Canara Bank

23 banks & insurance firms facilitate money laundering: Cobrapost

23 banks & insurance firms facilitate money laundering: Cobrapost

Senior officials of 23 private as well as public sector banks and insurance companies are actively involved in the illegal activity of facilitating money laundering, a new sting operation by Cobrapost revealed.

The list of banks and insurances companies allegedly involved in facilitating money laundering includes Satate Bank of India (SBI), Life Insurance Corporation (LIC), Bank of Baroda, Canara Bank, Punjab National Bank, Indian Bank, Yes Bank, IDBI Bank, Federal Bank, Birla Sunlife and Reliance Capital.

2009-10 Infra Lending Topped by Canara Bank

2009-10 Infra Lending Topped by Canara Bank

Amongst the public sector banks that have lent the most to the infrastructure sector, Canara Bank tops the list during the period of 2009-2010. The Finance Ministry data showed that Canara Bank’s lending in absolute terms equaled 15,428 crore rupees. This has added to the total outstanding from Canara Bank to the infrastructure sector at 32,741 crore rupees by March 2010, which is 89.1% more than the 17,313 crore lending amount by the end of March in 2009.

PSBs to Terminate Teaser Rate Regime

PSBs to Terminate Teaser Rate RegimeTeaser loans may be on their way out with Canara Bank and Union Bank of India opting to terminate the scheme, anticipating high interest rates.

It is reported that home and auto loan customers will now have to spend more with several public sector banks including the State Bank, Punjab National Bank and Bank of India (BoI) deciding to end the concessional or limited period loan regime known as teaser rates.

Canara Bank announces third quarter results

Canara-Bank-LogoCanara Bank has reported a 50 percent growth in net profit to Rs. 1,053 crore in the third quarter of the current financial year against Rs. 702 crore in the same period previous year.

The total income grew 1.6 percent to Rs. 5,469 crore in the quarter from Rs. 5,383 crore in the corresponding period a year ago, the bank said in a regulatory filing on Thursday. While, the net interest income also recorded a growth of 19 percent to Rs. 1,478 crore in the quarter from Rs. 1,244.

Canara Bank Reports a 20-25% Rise

Canara Bank Reports a 20-25% RiseA top official in the State-run Canara Bank is expecting the net profit for the bank to raise 20-25 per cent from a year ago.

The treasure income registered was 4.33 billion rupees in September quarter, but it will be lesser in the December quarter, leading to a flat net profit growth, A. C. Mahajan, chairman and managing director, said on the sidelines of a conference organized by Indian Banks' Association and State Bank of India.

Tata Motors tie-up with Canara Bank

Tata Motors tie-up with Canara BankTata Motors Ltd has announced that it has signed mutual agreement with Bangalore headquartered Canara Bank.

The company has signed this tie up for financing of Fiat cars available through the Tata-Fiat dealer network.

Canara Bank to open 10 overseas branches and offices

Canara BankBangalore-headquartered Canara Bank plans to shortly open ten overseas branches and offices.

Recently, the bank got Reserve Bank of India (RBI) approval for opening branches in Johannesburg, Frankfurt, Muscat, Manama, Qatar, Leicester, New York, Sao Paulo, Dar-er-Salam and Tokyo.

These ten new branches are out the 21 international financial centers identified for global expansion in the medium term, a bank official stated.

Canara Bank inks MoU with CGTMSE for execution of risk sharing facility scheme

Canara Bank, a leading Public Sector Bank, has signed MoU with Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), Mumbai for execution of risk sharing facility scheme for advances to micro and small enterprises.

According to an official release, the scheme is being introduced by CGMTSE on a pilot basis with select banks. The scheme facilitates the bank to extend collateral free loans up to Rs 100 lakh for micro and small industries.

Under the scheme the CGMTSE would provide guarantee cover up to 50% of the credit extended by the bank.

Canara, HSBC and OBC Insurance JV gets green signal from IRDA

Canara HSBC Oriental Bank of Commerce Life Insurance Co Ltd has informed that it has got the license to operate in India. Three banking majors have joined hands to offer services in Insurance sector. Two major in Public Sector banks, Canara Bank and OBC, have joined hands with global banking and investment services major HSBC to offer innovative insurance products to Indian consumers.

Insurance Regulatory and Development Authority (IRDA) has approved the company to operate in Life Insurance sector in India.

Canara Bank To Launch Online Trading Portal

In order to soar up fee-based income, Canara Bank, country’s third biggest public sector lender, will set up an online share trading portal in the existing month (January).

M B N Rao, Canara Bank Chairman and Managing Director said, “We will be launching an online trading platform on our own in the second half of this month.”

The bank has already commenced the trial for the trading platform that would cater to both business as well as retail traders.