Canara Bank to invest Rs 1,000 cr for building digital banking backbone

Canara Bank is planning to come up with its super-app next month which is yet to be named.

Public sector lender Canara Bank plans to invest about Rs 1,000 crore over the next three years for building a digital banking ecosystem, including a super-app.

The Bengaluru-based bank will unveil its super app (yet to be named) next month. This would involve revamping the mobile banking platform with 262 features replicating branch banking, K Satyanarayana Raju, executive director, Canara Bank told Business Standard. The super-app is in the beta testing phase to get feedback on functioning and ease of use.  

Raju said the lender has already spent about Rs 800 crore in the last two fiscals on the digital