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| Consolidation of banks good in a way: Canara Bank CMD |
| Press Trust of India / Tiruchirappalli Nov 22, 2009, 15:31 IST |
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Consolidation of banks is good in a way as it envisages healthier banks in the global scenario and banking market, believes Canara Bank Chairman and Managing Director (CMD) A C Mahajan.
"It will be a good advantage," Mahajan told PTI.
Talking about the bank's performance, he said the net worth as on September 2009 was Rs 13,500 crore, up from 12,000 crore on March. It will further increase by Rs 1,000-1,500 crore by March 2010," he said
Canara bank, he claimed, had achieved 100 per cent Basel II Norm stipulations. "Our bank is comfortable with Capital Adequacy Ratio at 14.46 per cent against the regulatory requirement of 9 per cent."
On implementation of core banking service, he said, of the total 2,860 branches, about 1,540 offer such services. "All branches will have CBS by this year end," he said.
About insurance, he said, these products are also doing well. "We have collected Rs 500 crore as premium and have a target of Rs 800 crore of premium collection for this year, he said.
The bank, he added to expand its presence overseas, said branches would be opened in cities like Frankfurt, Muscat, Tokyo, New York and Sao Paulo.
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