Category: Canara Bank

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Canara Bank has set a new standard in the Indian banking sector with the inauguration of its cutting-edge Data and Analytics Center, DnA, in Bangaluru. This transformative event was marked by the opening of the DnA Center and the unveiling of the DnA logo by K. Satyanarayana Raju, Canara Bank’s MD & CEO, along with Executive Directors who expressed their enthusiasm over the possibilities that data and analytics was likely to usher in.
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Source: https://www.moneycontrol.com/news/business/canara-bank-elevates-its-dna-with-data-and-analytics-center-12216641.html/amp

Canara Bank on Wednesday said it is planning a split of its equity shares to boost the stock’s liquidity. The decision in this regard will be taken by the bank’s board of directors in a meeting, which is scheduled on February 26, according to a regulatory filing.The meeting’s agenda is “to seek in-principle approval from the board of directors for sub-division/split of the equity shares of the bank, subject to prior approval of Reserve Bank of India (RBI) and other statutory/ regulatory/ Government of India approvals, as may be required,” it said.Shares of the bank were trading 4.16 per cent higher at Rs 542.95 per unit on the BSE.
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Source: https://www.news18.com/amp/business/canara-bank-plans-stock-split-board-to-consider-proposal-on-february-26-8769412.html

Luthra and Luthra Law Offices India acted for lenders led by Canara Bank, in relation to two separate facilities comprising a rupee term loan facility for an amount of INR 2376 Crores and performance bank guarantee facility amounting to INR 478.43 Crores made available to Jindal Paradip Port Limited, a joint venture constituted by Jindal Steel & Power Ltd. and Jindal Port Private Limited for the purpose of financing the construction and development of the Western Dock at the Paradip Port, OdishaThe Transaction was led by Partners, Karan Mitroo and Kartikeya Dubey; Managing Associate, Ankita Parasar and Associates, Aditya Bhayal and Shantanu Awasthi.
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Source: https://www.livelaw.in/amp/law-firms/deals/luthra-and-luthra-law-offices-canara-bank-term-loan-bank-guarantee-facilities-jindal-paradip-port-245996

Brokerage firm Kotak Institutional Equities, in its latest report, has raised the target price of State Bank of India (SBI) to ₹760, while maintaining the ‘buy’ tag. The brokerage firm has also named SBI as its most preferred stock in the PSU sector.

“Given the relative strength of SBI as a franchise (demonstrated over the last credit cycle), we now recommend owning it over other PSU banks. We now recommend SBI (retain BUY) as our preferred stock within the PSU bank space,” Kotak said in…
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Source: https://www.livemint.com/market/stock-market-news/kotak-increases-target-price-of-sbi-downgrades-canara-union-and-pnb-here-s-why/amp-11704471810635.html

K Satyanarayana Raju, MD & CEO of Canara Bank, says 8% to 11% of the bank’s incremental growth in areas like current and savings accounts, and housing and vehicle loans is coming through data analytics and AI/ML initiatives. This number, he says, can potentially rise to 20-25%.These technologies, Raju says, are enabling scientific lead generation, which in turn is allowing the bank’s employees to spend more time on converting people into customers.“In the traditional system, we spend 80% of time on lead generation – we interact with individual customers, find out what they require, we ask them for recommendations of friends and relatives who might need our services. And we spend…
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Source: https://timesofindia.indiatimes.com/business/india-business/analytics-ai-play-big-role-in-growth-canara-bank-ceo/articleshow/106925088.cms?from=mdr

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Source: https://www.indiainfoline.com/article/news-top-story/canara-bank-q2fy23-pat-up-106-at-rs2,706-crore-on-higher-interest-yields-on-loans-and-investments-122102500003_1.html