Union Finance Minister Shri P. Chidambaram inaugurates Canara Bank’s new Mumbai Circle office premises in BKC
Union Finance Minister Shri P. Chidambaram inaugurates Canara Bank’s new Mumbai Circle office premises in BKC
Mumbai, May 25, 2013:
Hon. Union Finance Minister Shri P. Chidambaram inaugurated the new
state-of-the-art new premises of Canara Bank’s Mumbai Circle Office at
Bandra Kurla Complex in the presence of Smt. Priya Dutt (Member of
Parliament), Shri Arvind Kumar (Jt. Secretary, Ministry of Finance),
Shri. R. K. Dubey (Chairman & Managing Director, Canara Bank), Shri
V. S. Krishnakumar (Executive Director, Canara Bank), Shri K. S.
Balachandra Rao (GM, Canara Bank) and a host of other dignitaries.
Canara Bank, one of the premier Nationalised Banks in the country with a
business of over Rs. 6 lakh crore, has a business level of over Rs.1
lakh crore and 130 branches spread across Mumbai.
This
new Canara Bank building will house many offices of the Bank, viz., the
Bank’s Treasury, a Retail Assets Hub, ARM Branch, a Subsidiary of the
Bank, a general banking Branch, a SME Sulabh Branch, a Prime Corporate
Branch and a mid-corporate Branch. Thus this impressive state-of-the art
building in the financial hub of Mumbai would significantly increase
Canara Bank’s Circle Office presence and visibility leading to enhanced
business of the Bank in Maharashtra in general and Mumbai in
particular. The Circle Office of the Bank, which is now at Maker
Towers, Cuffe Parade would shift to this office, along with other
offices of the bank in due course. The Bank started its journey in
Mumbai with a branch at Mumbai has completed its journey of 85 years in
its 107-year history.
Hon.
Union Finance Minister Shri P. Chidambaram said, “I have seen Canara
Bank grow from strength to strength. Once a bank reaches certain level
of biz, the growth is exponential and Canara Bank will soon cross the
Rs. 9 lakh crore business mix mark. Having reached this size and scale,
Canara Bank now has to invest in technology and human resources. I wish
the Canara Bank all the best in all their future growth endeavours.”
Shri
R. K. Dubey, Chairman & Managing Director, Canara Bank, said, “We
at Canara Bank have been following our founder’s principle that a good
bank is not only the financial heart of the community, but one with an
obligation of helping in every manner possible to improve the economic
conditions of the common people. The Bank has truly a pan India presence
and global business has crossed Rs.6 lakh crore. The Bank has 3,735
branches, including 5 overseas branches and 3,614 ATMs and has an
ambitious expansion plan to take the number of branches to over 5,000
and ATMs to over 10,000 in the next two years.”
“The Bank is well poised to lead from today to tomorrow
through a synergy of a long-term perspective, a reliance on
fundamentals and diversification. The Bank has identified the transition
path and initiated synchronised steps for strengthening of core
competencies while exploring new vistas to overcome persisting
bottlenecks and charting out a path for the future by focusing on a set
of core principles to build visibility, distinctiveness, consistency,
authenticity and transparency. This would enable us to move ahead in our
time-tested pursuit of ‘serving to grow-growing to serve,” Shri Dubey
added.
“We
are also fully committed to increase our role in all segments of
Corporate Social Responsibility (CSR). We have launched ‘Udaan Project’
for skill development of about 350 persons in Jammu and Kashmir.
Further, we are in the process of recruiting about 7,500 people this
year. The Bank’s well-defined roadmap for enhancing financial inclusion
includes extension of banking activity in all the allotted villages,
provision of Aadhaar number to beneficiaries & the number to be
seeded with the account, Micro Insurance Scheme for all the no-frill
account holders, thrust on role of Business Correspondent Agents and
Holistic Village Adoption Scheme. We are closely involved with
implementation of Direct Benefits Transfer Scheme. This Scheme, which
entails transfer of cash benefits like scholarships, pensions, NREGA
wages, etc. directly to the Bank or Post Office Accounts of identified
beneficiaries, is likely to be a game-changer with the potential of
creating a silent revolution in the countryside,” Shri Dubey added.
All
the operational efficiency ratios are showing steady improvement. The
Bank’s Asset Quality is sound and robust. As at March 2013, the Gross
NPA and Net NPA ratios have come down to 2.57% and 2.18% respectively
from 2.77% and 2.35% as at December 2012, indicating trend reversal and
better profitability outlook in FY14. For FY13, Cash Recovery was at
record Rs. 4,006 crore. The Bank is adequately capitalized. The Govt.
Share holding is 67.72% and the Capital Adequacy Ratio is 12.4% with
Tier I Ratio being 9.77%. We have adequate headroom to raise further
capital to grow our business. We have not borrowed any capital from the
Government in the last 2 financial years and do not wish to do so for
the current year and next year also. The Bank has excellent manpower and
high productivity, which is reflected in Business Per Employee of Rs.
14.2 crore.
The
Bank has significantly slashed the rate of interest on retail loans,
particularly education, housing and auto and loans to MSEs. The Bank is
focused on increasing the accessibility of education loans in a big way.
Its credit portfolio is well diversified and we cater to all segments
of our economy from very common man and farming communities to large,
medium, small, micro enterprises and infrastructure segments. In FY 13,
the Bank’s agriculture credit percentage was 18.2%, credit to weaker
section was 11.7% and credit to minority communities’ was 18.2%. All
these percentages are well above the stipulated national goals. “The
Bank’s customers are our best assets. We are committed to provide our
customers with best of products and services. For that we have been
adequately investing in technology, process and people so that we can
serve our existing customers better and attract large number of younger
generation customers to our fold,” Shri Dubey added.
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Photo captions
Canbank
1 - Union Finance Minister Shri P Chidambaram inaugurates Canara Bank's
new Mumbai Circle office premises at BKC in the presence of MP Smt.
Priya Dutt (right) and Shri R. K. Dubey,CMD (left)
Canbank
2 - Union Finance Minister Shri P Chidambaram unveils the commemorative
plaque at Canara Bank's new Mumbai Circle office premises at BKC in the
presence of MP Smt. Priya Dutt (right) and Shri R. K. Dubey, CMD (left)
Canbank
3 - Union Finance Minister Shri P Chidambaram lights the ceremonial
lamp on the occasion of the inauguration of Canara Bank's new Mumbai
Circle office premises at BKC in the presence of Shri K. S. Balachandra
Rao,GM, Canara Bank (extreme left), MP Smt. Priya Dutt (2nd from left)
and Shri R. K. Dubey,CMD (centre)
Canbank 4 - Union Finance Minister Shri P Chidambaram receives a special memento from Shri R. K. Dubey (CMD, Canara Bank) on the occasion of the inauguration of Canara Bank's new Mumbai Circle office premises at BKC in the presence of Shri V. S. Krishnakumar (Executive Director, Canara Bank)
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