CanBank to turn 600 branches to 5-star category

The bank has unveiled prototype branches in Tumkur, Bangalore

Bangalore-based public sector lender Canara Bank aims to transform at least 600 branches to 5-star category by upgrading them to meet international standards. These branches will offer customers all the banking products under one roof and provide greater access to a wide range of services.

As part of its endeavour to become a vibrant bank, Canara Bank has unveiled a grand plan under the title of "Project Shikhar" based on a report from the Boston Consulting Group (BCG). Under this project, select branches will be rated under the five-star rating, said R K Dubey, chairman and managing director, Canara Bank.

As part of this plan, the bank on Wednesday opened two branches in Bangalore and Tumkur. "We have unveiled a prototype of Shikhar branches. Over the next six months, we will convert and upgrade another 600 branches across the country. We will totally transform our branch network by providing a good customer-friendly ambience, products and services. Now, our branches are rated under one star and we will upgrade them to five stars as per the standards provided by BCG," Dubey said.

The bank had engaged global consulting firm, Boston Consulting Group, to assist in revamping the operating model. The project 'Shikhar' is aimed at rejuvenating the bank by focusing on several themes like energising branches and customers' service, increasing sales from branches, growing a robust asset base has been launched with the help of the BCG, Dubey said.

He said the bank would open 1,250 new branches during the present financial year. It has over 4,750 branches. "We are undertaking a massive expansion of our branch network. Last year, we opened 1,000 new branches, which is 25 per cent of our total branch network. This year, too, we will open over 1,000 branches," he said.