What Is India News Service
Thursday, November 08, 2007


State Bank of India

   Canara Bank


Founded as 'Canara Bank Hindu Permanent Fund' in 1906, by late Sri. Ammembal Subba Rao Pai, a philanthropist, this small seed blossomed into a limited company as 'Canara Bank Ltd.' in 1910 and became Canara Bank in 1969 after nationalization.

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For the year March 2004, the Bank clocked the highest net profit ( Rs.1338 crore) among nationalized banks, with significant improvement in capital adequacy ratio (12.66%) and asset quality.

The Bank has already carved a niche in providing IT-based services. With 100% computerization of the branches, the bank provides a wide array of services, such as, Networked ATMs, Anywhere Banking, Telebanking, Remote Access Terminals Internet & Mobile Banking, Debit Card etc.


Canara Bank rebalanced its credit portfolio and shifted focus to priority sector areas during the second quarter of the current financial year. (Canara Bank Q2 Net Up 11 P.C. , Hindu, Correspondent or Reporter, Nov 02, 2007)

IDBI today posted a net profit of Rs 155.5 crore for the quarter ended September 30, whereas the same was at Rs 139.4 crore in the corresponding period last year. (Idbi Profit At Rs 155 Cr, Tribune, Correspondent or Reporter, Oct 17, 2007)

Think of a grandpa and you think of a greyed man in a kurta-pyjama rocking on a chair reading the newspaper, or putting his savings together to buy his grandchild a bicycle. Not anymore. (Now, Grandpas On Job Hunt, Singapore Times, Correspondent or Reporter, Oct 03, 2007)

KARNATAKA has been a cradle of banking in India. Seven of India’s major banks originated in the State – Canara Bank, Syndicate Bank, Corporation Bank, Vijaya Bank, Karnataka Bank, Vysya Bank and the State Bank of Mysore. (Banking Gains, Frontline, Ravi Sharma , Sep 29, 2007)

Karnataka has evolved into one of India’s most dynamic States thanks to, among other things, a vibrant industrial base. (Superpower State, Frontline, Ravi Sharma , Sep 29, 2007)

Another life insurance company is born, the 17th one to be precise. Canara Bank, HSBC Insurance (Asia-Pacific) Holdings and Oriental Bank of Commerce, on Saturday, signed a formal agreement in Bangalore to jointly establish a life insurance . . . . (Canbank, Hsbc & Obc Float Jv , Deccan Herald, Correspondent or Reporter, Sep 11, 2007)

The Reserve Bank of India (RBI) has asked Lead Bank to carry out a survey in four districts in the State to find out if banks are in full compliance with its norms. (Rbi Directive To Lead Bank , Hindu, Correspondent or Reporter, Sep 10, 2007)

Bank consolidation is again in the news. The boards of State Bank of India (SBI) and State Bank of Saurashtra (SBS) are reported to have approved the merger of the latter with the former. (Bank Consolidation Not Inevitable — Multi-Tiered Model Still Relevant, Business Line, T. B. Kapali , Aug 30, 2007)

Faced with huge foreign capital inflows, the Reserve Bank of India (RBI) continued with its hawkish vigil on the banking system. (Rbi Hikes Cash Reserve Ratio, Keeps Rates Same , Indian Express, George Mathew, Aug 01, 2007)

The Reserve Bank of India kept its key rates unchanged, though it increased the requirement of statutory deposits (CRR) to suck out liquidity worth 16,000 crore from the market. (Rbi Hikes Crr By 0.5%, Other Rates Steady, Pioneer, Correspondent or Reporter, Aug 01, 2007)

The Reserve Bank of India’s first quarter review of its Annual Policy Statement has turned out to be on the expected lines. (A Sensible Policy, On Expected Lines, Business Line, A. Seshan, Aug 01, 2007)

Secretary of the Central Ministry of Micro, Small and Medium Enterprises (MSME) Chandrapal has said that the Government is laying considerable emphasis on skill development as part of its initiatives to promote self-employment programmes across the . . .. (Centre Keen On Skill Development , Hindu, Correspondent or Reporter, Jul 21, 2007)

National Bank for Agriculture and Rural Development (Nabard) is planning to start a micro-finance institution in order to take financing to the ‘poorest of the poor’, Chairman, Y. S. P. Thorat, said. (Nabard To Float Micro Finance Institution, Hindu, Correspondent or Reporter, Jul 19, 2007)

Pension Fund Regulatory and Development Authority (PFRDA) has received proposal forms of technical and financial bids issued on June 12, from four selected contenders for fund managers of the pension fund set up for state and central government . . . . (Sbi, Lic Evince Interest To Manage New Pension Fund, Indian Express, Correspondent or Reporter, Jul 05, 2007)

Chairman of the National Commission for Backward Classes S. Ratnavel Pandian launched Brindavan Television, a 24-hour spiritual channel in Tamil, here on Monday. (Tamil Spiritual Channel ‘Brindavan Tv’ Launched , Hindu, Correspondent or Reporter, Jun 28, 2007)

“Indian banks have the capacity, human resources and management to keep benchmarks more or less at global averages; what we don’t have is size.” (Fm: Consolidation Is The Future, Singapore Times, Correspondent or Reporter, Jun 16, 2007)

The Reserve Bank of India is likely to issue the guidelines for allowing foreign investors pick up stake in the country's commodity exchanges within a fortnight, a top government official said on Thursday. (Rbi To Issue Norms For Fdi, Fii Stake In Commodity Bourses Soon, Pioneer, Correspondent or Reporter, Jun 08, 2007)

The fact that more than half the top 50 spenders on IT during 2006-07 were PSUs breaks the myth that modernisation processes such as automation and IT deployment can take place only after privatisation. (It Spend By Large Cos May Rise 26% , Deccan Herald, Correspondent or Reporter, May 23, 2007)

Bulls, inspired by impressive quarterly results from banking sector heavyweight State Bank of India and support from strong global markets lifted the Sensex by nearly 170 points on Monday. (Sensex Surges 170 Points, Pioneer, Correspondent or Reporter, May 15, 2007)

The Pragathi Grameena Bank is an amalgamation of four regional rural banks Bank's business exceeds Rs. 4,000 cr. for the first time It has formed 38,336 self-help groups with over 5 lakh members (Grameen Bank Records Net Profit Of Rs. 55.21 Crore , Hindu, Correspondent or Reporter, May 04, 2007)

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