Canara Bank signs MOU with LIC, UIICL
By Deepak Arora
 BANGALORE, April 28: Canara Bank has entered into Memorandum of Understanding (MOU) with LIC of India for offering Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Insurance cover and United India Insurance Co. Ltd (UIICL) for Pradhan Mantri Suraksha Bima Yojana (PMSBY) Insurance cover to all its eligible Customers.
The MOU has been signed by B Mahesh Kumar Singh, General Manager, on behalf of Canara Bank and G N Krishna, Divisional Manager, and Mrs Usha Ramaswamy, Deputy General Manager, signed MOU on behalf of Life Insurance Corporation of India and United India Insurance Co. Ltd. respectively.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Under the Memorandum of Understanding, LIC will offer a life cover of Rs 2 lakh in case of death of the insured person at a nominal premium of Rs 330 per annum. All Savings Bank Account holders in the age group of 18 to 50 years can avail the
product. People who join the scheme before completing 50 years can continue to
have the risk of life cover up to the age of 55 years subject to payment of premium.
Pradhan Mantri Suraksha Bima Yojana (PMSBY): Under the Memorandum of Understanding, United India Insurance will give Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident.
 Canara Bank bags Golden Peacock Business Excellence Award
By Deepak Arora
DUBAI, April 20: Canara Bank, a leading Nationalised Bank, has been awarded with the Golden Peacock Business Excellence Award (GPBEA) by the Golden Peacock Awards 2015.
UAE Minister of Culture, Youth and Community Development, Sheikh Nahyan bin Mubarak Al Nahyan, presented the Award to Mr Sunil Kurtkoti, General Manager, Canara Bank.
The awards were presented at the Dubai Global Convention 2015 and 25th World Congress on Leadership for Business Excellence and Innovation organized by Institute of Directors at the Mayden Hotel, Dubai.
 Canara bank opens 5680th branch
VIJAYAWADA, April 18: Canara Bank, a leading nationalized Bank, has opened its 5680th branch at Thullur in Guntur District of Andhra Pradesh on Saturday.
This is 77th branch of the Vijayawada Circle.
Canara Bank Managing Director and CEO V S Krishna Kumar inagurated the branch.
B.M.Rao, Deputy General Manager of Vijayawada Circle, and other officials and bank's customers were present on the occasion.
Next review of Foregin Trade Policy in 2017: DGFT Pravir Kumar
By Deepak Arora
NEW DELHI, April 13: Director General of Foreign Trade (DGFT) Pravir Kumar on Monday assured the exporting community that it will take up the issues of inverted duty structure on host of export and import related products and articles with the department of revenue to the best satisfaction of the aggrieved parties.
Addressing an Open House Session with the members of PHD Chamber of Commerce and Industry on new Foreign Trade Policy – 2015-2020 here on Monday, Kumar also promised that in the mid year review of the Foreign Trade Policy, a vast segment of grievances and problems of exporters would also be addressed. The mid year review of the policy is likely to take up in the next two years, he indicated.
The PHD Chamber is one of the leading industry associations that took lead to organize such a session after the latest Foreign Trade Policy was unveiled recently.
On the issue of inverted duty structure for imports and exports, the DGFT said “the issue does not fall under the jurisdiction of the department of commerce. However, since the issue has been raised on number of products including medical devices, the department of commerce would try to sort it out with the functionaries of the department of revenue in the finance ministry.
President of PHD Chamber Alok B. Shriram presided over the interactive session and urged the functionaries of the DGFT to make the foreign trade policy document a little more incentivised since in the document sufficient incentives for facilitating exports are missing which have disappointed the exporters.
Among others who represented the Chamber on the occasion comprised Chairman and Co-Chairman, Foreign Trade & Investment Committee, PHD Chamber Sanjay Aggarwal and Sanjay Beswal respectively and its Secretary General Saurabh Sanyal.
 Canara Bank celebrates International Women's Day
NEW DELHI, April 7: Canara Bank celebrated the Internal Women's Day at its circle office at Nehru Place here.
A differentially abled lady was on the occasion.
Eminent TV/ Doordarshan artist Jyotsna Rai was the Chief Guest.
Delhi General Manager Hemant Kumar Tamta and Sanjay Jain and Rajinder Kumar Goel, Directors of the Bank, were present on the occasion.
Rajan is perfect, explains complex issues in 3-4 slides: Modi
 NEW DELHI, April 2: Amid a widespread perception about differences between RBI and the government, Prime Minister Narendra Modi praised Governor Raghuram Rajan for being "perfect" in explaining to him complex economic issues and said there was similarity in thinking on both the sides.
Stating that Rajan would explain implications of RBI's policies in "just three-four slides", Modi also said that he must have been a very good 'teacher' in the past.
Rajan, who has been Professor of Finance at University of Chicago and joined RBI as its Governor in September 2013, said on his part that there has always been a "constructive dialogue" between RBI and the government.
There have been talks from time to time about differences between the central bank and the government on a range of issues including on inflation and interest rates.
While the government and RBI have always maintained that there were 'no differences' between them, some proposals in this year's Budget indicated shifting certain functions out of the central bank's ambit including on the public debt management.
Speaking at a function to mark 80 years of the Reserve Bank of India (RBI), Modi expressed satisfaction over the role played by the central bank under Rajan.
"There is lot of similarity between the thinking of the RBI and government... This is absolutely essential. As a representative of the government, I express my satisfaction. RBI is performing its role and I congratulate Raghuram ji and his team," he said.
At the same function, Finance Minister Arun Jaitley also congratulated Rajan, his team and past RBI Governors for their contribution in making the country's economy resilient.
Elaborating on the issue of financial inclusion, Modi urged banks to come up with creative financial inclusion instruments to help prevent farmer suicides, adding that providing assistance to farmers would also help in promoting environment friendly initiatives.
The Prime Minister also called upon the bankers to extend credit to resource rich eastern states.
The banks, which take pride in funding green initiatives, should also provide funds to farmers for planting trees which is as important as reducing carbon emission by factories, he said, adding: "I come as a representative of the poor, underprivileged, marginalised and tribals... I seek on their behalf and trust you will not disappoint me."
Modi further said that RBI, which will be completing 100 years in 2035, should work on the theme of financial inclusion and prepare a road map for achieving it.
The milestones for achieving financial inclusion could be 150th birth anniversary of Mahatma Gandhi in 2019, 75th year of Independence in 2022, 90th anniversary of RBI in 2025 and 100 years of RBI in 2035, he said.
Underscoring the need to nurture strong institutions like RBI, Rajan said, "Strong national institutions are hard to build. Therefore existing ones should be nurtured from the outside, and constantly rejuvenated from the inside, for there are precious few of them."
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