APN News

  • Wednesday, November, 2020| Today's Market | Current Time: 09:50:18
  • Bengaluru : Sharing his views on this important milestone, Shri. L.V.Prabhakar, MD & CEO, Canara Bank, said, “It is a momentous day in the chronicles for both our Banks that are driven by the cause of nation-building and with a rich heritage of customer care and services. We are delighted that following the amalgamation as a single legal entity, we will become a powerful banking institution that is globally competitive and efficient working towards providing differentiated customer experience excellence across all our products and services. The combined entity will be large but with an unchanged approach to grass-root banking, customer delight, and satisfaction. The amalgamated Bank shall massively enhance the reach of banking services to the larger public and augment the financial inclusion activities currently underway. This is a historic endeavour and we will continue to serve our customers with renewed energy and vitality as we make a meaningful contribution towards our role in boosting India’s economy. ”

     

    From April 1, 2020, the amalgamation of Canara Bank and Syndicate Bank comes to effect to create India’s leading public sector bank. Consequent to the announcement regarding amalgamation by the Govt. of India, the Boards of both banks had given in-principle approval on 13th September 2019.

     

    As per the press notification dated 28th March 2020, issued by Reserve Bank of India, all branches of Syndicate Bank will function as branches of Canara Bank from April 1, 2020. Customers, including depositors of Syndicate Bank, will be treated as customers of Canara Bank with effect from the said date.

     

    Benefits of Amalgamation:

    The amalgamation will lead to a significant expansion in business size and the resultant economies of scale is expected to translate into better profitability, wider product offering and adoption of state-of-the-art technology catalyzing growth.

    Technology enabled services

    All the services currently provided for the customers of both banks, will continue to be same. Though the integration of Core Banking solutions of both the banks will be done in due course, the customers will have unhindered access to the best of the technology products.

     

    Enhanced Employer Brand

    The amalgamation will provide brighter professional prospects for each of the staff members. The bank has adopted the “best of both” while deciding employee benefits.

    Customer Experience Excellence

    The banking services offered to the customers will continue uninterrupted with the best of features of both the banks. To reinforce the feeling of being a part of a single large banking institution, the bank will be providing 12 interoperable services to its customers of the amalgamated bank with effect from 1st April 2020. Customers can also choose from a broader suite of products & services across both banks.

     

    In addition to the existing products, the following new schemes/ products have been introduced to cater the needs of customers of the Amalgamated Entity:

     

    Under MSME:

     

    1. CANARA MSME CAP – to extend credit support to both Manufacturing and Services sectors with attractive pricing.

    2. CANARA VYAPAR- Loans to MSME Services including traders with attractive features.

    3. CANARA UDYOG- Tailor made scheme exclusively for MSME manufacturing units.

    4. Doctors Choice – Specially designed scheme to meet funding requirements of medical practitioners.

    5. CANARA SMART PROFESSIONALS- To provide credit facilities to professionals including Architects, CAs,etc

    6. CANARA CONTRACTORS- To provide credit support to contractors on very attractive terms.

    Under Retail Lending:

     

    1. Housing Loan- Canara Kuteer- Housing for LIG and EWS category customer

    2. Rain water harvesting- Installation of rain water harvesting.

    Our Bank has also announced new Loan schemes for MSME / Corporate / Business/ Agriculture / Retail customers, to tide over the liquidity / cash flow mismatches in the wake of outbreak of COVID 19.  Customers can avail from 10%- 35% of existing working capital or loan limit depending upon category of borrowers on softer terms upto 30.06.2020.

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