The state-run Canara Bank has announced significant changes in its board by elevating six General Managers to the post of Chief General Manager. The newly promoted executives are seasoned bankers who have been with the bank for several years.

The six executives are:

1. Shri. Mahesh M Pai, who currently heads the Bengaluru Circle Office, has a qualification in B.Sc and CAIIB. He has been with the bank since 2007.
2. Shri. Prabhat Kiran, who heads the Large Corporate Credit Wing at the Head Office in Bengaluru, has a PG Diploma in Business Administration, BA (Hons) and CAIIB. He joined the bank in 1996.
3. Shri. T K Venu Gopal, who heads the Human Resources Wing at the Head Office in Bengaluru, has qualifications in ICWA and CAIIB. He has been with the bank since 1990.
4. Shri. Shambhu Lal, who heads the Ahmedabad Circle Office, has qualifications in M.Com and CAIIB. He joined the bank in 1992.
5. Shri. Vikram Duggal, who heads the Stressed Assets Management Wing at the Head Office in Bengaluru, has qualifications in CA and CAIIB. He joined the bank in 2000.
6. Shri. Ranjeev Kumar, who heads the Lucknow Circle Office, has a qualification in M.Sc (Mathematics) and CAIIB. He joined the bank in 1995.

All six executives have been promoted from General Managers to Chief General Managers, indicating their expertise and experience in various areas of the bank. This change is likely to bring new perspectives and leadership to the bank, which has been a leading public sector bank in India for several decades.

Fitch Ratings has reaffirmed Canara Bank’s Long-Term Issuer Default Rating (IDR) at ‘BBB-‘ with a Stable Outlook, along with its Viability Rating (VR) at ‘bb-‘ and Government Support Rating (GSR) at ‘bbb-‘. The ratings are based on the high probability of state support, given the government’s 63% stake in the bank and its systemic importance. The VR is also influenced by the bank’s risk profile, which has negatively impacted its financial metrics in weaker economic conditions.

Despite these challenges, Canara Bank’s asset quality has improved, with the impaired-loan ratio decreasing to 3.3% and the loan loss coverage ratio rising to 74%. The bank’s profitability appears to have peaked, with the operating profit/risk-weighted asset ratio steady at 3%, although Fitch expects this ratio to decline by 40 basis points by FY27. The bank’s Common Equity Tier 1 (CET1) ratio improved to 12% and may rise to 12.5% by FY27, while funding and liquidity remain strong with a liquidity coverage ratio of 123% and a loan-to-deposit ratio exceeding 80%.

The ratings are subject to certain triggers, with a downgrade in India’s sovereign rating or a reduction in the government’s support propensity potentially lowering Canara Bank’s rating. On the other hand, a sovereign upgrade or a significant improvement in asset quality and capital buffers could lead to an upgrade. Overall, the ratings reflect Fitch’s view on Canara Bank’s creditworthiness and its potential for future performance.

The Karnataka High Court has intervened to protect the rights of a retired bank employee, Murugan O K, who was facing difficulties in settling his loan dues. The court has directed Canara Bank to refrain from debiting more than 50% of Murugan’s pension to settle his Equated Monthly Installments (EMIs). The court’s decision is based on the principle that a pension is meant to sustain an individual after retirement, and recovery of loan dues should not exceed 50% of the take-home salary.

The court’s ruling is significant, as it clarifies that even in cases where an employee has borrowed money, the entire pension amount cannot be recovered. The court noted that the recovery of the entire pension amount would be a violation of Article 21 of the Constitution, which guarantees the right to protection of life and personal liberty.

Murugan, a 70-year-old resident of Thrissur, Kerala, had approached the high court last year, seeking a directive to stop the recovery of his full pension towards his loan dues and to also stop penal interest on an educational loan for which he was a co-obligant with his daughter. Until June 2024, Murugan was paying the EMIs from a part of his pension amount, but from July 2024, the bank started debiting his entire monthly pension against EMIs.

The court has allowed Canara Bank to resort to any other mode available within law to recover the loan, along with interest. The bank can also enforce the security obtained against the loan, such as the bank’s security, to recover the loan.

The court’s decision is seen as a victory for Murugan, who was facing difficulties in settling his loan dues. The court’s intervention has ensured that Murugan’s pension is protected, and he can maintain a decent standard of living in his post-retirement life.

Canara Bank, as part of its Corporate Social Responsibility (CSR) initiative, has donated cricket kits to Nizamabad Government Medical College. The event, which took place in Nizamabad, was attended by several prominent officials from Canara Bank, including Hyderabad Circle head B Chandrasekhar, Nizamabad region head AGM B Srinivas, and divisional manager Pradeep Vasant. Additionally, staff from the regional office were also present.

The medical college’s principal, Dr. Shiva Prasad, vice principal, Dr. Jalagam Tirupathi Rao, assistant director, AD Sudharshan, and superintendent, Nagaraju, participated in the event and expressed their gratitude to the Canara Bank officials for their generous donation. The cricket kits donated by the bank will undoubtedly benefit the students of the medical college, providing them with the opportunity to engage in physical activities and develop their skills in a healthy and competitive environment.

The CSR initiative is a testament to Canara Bank’s commitment to giving back to the community and empowering young minds. The donation is also a reflection of the bank’s role in supporting education and sports, as well as its dedication to creating a positive impact on society. The event marked a significant milestone for Canara Bank in the Nizamabad region, as it solidified its position as a responsible and socially conscious corporate entity.

Overall, the cricket kit donation by Canara Bank to Nizamabad Government Medical College is a valuable gesture that will have a lasting impact on the students and community. It is a shining example of corporate social responsibility in action, and a testament to the bank’s commitment to making a difference in the lives of those around them. By supporting education and sports, Canara Bank is not only contributing to the development of young talent, but also shaping the future of the nation.

The All India Public Sector Hockey Tournament 2025 continued on its second day at the SAI hockey ground in Kolkata, with a thrilling match between SAIL and UBI in Pool A. The contest ended in a 3-3 draw, giving both teams a point each. SAIL, who had dominated the opening day, taking down NALCO 17-0, now has four points from one victory and one draw. UBI, on the other hand, needs to win their next match against NALCO by a margin of at least 18 goals to qualify for the final.

In another match, Canara Bank outplayed FCI 3-2, with P.N. Purthviraj, P. Somaiah, and Chethan Malappa K. scoring goals for the Karnataka-based team. FCI, who had won their opening match against CIL 34-0, did not translate their territorial dominance into goals and ultimately lost.

The tournament is being held under the aegis of the All India Public Sector Sports Control Board (AIPSSCB) and features six Public Sector Undertakings (PSUs): FCI, NALCO, Canara Bank, UBI, SAIL, and CIL. The event aims to promote sports and well-being among employees of these organizations. The tournament will continue with two more days of matches to determine the winner.