Canara Bank may miss lending target
By Our Banking Bureau | 26 Mar 2002
Chennai: For retail lending Canara Bank had set itself a target of Rs 2,700 crore for the current year. But it is likely to end the year with not more than Rs 1,250 crore. Now, for the next fiscal, the bank has set a target of Rs 5,000 crore for retail lending.
The bank has set up exclusive marketing teams to popularise the various retail loan products. Canara Bank general manager (Chennai circle) George Joseph says the bank proposes to spend Rs 250 crore on information technology next year, as against Rs 50 crore in the current year. Next month, we propose to introduce anywhere banking in the four metros and Bangalore. The Chennai circle is one of the five metro circles of the bank with a total business of over Rs 7,000 crore. It has 220 branches, of which 169 have been computerised. In Chennai city alone, the bank has 59 branches and 53 ATMs.
Next year, 40 branches in the city will be networked, so that anywhere banking is possible from any of these branches, he says. The bank also proposes to open seven branches in Chennai city, as well as one each in Pondicherry and Chidambaram.