CanBank will add Rs 1,000 cr business

The Canara Bank, established in Mangalore in 1906 will celebrate founders' day at the T M A Pai International Convention Centre here on November 19, R K Madhukar, general manager of the bank told reporters here on Thursday.

V Leeladhar, deputy governor of RBI, will be the chief guest and D Veerendra Heggade, Dharmadhikari, Shree Kshetra Dharmasthala, will be guest of honour.

M B N Rao, CMD of the bank will preside over the bank's centenary branch at Canara College (The Canara educational institutions were founded by the bank's founder Late Ammebal Subba Rao Pai) will be inaugurated on November 21.

These celebrations are part of the year-long centenary celebrations of the bank and November is allotted to the Mangalore Circle which comprises of 11 districts of Karnataka and Goa. The Mangalore Circle aims to add a business of Rs 1,000 crore to take it to Rs 9,000 crore by March 2006.

It plans to achieve a credit-deposit ratio of 65 per cent and to achieve agricultural outstanding level of Rs 1,250 crore "" over 30 per cent growth during the year. It also has set a target to achieve agricultural disbursement level of Rs 715 crore as against Rs 548 crore the previous year.

It aims at forming 2,000 self help groups (SHGs) to take the number to 13,000 SHGs by March 2006. It plans to install 11 ATMs to take the number to 53. It will form at least one farmers' club in each of its 206 rural branches and will implement core banking solution across 11 branches of the circle.

It will ensure credit flow to small and medium enterprises to the extent of Rs 100 crore, he added.