CanBank expands branch network, upgrades ext counters
By Vaibhav Aggarwal
Aug 3, 2009
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State-run, public sector lender, Canara Bank has established 29 branches across eight states in the country.

The new branches are located in Bihar(six), Delhi (five), Karnataka(four), Andhra Pradesh(four), Tamil Nadu(four), Haryana(three), Kerala(two) and Punjab (one).

The bank has also upgraded 15 extension counters into full-fledged banking branches.

In a statement, the bank confirmed that the move is in lines with its plans to scale up its branch network by 200 during the current fiscal from the existing number of 2,739 branches to enhance its presence.

The bank has also launched `SME Hub (SME Sulabh)' a centralized processing center for MSME credit proposals. The model aims to drive credit growth in MSME sector (micro, small and medium enterprises).

Headquartered in Bangalore, Canara Bank is widely known for its customer centricity. It is one of the largest public sector banks in the country with a network of 2,739 branches and 2,004 ATMs dotted across the country.

The bank registered a net profit of Rs. 555 crores during the first quarter of the current fiscal, which is an increase of 353 percent over the same quarter for the last year. The total income of the bank increased by 22.8 percent to Rs. 5032 crores for Q1 of the current fiscal from the earlier Rs. 4099.

The benchmark prime lending rate of the bank is currently pegged at 12 percent. The bank last revised its rates downwards by 50 basis points from 12.5 percent to 12 percent applicable with effect from April 1, 2009.

Recently the bank entered into an understanding with the country's largest automobile company, Tata Motors to avail car loans on Fiat cars distributed by the company.


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