occasion the meritorious students of Middle School of Bahora were awarded Scholarships.
Continuing the CSR initiatives, Chairman & Managing Director of Canara Bank handed over school dress, school bags and Computers to Sharada Vidya Mandir, Purnea managed by Ramkrishna Mission. In order to provide health facility a Medical Check up camp was also organized and medicines were distributed free to needy persons.
On March 7, Canara Bank sanctioned 1000 KCC loans, 500 DRI loans, 1000 loans to Micro enterprises, Housing loans, Canara vehicle loans and other loans under various schemes amounting to Rs. 23.75 Crores.
 Canara Bank conferred
'Outstanding
Entrepreneurship
Award'
By Deepak Arora
NEW DELHI, March 4:
Canara Bank, a leading nationalized Bank, has been conferred with “Outstanding Entrepreneurship Award” for the annual Asia Pacific Entrepreneurship Awards 2014 (India) instituted by Enterprise Asia, Malaysia.
The Awards Ceremony was held at Hotel JW Marriott here on Tuesday and Mr R K Dubey, Chairman & Managing Director of Canara Bank, received the Award.
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